Zhejiang Jiemei Electronic And Technology (SZ:002859) Guoxin Securities·2025-11-11 13:20Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's carrier tape business maintains high utilization rates, with new product launches driving significant revenue growth. In the first three quarters of 2025, the company achieved revenue of 1.526 billion yuan (YoY +13.74%) and a net profit attributable to shareholders of 176 million yuan (YoY -0.70%) [1][2] - The demand for electronic components such as MLCC is recovering, benefiting from AI infrastructure investments, which has led to a stable high utilization rate in the carrier tape business [2] - The company is actively expanding its overseas production capacity, with ongoing upgrades and new production lines for release in the near future, particularly in the fields of release films and composite conductive materials [2][3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 1.526 billion yuan, with a net profit of 176 million yuan and a gross margin of 33.69% [1] - The third quarter of 2025 saw revenue of 564 million yuan (YoY +12.19%, QoQ +2.77%) and a net profit of 77 million yuan (YoY +38.53%, QoQ +19.55%) [1] Business Development - The company is upgrading its paper carrier tape base and has successfully penetrated the semiconductor market with plastic carrier tapes. The production capacity is being expanded in various locations, including the Philippines and Malaysia [2] - The self-manufactured base film for release films has entered mass production, with significant revenue growth and stable supply to major clients [2] - The company has signed cooperation agreements with multiple clients in the composite conductive materials sector, with a 40% increase in orders year-on-year [3] Profit Forecast - The company is expected to achieve net profits of 260 million yuan, 345 million yuan, and 431 million yuan for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 28.4%, 32.9%, and 25.0% [3][4]