Investment Rating - Buy rating maintained for Yangjie Technology (300373) [2] Core Views - Yangjie Technology achieved revenue of 4.423 billion yuan in the first three quarters of 2024, a year-on-year increase of 9.48%, with net profit attributable to the parent company of 669 million yuan, up 8.28% year-on-year [3] - Q3 2024 revenue was 1.558 billion yuan, up 10.06% year-on-year and 1.38% quarter-on-quarter, with net profit attributable to the parent company of 244 million yuan, up 17.91% year-on-year but down 0.03% quarter-on-quarter [3] - Gross margin improved to 33.59% in Q3 2024, up 1.31% year-on-year and 2.27% quarter-on-quarter, driven by cost reduction and efficiency improvement [3] - Automotive electronics business grew rapidly, with revenue up 60% year-on-year in the first three quarters of 2024, accounting for 15% of total revenue [3] - The company has developed a self-developed automotive silicon carbide module, which has received testing and cooperation intentions from multiple Tier 1 suppliers and terminal automakers, with plans for mass production in 2025 [3] Financial Performance - Revenue is expected to grow from 5.410 billion yuan in 2023 to 8.721 billion yuan in 2026, with a compound annual growth rate of 21.03% [4] - Net profit attributable to the parent company is forecasted to increase from 923.93 million yuan in 2023 to 1.44998 billion yuan in 2026, with a compound annual growth rate of 24.17% [4] - EPS is projected to rise from 1.70 yuan in 2023 to 2.67 yuan in 2026 [4] - Gross margin is expected to improve from 30.3% in 2023 to 32.6% in 2026 [6] - ROE is forecasted to increase from 11.2% in 2023 to 12.5% in 2026 [6] Business Highlights - Strong demand in domestic automotive and consumer electronics sectors, with improving industrial markets and overseas inventory depletion [3] - The company is expanding its product portfolio in automotive-related areas, including 5-inch, 6-inch, 8-inch, and silicon carbide products [3] - Significant potential for import substitution in the domestic market for automotive silicon carbide modules [3]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 4.424 billion yuan in the first three quarters of 2024, representing a year-over-year increase of 9.48%. The net profit attributable to shareholders was 669 million yuan, up 8.28% year-over-year [7] - The automotive electronics business saw significant growth, with revenue increasing by 60% year-over-year in the first three quarters of 2024. The demand for automotive electronics remains strong domestically, supported by the company's investments in automotive-grade silicon carbide modules and ongoing construction of related facilities [8] - The company is maintaining a high production capacity utilization rate and is expanding its production lines, particularly in automotive electronics. The overseas factory in Vietnam is expected to start production by the end of the year, enhancing the company's capacity and market reach [9] - The gross profit margin improved due to cost control measures and an increased proportion of high-margin automotive electronics in the product mix. The company anticipates further improvements in gross margin [9] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 1.558 billion yuan, a year-over-year increase of 10.06% and a quarter-over-quarter increase of 1.38%. The net profit attributable to shareholders was 244 million yuan, up 17.91% year-over-year [7] - The comprehensive gross profit margin for Q3 was 33.59%, reflecting a year-over-year increase of 1.31 percentage points and a quarter-over-quarter increase of 2.27 percentage points [7] Business Segments - The automotive electronics segment is a key growth area, with a 60% year-over-year revenue increase in the first three quarters of 2024. The consumer and industrial sectors also showed robust recovery, with revenue growth exceeding 20% year-over-year [8] - The photovoltaic segment is currently undergoing cyclical adjustments, with expectations for a rebound next year [8] Production and Capacity - The company is expanding its production capacity, particularly in automotive electronics, and is operating at near-full capacity across most production lines. The subsidiary in Hunan has expanded its capacity to 35,000 wafers per month, with ongoing plans for further expansion [9] - The overseas production facility in Vietnam is progressing well and is expected to enhance the company's competitive advantage in supply chain security and cost considerations [9] Future Outlook - The revenue forecasts for 2024, 2025, and 2026 are adjusted to 60.51 billion yuan, 71.29 billion yuan, and 86.19 billion yuan, respectively. The net profit forecasts for the same years are 9.29 billion yuan, 11.28 billion yuan, and 16.63 billion yuan, respectively [10]

