【私募调研记录】正圆投资调研捷捷微电、奥来德

Group 1: Jiejie Microelectronics - Jiejie Microelectronics is projected to have revenues of 585 million, 914 million, and 1.307 billion for thyristors, protection devices, and MOSFETs in 2024, with gross margins of 44.69%, 34.57%, and 32.56% respectively [1] - In Q4 2024, revenues for thyristors, protection devices, and MOSFETs are expected to be 155 million, 263 million, and 415 million, with gross margins of 40.78%, 30.99%, and 28.49% respectively [1] - The company has achieved mass production capability for its 6-inch line project, with a current capacity of 50,000 pieces per month [1] - The Nantong high-end power semiconductor device industrialization project is expected to reach a capacity of 1.2 million pieces in 2024 and 1.5 million pieces in 2025 [1] - By 2025, the downstream market share is anticipated to be 35% industrial, 38% consumer, 23% automotive, and 3% communication [1] - The decline in Q4 gross margin is attributed to quality risk provisions and intense market competition leading to price adjustments [1] - Automotive applications include batteries, power supplies, electric drives, chassis, power, and body, with major clients including KESIDA, Sanhua, Aiteke, and Huayu [1] - A new company in Chengdu is expected to complete business registration by October 2024, aiming for sales of 5 million by 2025 [1] - The automotive-grade packaging project is set to begin trial production by the end of January 2025, adding a capacity of 1.6 billion devices [1] - The market competition in 2025 is expected to be fierce, with slight price declines for some thyristors and protection devices, while MOSFET prices remain stable [1] Group 2: Aolaide - Aolaide's projected revenues for 2024 and Q1 2025 are 533 million and 153 million respectively, with stable performance in materials business and a decline in equipment business due to industry transformation [2] - The company is actively promoting domestic substitution in materials business and is focusing on new product development [2] - Aolaide has secured an order for 8.6-generation evaporation source equipment from BOE in its equipment business [2] - R&D investment is continuously increasing, expected to reach 150 million in 2024, with a total of 913 patent applications [2] - The company is actively participating in national project applications, with 23 projects successfully approved in 2024 [2] - Aolaide is exploring the use of AI technology to optimize materials research and production [2]