JCET(SH:600584) Huaan Securities·2024-10-28 06:02Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved a record high quarterly revenue of 9.49 billion yuan in Q3 2024, representing a year-on-year increase of 14.9% and a quarter-on-quarter increase of 9.8% [1] - The net profit attributable to the parent company for Q3 2024 was 460 million yuan, a year-on-year decrease of 4.4% and a quarter-on-quarter decrease of 5.6% [1] - The company is focusing on high-performance advanced packaging, which presents new growth opportunities, particularly with major players like TSMC and Intel increasing their investments in advanced packaging [1] - The acquisition of 80% of Shengdi Semiconductor is expected to enhance the company's market share in the storage and computing electronics sector [1] Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 24.98 billion yuan, a year-on-year increase of 22.26%, and a net profit attributable to the parent company of 1.08 billion yuan, a year-on-year increase of 10.55% [1] - The gross margin for Q3 2024 was 12.2%, down 2.2 percentage points year-on-year and 2.1 percentage points quarter-on-quarter, primarily affected by the increase in SIP business volume and foreign exchange factors [1] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 1.64 billion yuan, 2.52 billion yuan, and 3.03 billion yuan respectively, with corresponding EPS of 0.92 yuan, 1.41 yuan, and 1.69 yuan [1][2]