Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has significantly increased its market share, rising from 2.6% in 2023 to 3.3% in 2024, moving from the tenth to the sixth position globally in the power semiconductor market [6] - Despite a decline in the overall power semiconductor market size from $35.7 billion in 2023 to $32.3 billion in 2024, the company achieved a revenue of 11.22 billion yuan in 2024, representing a year-on-year growth of over 20% [6] - The company’s core products, including IGBT, SiC MOSFET, and IPM modules, saw substantial growth, with automotive-grade power devices revenue increasing by over 100% year-on-year [6] - The company is continuously launching new products across its silicon-based chip production lines, which are operating at full capacity, and has received bulk orders from several domestic smartphone manufacturers for its six-axis inertial sensors [7] Financial Projections - Revenue projections for the company are as follows: 13.31 billion yuan in 2025, 15.83 billion yuan in 2026, and 18.88 billion yuan in 2027, with corresponding net profits of 650 million yuan, 984 million yuan, and 1.31 billion yuan respectively [8] - The company is expected to maintain a growth rate of approximately 18.6% to 19.3% in revenue from 2025 to 2027 [10] - The earnings per share (EPS) are projected to increase from 0.39 yuan in 2025 to 0.79 yuan in 2027 [10]

证券研究报告：电子 | 公司点评报告 股票投资评级 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 买入 |维持 个股表现 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 -10% 10% 30% 50% 70% 90% 110% 130% 150% 170% 190% 捷捷微电 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 29.48 | | --- | --- | | 总股本/流通股本（亿股）8.32 | / 7.12 | | 总市值/流通市值（亿元）245 | / 210 | | 周内最高/最低价 52 | 46.85 / 15.47 | | 资产负债率(%) | 26.0% | | 市盈率 | 46.79 | | 第一大股东 | 江苏捷捷投资有限公司 | 捷捷微电(300623) 高端功率半导体产业化项目持续推进 l 投资要点 高端功率半导体 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [2] Core Insights - The company's market share has significantly increased, rising from 2.6% in 2023 to 3.3% in 2024, moving up from the tenth to the sixth position globally [6] - The company achieved a revenue of 11.22 billion yuan in 2024, representing a year-on-year growth of over 20%, with over 75% of revenue coming from high-barrier markets such as large home appliances, automotive, new energy, industrial, communications, and computing [6] - The company reported a net profit attributable to shareholders of 220 million yuan in 2024, marking a turnaround from losses [6] - The company has launched several new products across its silicon-based chip production lines, which are fully operational, targeting sectors like automotive, large home appliances, and high-end consumer electronics [7] - Revenue projections for the company are 13.31 billion yuan, 15.83 billion yuan, and 18.88 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 650 million yuan, 984 million yuan, and 1.31 billion yuan for the same years [8] Financial Summary - The company’s total market capitalization is 40.8 billion yuan, with a total share capital of 1.664 billion shares [4] - The company’s earnings per share (EPS) is projected to increase from 0.13 yuan in 2024 to 0.79 yuan in 2027 [10] - The company’s EBITDA is expected to grow from 1.52 billion yuan in 2024 to 4.23 billion yuan in 2027 [10] - The company’s asset-liability ratio is currently at 44.3% and is projected to decrease to 38.6% by 2027 [12]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [9][14]. Core Views - The company is projected to achieve revenue of 6.383 billion yuan in 2024, representing a year-on-year growth of 35.90%, with a net profit attributable to shareholders of 187 million yuan, up 287.20% year-on-year [3][12]. - The global smartphone market is expected to rebound in 2024, with an estimated shipment of 1.18 billion units, a growth of approximately 6.8% year-on-year, benefiting the company's mobile CIS product segment [3][4]. - The company is enhancing its product structure with a higher proportion of high-pixel CIS products, which is expected to contribute significantly to revenue growth [3][5]. Company Overview - The latest closing price of the company's stock is 15.20 yuan, with a total market capitalization of 39.5 billion yuan [2]. - The company has a total share capital of 2.601 billion shares, with 1.449 billion shares in circulation [2]. - The asset-liability ratio stands at 65.3%, indicating a moderate level of financial leverage [2]. Financial Projections - Revenue projections for the company are as follows: 8.019 billion yuan in 2025, 10.08 billion yuan in 2026, and 13.009 billion yuan in 2027, with respective growth rates of 25.62%, 25.70%, and 29.06% [12][13]. - The net profit attributable to shareholders is expected to reach 303 million yuan in 2025, 703 million yuan in 2026, and 1.303 billion yuan in 2027, with significant growth rates of 62.22%, 132.07%, and 85.30% respectively [12][13]. Business Segments - The company's mobile CIS business is projected to generate revenue of 3.598 billion yuan in 2024, accounting for 56.39% of total revenue, with a year-on-year growth of 60.44% [3][4]. - The non-mobile CIS segment is also expected to grow, with projected revenue of 1.426 billion yuan in 2024, a year-on-year increase of 17.82% [5]. - The display driver chip business is anticipated to achieve revenue of 1.356 billion yuan in 2024, reflecting a growth of 9.47% [8].

