Core Viewpoint - Jilin Sino-Microelectronics Co., Ltd. (the company) is focused on advancing its semiconductor power device industry, emphasizing innovation, product development, and market expansion to enhance its competitive position in the industry. Group 1: Company Overview - The company achieved operating revenue of CNY 2,057.61 million, representing an increase of 18.13% year-on-year, and a net profit attributable to shareholders of CNY 127.73 million, up 246.45% from the previous year [6][13]. - The company is committed to building a complete, advanced, and secure modern power semiconductor chip industry system, focusing on intelligent, green, and integrated industrial development [5]. Group 2: Business Operations - The company is actively promoting full industry chain project construction, product research and development iteration, and management innovation, while expanding into emerging markets [5]. - Key products include IPM modules, IGBT, super junction MOS, and SGT MOS, with significant sales growth in clean energy, automotive electronics, smart home, 5G, and industrial control sectors [5][7]. Group 3: Financial Performance - The company reported a significant increase in net profit due to higher sales orders for products like IPM, leading to increased revenue and gross profit [14]. - Operating costs rose to CNY 1,517.34 million, an increase of 14.06% year-on-year, while research and development expenses increased by 17.68% to CNY 124.92 million [13][19]. Group 4: Research and Development - The company has intensified its R&D efforts, with a total R&D expenditure of CNY 124.92 million, accounting for 6.07% of its operating revenue [19]. - The R&D team consists of 791 personnel, representing 30% of the total workforce, with a focus on enhancing technological innovation and product development [19][20]. Group 5: Market Strategy - The company is leveraging domestic and provincial resources for joint development and actively participating in key provincial and municipal research projects [7]. - The company aims to enhance customer satisfaction by improving service quality, optimizing product delivery, and reducing order fulfillment cycles [9].

点击招商研究小程序查看PDF报告原文 新洁能25Q1营收4.5亿元，同比+21%/环比-5%，毛利率37%，同比+2pcts/环比+1pcts。公司发布2024 年报和2025年一季报，结合公告信息，点评如下： 公司25Q1营收同比稳健增长，单季毛利率保持相对稳定状态。 2024年：营收18.28亿元，同比 +23.83%，全年中低压产品价格得到修复，归母净利润4.35亿元，同比+34.5%，毛利率36.42%，同比 +5.67pcts，Q1-Q3毛利率逐季环比提升，Q4毛利率环比略有下降主要系产品结构调整影响，净利率 23.57%，同比+2.05pcts。25Q1：营收4.49亿元，同比+20.81%/环比-5.01%，归母净利润1.08亿元，同比 +8.2%/环比+5.76%，同比增速低于收入增速主要系研发费用增加和利息收入减少等因素影响，毛利率 36.58%，同比+1.82pcts/环比+0.61pct，净利率23.88%，同比-2.71pcts/环比+2.45pcts。 24年SGT MOS占比提升，全年产品销量增长抵消部分价格下降因素影响。 分产品类型看：1）SGT- MOS：24全年营收7.8亿元 ...