JCET(SH:600584) Huachuang Securities·2024-04-28 14:32Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 32.7 yuan compared to the current price of 25.17 yuan [1]. Core Views - The company achieved a year-on-year revenue growth of 16.75% in Q1 2024, with total revenue reaching 6.842 billion yuan. The gross margin was 12.20%, reflecting a slight increase of 0.36 percentage points year-on-year [1]. - The company is focusing on high-quality development and sustainable profitability, with a significant increase in net profit attributable to shareholders of 23.01% year-on-year, amounting to 135 million yuan [1]. - The company is expanding into high-growth product areas such as HPC, Chiplet, and automotive electronics, which are expected to enhance its long-term growth potential [1]. Financial Summary - For 2024, the company is projected to generate total revenue of 33.007 billion yuan, representing an 11.3% year-on-year growth. The net profit attributable to shareholders is expected to be 1.951 billion yuan, reflecting a 32.7% increase [2]. - The earnings per share (EPS) is forecasted to be 1.09 yuan for 2024, with a price-to-earnings (P/E) ratio of 23 [2]. - The company’s total assets are estimated to be 42.770 billion yuan in 2024, with a debt-to-asset ratio of 35.2% [4][6].