JCET(SH:600584) EBSCN·2025-05-28 09:44Investment Rating - The report maintains a "Buy" rating for the company [5] Core Viewpoints - The company is continuously optimizing its business structure by focusing on high-performance packaging technology and high-value applications, accelerating its strategic layout in automotive electronics, high-performance computing, storage, and 5G communication [1][2] - The revenue distribution for 2024 is projected as follows: Communication Electronics (44.8%), Consumer Electronics (24.1%), Computing Electronics (16.2%), Automotive Electronics (7.9%), and Industrial & Medical Electronics (7.0%), with all markets except industrial showing double-digit year-on-year growth [1] - The computing electronics segment is a significant growth driver, with a projected revenue increase of 38.1% year-on-year in 2024, supported by the acquisition of 80% of Shengdi Semiconductor, enhancing market share in the storage and computing electronics sector [2] - The automotive electronics sector is also expanding, with a revenue growth of 20.5% year-on-year in 2024, significantly above the industry average, and the company is progressing on a new production base in Shanghai expected to commence operations in the second half of 2025 [2] - The company is diversifying into smart terminal RF, power, and energy sectors, developing advanced packaging technologies to support 5G, WiFi RF modules, and AIGC computing energy solutions [3] Financial Forecasts and Valuation - The company's revenue is projected to grow from 29.66 billion in 2023 to 49.99 billion in 2027, with a compound annual growth rate (CAGR) of approximately 14.94% from 2024 to 2025 [4][9] - Net profit is expected to increase from 1.47 billion in 2023 to 3.04 billion in 2027, with a notable growth rate of 33.90% in 2025 [4][9] - The report adjusts the net profit forecasts for 2025 and 2026 downwards to 2.16 billion and 2.50 billion respectively, while introducing a new forecast for 2027 at 3.04 billion [3][4]