Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [12]. Core Views - The company is experiencing a short-term performance pressure, but several new products are set to enter mass production, indicating potential for growth [1]. - The overseas business is recovering, and the semiconductor industry is expected to see a rebound, leading to stable growth in H1 2024 [2]. - The company is actively promoting its products in various markets, including industrial, photovoltaic energy storage, new energy vehicles, and artificial intelligence, resulting in increased orders and shipments [4]. - The company is accelerating the construction of its Vietnam factory and expanding its overseas presence, which is expected to enhance its market share and brand recognition [4]. - The semiconductor demand is showing a mild recovery, particularly in automotive electronics and consumer electronics, which is anticipated to drive the company's growth [4]. Financial Summary - In H1 2024, the company achieved revenue of 2.865 billion yuan, a year-on-year increase of 9.16%, and a net profit of 425 million yuan, up 3.43% year-on-year [3]. - The company's gross margin for H1 2024 was 29.63%, with a net margin of 14.75% [4]. - The company expects its net profit for 2024 to be 975 million yuan, with EPS projected at 1.79 yuan per share [6][8].

证 券 研 究 报 告 扬杰科技（300373）2024 年半年报点评 强推（维持） 24Q2 业绩稳健增长，国际化业务持续推进 目标价：45.3 元 当前价：34.33 元 事项： ❖ 2023 年 8 月 22 日，公司发布 2024 年半年度报告： ❖ 1）2024H1：公司实现营业收入 28.65 亿元，同比+9.16%；毛利率 29.63%，同 比-0.48pct；归母/扣非归母净利润 4.25/4.22 亿元，同比+3.43/+3.04%； ❖ 2）2024Q2：公司实现营业收入 15.37 亿元，同比/环比+16.96/+15.75%；毛利 率 31.32%，同比/环比+1.80/+3.65pct；归母净利润 2.44 亿元，同比/环比 +6.75/+35.36%；扣非归母净利润 2.34 亿元，同比/环比+2.11/+24.66%。 评论： ❖ 行业周期回暖叠加产品结构优化，24Q2 公司业绩同环比提升。受益于国内汽 车+消费电子需求旺盛，工业市场逐渐修复，海外市场去库存阶段结束，公司 2024H1 实现营业收入 28.65 亿元，同比+9.16%，其中半导体器件、半导体芯 片、半导体硅片业务 ...

证券研究报告：电子 | 公司点评报告 2024 年 8 月 27 日 公司基本情况 总市值/流通市值（亿元）191 / 191 52 周内最高/最低价 44.36 / 32.82 资产负债率(%) 31.2% 市盈率 20.25 第一大股东 江苏扬杰投资有限公司 股票投资评级 买入|维持 个股表现 -22% -16% -10% -4% 2% 8% 14% 20% 26% 32% 2023-08 2023-11 2024-01 2024-03 2024-06 2024-08 扬杰科技 电子 资料来源：聚源，中邮证券研究所 最新收盘价（元） 35.23 总股本/流通股本（亿股）5.43 / 5.42 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:万玮 SAC 登记编号:S1340123050022 Email:wanwei@cnpsec.com 扬杰科技(300373) 单季度营收历史新高，持续发力汽车电子 ⚫ 事件 公司发布 2024 年半年报，上半年实现营收 28.65 亿元，同比增 长 9.16%；实现归母净利润 4.25 ...

