捷捷微电：车规级产品放量

Investment Rating - The report maintains a "Buy" rating for the company JieJie Microelectronics (300623) [2] Core Views - The company is focusing on expanding its automotive electronics segment, which includes various products such as motor drives, automotive lighting, wireless charging, and lithium battery management systems [6] - The company has a diverse customer base with applications across multiple sectors: industrial (36%), consumer (40%), automotive (20%), and communication (3%) [6] - The acquisition of a majority stake in JieJie Nantong Technology is expected to enhance production capacity and market share, contributing to economies of scale [6] - The company has developed approximately 137 types of automotive-grade MOSFET products, with over 100 already in mass production, meeting stringent automotive industry standards [6] Financial Summary - The latest closing price is 36.63 yuan, with a total market capitalization of 284 billion yuan [4] - Projected revenues for 2024-2026 are 28.20 billion, 37.09 billion, and 48.27 billion yuan, respectively, with growth rates of 33.90%, 31.51%, and 30.13% [6][8] - The expected net profit attributable to the parent company for 2024-2026 is 4.47 billion, 6.17 billion, and 7.99 billion yuan, with growth rates of 104.14%, 37.83%, and 29.66% [6][8] - The company’s P/E ratio is projected to decrease from 129.75 in 2023 to 35.57 by 2026, indicating improving profitability [6][8]