JCET(600584) 开源证券·2024-10-10 14:30Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company achieved a record high revenue for Q3, with an estimated revenue of 94.9 billion yuan, representing a year-over-year increase of 14.9% and a quarter-over-quarter increase of 9.8% [4]. - The company completed the acquisition of 80% of Shengdi Semiconductor (Shanghai), which is expected to enhance its market share in the storage and computing sectors [5]. - The company is positioned as a leader in the domestic packaging and testing industry, with a focus on high-value markets such as high-performance computing, storage, automotive electronics, and 5G communications [6]. Financial Performance Summary - For the first three quarters of 2024, the estimated revenue is 249.8 billion yuan, reflecting a year-over-year growth of 22.3% [4]. - The projected net profits for 2024, 2025, and 2026 are 21.26 billion yuan, 30.03 billion yuan, and 39.64 billion yuan, respectively [4]. - The earnings per share (EPS) for 2024, 2025, and 2026 are expected to be 1.19 yuan, 1.68 yuan, and 2.22 yuan, respectively [4]. - The current price-to-earnings (P/E) ratios are 32.1 for 2024, 22.7 for 2025, and 17.2 for 2026 [4]. Market Position and Growth Strategy - The company is expanding its capabilities in advanced packaging across multiple sectors, which is expected to drive long-term growth [6]. - The acquisition of Shengdi Semiconductor is anticipated to strengthen the company's packaging capabilities in the storage sector [5]. - The company is enhancing its core competitiveness by entering stable mass production phases in cloud computing and maintaining a leading position in the domestic industry for storage technologies [6].