JCET(600584) 兴业证券·2024-11-22 09:23Investment Rating - The report maintains an "Accumulate" rating for the company [2][4] Core Views - The company has shown robust growth in various downstream sectors, enhancing its overall competitiveness. It has made significant progress in communications electronics, consumer electronics, computing electronics, and automotive electronics [4] - The company has a strong cash position with 9.257 billion yuan on its balance sheet and a net operating cash inflow of 3.934 billion yuan in the first three quarters [4] - Continuous growth in R&D investment, with R&D expenses amounting to 1.232 billion yuan in the first three quarters, focusing on advanced packaging technologies [4] - The company is expected to see substantial improvements in profitability as downstream customer demand increases in the coming year [3][4] Financial Summary - For 2024, the company is projected to achieve a revenue of 31.391 billion yuan, representing a year-on-year growth of 5.8% [2] - The net profit attributable to the parent company is expected to reach 1.992 billion yuan in 2024, with a significant year-on-year growth of 35.5% [2] - The gross margin is forecasted to improve to 17.0% in 2024, up from 13.7% in 2023 [2] - The return on equity (ROE) is anticipated to rise to 7.1% in 2024, compared to 5.6% in 2023 [2] - Earnings per share (EPS) is projected to be 1.11 yuan in 2024, with a price-to-earnings (PE) ratio of 36.6 [2][4]