Jiangsu JieJie Microelectronics (SZ:300623) KAIYUAN SECURITIES·2024-03-16 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [3][6][10] Core Views - The company's performance in Q4 2023 showed significant recovery, with a year-on-year revenue increase of 26.23% and a quarter-on-quarter increase of 29.4% [9][10] - The company is actively expanding its production lines, indicating strong future growth potential [8][10] - Despite a downward adjustment in profit forecasts for 2024-2025 due to industry conditions, the long-term development outlook remains positive [9][10] Financial Performance Summary - In 2023, the company achieved a revenue of 2.106 billion yuan, a year-on-year increase of 15.51%, while the net profit attributable to shareholders was 219 million yuan, down 39.04% year-on-year [9][10] - For Q4 2023, the company reported a revenue of 680 million yuan, with a net profit of 77 million yuan, reflecting a year-on-year increase of 16.14% and a quarter-on-quarter increase of 64.84% [9][10] - The gross margin for Q4 2023 was 33.23%, showing a slight recovery compared to the previous quarter [9][10] Growth and R&D Investment - The company increased its R&D expenditure to approximately 257 million yuan in 2023, representing a year-on-year growth of 20.78%, with R&D expenses accounting for 12.21% of revenue [10] - The company aims to maintain a high R&D investment ratio, targeting a conversion rate of R&D results to revenue above 20% [10] - The "High-end Power Semiconductor Device Industrialization Project" has reached a monthly output of 80,000 pieces, with a product yield of over 95%, which is expected to alleviate capacity constraints in the MOSFET market [10] Future Projections - Revenue projections for 2024, 2025, and 2026 are set at 2.645 billion yuan, 3.464 billion yuan, and 4.195 billion yuan respectively, with year-on-year growth rates of 25.6%, 31.0%, and 21.1% [12] - The net profit attributable to shareholders is forecasted to be 355 million yuan in 2024, 502 million yuan in 2025, and 707 million yuan in 2026, indicating a recovery trend [12]