Jiangsu JieJie Microelectronics (300623) 东兴证券·2024-10-29 03:31Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company has shown continuous growth in its performance, with a 41.50% year-on-year increase in revenue and a 155.31% increase in net profit attributable to shareholders in Q3 2024 [2][4]. - The company is actively expanding its production capacity in the power semiconductor sector, particularly focusing on automotive core components [3][4]. - The establishment of a subsidiary in Chengdu aims to enhance the production of high-end isolation chips, which are expected to see rapid growth due to the dual carbon strategy and new productivity initiatives [3]. Financial Performance Summary - In Q3 2024, the company achieved revenue of 743 million yuan, with a gross margin of 40.14%, an increase of 7.28 percentage points year-on-year [2]. - For the first three quarters of 2024, the net profit reached 351 million yuan, reflecting a 172.35% year-on-year growth [2]. - The company’s asset disposal income increased significantly, amounting to 34.69 million yuan, a 2152.19% increase compared to the same period last year [2]. Production Capacity and Projects - The company’s 6-inch wafer and device packaging production line has reached a capacity of 30,000 pieces per month, with current output at approximately 20,000 pieces per month [3]. - The automotive-grade packaging project is expected to begin trial production by the end of the year, with an anticipated annual production capacity of 1.9 billion automotive-grade power devices [3]. Earnings Forecast - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.56 yuan, 0.80 yuan, and 1.20 yuan, respectively [4][9]. - Revenue forecasts for 2024, 2025, and 2026 are 2.718 billion yuan, 3.456 billion yuan, and 4.284 billion yuan, indicating growth rates of 29.04%, 27.15%, and 23.97% respectively [9]. Market Position - The company is recognized as a leader in the thyristor market and is actively increasing its market share in MOSFET products [4]. - The total market capitalization of the company is approximately 33.804 billion yuan [6]. Summary of Related Reports - The report includes various related analyses and industry insights, indicating a comprehensive approach to understanding the company's market environment and future prospects [12].