JCET(SH:600584) ZHONGTAI SECURITIES·2025-08-21 05:37Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [18]. Core Views - The semiconductor industry is experiencing a recovery, but performance is varied across different segments. The company is gradually contributing to revenue growth, particularly in advanced packaging technologies [5][8]. - The company is focusing on high-performance packaging technologies, including 2.5D/3D packaging, which positions it well to benefit from the growing demand for high-performance and high-computing power chips [12][13]. - The financial forecasts for the company have been adjusted, with expected net profits of 1.7 billion, 1.9 billion, and 2.2 billion for 2025, 2026, and 2027 respectively, indicating a solid growth trajectory [14]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 9.27 billion yuan, a year-on-year increase of 7.24%, while the net profit attributable to the parent company was 267 million yuan, a year-on-year decrease of 44.75% [7]. - The company’s gross margin was 14.3%, with a net margin of 2.88% [7]. - The company’s R&D expenses reached 5.7% of revenue in Q2, reflecting a commitment to innovation despite rising costs [7]. Revenue Breakdown - The revenue from different segments in H1 2025 includes: 1. Communication Electronics: 7.09 billion yuan, up 10.8% year-on-year [9]. 2. Computing Electronics: 4.17 billion yuan, up 71.4% year-on-year [9]. 3. Consumer Electronics: 4.02 billion yuan, down 4.6% year-on-year [9]. 4. Automotive Electronics: 1.73 billion yuan, up 34.6% year-on-year [9]. 5. Industrial and Medical Electronics: 1.6 billion yuan, up 37.8% year-on-year [9]. Future Outlook - The company is actively developing advanced packaging technologies, which are expected to support future growth in various applications, including automotive and high-performance computing [12][13]. - The integration of capabilities in computing, storage, power, and automotive electronics is anticipated to enhance the company's competitive position as the industry recovers [14].