Zhejiang Jiemei Electronic And Technology (SZ:002859)2024-10-27 02:00Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company achieved a revenue of 1.342 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 19.08%. The net profit attributable to the parent company was 177 million yuan, up 2.73% year-on-year [1]. - In Q3, the company reported a revenue of 502 million yuan, a year-on-year increase of 21.37% and a quarter-on-quarter increase of 5.53%. The gross margin improved by 2.03 percentage points to 36.48% compared to Q2 [1]. - The company is focusing on enhancing the proportion of high-end products and expanding upstream raw material layout to improve profitability [1]. - The release of the release film business has progressed smoothly, with the company becoming a supplier for Samsung's release film products after a year and a half of validation [1]. - The company aims to become a one-stop service provider for electronic component packaging materials, with projected revenues of 1.920 billion, 2.566 billion, and 3.146 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 22%, 34%, and 23% [1]. Financial Summary - For 2023, the company is projected to have a revenue of 1.572 billion yuan, with a growth rate of 20.83%. The net profit attributable to the parent company is expected to be 256 million yuan, with a profit growth rate of 54.11% [4]. - The company forecasts a gross margin of 35.82% for 2023, increasing to 37.30% in 2024 and 37.65% in 2025 [4]. - The diluted EPS is expected to be 0.59 yuan in 2023, increasing to 0.60 yuan in 2024, 0.81 yuan in 2025, and 0.93 yuan in 2026 [4].