JCET(600584) 国泰君安·2024-08-23 19:13Investment Rating - The report maintains a rating of "Accumulate" for the company, with an updated target price of 50.30 CNY [7][8]. Core Views - The company benefits from downstream market recovery and advanced packaging layout, leading to significant profit improvements. The company is a leader in the domestic packaging and testing industry, with a strong position in various sectors including communication electronics, consumer electronics, and high-performance computing [7][8]. - The report highlights a substantial increase in the company's performance for the first half of 2024, with a revenue of 15.487 billion CNY, representing a year-on-year growth of 27.22%. The net profit attributable to the parent company reached 581 million CNY, a year-on-year increase of 53.46% [8]. Financial Summary - Revenue Forecast: The company's revenue is projected to be 38.918 billion CNY in 2024, 48.091 billion CNY in 2025, and 56.407 billion CNY in 2026, reflecting growth rates of 31.2%, 23.6%, and 17.3% respectively [6][11]. - Net Profit: The net profit attributable to the parent company is expected to be 2.101 billion CNY in 2024, 3.007 billion CNY in 2025, and 3.975 billion CNY in 2026, with growth rates of 42.9%, 43.1%, and 32.2% respectively [6][11]. - Earnings Per Share (EPS): The EPS is forecasted to be 1.17 CNY in 2024, 1.68 CNY in 2025, and 2.22 CNY in 2026 [6][11]. - Valuation Metrics: The report assigns a price-to-earnings (P/E) ratio of 43 times for 2024, leading to the target price of 50.30 CNY based on the company's leading position in the semiconductor packaging and testing sector [8].