Investment Rating - The industry investment rating is "Strong Outperform" [1] Core Viewpoints - Tungsten is a significant strategic resource, widely used in various industries, and its price has risen to 161,000 yuan/ton, the highest since 2013, due to supply tightening and supportive policies [2][19] - The global tungsten resource distribution is concentrated, with China holding 55% of reserves and 83% of production, and no new mines expected to come online in the next two years [2][29] - Demand for tungsten is expected to improve significantly due to large-scale equipment updates and supportive policies, particularly in the machinery and aerospace sectors [2][54] - Export controls implemented by China in February 2025 have strengthened the strategic nature of tungsten resources, with a projected global supply-demand gap of 5,433 tons by 2027 [2][19] Supply Summary - Domestic supply is tightening, with the first batch of tungsten mining indicators for 2025 reduced by 4,000 tons compared to 2024, leading to a 6.45% decrease in total mining quotas [33] - China's tungsten production is expected to decline due to the lack of new mining projects and decreasing ore grades, with the first batch of mining indicators for 2025 set at 58,000 tons [33][29] - The industry is experiencing consolidation, with larger companies dominating production as smaller firms exit the market due to regulatory pressures [33][29] Demand Summary - The demand for tungsten is closely linked to industrial development and macroeconomic conditions, with hard alloys being the primary application, accounting for 58.51% of tungsten consumption in 2024 [50] - The demand for tungsten materials is expected to rise, particularly in the photovoltaic sector, where tungsten wire is gaining traction due to its superior performance [62][66] - A large-scale equipment update initiative is expected to boost demand for tungsten, with significant investments planned across various sectors [54][57]

Investment Rating - The report maintains a positive outlook on the micro-cap stock index, indicating a favorable investment environment following regulatory changes [3][13]. Core Insights - The recent modification of the "Major Asset Restructuring Management Measures" by the China Securities Regulatory Commission allows for cross-border mergers and acquisitions, which is seen as a significant positive for micro-cap stocks [3][13]. - The micro-cap stock index has shown strong performance, ranking first among 38 broad indices over the past month with a 12.51% increase and a 68.6% increase over the past year [4][14][24]. Summary by Sections 1. Overview of Micro-Cap Stock Index Performance - The micro-cap stock index increased by 1.58% over the past week, ranking 5th among 38 indices [4][14]. - Over the past month, the index rose by 12.51%, ranking 1st [4][19]. - In the last quarter, the index saw a 17.17% increase, also ranking 1st [4][20]. - The annual performance shows a significant increase of 68.6%, ranking 2nd [4][22][24]. 2. Factor Performance of Micro-Cap Stocks - The top-performing factors this week include standardized expected earnings (0.154), leverage (0.127), and quarterly net profit growth (0.102) [5][14][28]. - The bottom-performing factors include momentum (-0.08) and growth factors (-0.032) [5][14][28]. 3. Diffusion Index Observations - The diffusion index remains high but has shown a slight decline, indicating potential sell signals if the trend continues [6][15][33]. - The first threshold method triggered a sell signal on May 8, 2025, while the delayed threshold method provided a buy signal on April 22, 2025 [6][15][36][40]. 4. Calendar Effects - The micro-cap stock index has shown positive average returns on Tuesdays and Thursdays, while Mondays and Wednesdays have negative average returns [7][16]. - The index achieved an 84% win rate in February and a 90% win rate in March and May [7][16]. 5. Micro-Cap Stock Related Fund Performance - The highest-performing micro-cap fund this week yielded 2.79%, while the lowest yielded 0.35% [16][43].

