Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][22]. Core Views - The company is experiencing high growth driven by automotive electronics, with a dual-brand strategy and new product development enhancing its long-term competitiveness [1]. - The automotive electronics segment is a key growth driver, with revenue from this sector increasing by over 60% year-on-year in 2024, contributing significantly to overall revenue growth [7]. - The company is expanding its global footprint through its "YJ+MCC" dual-brand strategy, targeting different markets effectively [7]. - The establishment of a packaging base in Vietnam is expected to enhance production capacity and local supply chain capabilities [7]. - The company is advancing in the third-generation semiconductor space, with new product launches expected to support future growth [7]. Financial Summary - Total revenue for 2024 is projected at 60.33 billion, with a year-on-year growth of 11.5% [2][7]. - Net profit attributable to the parent company is expected to reach 1.002 billion, reflecting an 8.5% increase year-on-year [2][7]. - Earnings per share (EPS) is forecasted to grow from 1.84 in 2024 to 3.19 by 2027 [2][7]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 26 in 2024 to 15 in 2027, indicating potential for valuation improvement [2][7]. - The gross margin is expected to improve from 33.1% in 2024 to 35.4% in 2027, driven by higher-margin product sales [8].

Revenue and Profit - The company achieved significant revenue and profit growth in Q1 2025, with total operating revenue reaching 1.579 billion yuan, a year-on-year increase of 18.9% [2] - The net profit attributable to shareholders was 273 million yuan, reflecting a year-on-year growth of 51.22%, while the net profit excluding non-recurring items was 254 million yuan, up 35.32% year-on-year [2] Profit Quality - The company's gross margin was 34.6%, an increase of 25.06% year-on-year, and the net margin was 17.1%, up 27.16% year-on-year, indicating improvements in cost control and product value addition [3] Expense Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 126 million yuan, accounting for 7.97% of revenue, which represents a year-on-year increase of 9.65%, suggesting room for optimization in expense management [4] Accounts Receivable and Interest-Bearing Debt - Accounts receivable reached 1.877 billion yuan, a year-on-year increase of 32.57%, with accounts receivable to profit ratio at 187.23%, necessitating close monitoring of collection [5] - Interest-bearing debt was 2.299 billion yuan, up 38.19% year-on-year, which may pose pressure on the company's future debt repayment capacity [5] Cash Flow and Asset Status - The company demonstrated strong cash flow performance, with operating cash flow per share at 0.48 yuan, a year-on-year increase of 104.82% [6] - Monetary funds amounted to 4.028 billion yuan, reflecting a year-on-year growth of 7.69%, indicating a healthy cash asset position [6] Summary - Overall, the company achieved robust revenue and profit growth in Q1 2025, with improvements in gross and net margins. However, the significant increase in accounts receivable and rising interest-bearing debt warrant attention, and the company should enhance management of accounts receivable and control the growth of interest-bearing debt to ensure long-term stability [7]

证券代码：300373 证券简称：扬杰科技 公告编号：2025-038 扬州扬杰电子科技股份有限公司 关于筹划发行股份及支付现金购买资产并募集配套资金事项的 进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、扬州扬杰电子科技股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日 披露的《扬州扬杰电子科技股份有限公司发行股份及支付现金购买资产并募集配套 资金预案》（以下简称"本次交易预案"）及其摘要中已对本次交易涉及的有关风险 因素及尚需履行的审批程序进行了详细说明，公司将根据相关事项的进展情况，及时 履行信息披露义务，提请广大投资者关注后续进展公告并注意投资风险。 2、截至本公告披露之日，除本次交易预案披露的风险因素外，公司尚未发现可 能导致公司董事会或者交易对方撤销、中止本次交易或者对本次交易方案作出实质 性变更的相关事项。本次交易相关工作正在有序进行中，公司将根据相关事项的进展 情况，及时履行信息披露义务。 一、本次交易概述 公司正在筹划以发行股份及支付现金方式购买东莞市贝特电子科技股份有限公 司 100%股权（以下简称 ...

