捷捷微电：Q3业绩预期大幅增长，产能利用率爬升

Investment Rating - The report maintains an "Accumulate" rating for the company, Jiejie Microelectronics (300623) [1] Core Views - The company is expected to see significant growth in Q3 performance, with a projected net profit attributable to shareholders ranging from 314 to 356 million yuan, representing a year-on-year increase of 120% to 150% [2] - The increase in performance is attributed to several factors, including a recovery in downstream market demand, product structure upgrades, ongoing domestic substitution, and improved capacity utilization [2][3] - The company's Nantong project has achieved a production yield of over 95%, with a monthly capacity of approximately 100,000 pieces, contributing to enhanced profitability [2] - The automotive-grade packaging project is expected to be completed by the end of 2024, with an anticipated annual production capacity of 1.9 billion automotive-grade power devices, potentially generating a sales scale of 2 billion yuan [2] Financial Summary - The projected total revenue for 2024-2026 is expected to be 2.831 billion, 3.542 billion, and 4.316 billion yuan, with year-on-year growth rates of 34.4%, 25.1%, and 21.9% respectively [3] - The net profit attributable to shareholders for the same period is forecasted to be 437 million, 564 million, and 708 million yuan, with growth rates of 15.4%, 15.9%, and 16.4% respectively [3] - The report indicates a PE ratio of 71X, 55X, and 44X for the years 2024-2026 [2][3]