JHT(SH:603061) Huaxin Securities·2024-05-02 02:00Investment Rating - The report gives an "Accumulate" investment rating for the company, indicating a potential upside of more than 10% compared to the market index [10][14]. Core Viewpoints - The company is increasing its market promotion efforts and actively expanding its domestic and international customer base, maintaining close communication with clients to enhance service capabilities [3]. - The company has a strong brand image and market position in the integrated circuit packaging and testing industry, with a high customer retention rate and resource barriers [3]. - The establishment of the "Malaysia Production and Operation Center" is expected to enhance the company's service capabilities in overseas markets [3][41]. - Despite short-term performance pressure due to a decline in the global electronics market demand, the company is expected to benefit from increased semiconductor testing equipment demand driven by developments in new energy, electric vehicles, and AI computing [12][14]. Financial Summary - The company's revenue for 2023 is projected at 347 million, with a forecasted growth to 459 million in 2024, representing a growth rate of 32.2% [15]. - The net profit for 2023 is estimated at 85 million, with a significant increase to 139 million in 2024, reflecting a growth rate of 64.1% [15]. - The earnings per share (EPS) are projected to rise from 1.41 in 2023 to 2.32 in 2024 [15]. - The company is expected to maintain a return on equity (ROE) of 9.1% in 2024, up from 6.1% in 2023 [15]. Market Position and Strategy - The company is focusing on upgrading its testing machines and increasing R&D investment, which is expected to enhance its product offerings and meet evolving customer needs [12][14]. - The company has achieved significant technological advancements, including high-speed motion adaptive control technology and three-dimensional precision positioning compensation technology, which are crucial for maintaining competitiveness in the semiconductor testing equipment market [12][13].