捷捷微电（300623）：1H25扣非归母净利润同比增长46.57%，汽车电子加速布局

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - In 1H25, the company achieved a year-on-year growth of 46.57% in net profit attributable to the parent company, driven by the accelerated expansion in automotive electronics, with total revenue reaching 1.6 billion yuan, a 26.77% increase year-on-year [1] - The company operates primarily in the power semiconductor sector, with key products including thyristors, protection devices, and MOSFETs. The revenue from MOSFETs has become the largest income source, contributing 755 million yuan in 1H25, which is 47.75% of total revenue, reflecting a 33.69% year-on-year growth [2] - The automotive electronics segment is a strategic focus, with revenue from this sector accounting for 15.79% of total revenue in 1H25, primarily from MOSFET products [3] - The company completed the acquisition of the remaining 8.45% stake in its subsidiary, JieJie Nantong Technology, achieving 100% ownership, which is expected to enhance profitability [3] Financial Performance and Forecast - The company forecasts net profits of 556 million yuan, 708 million yuan, and 850 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 39.8, 31.3, and 26.1 [4] - Revenue projections for the years 2023 to 2027 are 2.106 billion yuan, 2.845 billion yuan, 3.621 billion yuan, 4.360 billion yuan, and 5.291 billion yuan, reflecting growth rates of 15.5%, 35.1%, 27.3%, 20.4%, and 21.3% respectively [5]