捷捷微电（300623）：2024年归母净利润同比翻倍，看好8寸线产能扩充带动业绩成长

Investment Rating - The report maintains a "Buy" rating for the company, with projected earnings per share (EPS) for 2025, 2026, and 2027 being 0.78, 1.05, and 1.42 RMB respectively, corresponding to price-to-earnings (PE) ratios of 38, 28, and 21 times [4] Core Insights - The company reported a revenue of 2.845 billion RMB in 2024, representing a year-on-year growth of 35.05%, and a net profit attributable to shareholders of 473 million RMB, with a remarkable growth rate of 115.87% [2] - The fourth quarter of 2024 saw revenues of 839 million RMB, up 23.35% year-on-year, and a net profit of 140 million RMB, reflecting an 83.31% increase [2] - The company has effectively managed costs, leading to an increase in gross margin to 36.34%, up 2.21 percentage points year-on-year, and a net profit margin of 17.51% [2] - The company has implemented a stable cash dividend policy, proposing a cash dividend of 1.5 RMB per 10 shares, totaling approximately 125 million RMB, which underscores its commitment to shareholder returns and reflects strong cash flow [3] Financial Performance Summary - In 2024, the company achieved a revenue of 2.845 billion RMB, with a growth rate of 35.05% compared to 2023 [9] - The net profit for 2024 was 473 million RMB, showing a significant increase of 115.87% from the previous year [9] - The projected revenues for 2025, 2026, and 2027 are estimated at 3.879 billion RMB, 5.167 billion RMB, and 6.784 billion RMB, with corresponding growth rates of 36.37%, 33.19%, and 31.29% respectively [9] - The company’s return on equity (ROE) is expected to improve from 8.14% in 2024 to 14.66% by 2027 [9]