JCET(SH:600584) Huajin Securities·2025-08-23 15:18Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company achieved record high revenue in H1 2025, with a year-on-year growth of 20.1%, reaching 186.1 billion yuan. The second quarter alone saw revenue of 92.7 billion yuan, up 7.2% year-on-year [5][6] - The company is focusing on advanced packaging technology and has increased its R&D investment by 20.5% in H1 2025, amounting to 9.9 billion yuan [5][6] - The company is expected to see revenue growth from 410.98 billion yuan in 2025 to 516.10 billion yuan in 2027, with corresponding net profits increasing from 19.06 billion yuan to 31.82 billion yuan [6][7] Financial Performance - In H1 2025, the company's gross profit margin remained stable compared to the previous year, while the net profit attributable to the parent company was 4.7 billion yuan, a decrease of 24.0% year-on-year [5][6] - The company’s revenue projections for 2025, 2026, and 2027 are 410.98 billion yuan, 461.99 billion yuan, and 516.10 billion yuan respectively, with net profits of 19.06 billion yuan, 24.34 billion yuan, and 31.82 billion yuan [6][7] - The company’s P/E ratio is projected to decrease from 36.5 in 2025 to 21.8 in 2027, indicating potential for growth in earnings relative to its stock price [7][8] Market Position and Strategy - The company is capitalizing on market opportunities in sectors such as smart driving, high-density storage, and automotive electronics, with respective revenue growth rates of 72.1%, 38.6%, and 34.2% year-on-year in H1 2025 [5][6] - The establishment of a new subsidiary focused on system-level packaging and the completion of a chip testing facility for automotive electronics are part of the company's strategy to enhance its technological capabilities and production capacity [5][6]