Company Overview - Jiangsu Jiejie Microelectronics Co., Ltd. specializes in the research, design, production, and sales of power semiconductor chips and devices, primarily operating under an IDM (Integrated Device Manufacturer) model [2][3]. Financial Performance - For the first half of 2025, the company achieved a revenue of CNY 1,600.48 million, representing a year-on-year growth of 26.77% [4]. - Operating profit reached CNY 280.23 million, an increase of 8.76% compared to the previous year [4]. - Net profit amounted to CNY 247.02 million, reflecting a year-on-year increase of 8.51% [4]. - The net profit attributable to shareholders was CNY 246.84 million, up 15.35% from the same period last year [4]. - The net profit after deducting non-recurring gains and losses was CNY 245.51 million, a significant increase of 46.57% year-on-year [4]. Revenue Breakdown by Product - **Thyristors (chips + devices)**: Revenue of CNY 283 million, gross margin of 44.84%, accounting for 17.94% of total revenue [5]. - **Protection devices (chips + devices)**: Revenue of CNY 541 million, gross margin of 30.87%, representing 34.31% of total revenue [5]. - **MOSFETs (chips + devices)**: Revenue of CNY 753 million, gross margin of 33.57%, making up 47.75% of total revenue [5]. Market Segmentation - The company's downstream customer distribution is as follows: - Industrial: 43.55% - Consumer: 36.25% - Automotive: 15.79% - Communication: 1.82% - Others: 2.59% [8]. Production Capacity - The 6-inch wafer production line has a capacity of 6W wafers/month, currently operating at full capacity with consistent shipments above 5W for three consecutive months [10]. - The 8-inch line is producing approximately 11W wafers/month, with a yield rate of around 95% during the trial production phase [11]. Strategic Developments - The newly established Chengdu subsidiary focuses on high-end isolation chips, with expected sales of around CNY 5 million in 2025 [12]. - The automotive sector is a key growth area, with nearly 200 models of automotive-grade MOSFETs available, and over 100 models already in mass production [13]. Major automotive clients include companies like Honeywell and BYD [13]. Cash Flow Management - The company emphasizes effective cash flow management through: - Strengthening accounts receivable control - Optimizing procurement processes to reduce inventory costs - Maintaining close cooperation with banks for credit facilities [8].

Company Overview - Jiangsu JieJie Microelectronics Co., Ltd. specializes in the research, design, production, and sales of power semiconductor chips and devices, primarily operating under an Integrated Device Manufacturer (IDM) model [7][8] - The company’s main products include various power electronic devices and chips such as thyristors, protective devices, diodes, transistors, MOSFETs, IGBTs, and silicon carbide devices [7][8] Financial Performance - For the first half of 2025, the company reported a revenue of approximately 1.6 billion RMB, representing a 26.77% increase compared to the same period in 2024 [5] - The net profit attributable to shareholders was approximately 245.5 million RMB, reflecting a 46.57% increase year-on-year [5] - Basic earnings per share increased by 3.45% to 0.30 RMB, while diluted earnings per share rose by 7.14% to 0.30 RMB [5] Industry Context - The company operates within the power semiconductor discrete device industry, which is essential for power electronic products and widely used in various applications including consumer electronics, automotive electronics, industrial automation, and renewable energy [8] - The industry is characterized by a broad application range and significant demand, with products being integral to power conversion, control, and protection [8] Quality Certifications - The company has achieved multiple quality certifications including IATF16949, ISO9001, ISO14001, ISO45001, and UL safety certification, ensuring compliance with international standards [8] Business Model - The company employs a vertically integrated IDM model for its thyristor and protective device product lines, encompassing chip design, manufacturing, device design, packaging, testing, and sales [8][9] - For MOSFET and IGBT products, the company combines IDM integration with some outsourced wafer fabrication to optimize production capacity [9][12]

Investment Rating - The report maintains a "Recommended" rating for the company [2][6]. Core Insights - The company achieved a significant revenue increase of 35.05% year-on-year, reaching 2.845 billion yuan, while the net profit attributable to shareholders surged by 115.87% to 473 million yuan in 2024 [3][4]. - The strong performance is attributed to robust sales in two core product lines, with power semiconductor chip production and sales increasing by 43.93% and 63.10% respectively, leading to a revenue growth of 44.59% and a gross margin of 23.47% [4]. - The company is expanding its product structure with a new 6-inch wafer production line, which has reached a capacity of 50,000 pieces per month, enhancing its offerings in the power semiconductor sector [5]. - A subsidiary focused on high-end isolation chips has been established, aiming to tap into new growth areas in high-end manufacturing and domestic substitution, with expected sales of around 5 million yuan in 2025 [6]. Financial Performance Summary - The company reported a total revenue of 2,845 million yuan for 2024, with a year-on-year growth rate of 35.05% [12]. - The net profit attributable to shareholders for 2024 was 473 million yuan, reflecting a growth rate of 115.87% [12]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are expected to be 0.78 yuan, 1.02 yuan, and 1.35 yuan respectively [6][12].