J-Micro(SZ:300819) GUOTAI HAITONG SECURITIES·2026-02-26 13:10Investment Rating - The report maintains a "Buy" rating for the company [6][12] Core Views - The company is expanding into the electronic fabric sector through the acquisition of Genyin Technology, which enhances its capabilities in flexible equipment upgrades [2][12] - The semiconductor cleanroom consumables are experiencing rapid growth, with the company leveraging its advanced cleanroom technology to penetrate high-end industrial applications [12] - The report projects the company's EPS for 2025-2027 to be 0.44, 0.59, and 0.79 yuan respectively, with a target price set at 62.85 yuan [12] Financial Summary - Total revenue is projected to be 685 million yuan in 2023, decreasing to 600 million yuan in 2024, and then gradually increasing to 749 million yuan by 2027, reflecting a CAGR of approximately 14.8% from 2024 to 2027 [4][13] - Net profit attributable to the parent company is expected to rise from 74 million yuan in 2023 to 117 million yuan in 2027, with a significant increase of 102.5% in 2023 [4][13] - The company’s net asset return rate is projected to improve from 8.7% in 2023 to 12.3% in 2027 [4][13] Market Data - The company's market capitalization is approximately 7,965 million yuan, with a current stock price of 53.38 yuan [7][12] - The stock has shown significant price movement, with a 52-week price range of 14.81 to 53.78 yuan [7][12] - The company has a P/E ratio of 107.00 for 2023, which is expected to decrease to 67.79 by 2027 [4][13]