捷捷微电：公司事件点评报告：进一步收购子公司完善布局，Q2利润大幅高增

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has significantly increased its profits in Q2, benefiting from a recovery in downstream market demand, product structure upgrades, and growth in customer needs. The overall capacity utilization has improved, leading to a substantial year-on-year increase in sales revenue and net profit [1][2] - The company plans to further acquire a controlling stake in its subsidiary, enhancing its profitability and control over the high-end power semiconductor device industrialization project [1][3] - The power device prices are showing signs of recovery, with several companies in the semiconductor industry announcing price increases of 10% to 25%. The company has also raised prices for its Trench MOSFET product line by 5% to 10% [2][3] Financial Summary - In the first half of 2024, the company achieved a revenue of 1.263 billion yuan, a year-on-year increase of 40.12%. The net profit attributable to shareholders was 214 million yuan, up 122.76% year-on-year [1] - The company forecasts revenues of 2.683 billion yuan, 3.349 billion yuan, and 4.163 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.45 yuan, 0.61 yuan, and 0.83 yuan [3][5] - The report indicates a significant improvement in profitability, with the net profit for 2024 expected to grow by 50.7% compared to 2023 [5]