JCET(600584) 申万宏源证券·2025-04-21 07:11Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company achieved a record high annual revenue of 35.96 billion yuan in 2024, representing a year-over-year increase of 21.24%. The net profit attributable to shareholders was 1.61 billion yuan, up 9.44% year-over-year [5][8] - The company is accelerating its strategic layout in high value-added sectors such as automotive electronics, storage, and high-performance computing (HPC) [8] - The acquisition of 80% of the shares in Shengdie Semiconductor is expected to enhance the company's market share in the storage and computing electronics sectors [8] Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 29.66 billion yuan in 2023 to 41.75 billion yuan in 2025, with a compound annual growth rate (CAGR) of 16.1% [7][10] - The net profit attributable to shareholders is expected to increase from 1.47 billion yuan in 2023 to 2.12 billion yuan in 2025, reflecting a year-over-year growth rate of 31.9% [7][10] - The earnings per share (EPS) is forecasted to rise from 0.82 yuan in 2023 to 1.19 yuan in 2025 [7][10] Business Performance by Segment - The company’s factories have shown a recovery in performance, with significant contributions from overseas operations and advanced packaging [8] - Revenue from automotive electronics is expected to grow at a rate higher than the market average, with a year-over-year increase of 20.5% [8] - The company plans to establish a production base for automotive electronics in Shanghai, expected to commence operations in the second half of 2025 [8]