捷捷微电：毛利率同环比提升，规模效应渐体现

Investment Rating - The report maintains an "Outperform the Market" rating for the company [3][16]. Core Views - The company's gross margin improved significantly in Q3 2024, with a quarter-on-quarter increase of 3.72 percentage points and a year-on-year increase of 7.29 percentage points, reaching 40.14% [1]. - The company achieved a revenue of 743 million yuan in Q3 2024, representing a year-on-year growth of 41.5% and a quarter-on-quarter growth of 0.1% [1]. - The net profit attributable to the parent company for Q3 2024 was 119 million yuan, showing a year-on-year increase of 155.3% [1]. - The company is focusing on enhancing its production capacity and product mix, particularly in the MOSFET segment, which is expected to drive future growth, especially in the automotive sector [1][4]. Summary by Sections Financial Performance - The company reported a revenue of 2.91 billion yuan for 2024E, with a projected growth rate of 38.2% compared to 2023 [2]. - The net profit for 2024E is forecasted to be 465 million yuan, reflecting a significant recovery from a net profit of 219 million yuan in 2023 [2]. - The earnings per share (EPS) is expected to increase from 0.30 yuan in 2023 to 0.63 yuan in 2024E [2]. Product Segments - The company’s main products include thyristors, protective devices, and MOSFETs, with the latter showing accelerated growth due to increased demand in the automotive sector [1][13]. - The revenue from thyristors is projected to be 6.10 billion yuan in 2024E, while protective devices are expected to generate 9.92 billion yuan [13]. - MOSFET revenue is anticipated to reach 12.76 billion yuan in 2024E, driven by rising automotive applications [13]. Strategic Developments - The company has completed the acquisition of a 91.55% stake in its subsidiary, which is expected to positively impact profitability as production capacity ramps up [1]. - A new subsidiary has been established in Chengdu to focus on high-end isolation chip projects, which are anticipated to provide new growth opportunities [1]. - The company is benefiting from improved utilization rates of its 8-inch production lines, which are expected to enhance overall profitability [1][10].