JCET(SH:600584) Huaan Securities·2025-04-30 09:27Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 being 20.8 billion, 25.9 billion, and 29.9 billion respectively, corresponding to EPS of 1.16, 1.45, and 1.67 [6][8]. Core Insights - The company reported a record high quarterly revenue of 93.4 billion in Q1 2025, representing a year-on-year growth of 36.4%, with net profit attributable to shareholders reaching 2.0 billion, up 50.4% year-on-year [5][6]. - The company is focusing on high-performance packaging technology and expanding into high-value markets such as automotive electronics, high-performance computing, storage, and 5G communications, enhancing its core competitiveness [6]. - Revenue distribution for 2024 shows that communication electronics accounted for 44.8%, consumer electronics 24.1%, computing electronics 16.2%, automotive electronics 7.9%, and industrial and medical electronics 7.0%, with all markets except industrial showing double-digit growth [6]. Financial Performance - The company’s revenue and profit growth in Q1 2025 was driven by a focus on advanced technologies and key application markets, with significant contributions from the acquisition of Shengdie Semiconductor [6][8]. - The company’s revenue from computing electronics grew by 38.1% year-on-year, while automotive electronics saw a growth of 20.5%, both outperforming market averages [6]. - The financial projections for 2024-2027 indicate a steady increase in revenue and net profit, with revenue expected to grow from 35.96 billion in 2024 to 50.60 billion in 2027, and net profit from 1.61 billion to 2.99 billion [8][9]. Market Position and Strategy - The company has established itself as a leader in semiconductor advanced packaging technology, with over a decade of experience in large FCBGA packaging and testing technology [6]. - The company has launched the XDFOI chiplet high-density multi-dimensional heterogeneous integration series process, which is now in mass production and is applicable in high-performance computing, AI, 5G, and automotive electronics [6]. - The company is actively involved in the automotive electronics sector, being the first packaging and testing enterprise from mainland China to join the international AEC automotive electronics committee [6].