Jiangsu JieJie Microelectronics (SZ:300623) Dongxing Securities·2024-08-19 10:30Investment Rating - The report maintains a "Recommended" rating for the company, Jiejie Microelectronics [1]. Core Views - Jiejie Microelectronics reported a significant increase in net profit attributable to shareholders, growing by 122.76% year-on-year, with a revenue increase of 40.12% to 1.263 billion yuan in the first half of 2024 [1][3]. - The company is actively expanding its production capacity and increasing its market share in MOSFET products, with projected net profits of 411 million yuan, 586 million yuan, and 882 million yuan for 2024, 2025, and 2026 respectively [1][3]. - The company is adopting an IDM (Integrated Device Manufacturer) model, which is expected to further enhance its operational capabilities and market competitiveness [1][3]. Financial Performance Summary - In the first half of 2024, Jiejie Microelectronics achieved a revenue of 1.263 billion yuan, representing a year-on-year growth of 40.12% [1]. - The net profit for the same period was 214 million yuan, reflecting a substantial increase of 122.76% compared to the previous year [1]. - The operating cash flow increased by 68.81%, indicating improved cash generation capabilities [1]. - The gross profit margin for the first half of 2024 was 37.08%, an increase of 4.31 percentage points year-on-year [1]. Market Outlook - The market demand for discrete semiconductor devices is expected to reach 355.46 billion yuan in 2024, providing a significant growth opportunity for the company [1][3]. - Emerging application areas such as new energy vehicles, smart equipment manufacturing, and IoT are anticipated to drive continued growth in the semiconductor industry [1][3]. Analyst Forecasts - The company is projected to achieve a revenue of 2.718 billion yuan in 2024, with a growth rate of 29.04% [3]. - The expected net profit for 2024 is 410.89 million yuan, with a growth rate of 87.51% [3]. - The report indicates a PE ratio of 32X for 2024, 22X for 2025, and 15X for 2026, suggesting a favorable valuation outlook [1][3].