Core Insights - The report indicates a recovery in the credit bond market starting from May, with credit bonds showing resilience against the backdrop of weakening interest rate bonds [3][10][26] - The yield on credit bonds, particularly those with maturities of three years or less, has decreased more significantly than that of interest rate bonds, highlighting their anti-dip characteristics [3][10] - The current yield curve shows a steepening trend in the 2-4 year segment, while the ultra-long end remains relatively unchanged, indicating a shift in market dynamics [3][13] Credit Strategy Insights - The report notes that the sentiment around secondary capital bonds remains cautious, with limited participation space in the 4-5 year segment due to yields approaching lower levels compared to the previous year [4][17] - The average duration of transactions in the market is short, with low valuation transactions not showing significant movement, suggesting a cautious optimism among investors [19][22] - The willingness to sell ultra-long credit bonds is evident, with a significant portion of transactions occurring at discounts, particularly for specific issuers like AVIC Capital [22][23] Market Performance Summary - The credit bond market has shown a positive performance over the past month, with yields consistently declining, although a cautious outlook is maintained due to insufficient absolute yields and credit spread protection [5][26] - The report emphasizes a focus on 2-4 year weak-quality city investment bonds, which are expected to see improved liquidity, while participation in higher-rated bonds in the 4-5 year segment is becoming more challenging [5][26] - The report highlights that the market's buying interest in ultra-long credit bonds is weak, with a preference shifting towards real estate bonds and lower-rated city investment bonds [23][25]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Maintain the conclusion that "funding may be looser than expected." Although short - term fluctuations occur in the current funding situation, the optimistic expectation for liquidity should not change, and there is still room for the funding price to decline [2]. - The bank's liability growth has returned to normal, and the objective environment for funding regulation has changed. The so - called "central bank's attitude" speculated by institutions is unreliable, and the central bank's attitude has also changed [3]. - After the RRR cut, the easing effect had been overdrawn before the actual implementation. The comprehensive impact of released funds and the overdrawn effect on the actual implementation day may not lead to an obvious change in the lent funds [3]. - The impact of government bond payments and the maturity of repurchase agreements exists, but the replacement of high - cost funds with cheaper RRR - cut funds still has an easing effect [3]. - There will be support from excess structural tools in the future, including a confirmed increase of 1.1 trillion in various re - loans and the possible re - activation of PSL, which has shrunk by 1.3 trillion since 2024 [4]. 3. Summary by Directory 1. How to View the Tightening of Funds after the RRR Cut - **Previous Views on the Bond Market and Funds**: Microscopically, the bond market is recovering; macroscopically, there are still opportunities in the bond market. The key to the subsequent bond market trend is whether the funding price center can break through 1.4%. There is a possibility that the funding will be looser than expected [10]. - **Current Situation of Funds after the RRR Cut**: The RRR cut was implemented on May 15th, and the funding tightened marginally. The funding price center dropped to around 1.5% after the RRR cut was announced in early May, but did not decline further after May 15th [11]. - **Reasons for Not Being Pessimistic about the Funding**: - **Change in the Bank's Liability Environment**: The bank's liability growth has returned to normal, and the so - called "central bank's attitude" speculated by institutions is unreliable. Even if the central bank continues to regulate, the funding center will be lower than before [14]. - **Overdrawn Easing Effect**: Before the actual implementation of the RRR cut, the easing effect had been overdrawn. The actual scale of the RRR cut may be affected by the change in the deposit base, and the lent funds may not change significantly on the implementation day [16]. - **Impact of Other Factors**: The large - scale government bond payments in the short term will consume excess reserves, and the maturity of repurchase agreements also needs to be considered. However, the replacement of high - cost funds with cheaper RRR - cut funds still has an easing effect [17]. - **Support from Structural Tools**: There will be support from excess structural tools in the future, including a confirmed increase of 1.1 trillion in various re - loans and the possible re - activation of PSL, which has shrunk by 1.3 trillion since 2024 [20]. - **Conclusion**: It is not advisable to be pessimistic about the funding. In most cases, the funding price will decline in the two weeks after the RRR cut. The bank's liability has returned to normal, and the central bank's attitude has also returned to stable and loose [22].