证券研究报告 | 2024年08月26日 扬杰科技（300373.SZ） 优于大市 2Q24 毛利率环比提升 3.65pct，海外库存去化结束 公司 2Q24 营收、毛利率及扣非归母净利润均实现环比提升。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 2Q24 年营收 15.4 亿元(YoY +17.0%，QoQ+15.8%)，扣非归母净利润 2.34 亿元 (YoY+2.1%，QoQ+24.66%)，毛利率 31.32%(YoY+1.80pct，QoQ+3.65pct)。 汽车份额渗透叠加工业、消费需求回暖推动营收增长，成本端逐步优化。1H24 公司在国内汽车电子应用中份额渗透，在消费电子应用端需求旺盛，工业市 场逐步改善，因此随下游温和复苏，上半年公司半导体器件收入同比增长 11.3%。在成本优化方面，公司直接人效同比提升 11%，设备综合利用率同比 提升 5.8%，标准成本及失效成本合计降本金额超 1.8 亿元。 1H ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][3] Core Views - The company achieved a revenue of 2.865 billion yuan in the first half of 2024, representing a year-on-year growth of 9.16% [2] - The net profit attributable to shareholders reached 425 million yuan, with a year-on-year increase of 3.43% [2] - The gross profit margin improved to 31.32%, an increase of 3.65 percentage points quarter-on-quarter, driven by enhanced overseas demand and cost reduction measures [2] - The company is accelerating its overseas expansion, with its Vietnam factory reaching the topping-out stage and expected to commence production in early 2025 [2][3] - The company is deepening its automotive electronics strategy, focusing on new energy vehicle applications and developing key technologies for high-voltage modules [2][3] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 2.865 billion yuan, a 9.16% increase year-on-year [2] - The net profit attributable to shareholders was 425 million yuan, up 3.43% year-on-year [2] - The gross profit margin improved to 31.32%, reflecting effective cost control and product expansion [2] Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 6.413 billion yuan, 7.844 billion yuan, and 9.288 billion yuan, respectively, with corresponding EPS of 1.86 yuan, 2.33 yuan, and 2.89 yuan [3] - The current stock price corresponds to a PE ratio of 19.3, 15.4, and 12.4 for the years 2024, 2025, and 2026, indicating a favorable valuation as the company expands its overseas operations [3] Strategic Initiatives - The company is implementing a dual-brand strategy, promoting "MCC" products in Europe and America, while focusing on "YJ" products in China and the Asia-Pacific region [2] - The company has established 12 sales and technical service centers in key markets, enhancing its strategic partnerships with top clients [2] - The automotive electronics strategy is being reinforced, with significant deliveries of high-voltage components to automotive clients [2][3]

编号：2024-004 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系 □新闻发布会 □路演活动 活动类别 □现场参观 □√ 其他 电话会议 证券代码：300373 证券简称：扬杰科技 扬州扬杰电子科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | |------------|--------------------|--------|--------------------|--------| | | 参与单位 | 姓名 | 参与单位 | 姓名 | | | 兴银理财 | 黄舒婷 | 招商信诺资管 | 刘泽宇 | | | 上海国泰君安 | 陈思靖 | 格林基金 | 刘东 | | | 上海泾溪资管 | 王彬 | 广东正圆私募 | 黄志豪 | | | 上海雪石资管 | 高云志 | 仁桥（北京）资管 | 张鸿运 | | | 光大保德信基金 | 魏晓雪 | 仁灏资产 | 李学来 | | | 明世伙伴 | 朱腾飞 | 上海聊塑资管 | 周岩明 | | | 华泰证券 | 吕兰兰 | 中信建投 | 赵坚 | | | 南方基金 | 王寅超 | 国信证券 ...

Investment Rating - The report maintains a "Recommend" rating for Yangjie Technology (300373 SZ) [2][3] Core Views - Yangjie Technology achieved steady growth in H1 2024 with revenue of RMB 2 865 billion (+9 16% YoY) and net profit attributable to shareholders of RMB 425 million (+3 43% YoY) [2] - In Q2 2024 the company reported revenue of RMB 1 537 billion (+16 96% YoY +15 75% QoQ) and net profit attributable to shareholders of RMB 244 million (+6 75% YoY +35 37% QoQ) [2] - The growth was driven by semiconductor industry recovery overseas market expansion and cost efficiency improvements [2] - The company is accelerating its layout in automotive SiC modules with plans for mass production of domestically produced main drive SiC modules by 2025 [2] Financial Performance - Revenue from semiconductor devices reached RMB 2 469 billion in H1 2024 (+11 34% YoY) [2] - Semiconductor chip revenue was RMB 237 million in H1 2024 (-8 64% YoY) while semiconductor wafer revenue grew to RMB 97 million (+7 74% YoY) [2] - Gross margin improved to 31 32% in Q2 2024 (+1 8pct YoY +3 65pct QoQ) [2] Business Development - The company has developed a full series of Trench 1200V IGBT chips from 10A-200A and launched multiple power modules including 750V/820A IGBT modules and 1200V/2mΩ three-phase bridge SiC modules [2] - Yangjie has established 6 R&D centers and 15 wafer and packaging factories globally with construction progress accelerating at its Vietnam factory and Yangzhou automotive-grade wafer and packaging factory [2] Financial Forecasts - Revenue is projected to grow from RMB 5 410 billion in 2024E to RMB 9 387 billion in 2026E [3][6] - Net profit attributable to shareholders is expected to increase from RMB 978 million in 2024E to RMB 1 594 billion in 2026E [3][6] - EPS is forecasted to rise from RMB 1 80 in 2024E to RMB 2 93 in 2026E [3][6] - PE ratio is estimated to decline from 20x in 2024E to 12x in 2026E [3][6]

