JCET - A: Strong AI demand and capacity upgrades to drive long-term upside; upgrade to OW

研报英文原文证据摘录

JCET - A: Strong AI demand and capacity upgrades to drive long-term upside; upgrade to OW

Asia Pacific Equity Research

16 June 2026

▲Overweight

JCET - A Previous:600584.SS,Neutral600584 CH

Price (16 Jun 26): Rmb76.93

Strong AI demand and capacity upgrades to drive

▲ Price Target (Dec-27): Rmb110.00

long-term upside; upgrade to OW Prior (Jun-27): Rmb45.00

As the leading OSAT player in China by revenue, JCET’s technology China

leadership and global sites should constructively position the company to Technology

capture surging AI demand domestically and globally, in our view. We expect

Billy Feng ACAI-related sales to more than double in the longer run, while high utilization

(86-21) 6106 6359

and price hikes should mitigate near-term margin pressure from increasing billy.feng@jpmorgan.com

depreciation. We now model a 16%/46% sales/earnings CAGR during 2026- SAC Registration Number: S1730520030005

28. We upgrade to OW and expect the valuation re-rating to sustain on top of a AC Ri Xu

strong earnings outlook. Our new Dec-27 PT of Rmb110 is based on a 40x (86-21) 6106 6318

one-year fwd P/E. With this report, Ri Xu assumes co-coverage of JCET. ri.xu@jpmchase.com

SAC Registration Number: S1730522100001

• Riding strong AI demand. We believe JCET could benefit from strong AI

Cherry Liu

demand in the global market thanks to its technology leadership and (86-21) 6106-6200

advantages in multiple sites globally. Ramping 2.5D/3D package capacity, ye.liu@jpmorgan.com

the acquisition of SanDisk’s memory package site, and product optimization SAC Registration Number: S1730521090001

at the Korea factory could reinforce its edge for AI opportunities. JCET’s J.P. Morgan Securities (China) Company Limited

AI-related sales (computing, memory, power, etc.) accounted for 21% of