公 司 研 究 [Table_Reportdate] 2024年04月26日 [Table_invest] [扬Tabl杰e_N科ewT技itle] （300373.SZ）：2023Q4业绩 买入（维持） 公 向好，产品结构优化及产能扩张并行 报告原因：业绩点评 司 ——公司简评报告 简 评 [table_main] [证Ta券b分le析_A师u thors] 投资要点 方霁 S0630523060001 fangji@longone.com.cn 电 ➢ 事件概述：扬杰科技发布2023年度报告，2023Q4实现营收13.69亿元，同比为38.92%， 子 [数Ta据b日le_期c ominfo] 2024/04/25 环比为-3.30%；实现归母净利润3.06亿元，同比为130.95%，环比47.71%；实现扣非归母 收盘价 36.18 净利润0.90亿元，同比为-26.02%。2023年实现营业收入54.10亿元，同比为0.12%；实现 总股本(万股) 54,301 归母净利润9.24亿元，同比为-12.85%，实现扣非归母净利润为7.04亿元，同比为-28.22%。 流通A股/B股(万股) 54,196 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company achieved a revenue of 5.41 billion yuan in 2023, with a year-over-year growth of 0.12%. However, the net profit attributable to shareholders decreased by 12.85% to 924 million yuan [4]. - The company has a strong compound annual growth rate (CAGR) of over 35% in net profit from 2018 to 2023, despite a decline in gross margin to 30.26% in 2023, down 6.03 percentage points year-over-year [4]. - The company is expected to see a short-term recovery as overseas inventory depletion nears its end, with anticipated growth in the second half of 2024 [4]. - The company has established a global presence with 12 sales and technical service centers in countries including the USA, South Korea, Japan, India, and Singapore, and aims to enhance its international market capabilities [4]. - The company has launched 25 new products in 2023, including high-performance IGBT products and SiC MOSFETs, and plans to complete mass production of domestically developed SiC modules by 2025 [4]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 54.10 billion yuan, with a net profit of 9.24 billion yuan, and a gross margin of 30.26% [4][6]. - The company’s revenue is projected to grow to 64.90 billion yuan in 2024, with a year-over-year growth rate of 20% [6][7]. - The net profit is expected to recover to 993 million yuan in 2024, reflecting a growth of 7.4% [6][7]. Market Strategy - The company employs a "dual-brand" strategy, targeting the Chinese and Asia-Pacific markets with the "YJ" brand and the European and American markets with the "MCC" brand [4]. - The establishment of a subsidiary in Vietnam aims to serve international customers and enhance manufacturing capabilities [4]. Product Development - The company has accelerated the development of third-generation semiconductor products, with significant advancements in SiC technology [4]. - The company has received testing and cooperation intentions from several Tier 1 automotive suppliers for its newly developed SiC modules [4].

扬杰科技（300373.SZ）2023年年报点评 业绩稳健成长，海外布局持续深化 2024年04月24日 ➢ 事件：4月21日，扬杰科技发布2023年年报，2023年公司实现营收54.10 推荐 维持评级 亿元，同比增长0.12%；实现归母净利润9.24亿元，同比下降12.85%。 当前价格： 36.08元 ➢ Q4 营收同比实现正增长，产品结构持续优化。Q4 单季度公司实现营收 13.69 亿元，同比增长 38.92%，环比下降 3.30%。2023 年功率半导体市场低 迷，前三季度公司营收同比均有下滑，而公司Q4营收同比由负转正，我们认为 [Table_Author] 主要得益于公司产品结构优化，光伏二极管、IGBT、碳化硅等产品进展顺利；不 过由于新产品毛利率低于公司平均毛利率水平，导致Q4整体毛利率有所下滑。 此外，由于公司通过持有北京广盟合伙份额间接持有瑞能半导体的股权，2023年 该项投资公允价值变动达 2.04 亿元。上述综合因素影响下公司 Q4 实现归母净 利3.06亿元，同比增长130.95%，环比增长47.71%。 ➢ 聚焦新能源，发力IGBT、SiC市场。IGBT方面，2023年公司基于 ...

