捷捷微电(300623)：重点布局汽车电子 MOS占比持续提升

Core Viewpoint - The company reported strong revenue growth in the first half of 2025, with a significant increase in both operating income and net profit, despite a decline in gross margin due to market competition [1][2]. Financial Performance - The company achieved operating income of 1.6 billion yuan in the first half of 2025, representing a year-on-year growth of 26.77% [1][2]. - The net profit attributable to shareholders reached 247 million yuan, up 15.35% year-on-year [1][2]. - The overall gross margin was 35.39%, a decrease of 1.69 percentage points compared to the previous year [2]. - In Q2 alone, the company generated operating income of 901 million yuan, a year-on-year increase of 21.21% and a quarter-on-quarter increase of 28.67% [2]. - Q2 net profit attributable to shareholders was 135 million yuan, reflecting a year-on-year growth of 10.69% and a quarter-on-quarter growth of 20.86% [2]. - The gross margin for Q2 was 31.86%, down 4.56 percentage points year-on-year and 8.07 percentage points quarter-on-quarter [2]. Market Position and Strategy - The company is focusing on the automotive electronics sector, which is seen as a key area for future growth [3]. - In the first half of 2025, the revenue distribution across various sectors was: Industrial 43.55%, Consumer 36.25%, Automotive 15.79%, Communication 1.82%, and Others 2.59% [3]. - The company has nearly 200 types of automotive-grade MOSFET products, with clients including Honeywell, Dongfeng Technology, and BYD [3]. Future Outlook - The company projects operating income of 3.61 billion yuan, 4.48 billion yuan, and 5.51 billion yuan for the years 2025, 2026, and 2027, respectively [4]. - Expected net profits for the same years are 610 million yuan, 830 million yuan, and 1.09 billion yuan [4].