JCET(600584) 华泰证券·2025-04-22 10:49Investment Rating - The report maintains a "Buy" rating for the company with a target price of 46.74 RMB [4][7][8] Core Views - The company's revenue for 2024 is projected to reach 35.962 billion RMB, representing a year-on-year growth of 21.24%, driven by the overall recovery in the global semiconductor industry, particularly in the AI-driven high-performance computing (HPC) sector [1][2] - The company is expected to benefit from the release of new production capacity and the ramp-up of advanced packaging business, which will contribute to future performance growth [1][4] Summary by Sections Financial Performance - In 2024, the company achieved a net profit attributable to shareholders of 1.610 billion RMB, a year-on-year increase of 9.44% [1] - The fourth quarter of 2024 saw revenues of 10.984 billion RMB, up 18.99% year-on-year and 15.72% quarter-on-quarter [1] - The company's operational electronic business revenue grew by 38.1% year-on-year, contributing 16.2% to total revenue [2] Market Demand and Business Strategy - The recovery in the global semiconductor market, particularly in high-performance computing chips and storage chips, has led to increased capacity utilization and revenue growth for the company [2] - The company is strategically expanding into high-value markets such as automotive electronics, HPC, storage, and 5G communications, with automotive electronics revenue increasing by 20.5% year-on-year [2][3] Capacity Expansion and Technological Development - The company is actively advancing new production lines and high-value process platforms, with a new automotive electronics packaging production base expected to commence operations in the second half of 2025 [3] - The company has completed the acquisition of 80% of Shengdi Semiconductor, enhancing its market share in the storage and operational electronics sectors [3] Valuation and Earnings Forecast - The report projects a decrease in net profit forecasts for 2025 and 2026 by 22% and 24% respectively, estimating net profits of 2.036 billion RMB and 2.375 billion RMB for those years [4][6] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.14 RMB, 1.33 RMB, and 1.62 RMB respectively [4][6]