JCET(600584) 开源证券·2025-04-22 05:20Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Views - The company has shown steady revenue growth, with a 2024 revenue of 35.962 billion yuan, representing a year-over-year increase of 21.24%. The net profit attributable to shareholders was 1.610 billion yuan, up 9.44% year-over-year [3][4] - The company is focusing on advanced packaging and automotive electronics, with significant growth in the computing, communication, and automotive sectors [5][4] - Revenue forecasts for 2025-2027 have been revised upwards, with expected revenues of 40.218 billion yuan, 45.509 billion yuan, and 52.016 billion yuan respectively [4][7] Financial Performance - In 2024, the company achieved a gross margin of 13.1%, slightly down by 0.6 percentage points year-over-year. The net profit margin was 4.5% [3][7] - The company plans to invest 1.718 billion yuan in R&D in 2024, focusing on high-performance computing advanced packaging and high-reliability automotive electronics [5][4] - The projected earnings per share (EPS) for 2025 is 1.41 yuan, with a price-to-earnings (P/E) ratio of 23.5 times [7][4] Market Position and Growth Drivers - The company has successfully developed a range of high-performance, high-reliability power module products for automotive applications, achieving certification from a well-known European automotive parts supplier [5][4] - The revenue from the computing and automotive sectors in 2024 was 5.8 billion yuan and 2.8 billion yuan respectively, with year-over-year growth rates of 38% and 21% [5][4] - The company aims to establish a full range of automotive electronic product supply capabilities, targeting various applications including smart cockpits and advanced driver-assistance systems (ADAS) [5][4]