JCET(600584) 招商证券·2025-04-29 05:36Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is the third-largest OSAT manufacturer globally and the largest in China, with significant growth in revenue and profit driven by the consolidation of Shengdi Semiconductor [1][5] - The company is expected to see increased revenue contributions from Shengdi in 2025, with a planned fixed asset investment of 8.5 billion RMB to enhance production capacity [5] - The company has established strong partnerships with leading clients in various sectors, including automotive electronics and high-performance computing, indicating a positive growth trajectory [5] Financial Performance Summary - In 2024, the company reported revenue of 35.962 billion RMB, a year-on-year increase of 21.24%, and a net profit of 1.610 billion RMB, up 9.44% year-on-year [5][11] - For Q1 2025, revenue reached 9.335 billion RMB, reflecting a year-on-year growth of 36.4%, while net profit was 203 million RMB, up 50.4% year-on-year [5] - The company’s revenue projections for 2025-2027 are 41.89 billion RMB, 47.08 billion RMB, and 51.90 billion RMB, respectively, with corresponding net profits of 2.013 billion RMB, 2.371 billion RMB, and 2.732 billion RMB [5][11] Market Demand and Client Segmentation - The demand from downstream clients is showing varied trends, with significant growth in computing and automotive electronics, both exceeding 50% year-on-year in Q1 2025 [5] - The revenue breakdown for 2024 indicates that communication electronics accounted for 44.8%, consumer electronics 24.1%, and computing electronics 16.2% [5] Investment Recommendations - The company is positioned as a leader in the domestic packaging and testing sector, with ongoing investments in new facilities and acquisitions to strengthen its market position [5] - The expected earnings per share (EPS) for 2025-2027 are projected at 1.12 RMB, 1.33 RMB, and 1.53 RMB, with price-to-earnings (PE) ratios of 29.1, 24.7, and 21.4, respectively [5][11]