长电科技深度报告系列二：群星荟萃，长航方启

Investment Rating - The report maintains a "Buy" rating for JCET (600584 SH) [4] Core Views - JCET has built a global production cluster through both organic growth and acquisitions, with six major production bases that are well-coordinated and specialized, driving long-term growth [4] - Overseas subsidiaries, particularly JCET STATS ChipPAC and JCET Korea, have contributed significantly to revenue and profit, although domestic operations are also showing strong growth momentum [4] - The company is expanding its business through subsidiaries like JCET Shaoxing, JCET Micro, and the proposed acquisition of Shanghai Shindisk Semiconductor, which will enhance its capabilities in computing, storage, power, and automotive electronics [4] - JCET is leading in advanced packaging technologies, particularly in 2 5D and 3D packaging, which are critical for the future of semiconductor design and manufacturing [4] - The acquisition of Shindisk Semiconductor strengthens JCET's position in the storage packaging and testing market, particularly in DRAM and NAND Flash [4] - The automotive electronics sector is a key growth area, with JCET establishing a dedicated business unit and a new factory in Lingang to capitalize on the electrification and智能化 trends in the automotive industry [4] Subsidiary and Business Segment Analysis JCET Shaoxing and JCET Micro - JCET Shaoxing focuses on advanced packaging technologies, including 2 5D and 3D packaging, which are essential for high-performance computing and AI applications [4] - JCET Micro is investing heavily in wafer-level advanced packaging, with a focus on 2 5D/3D high-density packaging technologies to meet the growing demand for high-performance chips [4] Shindisk Semiconductor Acquisition - JCET plans to acquire an 80% stake in Shindisk Semiconductor, a leading flash memory packaging and testing company, for $624 million, which will enhance its capabilities in the storage market [4] - The storage market, particularly DRAM and NAND Flash, is expected to grow significantly, with DRAM projected to reach$158 billion and NAND Flash $96 billion by 2027 [4] Automotive Electronics - JCET has established a dedicated automotive electronics business unit and a new factory in Lingang to tap into the growing demand for automotive semiconductors driven by electrification and智能化 trends [4] - The company is leveraging its expertise in packaging technologies like QFP/QFN and BGA to serve the automotive market, with significant growth in revenue from this segment [4] Financial Projections - The report forecasts JCET's net profit to reach RMB 2 1 billion in 2023, RMB 3 028 billion in 2024, and RMB 3 572 billion in 2025, with corresponding P/E ratios of 25x, 17x, and 15x [4] - The company's revenue and net profit are expected to grow steadily, driven by the recovery in the semiconductor industry and the expansion of its advanced packaging and automotive electronics businesses [4] Strategic Initiatives - JCET is focusing on advanced packaging technologies, particularly 2 5D and 3D packaging, to maintain its competitive edge in the semiconductor industry [4] - The company is also expanding its presence in the automotive electronics market, which is expected to be a key growth driver in the coming years [4] - The acquisition of Shindisk Semiconductor is part of JCET's strategy to strengthen its position in the storage packaging and testing market [4]