格隆汇9月11日丨捷捷微电(300623.SZ)在互动平台表示，公司暂无储存芯片和芯片的先进封装。公司下 游客户众多并分散，且应用领域广泛，相关MOSFET器件产品和防护器件产品可用于机器人领域。 ...

Group 1 - The core point of the article highlights that JieJie Microelectronics has seen a decrease in the number of shareholders, with a total of 92,288 shareholders as of September 10, down by 6,647 from the previous period, representing a decline of 6.72% [2] - The latest stock price of JieJie Microelectronics is reported at 30.94 yuan, reflecting an increase of 2.89%, although the stock has cumulatively decreased by 10.81% since the concentration of shares began, with 3 days of increase and 6 days of decrease in the trading period [2] - The company's semi-annual report indicates that it achieved an operating income of 1.6 billion yuan in the first half of the year, representing a year-on-year growth of 26.77%, and a net profit of 247 million yuan, which is a year-on-year increase of 15.35%, with basic earnings per share at 0.3000 yuan and a weighted average return on equity of 4.22% [2]

Core Viewpoint - The stock of Jiejie Microelectronics has shown fluctuations, with a recent increase of 2.03% and a total market capitalization of 25.528 billion yuan, despite a year-to-date decline of 9.79% [1] Financial Performance - For the first half of 2025, Jiejie Microelectronics achieved a revenue of 1.6 billion yuan, representing a year-on-year growth of 26.77%, and a net profit attributable to shareholders of 247 million yuan, up 15.35% [2] - Cumulatively, the company has distributed 599 million yuan in dividends since its A-share listing, with 237 million yuan in the last three years [3] Shareholder Information - As of August 29, 2025, the number of shareholders for Jiejie Microelectronics increased to 98,900, with an average of 7,338 circulating shares per person, a decrease of 1.89% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [3] Stock Performance - The stock has experienced a 0.20% decline over the last five trading days and a 3.91% decline over the last 20 days, while showing a 13.50% increase over the last 60 days [1] Business Overview - Jiejie Microelectronics, established on March 29, 1995, specializes in the research, design, production, and sales of power semiconductor discrete devices, with a revenue composition of 67.12% from power semiconductor devices and 30.73% from power semiconductor chips [1] - The company operates within the semiconductor industry, specifically in the electronic sector focusing on discrete devices, and is involved in various concept sectors including GaN, specialized and innovative enterprises, mid-cap, automotive chips, and semiconductors [1]

Core Viewpoint - The company has demonstrated significant growth in revenue and net profit in the first half of 2025, driven by its focus on power semiconductor devices and the expansion into automotive electronics [1][2][3] Group 1: Financial Performance - In 1H25, the company achieved a net profit attributable to the parent company of 246 million yuan, representing a year-on-year increase of 46.57% [1] - The total revenue for 1H25 reached 1.6 billion yuan, reflecting a year-on-year growth of 26.77% [1] - In Q2 2025, the company reported revenue of 901 million yuan, which is a year-on-year increase of 21.21% and a quarter-on-quarter increase of 28.67% [1] Group 2: Product Performance - The revenue from MOSFET products has accelerated, becoming the largest revenue source for the company, contributing 753 million yuan in 1H25, which accounts for 47.75% of total revenue and shows a year-on-year growth of 33.69% [2] - The company’s core products, including thyristors and protective devices, maintained stable performance, with thyristors generating 283 million yuan in revenue (18% of total revenue, YoY +1.12%) [2] - Revenue from protective devices increased to 541 million yuan (34% of total revenue, YoY +34.32%) due to the expansion of 6-inch production capacity [2] Group 3: Strategic Initiatives - The company has completed the acquisition of the remaining 8.45% stake in Jie Jie Nantong Technology for 284 million yuan, achieving 100% ownership, which is expected to enhance profitability [3] - A new subsidiary in Chengdu has been established to focus on high-end isolation chip products, which has already generated sales revenue and is anticipated to provide new growth opportunities [3] - The company is strategically targeting the automotive electronics sector, with automotive revenue accounting for 15.79% of total revenue in 1H25, and over 80% of this revenue coming from MOSFET products [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - In 1H25, the company achieved a year-on-year growth of 46.57% in net profit attributable to the parent company, driven by the accelerated expansion in automotive electronics, with total revenue reaching 1.6 billion yuan, a 26.77% increase year-on-year [1] - The company operates primarily in the power semiconductor sector, with key products including thyristors, protection devices, and MOSFETs. The revenue from MOSFETs has become the largest income source, contributing 755 million yuan in 1H25, which is 47.75% of total revenue, reflecting a 33.69% year-on-year growth [2] - The automotive electronics segment is a strategic focus, with revenue from this sector accounting for 15.79% of total revenue in 1H25, primarily from MOSFET products [3] - The company completed the acquisition of the remaining 8.45% stake in its subsidiary, JieJie Nantong Technology, achieving 100% ownership, which is expected to enhance profitability [3] Financial Performance and Forecast - The company forecasts net profits of 556 million yuan, 708 million yuan, and 850 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 39.8, 31.3, and 26.1 [4] - Revenue projections for the years 2023 to 2027 are 2.106 billion yuan, 2.845 billion yuan, 3.621 billion yuan, 4.360 billion yuan, and 5.291 billion yuan, reflecting growth rates of 15.5%, 35.1%, 27.3%, 20.4%, and 21.3% respectively [5]

