JCET(SH:600584) Tianfeng Securities·2025-08-27 13:54Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Views - The company achieved a revenue of 18.605 billion yuan in the first half of 2025, representing a year-on-year growth of 20.14%, while the net profit attributable to the parent company decreased by 23.98% [1]. - The company is focusing on high-growth, high-value-added application markets, particularly in automotive electronics and high-end packaging, which are expected to drive long-term growth [2]. - The global semiconductor sales reached 346 billion USD in the first half of 2025, indicating a clear recovery trend in the industry, which is expected to provide continuous growth opportunities for the packaging and testing industry [3]. - The company is advancing lean manufacturing and digitalization to enhance production efficiency and quality control, laying a solid foundation for high-quality development [4]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 18.605 billion yuan, a 20.14% increase year-on-year, while the net profit attributable to the parent company was 471 million yuan, down 23.98% [1]. - The gross margin improved from 12.6% in Q1 2025 to 14.3% in Q2 2025, reflecting a positive trend in operational efficiency [1]. Market Position and Strategy - The company is strategically focusing on high-performance packaging technologies for high-value applications, including automotive electronics, high-performance computing, storage, and 5G communications [2]. - The automotive semiconductor packaging business saw a revenue increase of 34.2% year-on-year, while the industrial and medical sectors grew by 38.6% [2]. Industry Outlook - The semiconductor industry is experiencing a recovery, with a global sales increase of 18.9% in the first half of 2025, which is expected to benefit the packaging and testing sector [3]. - The company is expanding its production capacity and enhancing its technological research and development to align with industry trends [3]. Operational Improvements - The company is implementing lean manufacturing principles and digitalization to optimize production processes and improve cost management [4]. - It has completed 25 national and provincial project applications to promote the recognition of its intelligent factory [4].