扬州扬杰电子科技股份有限公司 2025 年第一季度报告已于 2025 年 4 月 25 日在中国证监会指定的创业板信息披露网站上披露，请投资者注意查阅。 特此公告。 扬州扬杰电子科技股份有限公司 董 事 会 2025年4月25日 1 证券代码：300373 证券简称：扬杰科技 公告编号：2025-037 扬州扬杰电子科技股份有限公司 2025 年第一季度报告披露提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 ...

证券代码：300373 证券简称：扬杰科技 公告编号：2025-035 扬州扬杰电子科技股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、扬州扬杰电子科技股份有限公司（以下简称"公司"）回购专用证券账户 中的公司股份 2,653,305 股不参与现金分红。公司本次权益分派以现有总股本 543,347,787 股剔除已回购股份 2,653,305 股后的 540,694,482 股为基数，向全体 股东每 10 股派发现金红利 4.00 元（含税），公司本次实际现金分红总额 =540,694,482 股×0.4 元/股=216,277,792.80 元（含税）。 2、本次权益分派实施后，根据股票市值不变的原则，按总股本（含回购股 份）折算每 10 股现金分红金额=本次实际现金分红总额/公司总股本（含回购股 份）*10=216,277,792.80 元/543,347,787 股*10=3.980466 元/股（保留六位小数， 最后一位直接截取，不四舍五入）。本次权益分派实施后的除权除息价格=权益分 派股 ...

特别提示： （一）会议召开情况 证券代码：300373 证券简称：扬杰科技 公告编号：2025-034 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更前次股东大会决议的情形。 一、会议召开和出席情况 扬州扬杰电子科技股份有限公司 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 1、出席会议股东总体情况 1、会议召开时间 （1）现场会议时间：2025 年 4 月 21 日（星期一）下午 14:30。 出席本次股东大会的股东及股东代表共计402人，代表股份280,398,215股， 占公司有表决权股份总数的 51.8589%。其中，参加本次股东大会现场会议的股 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为 2025 年 4 月 21 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易 所互联网投票系统进行网络投票的具体时间为 2025 年 4 月 21 日 9：15-15：00。 2、现场会议召开地点：江苏省扬州市邗江区新甘泉路 68 号扬杰科技 5 ...

江苏泰和律师事务所 关于扬州扬杰电子科技股份有限公司 2024 年度股东大会的 法律意见书 法律意见书 1 江苏泰和律师事务所 法律意见书 关于扬州扬杰电子科技股份有限公司 2024 年度股东大会的 法律意见书 致：扬州扬杰电子科技股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》（以下简称"《公 司法》"）、中国证券监督管理委员会《上市公司股东会规则》（以下简称"《股东 会规则》"）等法律、法规、规范性文件和《扬州扬杰电子科技股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，江苏泰和律师事务所（以下简称"本 所"）接受扬州扬杰电子科技股份有限公司（以下简称"公司"）的委托，指派颜 爱中律师、唐勇律师（以下称"本所律师"）对公司 2024 年度股东大会（以下 简称"本次股东大会"、"会议"）进行见证，并依法出具本法律意见书。 本所律师根据《股东会规则》第六条的要求，出席了本次股东大会并按照律 师行业公认的业务标准、道德规范和勤勉尽责精神，对与本次股东大会召开有关 的文件和事实进行了核查和验证。 本所律师现就本次股东大会的召集和召开程序、出席会议人员和会议召集人 的资格、会议的表决程序 ...

