JHT(SH:603061) Tianfeng Securities·2025-04-29 05:42Investment Rating - The investment rating for the company is "Buy" with a target price set at 84 CNY [5]. Core Insights - The company reported a revenue of 407 million CNY in 2024, representing a year-on-year increase of 17.12%, while the net profit attributable to shareholders decreased by 7.44% to 78.48 million CNY. In Q1 2025, the company achieved a revenue of 129 million CNY, a significant increase of 45.21%, and a net profit of 26 million CNY, up 72.29% year-on-year [1][4]. - The semiconductor packaging and testing equipment sector is experiencing a demand recovery, contributing to the company's strong performance in Q1 2025 [1]. - The company is focused on expanding its product line in the semiconductor testing equipment market, with new features added to its testing sorting machines and an increase in the revenue share of the EXCEED - 9000 series to 25.80% in 2024 [2][3]. Financial Performance Summary - In 2024, the company achieved a revenue of 406.67 million CNY, with a growth rate of 17.12%. The EBITDA was 142.09 million CNY, and the net profit attributable to the parent company was 78.48 million CNY, reflecting a decline of 7.44% [4][11]. - The forecast for 2025 and 2026 indicates a significant increase in net profit, with estimates of 191.25 million CNY for 2025 and 262.49 million CNY for 2026, representing growth rates of 143.68% and 37.25%, respectively [4][11]. - The company has a total market capitalization of 5,040 million CNY and a circulating market capitalization of 3,513.41 million CNY [6]. Research and Development Progress - The company is advancing its R&D efforts with the "Intelligent Manufacturing and Innovative R&D Center for Semiconductor Testing Equipment" project progressing as planned. Additionally, the establishment of a production and operation center in Malaysia aims to enhance service capabilities in overseas markets [3]. Employee Engagement - The company has implemented an employee stock ownership plan approved on March 18, 2024, involving up to 109 participants, including directors and key personnel, to enhance talent retention and motivation [4].