捷捷微电20250416

Summary of the Conference Call for JieJie Microelectronics Company Overview - JieJie Microelectronics reported a revenue of 8.393 billion in 2024, representing a year-on-year growth of 4.27%, driven by market recovery and solid fundamentals [2][4] - The company operates primarily in the fields of thyristors, protective devices, and MOSFETs, with MOSFETs expected to account for 46% of revenue in 2025 [2][5] Financial Performance - In 2024, JieJie Microelectronics achieved a net profit of 490 million, with a significant increase of 115% year-on-year [4] - The total assets grew from 8.05 billion to 8.393 billion, marking a 4.27% increase [4] Business Segmentation - The business is segmented into three main areas: - MOSFETs: 13 billion revenue in 2024, expected to contribute 6 billion in 2025 - Protective devices: 9.14 billion revenue, expected to contribute 9 billion in 2025 - Thyristors: 20% of the business in 2025 [2][5][18] Production Capacity - The company has four production lines, with the 8-inch line having a monthly capacity of 120,000 wafers and a target annual capacity of 1.5 million wafers for 2025 [2][21] - The 6-inch line is expected to produce 600,000 wafers annually, while the 4-inch line is fully utilized [5][20] Market Applications - In 2024, the downstream applications were distributed as follows: - Industrial: 35% - Consumer: 38% - Automotive electronics: 23% - Communication: 3% [2][6] Impact of Trade Policies - The US-China trade war has had a minimal impact on JieJie Microelectronics, with exports accounting for only 6% of total sales [7] - The company primarily imports equipment from Japan, with limited impact from import tariffs [8] Pricing and Margins - In Q1 2024, there were price adjustments of approximately 5% for thyristors and protective devices, while MOSFET prices remained stable [9][10] - The gross margin fluctuations in Q4 were mainly due to silicon wafer price adjustments [11] Automotive Sector Focus - The automotive sector is a significant growth area, with sales expected to reach 500 million in 2025, up from nearly 400 million in the previous year [14] - The company has completed most vehicle regulation certifications, although the process is lengthy [26] Future Outlook - JieJie Microelectronics has set a sales target of 4 billion for 2025, with significant contributions expected from MOSFETs and protective devices [3][18] - The company plans to maintain a conservative investment strategy, focusing on projects that align with existing operations [16] Additional Insights - The company is exploring opportunities in the third-generation semiconductor space, although current efforts are primarily focused on silicon-based products [27] - The inventory situation is reported to be normal, with no immediate concerns [34] This summary encapsulates the key points from the conference call, highlighting the company's performance, market positioning, and future strategies.