JCET(600584) 中原证券·2025-04-23 12:23Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [20]. Core Views - The company achieved a record revenue of 35.962 billion yuan in 2024, representing a year-on-year growth of 21.24%. The net profit attributable to shareholders was 1.610 billion yuan, up 9.44% year-on-year [4][9]. - The company is focusing on optimizing its business structure and advancing packaging technology, particularly in high-growth sectors such as communications, consumer electronics, computing, and automotive electronics [9][10]. - The company has significantly increased its R&D investment, reaching 1.72 billion yuan in 2024, a 19.3% increase year-on-year, and has applied for 587 new patents, totaling 3,030 patents by the end of 2024 [9][10]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 13.06%, a slight decrease of 0.59% year-on-year, while the net margin was 4.48%, down 0.48% year-on-year. The fourth quarter of 2024 saw a revenue of 10.984 billion yuan, with a net profit of 533 million yuan [4][9]. - The company expects revenues of 40.544 billion yuan, 45.031 billion yuan, and 49.612 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.302 billion yuan, 2.950 billion yuan, and 3.611 billion yuan [10][11]. Business Strategy - The company is enhancing its presence in the automotive electronics sector, with a 20.5% year-on-year revenue growth, significantly above the industry average. It is also establishing strategic partnerships with leading international firms [9][10]. - The company is advancing its Shanghai automotive electronics packaging production base, expected to commence operations in the second half of 2025, gradually increasing production capacity [9][10]. Technological Innovation - The company is recognized for its leading semiconductor advanced packaging technologies, including SiP, WL-CSP, FC, eWLB, PiP, PoP, and XDFOI® series, providing tailored solutions for high-performance computing, AI, 5G, and automotive electronics [9][10]. - The company has successfully launched its encapsulated power modules for the new energy sector, addressing industry challenges such as heat dissipation and warping, thereby enhancing product performance [10].