Jiejie Microelectronics is mainly engaged in the research and development, design, production and sales of power semiconductor chips and devices. The main products include thyristors, protection devices, diodes, MOSFET devices and chips, SiC/GaN devices and so on. Thyristor, diode, etc. adopts IDM vertical integration modek, MOSFET adopts Fabless+Sealing mode.
Figure 1: Jiejie Microelectronics Office Building
Due to sluggish consumer demand, the company thyristor and other traditional business under pressure, 1-3Q22 the company's main business income of 1.285 billion yuan, down 4.55% year-on-year, to achieve net profit of 293 million yuan, year-on-year -24.54%.
Comprehensive layout of automotive-grade products, MOSFETs accounted for a rapid increase. The company's automotive-grade products (MOS,TVS) can be widely used in automotive power steering, oil pumps, water pumps, as well as windows, seats and so on. At present, SGTMOS has been realized in the car, in the customer development situation is good, super junction MOS began mass production, in the company's 8-inch production line capacity gradually improved, medium and high-voltage power semiconductor demand growth + domestic substitution of the opportunity to increase, automotive-grade products are expected to grow rapidly.
2021 MOSFET localization rate of 30.5%, is expected to 2026 MOSFET localization rate will reach 64.5%. According to the company's announcement, convertible bonds to raise investment in automotive-grade packaging production line project will form an annual sales scale of 2 billion yuan, as of the end of the third quarter of 2022 has been completed a total of 347 million yuan of investment in the volume of work, the project will be completed at the end of 2023 construction. Forecast the future of the company's investment project capacity gradually released, MOSFET business will become a new driver of the company's performance growth.
Industrial control demand rebound obviously, home appliances, consumer electronics industry demand is expected to gradually recover. The company's traditional business thyristor, protection devices mainly for industrial control, home appliances and consumer electronics and other fields, 1-3Q22, the company's thyristor business has declined significantly (YoY-41.2%).
Global semiconductor short-term downturn does not change the long-term pattern of good, WSTS forecast 2023 semiconductor market size will be -4.1% year-on-year, down to 556.6 billion U.S. dollars, the global semiconductor down cycle is expected to bottom out in 3Q23 up. According to the industry chain research information, since December 2022, industrial customers have increased orders significantly, and it is expected that the future demand for thyristors and protection devices and other business will also gradually recover.
