JCET(SH:600584) Huajin Securities·2024-10-28 06:12Investment Rating - The investment rating for the company is "Buy - A" and is maintained [1][3]. Core Insights - The company achieved a record high 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 shareholders for Q3 2024 was 460 million yuan, a decrease of 4.39% year-on-year, while the net profit excluding non-recurring items was 440 million yuan, an increase of 19.5% year-on-year [1]. - Cumulative revenue for the first three quarters of 2024 reached 24.98 billion yuan, a year-on-year increase of 22.3%, marking a historical high for the same period [1]. - The company is expanding its automotive electronics segment, capitalizing on new opportunities in the semiconductor industry, particularly in the context of increasing demand for chips in smart vehicles [1][3]. - The acquisition of 80% of Shengdi Semiconductor has been completed, enhancing the company's market share in the storage and computing sectors [1][3]. Financial Performance - Revenue for 2024 is projected to be 33.069 billion yuan, with growth rates of 11.5%, 15.8%, and 7.9% expected for 2024, 2025, and 2026 respectively [4]. - The net profit attributable to shareholders is adjusted to 1.628 billion yuan for 2024, with growth rates of 10.7%, 65.0%, and 28.0% for the subsequent years [4]. - The company's gross margin is expected to be 13.6% in 2024, improving to 16.4% by 2026 [4][5]. Market Position and Strategy - The company has established itself as a leader in the semiconductor packaging and testing solutions, particularly for automotive applications, and has received international quality certifications [1][3]. - The company is focusing on enhancing its international presence and operational capabilities to strengthen its brand recognition and market influence [1][3]. - The introduction of advanced packaging technologies, such as the XDFOI™ series, is expected to meet the growing demand in computing, storage, and automotive markets [3].