捷捷微电：在手订单饱满，产能持续爬坡

Investment Rating - The report maintains a "Buy" rating for the company, Jiejie Microelectronics (300623) [2][3] Core Views - The company's Q2 performance shows significant improvement, with a revenue of 1.263 billion yuan, a year-on-year increase of 40.12%, and a net profit of 214 million yuan, up 122.76% year-on-year [2] - The company has a robust order backlog and is ramping up production capacity, with a monthly output of approximately 20,000 pieces from its 6-inch line and 90,000 pieces from its 8-inch line [2] - The company is expected to achieve net profits of 430 million yuan, 568 million yuan, and 772 million yuan for the years 2024, 2025, and 2026 respectively [2] Financial Forecast and Key Indicators - Revenue projections for 2023A, 2024E, 2025E, and 2026E are 2.106 billion yuan, 2.734 billion yuan, 3.496 billion yuan, and 4.275 billion yuan respectively, with growth rates of 15.51%, 29.81%, 27.84%, and 22.29% [6] - The company's EBITDA is forecasted to be 633.15 million yuan in 2023A, increasing to 1.17877 billion yuan in 2024E [6] - The projected earnings per share (EPS) for 2024E, 2025E, and 2026E are 0.59 yuan, 0.77 yuan, and 1.05 yuan respectively [6]