捷捷微电（300623）：车规MOS持续新高

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company reported a revenue of 2.502 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 24.70%. The net profit attributable to the parent company was 347 million yuan, with a year-on-year increase of 4.30% [6] - The company has a strong order backlog, and upstream and downstream prices are expected to gradually recover. The comprehensive gross margin for the first three quarters was 32.77%, a decrease of 5.45 percentage points year-on-year [7] - The company is focusing on automotive electronics, with sales of automotive-grade MOSFETs continuing to reach new highs, showing over 20% year-on-year growth and over 10% quarter-on-quarter growth [8] Financial Performance Summary - For 2025, the company is projected to achieve revenues of 3.502 billion yuan, 4.305 billion yuan in 2026, and 5.288 billion yuan in 2027. The net profits are expected to be 516 million yuan, 726 million yuan, and 1.001 billion yuan for the respective years [9] - The company’s earnings per share (EPS) are forecasted to be 0.62 yuan in 2025, 0.87 yuan in 2026, and 1.20 yuan in 2027, with a price-to-earnings (P/E) ratio of 48.45 in 2025, decreasing to 24.99 by 2027 [11]