JCET(600584) 天风证券·2025-04-30 12:42Investment Rating - The investment rating for the company is "Buy" [6][17] Core Views - The company achieved a revenue of 35.962 billion yuan in 2024, representing a year-on-year growth of 21.24%, and a net profit attributable to the parent company of 1.610 billion yuan, up 9.44% year-on-year [1] - The global semiconductor market is returning to a growth trajectory, with the company actively positioning itself in high-growth product areas and continuously optimizing its business structure [2] - The company has made significant advancements in technology innovation, with R&D investment reaching 1.72 billion yuan in 2024, a 19.3% increase year-on-year [3] Financial Performance - The company's revenue for 2024 is projected to be 35.962 billion yuan, with a growth rate of 21.24% compared to 2023 [5] - The net profit attributable to the parent company for 2024 is expected to be 1.610 billion yuan, reflecting a 9.44% increase from the previous year [5] - The company has forecasted net profits of 2.238 billion yuan and 2.779 billion yuan for 2025 and 2026, respectively [4] Business Structure and Market Position - The company has optimized its business structure, with revenue contributions from various segments: Communication Electronics (44.8%), Consumer Electronics (24.1%), Computing Electronics (16.2%), Automotive Electronics (7.9%), and Industrial & Medical Electronics (7.0%) [2] - The computing electronics segment saw a revenue increase of 38.1%, while the automotive business grew by 20.5%, both outperforming market averages [2] Strategic Developments - The acquisition of 80% of Shengdi Semiconductor is expected to bring new opportunities for the company, with financial consolidation starting in Q4 2024 [4] - The company is enhancing its capital expenditure and advancing its technology layout, particularly in the automotive electronics sector, with new manufacturing facilities expected to come online in 2025 [3][4]