Report Information - Report Title: Fixed Income Report - Release Date: May 19, 2025 - Analysts: Liang Weichao, Cui Chao [2] Industry Investment Rating - Not provided in the report Core Viewpoints - After the holiday impact weakens, the overall production heat rebounds, with increased operating rates in the chemical, tire, and coke oven sectors. The asphalt operating rate reaches its highest level since December 2023, accelerating road construction. - The transaction of commercial housing stabilizes, while the land transaction area decreases. - Prices generally rebound, with rising prices of crude oil, non - ferrous metals, and rebar, and a decline in coking coal. Due to political unrest in Guinea affecting mineral supply and the easing of US tariff policies leading to demand recovery, the aluminum price may remain strong in the short term. - Short - term focus should be on the implementation of a new round of growth - stabilizing stimulus policies, the recovery of the real estate market, and the trend of commodity prices [2][33] Summary by Directory 1. Production - Steel: The coke oven capacity utilization rate increases by 0.18 pct, the blast furnace operating rate decreases by 0.47 pct, and the rebar production increases by 3000 tons. The inventory of rebar decreases by 3280 tons [11] - Petroleum Asphalt: The operating rate significantly increases by 5.6 pct, reaching a new high since December 2023 [11] - Chemical Industry: The PX operating rate increases by 1.84 pct, and the PTA operating rate increases by 1.81 pct [11] - Automobile Tires: After the holiday, the operating rate seasonally rebounds significantly. The all - steel tire operating rate increases by 20.32 pct, and the semi - steel tire operating rate increases by 19.98 pct [12] 2. Demand - Real Estate: The transaction area of commercial housing rebounds, and the inventory - to - sales ratio decreases. The land transaction area decreases, and the premium rate of residential land transactions slightly increases [15] - Movie Box Office: It decreases by 40.9 million yuan compared with the previous week [15] - Automobile: The average daily retail sales of automobile manufacturers increase by 19000 vehicles, and the average daily wholesale sales increase by 14000 vehicles [17] - Shipping Index: The SCFI increases by 9.98%, the CCFI decreases by 0.14%, and the BDI increases by 6.85% [20] 3. Prices - Energy: The Brent crude oil price increases by 2.35% to $65.41 per barrel, and the coking coal futures price decreases by 2.21% to 864 yuan per ton [22] - Metals: The LME copper, aluminum, and zinc futures prices change by +0.02%, +2.56%, and +1.43% respectively, and the domestic rebar futures price increases by 2.11% [23] - Agricultural Products: They continue the seasonal downward trend. The agricultural product wholesale price 200 index decreases by 0.76%. The prices of pork, eggs, vegetables, and fruits change by +1.55%, +0.63%, - 2.05%, and - 1.50% respectively compared with the previous week [25] 4. Logistics - Subway Passenger Volume: The passenger volumes in Beijing and Shanghai both increase. The seven - day moving average of Beijing's subway passenger volume increases by 869900 person - times, and that of Shanghai increases by 790000 person - times [28] - Flight Volume: Both domestic and international flight volumes decrease. The seven - day moving average of domestic (excluding Hong Kong, Macao, and Taiwan) flight volume decreases by 299.43 flights, that of domestic (Hong Kong, Macao, and Taiwan) decreases by 14.86 flights, and that of international flights decreases by 76.86 flights [30] - Urban Traffic: The peak congestion index in first - tier cities rebounds. The seven - day moving average of the peak congestion index in first - tier cities increases by 0.09 [30] 5. Summary - The production heat rebounds, and prices generally rise. Short - term focus should be on the implementation of a new round of growth - stabilizing stimulus policies, the recovery of the real estate market, and the trend of commodity prices [33]

Market Performance Review - A-shares experienced a week of initial gains followed by declines, with a shift towards large-cap stocks. The major indices mostly rose, with the CSI A50 up by 1.61%, while the STAR 50 continued its downward trend. The large-cap style outperformed small and mid-cap stocks significantly this week [12][13]. A-share Investor Sentiment and Trading - The investor sentiment in A-shares has continued to decline, with the personal investor sentiment index showing a 7-day moving average of -9.9% as of May 17, down from 8.8% on May 10. This indicates that investor sentiment has entered a negative zone [4][15]. - The financing trading volume has remained stagnant, with cumulative net purchases remaining unchanged. The proportion of financing transactions in the overall A-share market has slightly increased, reflecting a continued low enthusiasm among personal investors [18][20]. Future Outlook and Investment Views - The outlook for A-shares suggests that sentiment recovery requires a catalyst, particularly the introduction of domestic demand stimulus policies. The recent phase of the US-China trade talks is a positive development for the domestic macroeconomic stability and the valuation recovery of the export chain, but further sentiment recovery in A-shares hinges on more proactive domestic demand policies [5][20]. - In terms of asset allocation, the recent interest rate cuts have enhanced the cost-effectiveness of dividend stocks. It is recommended to focus on pure dividend stocks such as banks, railways, and electricity. However, the timing for investing in consumer stocks should be approached with caution until clear domestic demand stimulus policies are announced [5][21].