JCET(SH:600584) Dongguan Securities·2025-04-09 08:52Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [6][8]. Core Insights - The company achieved a record high revenue of 35.96 billion yuan in 2024, representing a year-on-year growth of 21.2%. The net profit attributable to shareholders was 1.61 billion yuan, up 9.5% year-on-year, with a non-GAAP net profit of 1.55 billion yuan, increasing by 17.4% [2][5]. - For Q1 2025, the company anticipates a net profit of approximately 200 million yuan, reflecting a year-on-year growth of around 50% [2][5]. - The company is focusing on advanced packaging technology and high-value applications, particularly in automotive electronics, high-performance computing, storage, and 5G communications, which is expected to further optimize its business structure [3][5]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 35.96 billion yuan, a 21.2% increase from the previous year. The net profit for the same year was 1.61 billion yuan, marking a 9.5% increase. The Q4 2024 net profit reached 534 million yuan, showing a significant year-on-year increase of 295.56% and a quarter-on-quarter growth of 16.85% [2][5]. - The company forecasts a net profit of 200 million yuan for Q1 2025, which, despite a seasonal decline, represents a 50% increase compared to the same period last year [5]. Industry Context - The global semiconductor industry is experiencing a recovery, with a projected sales increase of 19.1% in 2024, reaching 627.6 billion USD. The company, as a leading player in the packaging and testing sector, is capitalizing on this trend by focusing on key application markets such as communications, consumer electronics, computing, and automotive electronics [5][6].