Investment Rating - The report maintains a "Buy" rating for Yangjie Technology (300373 SZ) [2] Core Views - Yangjie Technology showed significant recovery in Q4 2023, with a focus on automotive electronics and third-generation semiconductors [1] - The company achieved revenue of 5 41 billion yuan in 2023, a slight increase of 0 12% YoY, but net profit attributable to shareholders decreased by 12 85% YoY to 924 million yuan [5] - Q4 2023 revenue reached 1 369 billion yuan, up 38 92% YoY, with net profit attributable to shareholders surging 130 95% YoY to 306 million yuan [5] - The company is expected to achieve net profit attributable to shareholders of 1 018 billion yuan in 2024, 1 36 billion yuan in 2025, and 1 668 billion yuan in 2026 [5] Business Development - Yangjie Technology is expanding its presence in key downstream sectors such as industrial control and photovoltaic inverters, with rapid growth in IGBT module market share [6] - The company has successfully developed and launched 1200V 160A, 650V 400A, and 450A three-level IGBT modules for the photovoltaic sector [6] - In third-generation semiconductors, the company has developed and launched G1 and G2 series SiC MOS products, with 1200V platform products achieving international-level performance [6] - The company has developed samples of automotive SiC modules and has received testing and cooperation intentions from multiple Tier1 suppliers and terminal automakers, with plans for mass production by 2025 [6] - In automotive electronics, the company has successfully passed vehicle-grade reliability verification for 8-inch and 12-inch G2 platform 40V SGT MOSFET chips, with some products entering mass production [6] Financial Performance - Yangjie Technology's gross margin in 2023 was 30 26%, a decrease of 6 03 percentage points YoY [5] - The company's Q4 2023 gross margin was 28 46%, down 8 67 percentage points YoY and 3 82 percentage points QoQ [5] - The company's EPS is expected to be 1 87 yuan in 2024, 2 50 yuan in 2025, and 3 07 yuan in 2026 [5] - The current PE ratio is 19 2x for 2024, 14 4x for 2025, and 11 7x for 2026 [5] Market Performance - As of April 23, 2024, Yangjie Technology's stock price was 36 05 yuan, with a total market capitalization of 19 576 billion yuan [4] - The stock's 52-week high and low were 47 87 yuan and 32 48 yuan, respectively [4] - The company's turnover rate over the past three months was 115 58% [4]

那这些对于公司来说呢都是新业务的布局那经过整个行业大的周期但是我们看到公司依然在新业务上有非常好的一个持续的布局持续的投入以及产品的一个量产的实现那公司的产品从光速模块产品汽车模块产品学之一基本上完善了所以我们对于良品科技呢可以看到从公司成立以来到上市 然后再到上市之后的这个发展是一步一步的拓宽自己的产品线然后同时也是垒高自己的不成和所以我们对于公司是持续的太好然后同时在这个位置整体处在一个行业周期偏底部的位置 我们也是一直推荐两节课句那我们今天的会议依然是分成两个部分我们首先请范总为我们介绍一下公司二三年度的新报表的这个情况同时也为我们展望一下一季度以及全年的这个情况然后稍后再是我们的提问环节先有请范总好的 谢谢范总大家早上好 杨洁的这个年报是今年发的比较晚一点所以这个等了比较久了其实可能从各种渠道大家对于我们的一个基本的一些月底的数据应该也是有所有一个期望期间的然后最终发出来这个年报数据应该基本上还是在我们这个大家期望期间之内但是也有一些 那个不一样的一些变化的点其实因为前三季度都发了主要第四季度第四季度这边的话我们整个营收和其实是扣费利润其实是有一定的下滑对然后这里边的话其实主要就是去年四季度整个光伏这 ...

扬杰科技：23 年业绩承压，景气复苏+高端放量带动24 年成长 扬杰科技(300373.SZ)/电子 证券研究报告/公司点评 2024年4月22日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：35.43元/股 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 5,404 5,410 6,942 8,333 9,834 分析师：王芳 增长率yoy% 23% 0% 28% 20% 18% 执业证书编号：S0740521120002 净利润（百万元） 1,060 924 1,100 1,500 1,870 Email：wangfang02@zts.com.cn 增长率yoy% 38% -13% 19% 36% 25% 每股收益（元） 1.95 1.70 2.03 2.76 3.44 分析师：杨旭 每股现金流量 1.47 1.66 2.21 2.76 3.28 执业证书编号：S0740521120001 净资产收益率 17% 11% 11% 13% 14% Email：yangxu ...

