Jiangsu JieJie Microelectronics (300623)2024-03-13 16:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected return that is stronger than the market benchmark by 5% to 15% [4][32]. Core Insights - The company, JieJie Microelectronics (300623.SZ), reported a significant improvement in performance, with a year-on-year revenue increase of 15.51% in 2023, reaching 2.106 billion yuan. However, the net profit attributable to shareholders decreased by 39.04% to 219.13 million yuan [9][37]. - The fourth quarter of 2023 saw a notable recovery, with a quarter-on-quarter net profit increase of 64.84%, suggesting a potential rebound in the downstream consumer electronics sector [9][37]. - The company is actively expanding its product lines, focusing on automotive-grade chips and enhancing its IDM (Integrated Device Manufacturer) full industry chain layout through strategic acquisitions [9][37]. Financial Forecast - The company's projected net profits for 2024, 2025, and 2026 are 332.61 million yuan, 518.81 million yuan, and 793.07 million yuan, respectively, with corresponding PE ratios of 49X, 31.63X, and 20.70X [4][6]. - Revenue is expected to grow significantly, with forecasts of 2.645 billion yuan in 2024, 3.363 billion yuan in 2025, and 4.168 billion yuan in 2026, reflecting growth rates of 25.57%, 27.13%, and 23.94% respectively [6][4].