JCET(SH:600584) Guolian Securities·2024-08-27 08:12Investment Rating - The investment rating for the company is "Buy" [7][15]. Core Insights - The company reported a record high revenue for Q2 2024, achieving 8.645 billion yuan, a year-on-year increase of 36.94% and a quarter-on-quarter increase of 26.34% [10]. - The company’s revenue for the first half of 2024 reached 15.487 billion yuan, with a year-on-year growth rate of 27.22%, and a net profit attributable to shareholders of 619 million yuan, up 24.96% year-on-year [4][10]. - The growth in revenue was primarily driven by a rebound in demand for mobile phones and IoT devices, with communication electronics revenue increasing by over 40% and consumer electronics revenue by over 30% [10]. Financial Performance - The company’s gross profit margin and net profit margin for Q2 2024 were 14.28% and 5.59%, respectively, showing a year-on-year decrease of 0.83 and 0.52 percentage points [10]. - The company’s operating income for 2024 is projected to be 35.109 billion yuan, with expected growth rates of 18.37%, 12.50%, and 13.98% for the years 2024, 2025, and 2026, respectively [11]. - The projected net profit attributable to shareholders for 2024 is 2.105 billion yuan, with a year-on-year growth rate of 43.12% [11]. Market Position and Competitive Advantage - The company has strengthened its position in advanced packaging technology, having received 66 domestic and international patent authorizations in the first half of 2024 [10]. - The company is recognized for its expertise in high-performance advanced packaging, with its XDFOI® Chiplet technology entering stable mass production [10]. - The company is positioned as a leader in the domestic semiconductor packaging and testing industry, with a significant competitive advantage [10].