JCET(SH:600584) Huachuang Securities·2025-08-23 14:46Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [6][22]. Core Views - The company reported a revenue of 18.61 billion yuan for H1 2025, reflecting a year-on-year increase of 20.14%. The gross margin improved slightly to 13.47% [6][7]. - The decline in net profit attributable to shareholders was 24% year-on-year, amounting to 471 million yuan, primarily due to rising financial costs and pressures from material costs [6][7]. - The company is benefiting from strong demand in advanced packaging, particularly in the storage and AI chip sectors, leading to a full order book and increased capacity utilization [6][7]. - The automotive electronics segment saw a significant growth of 34.2% year-on-year, driven by trends in electrification, intelligence, and connectivity [6][7]. - The company is focusing on high-margin packaging technologies and has increased R&D spending by 20.5% to 987 million yuan in H1 2025 [6][7]. - Approximately 79% of the company's revenue in H1 2025 came from outside mainland China, highlighting its commitment to a global strategy [6][7]. Financial Summary - For H1 2025, the company achieved a revenue of 186.05 billion yuan, with a gross margin of 13.47% and a net profit of 4.71 billion yuan [6][7]. - The revenue forecast for 2025-2027 is set at 438.74 billion yuan, 482.53 billion yuan, and 528.01 billion yuan respectively, with net profit estimates adjusted to 18.27 billion yuan, 22.18 billion yuan, and 26.13 billion yuan [6][7]. - The earnings per share (EPS) are projected to be 1.02 yuan, 1.24 yuan, and 1.46 yuan for 2025, 2026, and 2027 respectively [6][7].