证券研究报告 | 公司动态点评 2024 年 10 月 24 日 扬杰科技（300373.SZ） 下游需求回暖+汽车业务高增，业绩同比实现稳健增长 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-------------------------------------------|-----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 5,404 | 5,410 | 6,035 | 7,255 | 8,445 | 股票信息 | | | 增长率 yoy （ % ） | 22.9 | 0.1 | 11.6 | 20.2 | 16.4 | | | | 归母净利润（百万元） | 1,060 | 924 | 935 | 1,155 | 1,4 ...

扬杰科技（300373.SZ） 优于大市 3Q24 毛利率环比提升 2.27pct，汽车业务高速增长 公司 3Q24 毛利率环比提升 2.27pct。公司主营产品主要分为三大板块：材料 板块（单晶硅棒、硅片、外延片）、晶圆板块（5 吋、6 吋、8 吋等各类芯片） 及封装器件板块（MOSFET、IGBT、SiC 系列产品、整流器件、保护器件、小 信号及其他产品系列等），随需求回暖，公司 3Q24 单季度实现营收 15.6 亿 元(YoY+10.06%，QoQ+1.38%)，归母净利润2.44亿元(YoY+17.9%，QoQ-0.03%)， 扣非归母净利润 2.31 亿元(YoY+13.74%，QoQ-1.30%)，毛利率 33.59% (YoY+1.31pct，QoQ+2.27pct)。 汽车收入持续提升，工业、消费需求回暖推动营收增长。1-3Q24 公司实现汽 车电子收入同比增长 60%，消费类电子及工业市场需求逐步回升，对应板块 收入同比增长均超 20%。目前汽车 MOS 及二极管等中低压功率器件国产化率 仍低，公司从内部质量评审体系、供应链管理等多个维度建立车规质量体系， 获得了多家汽车电子的认证，经过客 ...

证 2024 年 10 月 25 日 研 告 基本数据 2024-10-24 当前股价（元） 48.46 总市值（亿元） 263 总股本（百万股） 543 流通股本（百万股） 542 52 周价格范围（元） 32.82-54.48 日均成交额（百万元） 376.57 公 司 研 究 究 营业收入稳定增长，前三季度毛利率稳步上升 报 —扬杰科技（300373.SZ）公司事件点评报告 买入(维持) 事件 分析师：毛正 S1050521120001 maozheng@cfsc.com.cn 联系人：张璐 S1050123120019 zhanglu2@cfsc.com.cn 市场表现 -20 0 20 40 60 80 (%) 扬杰科技 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《扬杰科技（300373）：Q2 海外 拉货需求增强，持续深化汽车电子 战略方向》2024-08-26 2、《扬杰科技（300373）：二极管 龙头积极布局车规市场，越南工厂 建设助力海外开拓》2024-04-22 扬杰科技发布 2024 年三季度报告：2024 年前三季度公司实 现营业收入 44.24 亿元，同比增长 9 ...

证券代码：300373 证券简称：扬杰科技 编号：2024-005 扬州扬杰电子科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | |-----------------|-----------------------|--------------------------------------------------|--------|------------------| | | □特定对象调研 | □分析师会议 | | | | 投 资 者关系 | | □媒体采访 □业绩说明会 | | | | 活动类别 | | □新闻发布会 □路演活动 | | | | | □现场参观 | | | | | | □ √ 其他 电话会议 | | | | | | 唐毅 | Brilliance Asset Management Limited | 张弢 | 北京泓澄资管 | | | HUANGKaren | China Life Franklin Asset Management Co Ltd | 单河 | 北京泽铭投资 | | | Fisher Xi | Lazard Asse ...