Core Viewpoint - The company reported strong revenue and profit growth in the first half of 2025, driven by increased recognition of its products and accelerated domestic substitution processes [1][2]. Financial Performance - The company achieved a revenue of 1.6 billion yuan, representing a year-on-year increase of 26.77% [1][2]. - The net profit attributable to shareholders reached 247 million yuan, up 15.35% year-on-year [1][2]. - The non-recurring net profit was 246 million yuan, showing a significant growth of 46.57% year-on-year [1][2]. - The net cash flow from operating activities was 453 million yuan, an increase of 55.03% year-on-year [2]. Business Segments - The revenue from thyristors, protective devices, and MOSFETs was 283 million yuan, 541 million yuan, and 753 million yuan, accounting for 17.94%, 34.31%, and 47.75% of total revenue, respectively [2]. - The gross margins for these segments were 44.84%, 30.87%, and 33.57%, with year-on-year revenue growth of 1.12%, 34.32%, and 33.69% respectively [2]. - In Q2, the gross margins for thyristors, protective devices, and MOSFETs were 45.43%, 29.20%, and 27.81%, showing a decline due to increased market competition [2]. Production Capacity - The 6-inch line project has reached mass production capacity, maintaining full production for three consecutive months, with a capacity of 60,000 wafers per month [3]. - The 8-inch line project has stabilized output, producing approximately 110,000 wafers per month, with a yield rate of around 95% since trial production began [3]. Market Focus - The automotive electronics sector is a key area for future development, with nearly 200 types of automotive-grade MOSFET products available [4]. - The company has mass-produced over 100 types of automotive-grade MOSFETs, with notable products meeting stringent automotive industry standards [4]. - Major clients in the automotive sector include well-known companies such as Honeywell, BYD, and Nidec [4]. Investment Outlook - The company is positioned as a leader in thyristors and is focusing on the automotive electronics market, with expected rapid sales growth as production capacity increases [4]. - Earnings per share (EPS) forecasts for 2025-2027 are projected at 0.76 yuan, 0.99 yuan, and 1.23 yuan, maintaining a "recommended" rating [4].

Investment Rating - The report maintains a "Recommended" rating for the company [2][12]. Core Insights - The company achieved a revenue of 1.6 billion yuan in the first half of 2025, representing a year-on-year growth of 26.77%. The net profit attributable to shareholders was 247 million yuan, up 15.35% year-on-year, while the net profit excluding non-recurring items reached 246 million yuan, marking a significant increase of 46.57% [3][4]. - The company’s six-inch project has reached full production capacity, maintaining output above 50,000 wafers per month for three consecutive months. This project focuses on power semiconductor chip production and has expanded the product range, enhancing the existing product structure [5]. - The automotive electronics sector is identified as a key growth area, with nearly 200 types of automotive-grade MOSFET products available. The company has successfully mass-produced over 100 types of these products, which have been recognized for their performance and reliability in various automotive systems [6]. Financial Performance Summary - For the first half of 2025, the company reported a net cash flow from operating activities of 453 million yuan, an increase of 55.03% year-on-year. The revenue breakdown includes 283 million yuan from thyristors, 541 million yuan from protective devices, and 753 million yuan from MOSFETs, accounting for 17.94%, 34.31%, and 47.75% of total revenue, respectively [4][5]. - The gross margins for the second quarter were 44.84% for thyristors, 30.87% for protective devices, and 33.57% for MOSFETs, with slight declines attributed to increased market competition [4]. Future Outlook - The company forecasts earnings per share (EPS) of 0.76 yuan, 0.99 yuan, and 1.23 yuan for the years 2025, 2026, and 2027, respectively, indicating strong growth potential [12][14]. - The report highlights the company's strategic focus on expanding its market share in the high-end power semiconductor sector, which is expected to enhance its overall competitiveness [5][6].

格隆汇9月8日丨捷捷微电(300623.SZ)在投资者互动平台表示，公司有碳化硅产品。碳化硅肖特基二极 管是碳化硅器件之一，具有超快的开关速度，超低的开关损耗，正向压降（Vf）为温度特性，易于并 联，可承受更高耐压和更大的浪涌电流，用于电动汽车、消费类电子、新能源、轨道交通等领域，主要 产品为塑封碳化硅肖特基二极管器件。 ...

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Group 1 - The company, Jiangsu Jiejie Microelectronics Co., Ltd., has recently completed the registration capital industrial and commercial change registration and the filing procedures of the Articles of Association [1] - The company has obtained a new business license issued by the Nantong Data Bureau [1]