JCET(600584) 万联证券·2024-11-05 01:00Investment Rating - The investment rating for the company is "Add" [4] Core Insights - The company achieved a record high revenue of 94.91 billion yuan in Q3 2024, representing a year-on-year increase of 14.95% and a quarter-on-quarter increase of 9.79%. This growth was driven by increased business from certain clients and improved capacity utilization [2] - The gross margin for Q3 2024 was 12.23%, down 2.13 percentage points year-on-year and 2.05 percentage points quarter-on-quarter, primarily due to slow recovery in demand from automotive electronics and industrial sectors, adjustments in customer structure, and rising raw material costs [2] - The net profit margin for Q3 2024 was 4.78%, down 1.01 percentage points year-on-year and 0.81 percentage points quarter-on-quarter, with overall expense control remaining good [2] - The acquisition of 80% of Shengdian Semiconductor has been completed, which is expected to enhance the company's annual performance and strengthen its competitiveness in the storage packaging and testing sector [2] - The company forecasts revenue of 340.37 billion yuan for 2024, with a projected net profit of 16.72 billion yuan, corresponding to a PE ratio of 41.30x [7] Summary by Sections Revenue and Profitability - For the first three quarters of 2024, the company reported revenue of 249.78 billion yuan, a year-on-year increase of 22.26%, and a net profit attributable to shareholders of 10.76 billion yuan, up 10.55% year-on-year [1] - The company’s Q3 2024 net profit attributable to shareholders was 4.57 billion yuan, down 4.39% year-on-year and 5.57% quarter-on-quarter [2] Expense Management - The management expense ratio for the first three quarters was 2.13%, down 0.49 percentage points year-on-year, indicating effective expense control [2] - Financial expenses increased to 0.43% due to exchange losses from the appreciation of the RMB [2] Acquisition Impact - The acquisition of Shengdian Semiconductor is expected to significantly boost the company's annual performance and market share in the storage and computing electronics sector [2] Forecasts - The company anticipates revenue growth of 14.75% in 2024, with further increases projected for 2025 and 2026 [3][7]