捷捷微电（300623）：公司2025年半年报业绩点评：业绩持续增长，6英寸项目持续满产

Investment Rating - The report maintains a "Recommended" rating for the company [2][12]. Core Insights - The company achieved a revenue of 1.6 billion yuan in the first half of 2025, representing a year-on-year growth of 26.77%. The net profit attributable to shareholders was 247 million yuan, up 15.35% year-on-year, while the net profit excluding non-recurring items reached 246 million yuan, marking a significant increase of 46.57% [3][4]. - The company’s six-inch project has reached full production capacity, maintaining output above 50,000 wafers per month for three consecutive months. This project focuses on power semiconductor chip production and has expanded the product range, enhancing the existing product structure [5]. - The automotive electronics sector is identified as a key growth area, with nearly 200 types of automotive-grade MOSFET products available. The company has successfully mass-produced over 100 types of these products, which have been recognized for their performance and reliability in various automotive systems [6]. Financial Performance Summary - For the first half of 2025, the company reported a net cash flow from operating activities of 453 million yuan, an increase of 55.03% year-on-year. The revenue breakdown includes 283 million yuan from thyristors, 541 million yuan from protective devices, and 753 million yuan from MOSFETs, accounting for 17.94%, 34.31%, and 47.75% of total revenue, respectively [4][5]. - The gross margins for the second quarter were 44.84% for thyristors, 30.87% for protective devices, and 33.57% for MOSFETs, with slight declines attributed to increased market competition [4]. Future Outlook - The company forecasts earnings per share (EPS) of 0.76 yuan, 0.99 yuan, and 1.23 yuan for the years 2025, 2026, and 2027, respectively, indicating strong growth potential [12][14]. - The report highlights the company's strategic focus on expanding its market share in the high-end power semiconductor sector, which is expected to enhance its overall competitiveness [5][6].