证券代码：300373 证券简称：扬杰科技 公告编号：2025-033 扬州扬杰电子科技股份有限公司 关于举办 2024 年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 扬州扬杰电子科技股份有限公司（以下简称"公司"）已于 2025 年 3 月 31 日在巨潮资讯网上披露了《2024 年度报告全文》及《2024 年度报告摘要》。为 便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 2025 年 4 月 18 日（星期五）15:00-17:00 在"价值在线"（www.ir-online.cn）举 办扬州扬杰电子科技股份有限公司 2024 年度网上业绩说明会，与投资者进行沟 一、说明会召开的时间、地点和方式 1、会议召开时间：2025 年 4 月 18 日（星期五）15:00-17:00 2、会议召开地点：价值在线（www.ir-online.cn） 3、会议召开方式：网络互动方式 二、参加人员 董事长梁勤女士，副董事长梁瑶先生，副董事长、副总裁刘从宁先生，副总 裁、财务总监戴娟女士，董事长助理、董 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 64.68 CNY per share, based on a projected PE of 28 times for 2025 [6][34]. Core Insights - The company is experiencing a recovery in downstream demand, leading to an 11.53% year-on-year increase in revenue to 60.33 billion CNY in 2024, and an 8.5% increase in net profit to 10.02 billion CNY [1][17]. - The automotive electronics segment has seen revenue growth exceeding 60%, while both industrial and consumer electronics have grown over 20% [1][17]. - Strategic acquisitions since 2015 have enhanced the company's competitive edge by integrating the supply chain and upgrading technology [2][19]. - The planned acquisition of Better Electronics aims to strengthen the company's position in the power electronics protection sector, enhancing product offerings and customer service capabilities [3][23]. Summary by Sections Downstream Demand Recovery and Profitability Improvement - The company employs a multi-brand strategy with a focus on domestic and Asia-Pacific markets for the YJ brand and the MCC brand targeting Europe and the US, achieving global market coverage [1][16]. - The company has developed a comprehensive product line in power semiconductor devices, including MOSFETs and IGBTs, with applications across various sectors such as consumer electronics, automotive electronics, and renewable energy [12][16]. Acquisition and Product Matrix Expansion - The company has made several strategic acquisitions to enhance its product matrix and technological capabilities, including the acquisition of Chu Wei Semiconductor and the planned acquisition of Better Electronics [2][3][19]. - These acquisitions are expected to create synergies that will improve the company's comprehensive service capabilities in the power electronics sector [3][23]. Financial Projections - The company forecasts net profits of 12.56 billion CNY, 14.85 billion CNY, and 17.28 billion CNY for 2025, 2026, and 2027, respectively [3][34]. - Revenue is projected to reach 72.69 billion CNY in 2025, with a compound annual growth rate driven by recovery in downstream demand and ongoing product development [3][34].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 64.68 CNY per share, based on a projected PE of 28 times for 2025 [6][34]. Core Insights - The company is expected to achieve revenue of 60.33 billion CNY in 2024, representing a year-on-year growth of 11.53%, and a net profit of 10.02 billion CNY, up 8.5% [3][17]. - The automotive electronics segment has seen revenue growth exceeding 60%, while both industrial and consumer electronics have grown over 20% [3][17]. - The company has been actively acquiring other firms to enhance its product matrix and achieve synergies, particularly in the power electronics sector [2][19]. Summary by Sections Demand Recovery and Profitability Improvement - The company employs a multi-brand strategy with a focus on domestic and Asia-Pacific markets for the YJ brand and the MCC brand targeting Europe and the US, achieving global market coverage [12][16]. - The company has developed a comprehensive product line including power semiconductor devices, MOSFETs, IGBTs, and rectifiers, which are widely used in various sectors such as consumer electronics, security, industrial control, automotive electronics, and new energy [12][16]. Acquisition and Product Matrix Expansion - Since 2015, the company has made strategic acquisitions to integrate its supply chain and enhance technological capabilities, forming a core competitive advantage in the power semiconductor industry [2][19]. - The planned acquisition of Better Electronics aims to strengthen the company's position in the power electronics protection field, enhancing product offerings and customer service capabilities [3][23]. Financial Projections - The company forecasts net profits of 12.56 billion CNY, 14.85 billion CNY, and 17.28 billion CNY for 2025, 2026, and 2027 respectively, with revenues projected at 72.69 billion CNY, 84.59 billion CNY, and 96.26 billion CNY for the same years [3][34]. - The report highlights a significant expected growth in the global market for silicon carbide devices, projected to reach 6.297 billion USD by 2027, with a compound annual growth rate of 34% [18].