Investment Rating - The report assigns a "Buy" rating for JCET Group with a target price of Rmb42, indicating an expected share price return of 9.8% and a total expected return of 10.1% [6][8]. Core Insights - JCET management is optimistic about growth in computing and automotive sectors, despite facing near-term volatility due to resource adjustments [1]. - The company is strategically reallocating resources from legacy RF SiP orders to focus on new opportunities, including edge AI and power modules [4]. - The outlook for 2026 is strong, driven by increasing memory demand and high-performance computing (HPC) capacity, particularly in the automotive sector, which saw over 130% year-on-year revenue growth in the first nine months of 2025 [5]. Revenue Mix - The revenue mix for 3Q25 is as follows: Communication (35%), Consumer (27%), Computing (20%), Industrial/Medical (9%), and Automotive (10%) [2]. Capacity Utilization - Overall capacity utilization rate (UTR) reached 80% in 3Q25 and is expected to improve to 80%-85% in 4Q25, with domestic capacities nearly fully utilized [3]. Strategic Focus - JCET is reducing some legacy orders to focus on developing future opportunities, which management believes will lead to higher revenue and profitability in the long term [4]. Growth Expectations - The demand for computing is robust, driven by domestic HPC needs, and automotive revenue is expected to continue growing with new capacity coming online [5].