捷捷微电(300623)公司2025 年半年报业绩点评：业绩持续增长 6英寸项目持续满产

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].