隐证券 电子/半导体 公 司 研 究 扬杰科技（300373.SZ） 2024 年 10 月 24 日 2024Q1-3 业绩稳健增长，看好汽车电子业务 ——公司信息更新报告 zhouboyu@kysec.cn 证书编号：S0790124070036 业绩稳健增长，汽车电子增长带来业绩增量，维持"买入"评级 亿元，同比+9.48%；实现归母净利润 6.69 亿元， 6.54 亿元，同比+6.59%；实现毛利率 31.02%， 单季度实现营收 15.58 亿元，同比+10.06%，环比+1.38%； +17.91%，环比-0.03%；实现扣非归母净利润 2.31 ；实现毛利率 33.59%，同比+1.31pcts，环比 。公司下游光伏行业复苏不及预期，我们略微下调 2024-2026 年归母净 利润预测为 9.25/10.97/14.22 亿元（前值为 9.85/11.60/15.02 亿元），当前股价对应 PE 为 28.5/24.1/18.6 倍。我们看好公司汽车电子业务的持续增长，维持"买入" 评级。 | --- | --- | --- | --- | |------------------------- ...

扬杰科技（300373.SZ） 半导体 证券研究报告/公司点评报告 2024 年 10 月 23 日 扬杰科技：Q3 营收创历史新高，行业复苏&汽车业务驱动 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------|----------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 59.7 CNY, compared to the current price of 50.20 CNY [1][2]. Core Insights - The company achieved a record high quarterly revenue in Q3 2024, driven by accelerated growth in its automotive business, with a year-on-year revenue increase of 10.06% and a quarter-on-quarter increase of 1.38% [1][2]. - The gross margin improved to 33.59% in Q3 2024, reflecting a year-on-year increase of 1.31 percentage points and a quarter-on-quarter increase of 2.27 percentage points [1][2]. - The automotive electronics segment saw a significant revenue increase of 60% year-on-year for the first three quarters of 2024, indicating strong future growth potential [2]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 44.24 billion CNY, a year-on-year increase of 9.48%, with a gross margin of 31.02% [1]. - In Q3 2024, the company generated revenue of 15.58 billion CNY, with a net profit of 2.44 billion CNY, reflecting a year-on-year increase of 17.91% [1][2]. - The company’s net profit for the first three quarters of 2024 was 6.69 billion CNY, with a year-on-year increase of 8.28% [1]. Future Outlook - The company is expanding its "YJ+MCC" dual-brand strategy to enhance its presence in overseas markets, particularly in the high-margin power market [2]. - The company is enhancing its IDM (Integrated Device Manufacturer) system, which is expected to yield significant revenue growth from new high-value products in the future [2]. - The revenue forecast for the company has been adjusted for 2024-2026, with expected net profits of 9.53 billion CNY in 2024, 11.58 billion CNY in 2025, and 14.27 billion CNY in 2026 [2][3].

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [7]. Core Insights - The company has achieved record revenue in Q3 2024, with a year-on-year growth of 10.06%, reaching 1.558 billion yuan. The net profit attributable to shareholders increased by 17.91% year-on-year to 244 million yuan [1][3]. - The automotive electronics business is experiencing significant growth, with a 60% year-on-year revenue increase in the first three quarters of 2024. The consumer electronics and industrial markets also showed over 20% growth in revenue [1][3]. - The company is focusing on a dual-brand strategy ("MCC+YJ") and expanding its global market presence, particularly in the automotive sector and renewable energy applications [1][3]. Financial Performance - For the fiscal year 2024, the company is projected to generate revenue of 6.048 billion yuan, with a year-on-year growth rate of 11.8%. The net profit is expected to be 946 million yuan, reflecting a growth rate of 2.3% [4][6]. - The gross margin is anticipated to improve to 31.2% in 2024, up from 30.3% in 2023, driven by cost reduction strategies and the introduction of high-value products [4][6]. - The company's total assets are projected to reach 13.802 billion yuan by 2024, with a debt-to-asset ratio of 32.6% [6]. Strategic Initiatives - The company is actively investing in the development of third-generation semiconductor chips and aims to establish a comprehensive supply chain for power semiconductor devices [1][3]. - A new subsidiary in Vietnam is being established to enhance overseas supply capabilities and expand international business operations [1][3]. - The company is accelerating the construction of its factory in Vietnam, expected to commence production by the end of 2024 or early 2025 [1][3].