JCET(SH:600584)2024-10-27 06:43Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a record high revenue of 24.978 billion yuan in Q3 2024, representing a year-over-year increase of 22.26%. The net profit attributable to shareholders was 1.076 billion yuan, up 10.55% year-over-year [4] - The report highlights significant foreign exchange losses impacting profit expectations, with a gross margin of 12.23% in Q3 2024, down 2.05 percentage points quarter-over-quarter [4] - The company is focusing on high-value strategic areas such as automotive electronics, storage, and high-performance computing (HPC) [4] - The acquisition of Western Digital's factory for $624 million aims to enhance the company's position in the storage chip packaging and testing market [4] - The profit forecast has been adjusted, with expected net profits for 2024-2026 revised to 1.684 billion, 2.578 billion, and 3.091 billion yuan respectively [4] Summary by Sections Market Data - Closing price: 39.09 yuan - One-year high/low: 42.00/19.95 yuan - Market capitalization: 69,948 million yuan [2] Financial Data - Net asset per share: 14.99 yuan - Debt-to-asset ratio: 46.89% - Total shares: 1,789 million [3] Revenue and Profit Forecast - Total revenue for 2024E is projected at 33.208 billion yuan, with a year-over-year growth rate of 12.0% [5] - Net profit for 2024E is expected to be 1.684 billion yuan, reflecting a year-over-year increase of 14.5% [5] - Earnings per share for 2024E is estimated at 0.94 yuan [5] Historical Performance - The company reported total revenue of 29.661 billion yuan in 2023, down 12.2% year-over-year [6] - The net profit for 2023 was 1.471 billion yuan, a decrease of 54.5% compared to the previous year [6]