JCET(SH:600584) Zhongyuan Securities·2024-11-05 06:10Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][15]. Core Views - The company achieved a revenue of 24.978 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 22.26%. The net profit attributable to shareholders was 1.076 billion yuan, showing a year-on-year increase of 36.73% when excluding non-recurring items [1]. - The company focuses on high-performance advanced packaging, which is expected to drive continuous growth in performance. The XDFOI Chiplet technology has entered stable mass production, catering to sectors such as AI, 5G, and automotive electronics [1][3]. - The acquisition of 80% of Chengdi Semiconductor is expected to enhance the company's competitiveness in the global memory packaging market, establishing closer strategic partnerships with clients [3]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a record quarterly revenue of 9.491 billion yuan, a year-on-year increase of 14.95% and a quarter-on-quarter increase of 9.80%. The net profit for the quarter was 457 million yuan, a year-on-year decrease of 4.39% [1]. - The gross margin for the first three quarters of 2024 was 12.93%, down 0.94% year-on-year, while the net margin was 4.29%, down 0.48% year-on-year [1]. Revenue and Profit Forecast - The company’s revenue is projected to be 33.262 billion yuan in 2024, with a growth rate of 12.14%. The net profit is expected to be 1.611 billion yuan, reflecting a growth rate of 9.55% [4]. - The earnings per share (EPS) are forecasted to be 0.90 yuan for 2024, with corresponding price-to-earnings (PE) ratios of 43.15, 28.22, and 23.10 for the years 2024, 2025, and 2026 respectively [4][12]. Market Position and Strategy - The company has seen a recovery in production capacity utilization across its factories since the beginning of 2024, with double-digit revenue growth in key application sectors such as communications and automotive electronics [1][3]. - The report emphasizes the importance of continuous innovation and upgrading in advanced packaging technology, which is expected to support sustained performance growth as the semiconductor industry recovers [1].