长电科技（600584 CH）发布2026年三季报：3Q26营收114.25亿元，同比增13.53%、环比增10.32%；毛利率17.48%，同比升3.23个百分点、环比升1.80个百分点；归母净利润7.73亿元，同比增59.99%、环比增39.38%，扣非净利润7.53亿元，同比增117.43%。前三季度营收309.52亿元、归母净利润16.17亿元，分别同比增7.96%、69.58%。公司同日公告将2026年固定资产投资预算由99.8亿元上调至173.1亿元（增73.4%），预计资本开支上修将加速先进封装产能扩张。AI算力与端侧需求带动订单增长，产能利用率维持高位，产品结构优化及成本管控推动毛利率提升。
JCET Group reported 3Q26 revenue of RMB11,425mn (+13.53% YoY, +10.32% QoQ), a GPM of 17.48% (+3.23pp YoY, +1.80pp QoQ), attributable NP of RMB773mn (+59.99% YoY, +39.38% QoQ) and recurring NP of RMB753mn (+117.43% YoY). For 9M26, revenue was RMB30,952mn (+7.96% YoY), attributable NP RMB1,617mn (+69.58% YoY) and recurring NP RMB1,561mn (+99.17% YoY). The company plans to raise its 2026 fixed asset investment from RMB9.98bn to RMB17.31bn (+73.4%), which we expect to accelerate advanced packaging capacity expansion. Computing electronics revenue grew 54% YoY in 9M26, and high utilization plus an optimized product mix drove GPM expansion, with cash paid for long-term assets at RMB8,891mn (+104.05% YoY) while GPM still rose 2.26pp YoY. We raise 2026/2027/2028 attributable NP forecasts by 6.6/15.5/13.5% to RMB2,447/3,108/3,559mn, with EPS of RMB1.37/1.74/1.99, and value the stock at 47.0x 2027E PE, above peers' average of 30.8x, lowering our target price to RMB81.78 (previous RMB89.60) amid