证券研究报告 | 2025年09月11日 | 晨会纪要 | | --- | | 数据日期:2025-09-10 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3812.22 | 12557.67 | 4445.36 | 13791.41 | 3686.30 | 1259.09 | | 涨跌幅度（%） | 0.12 | 0.37 | 0.20 | 0.28 | 0.64 | 1.08 | | 成交金额（亿元） | 8211.13 | 11570.08 | 5355.39 | 4246.17 | 5631.07 | 711.42 | $$\overline{{{\overline{{\mathbb{M}}}}}}\cong\pm\overline{{{\mathbb{M}}}}$$ 【重点推荐】 宏观与策略 固定收益投资策略:四季度债券投资策略——转折之年 固定收益专题研究:海外债市系列之五-海外央行购债史——日本央行篇 【常规内容】 宏观与策略 ...

（来源：研报虎） 1H25公司实现扣非归母净利润同比增长46.57%。公司主要从事功率半导体器件开发，主要产品包括晶 闸管、防护器件、MOSFET等产品。随着汽车电子加速拓展，1H25公司实现营收16亿元 (YoY+26.77%)，扣非归母净利润2.46亿元(YoY+46.57%)；其中2Q25单季度公司实现营收9.01亿元 (YoY+21.21%，QoQ+28.67%)，扣非归母净利润1.36亿元(YoY+15.22%，QoQ+23.98%)，部分产品价格 调整，毛利率31.86%(YoY-8.08pct，QoQ-4.56pct)回落。 晶闸管保持稳健，MOSFET与防护器件营收同比加速增长。公司以IDM模式为主，随着产线稼动率提升 产品毛利率显著修复。公司基本盘为晶闸管、防护器件，主要在5/6寸产线生产，第二增长曲线 MOSFET主要在子公司捷捷南通8英寸线生产；目前MOSFET已成为第一大收入来源，1H25收入7.53亿 元，占总营收47.75%，同比增长33.69%；子公司捷捷南通的8英寸线SGT等高附加值产品占比持续提 升。晶闸管作为公司基本盘上半年实现营收2.83亿元(占比18%，YoY+1.12 ...

证券研究报告 | 2025年09月10日 捷捷微电（300623.SZ） 优于大市 1H25 扣非归母净利润同比增长 46.57%，汽车电子加速布局 1H25 公司实现扣非归母净利润同比增长 46.57%。公司主要从事功率半导体 器件开发，主要产品包括晶闸管、防护器件、MOSFET 等产品。随着汽车电子 加速拓展，1H25 公司实现营收 16 亿元(YoY+26.77%)，扣非归母净利润 2.46 亿元(YoY+46.57%)；其中 2Q25 单季度公司实现营收 9.01 亿元(YoY+21.21%， QoQ+28.67%)，扣非归母净利润 1.36 亿元(YoY+15.22%，QoQ+23.98%)，部分 产品价格调整，毛利率 31.86%(YoY-8.08pct，QoQ-4.56pct)回落。 晶闸管保持稳健，MOSFET 与防护器件营收同比加速增长。公司以 IDM 模式为 主，随着产线稼动率提升产品毛利率显著修复。公司基本盘为晶闸管、防护 器件，主要在 5/6 寸产线生产，第二增长曲线 MOSFET 主要在子公司捷捷南 通 8 英寸线生产；目前 MOSFET 已成为第一大收入来源，1H25 收入 7.5 ...

Summary of Conference Call for JieJie Microelectronics Company Overview - JieJie Microelectronics reported a revenue of 1.6 billion yuan and a total profit of 270 million yuan for the first half of the year, showing year-on-year growth. The non-recurring net profit increased by 46%, primarily due to the disposal of an old factory asset [2][3]. Revenue Breakdown - Revenue by product segments: - MOS products: 753 million yuan (47%) - Thyristors: 283 million yuan (17%) - Protection devices: 541 million yuan (34%) [4]. Capacity and Utilization - The company's production capacity is nearly at full utilization, with the 8-inch line producing approximately 110,000 wafers monthly, and an output of about 100,000 wafers [13]. - The depreciation expense for the production line is estimated to be around 800 million yuan for 2025 [14]. Market Conditions and Pricing - The overall market is in a slow recovery phase with intense competition. The company adjusted the prices of some MOS products downwards by 4% to 15% in April and May, leading to a decrease in gross margin [6][3]. - The gross margins for different products are as follows: - Thyristors: 44.8% - Protection devices: 30% - MOS: 33% [6]. Downstream Application Areas - The distribution of downstream application areas is as follows: - Industrial: 43.55% - Consumer: 36.25% - Automotive: 15.79% - Communication: 1.82% [7]. Future Outlook and Goals - The company has adjusted its revenue target for the second half of the year to 2 billion yuan, with growth expected mainly from industrial (light storage, servers), consumer, and automotive electronics sectors [5][17]. - The company plans to launch approximately 200 automotive-grade MOSFET products this year [21]. R&D and Innovation - The company collaborates with research institutions to develop third-generation semiconductors, although high costs have delayed mass production. The R&D expense ratio for the second quarter was 5%, with an expectation of at least 6% for the year [5][24]. - There is a significant potential for domestic power semiconductor localization, with 70% of the market still open for domestic substitutes [22]. Inventory and Cash Flow - The company maintains a good inventory level, primarily stocking MOS products to meet varying demands [25]. - The strong operating cash flow is attributed to the gradual increase in capacity, especially in the 8-inch line [8]. Strategic Investments - The company is focusing on project investments and mergers to expand its product structure in response to market changes and to seize opportunities during industry consolidation [28]. Conclusion - JieJie Microelectronics is navigating a competitive landscape with strategic pricing adjustments, a focus on automotive applications, and ongoing R&D efforts to enhance its market position and product offerings. The company aims to leverage its strengths in the semiconductor market while addressing challenges posed by market dynamics.

Group 1 - The company, JieJie Microelectronics (300623.SZ), currently has a secondary supplier relationship with Huawei [1] - The company has certain MOSFET products that can be applied in the photovoltaic inverter sector [1] - Some protective devices are used in Huawei's mobile phone fast charging through indirect cooperation [1]