JCET(SH:600584) KAIYUAN SECURITIES·2024-10-28 09:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3][10] Core Views - The company achieved a record high quarterly revenue of 94.9 billion yuan in Q3 2024, with a year-over-year growth of 14.9% and a quarter-over-quarter growth of 9.8% [3] - The acquisition of 80% of Shengdi Semiconductor (Shanghai) is expected to enhance the company's long-term profitability and expand its capabilities in high-performance computing and storage markets [4] - The semiconductor industry is still in a weak recovery phase, leading to a downward revision of the company's profit forecasts for 2024-2026 [3] Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 249.8 billion yuan, representing a year-over-year increase of 22.3% [3] - The net profit attributable to shareholders for Q3 2024 was 4.57 billion yuan, a decrease of 4.39% year-over-year and 5.57% quarter-over-quarter [3] - The company's gross margin for Q3 2024 was 12.23%, down 2.14 percentage points year-over-year [3] - The earnings per share (EPS) for 2024 is projected to be 0.95 yuan, with subsequent years expected to be 1.44 yuan in 2025 and 1.75 yuan in 2026 [3][5] Market Position and Growth Potential - The company is positioned as a leader in the domestic packaging and testing sector, with a focus on high-value markets such as AI, automotive electronics, and 5G communications [4] - The successful acquisition of Shengdi is anticipated to strengthen the company's packaging capabilities in the storage sector, aligning with the increasing demand driven by AI terminals and the traditional peak season for consumer electronics [4]