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].

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].