JHT(SH:603061) Shanghai Securities·2024-05-11 10:02Investment Rating - The investment rating for the company is "Buy" (maintained) [5][6]. Core Views - The company reported a revenue of 347 million yuan in 2023, a year-on-year decrease of 18.49%, and a net profit attributable to shareholders of 85 million yuan, down 44.91% year-on-year. For Q1 2024, the revenue was 89 million yuan, a decrease of 12.79% year-on-year but an increase of 12.72% quarter-on-quarter. The net profit for Q1 2024 was 15 million yuan, down 53.31% year-on-year and 53.57% quarter-on-quarter [5][12]. - The market is expected to gradually recover, leading to an adjustment in the company's net profit forecasts for 2024-2025 to 136 million yuan, 184 million yuan, and 217 million yuan, representing year-on-year growth rates of 59.88%, 36.03%, and 17.93%, respectively. The corresponding PE valuations are 28, 21, and 18 times [6][8]. Summary by Sections Company Overview - The company operates in the electronics industry and has faced challenges due to a soft global demand for electronic products and a downturn in the integrated circuit industry, impacting revenue and profit margins in 2023 [12]. - The company has increased its R&D expenses by 25.09% in 2023, focusing on upgrading existing products and developing new testing and sorting platforms [12]. Financial Performance - In 2023, the company's revenue was 347 million yuan, with a year-on-year decline of 18.5%. The net profit was 85 million yuan, down 44.9% year-on-year. Forecasts for 2024 and beyond show a recovery with expected revenues of 479 million yuan in 2024, 576 million yuan in 2025, and 711 million yuan in 2026 [8][12]. - The company’s gross margin for 2023 was 49.2%, with projections for gradual improvement in subsequent years [16]. Market Outlook - The global packaging equipment market is expected to recover, with a projected growth of 24.06% in 2024 according to SEMI. The company is strategically expanding its presence in Southeast Asia, with a new production center in Malaysia aimed at enhancing service to overseas markets [12][16].