JCET(600584) 开源证券·2025-04-22 05:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth, with a 2024 revenue of 35.962 billion yuan, representing a year-over-year increase of 21.24%. The net profit attributable to shareholders reached 1.610 billion yuan, up 9.44% year-over-year [3][4] - The company is focusing on advanced packaging and automotive electronics, with significant investments in high-performance computing and next-generation system-level packaging [5] - The revenue forecast for 2025-2027 has been revised upwards, with expected revenues of 40.218 billion yuan, 45.509 billion yuan, and 52.016 billion yuan respectively [4] Financial Summary - In 2024, the company achieved a gross margin of 13.1%, with a net profit margin of 4.5% [3][7] - The projected earnings per share (EPS) for 2025 is 1.41 yuan, with a price-to-earnings (P/E) ratio of 23.5 [7] - The company plans to invest 1.718 billion yuan in R&D in 2024, focusing on high-growth areas such as advanced packaging and automotive electronics [5][7]