捷捷微电：产能利用率饱满，车规级封测年底试生产

Investment Rating - The report maintains a "Buy" rating for the company, Jiejie Microelectronics (300623) [2] Core Insights - The company reported a revenue of 2.006 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 40.63%. The net profit attributable to shareholders reached 333 million yuan, up 133.37% year-on-year [2] - In Q3 alone, the company achieved a revenue of 743 million yuan, a year-on-year increase of 41.50%, with a net profit of 119 million yuan, reflecting a growth of 155.31% year-on-year [2] - The company is experiencing a recovery in downstream demand, leading to full capacity utilization. The gross profit margin improved to 38.22%, an increase of 3.66% year-on-year [2] - The company is set to begin trial production of automotive-grade packaging and testing by the end of this year, with a projected annual production capacity of 1.9 billion automotive-grade power devices, which could generate nearly 2 billion yuan in sales [2] Financial Forecast and Key Metrics - The forecasted net profit for the company is expected to be 450 million yuan in 2024, 600 million yuan in 2025, and 780 million yuan in 2026 [2] - The projected revenue for 2024 is 2.82 billion yuan, with a growth rate of 33.90%, and is expected to reach 4.827 billion yuan by 2026, with a growth rate of 30.13% [6] - The earnings per share (EPS) is projected to be 0.61 yuan in 2024, increasing to 1.06 yuan by 2026 [6] - The company’s price-to-earnings (P/E) ratio is currently at 156.17, expected to decrease to 44.13 by 2026 [6]