2024 年 08 月 23 日 公司研究 评级：买入(维持) | --- | --- | |--------------|----------------------| | 研究所： | | | 证券分析师： | 姚丹丹S0350524060002 | | | yaodd@ghzq.com.cn | | 证券分析师： | 郑奇S0350524030006 | | | zhengq@ghzq.com.cn | | 证券分析师： | 高力洋S0350524010003 | | | gaoly01@ghzq.com.cn | 最近一年走势 入）*半导体*》——2023-08-29 事件: 相对沪深 300 表现 2024/08/22 表现 1M 3M 12M 扬杰科技 -17.0% -0.7% 8.8% 沪深 300 -5.7% -10.1% -11.8% 市场数据 2024/08/22 当前价格（元） 36.33 52 周价格区间（元） 32.48-45.00 总市值（百万） 19,739.83 流通市值（百万） 19,696.23 总股本（万股） 54,334.78 流通股本（万股） 54,214.79 日均 ...

业绩简评 2024 年 8 月 22 日公司披露 2024 年半年报，2024 年上半年实现 营收 28.65 亿元，同比增长 9.16%；实现归母净利润 4.25 亿元， 同比+3.43%。其中，Q2 单季度实现营收 15.37 亿元，同比增长 16.96%，环比+15.75%；实现归母净利润 2.44 亿元，同比+6.75%， 环比+35.36%；实现扣非后的归母净利润 2.34 亿元，同比+2.11%， 环比+24.66%。 经营分析 1H24 半导体行业温和复苏，下游需求企稳回升。2024 年上半年 国内汽车电子及消费电子行业需求旺盛，工业需求逐步改善，公司 顺应市场需求持续优化下游结构及产品结构，积极开拓海内外市 场与客户，于 2Q24 实现营收同环比同步提升。2Q24 随着海外市 场去库存阶段结束，海外客户采购意向增强，海外业务收入环比增 长，带动公司盈利能力提升，2Q24 公司销售毛利率为 31.32%， 环比提升 3.65 pcts，销售净利率为 15.88%，环比提升 2.43 pcts。 公司持续加大技术研发投入，充实核心技术及专利储备。为巩固 公司在日益激烈的市场竞争中的有利地位，1H2 ...

扬州扬杰电子科技股份有限公司 2024 年半年度报告全文 扬州扬杰电子科技股份有限公司 2024 年半年度报告 2024-048 2024 年 08 月 1 扬州扬杰电子科技股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人梁勤、主管会计工作负责人戴娟及会计机构负责人(会计主管 人员)佘静声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 1、市场竞争风险 半导体行业市场化程度高，竞争激烈，行业周期比较明显。公司产品定 位于中高端市场和进口替代，直面国际品牌的强势竞争。未来，如果在新产 品研发、精益管理能力、市场定位、营销网络构建等方面不能适应市场变化， 公司面临的市场竞争风险将会加大，可能会影响公司在中高端市场的份额和 目前数个细分领域的龙头地位。 2、技术风险 公司所处行业发展迅速，技术、产品以及下游应用领域迭代更新速度快。 | --- | |-------------- ...