捷捷微电20250820

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.