JCET(SH:600584) KAIYUAN SECURITIES·2024-04-20 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company reported a revenue of 29.661 billion yuan for 2023, a year-on-year decrease of 12.15%, with a net profit attributable to shareholders of 1.471 billion yuan, down 54.48% year-on-year. However, in Q4 2023, the company achieved a revenue of 9.231 billion yuan, representing a year-on-year increase of 2.75% and a quarter-on-quarter increase of 11.8% [3] - The semiconductor testing industry is gradually recovering, and the company is expected to benefit from this recovery along with the growth in AI demand. The profit forecasts for 2024, 2025, and 2026 are maintained at 2.872 billion yuan, 3.947 billion yuan, and 4.685 billion yuan respectively, with corresponding EPS of 1.61 yuan, 2.21 yuan, and 2.62 yuan [3] - The company is focusing on high-growth product areas and has made significant progress in advanced packaging technology, particularly in automotive electronics, 5G communication, and high-performance computing [4] Financial Summary - For 2023, the company’s revenue by application area was as follows: Communications electronics accounted for 43.9% (down 4.1 percentage points), Consumer electronics 25.2% (down 4.1 percentage points), Computing electronics 14.2% (down 3.2 percentage points), Industrial and medical electronics 8.8% (down 0.8 percentage points), and Automotive electronics 7.9% (up 3.5 percentage points) [4] - The company plans to invest 6 billion yuan in fixed assets in 2024, focusing on high-performance computing, storage applications, edge AI, power devices, and energy systems [4] - The company’s financial metrics for 2024E include a revenue forecast of 34.217 billion yuan, a net profit of 2.872 billion yuan, and an EPS of 1.61 yuan, with a P/E ratio of 15.3 [5][9]