捷捷微电第三季度净利降15.65% “高毛利”光环能否持续？

Core Viewpoint - Jiejie Microelectronics reported a revenue of 2.502 billion yuan for the first three quarters of 2025, a year-on-year increase of 24.70%, while net profit attributable to shareholders was 347 million yuan, a slight increase of 4.30% [1] Financial Performance - In Q3 2025, Jiejie Microelectronics achieved a revenue of 901 million yuan, a year-on-year growth of 21.19%, but net profit decreased by 15.65% to 100 million yuan [1] - The gross margin for Q3 2025 was 28.11%, down 12.04 percentage points year-on-year and 3.75 percentage points quarter-on-quarter [1][6] - The gross margin for the first three quarters of 2025 was 32.77%, with Q1 and H1 margins at 36.88% and 35.57%, respectively [6] Industry Context - The power semiconductor industry has faced demand adjustments and price competition over the past two years, leading to a decline in overall profit levels [1] - According to Guosen Securities, demand is expected to improve in 2025, with price competition easing and leading manufacturers likely to see profit recovery [1] Product Performance - The gross margins for different product lines in Q1 2025 were as follows: thyristors at 44.16%, protective devices at 33.19%, and MOSFETs at 41.05% [6] - In Q2 2025, the gross margins for these products were reported as 45.43%, 29.20%, and 27.81%, respectively, indicating a decline from Q1 [6] Inventory and Contracts - As of Q3 2025, contract liabilities reached 16.1626 million yuan, a 75.57% increase from the beginning of the year, indicating a rise in order volume [8] - Inventory stood at 780 million yuan, a 30.39% increase from the start of the year, driven by increased sales volume [8] Market Expansion - Jiejie Microelectronics is expanding into emerging markets such as aerospace, automotive electronics, IT products, and robotics while maintaining its position in traditional markets [9] - The automotive sector accounted for 15.79% of the company's revenue in the first half of 2025, with over 100 vehicle-grade MOSFETs in mass production [9]