JCET(600584) 国信证券·2025-04-22 09:08Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][3]. Core Views - The company is expected to achieve a revenue of 35.962 billion yuan in 2024, representing a year-on-year growth of 21.24%, with a net profit attributable to shareholders of 1.610 billion yuan, up 9.44% year-on-year [1][4]. - The fourth quarter of 2024 saw record high quarterly revenue of 10.984 billion yuan, a year-on-year increase of 19.0% and a quarter-on-quarter increase of 15.7% [1][2]. - The company is focusing on high-growth product areas, increasing R&D investments in advanced packaging technologies, particularly in high-performance computing and automotive electronics [2][3]. Financial Performance and Forecast - The company’s revenue is projected to grow from 29.661 billion yuan in 2023 to 49.504 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 9.2% [4][27]. - The net profit attributable to shareholders is forecasted to increase from 1.471 billion yuan in 2023 to 3.241 billion yuan in 2027, reflecting a significant growth trajectory [4][27]. - The gross margin is expected to stabilize around 14% in the coming years, with a slight decrease to 13.06% in 2024 [1][4]. Market Segmentation - In 2024, the revenue breakdown by segment shows that communication electronics account for 44.8%, consumer electronics 24.1%, computing electronics 16.2%, automotive electronics 7.9%, and industrial and medical electronics 7.0% [2][3]. - The computing electronics segment is projected to grow by 38.1% year-on-year, while the automotive electronics segment is expected to grow by 20.5% year-on-year, both outperforming market averages [2][3]. R&D and Strategic Initiatives - The company is intensifying its R&D efforts in advanced packaging technologies, aiming for breakthroughs in high-end 3D packaging and other innovative applications [2][3]. - The establishment of a new automotive electronics packaging production base in Shanghai is expected to commence operations in the second half of 2025, which will enhance production capacity in the automotive sector [2][3].