JCET(SH:600584) Zhongyuan Securities·2024-11-05 07:13Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [1][12]. 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, with a year-on-year increase of 36.73% for the non-recurring net profit [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, enhancing the company's competitiveness in the global memory packaging market [1][2]. - The acquisition of 80% of Shengdie Semiconductor is expected to strengthen the company's position in the memory packaging sector and enhance strategic partnerships with clients [2]. Financial Performance Summary - For the third quarter of 2024, the company reported a single-quarter 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%, a decrease of 0.94% year-on-year. The net margin was 4.29%, down 0.48% year-on-year [1][10]. - The company’s earnings per share (EPS) for 2024 is projected to be 0.90 yuan, with net profits forecasted at 1.611 billion yuan [2][9]. Market Position and Growth Potential - The company has seen a recovery in various application sectors, with double-digit revenue growth in communications, consumer electronics, computing, and automotive electronics [1]. - The report anticipates a gradual recovery in downstream demand, although the pace may be slower than expected, leading to a downward adjustment in profit forecasts for 2024-2026 [2][9]. - The company is expected to benefit from the semiconductor industry's recovery, which may lead to sustained performance growth in the coming periods [1][2].