2024年04月22日 公司研究●证券研究报告 扬杰科技（ ） 公司快报 300373.SZ 电子 | 分立器件Ⅲ “MCC+YJ”双品牌运作，车规 SiC 模块已获合作 投资评级 买入-A(维持) 意向 股价(2024-04-22) 35.43元 交易数据 投资要点 总市值（百万元） 19,239.02 2024年4月21日，公司发布2023年年度报告。 流通市值（百万元） 19,201.62 全年光伏二极管/SiC/IGBT销售同比高增，持续深化“MCC+YJ”双品牌运作 总股本（百万股） 543.01 流通股本（百万股） 541.96 2023年公司实现营收54.10亿元，同比增长0.12%；归母净利润9.24亿元，同比 12个月价格区间 46.00/33.29 减少12.85%；扣非归母净利润7.04亿元，同比减少28.22%；毛利率30.26%； 研发投入3.56亿元，同比增长21.57%。2023年公司光伏二极管、碳化硅产品、 一年股价表现 IGBT产品销售同比大幅增长，但因行业竞争进一步加剧，三类产品毛利率低于公 司平均毛利率，导致整体毛利率有所下滑。公司持续深化“MCC+YJ”双品牌运作 和 ...

证 券 2024 年 04 月 22 日 研 究 二极管龙头积极布局车规市场，越南工厂建设助 报 力海外开拓 告 —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 扬杰科技发布 2023 年年度报告：2023 年公司实现营业收入 maozheng@cfsc.com.cn 54.10 亿元，同比增长 0.12%；实现归母净利润 9.24 亿元， 联系人：张璐 S1050123120019 同比下降 12.85%；实现扣非归母净利润 7.04 亿元，同比下 zhanglu2@cfsc.com.cn 降28.22%。 基本数据 2024-04-22 投资要点 当前股价（元） 35.43 总市值（亿元） 192 ▌ 四季度营收修复明显，收购楚微产能持续爬坡 总股本（百万股） 543 营收端方面，在外部市场环境下滑的情况下，2023 年公司营 流通股本（百万股） 542 业收入同比略有增长，实现 54.10 亿元，同比增长 0.12%。 52周价格范围（元） 32.79-46.29 前三季度营业收入同比负增长进一步收窄，并于四季度实现 日均成交额（百万元） ...

Summary of Yangjie Technology 2023 Annual Report Conference Call Company Overview - **Company**: Yangjie Technology - **Industry**: Semiconductor and Renewable Energy (specifically photovoltaic and automotive sectors) Key Points and Arguments Financial Performance - The annual report was released later than expected, but the results were within the anticipated range [6] - There was a decline in revenue and net profit in Q4 2023 due to a rapid price drop in the photovoltaic sector, impacting overall revenue management and gross margin [7][8] - Domestic business grew by 11%, while overseas business saw a 27% decline, primarily due to inventory destocking [9] - Gross margin remained above 30%, with domestic gross margin at approximately 25.7% and overseas gross margin close to 42% [10] - The company is optimistic about the future of the overseas market despite the recent downturn [10] Business Segments - The renewable energy segment, particularly photovoltaic storage, contributed over 35% to total revenue, with photovoltaic alone accounting for over 20% [22] - The automotive segment is expected to grow significantly, with a target to increase its revenue contribution from 13% to 30% over the next five years [67][68] - The industrial sector showed slow recovery, maintaining a revenue share of about 25-27% [22] Strategic Investments - The company increased R&D expenses to 6.58% of revenue, with plans to raise this to 8-10% in the future [14][15] - Significant investments were made in new facilities, including a factory in Vietnam and a central research institute [15][16] - The company is focusing on enhancing its overseas marketing network and capabilities [16] Market Outlook - The photovoltaic industry is expected to recover, with a projected growth of around 20% for the year, despite current price pressures [30][36] - The company anticipates a gradual improvement in demand and pricing in the second quarter of 2024 [30] - The automotive market is viewed as a critical growth area, with expectations for substantial increases in revenue and market share [67][68] Risks and Challenges - The company faces risks from international trade tensions and potential tariffs affecting its overseas operations [39][42] - There is a strong demand for cost reduction from overseas clients, which may impact pricing strategies [49] - The competitive landscape in the semiconductor industry is intensifying, particularly in the automotive and third-generation semiconductor sectors [51][56] Additional Insights - The company has successfully integrated its operations with a focus on automotive, separating its automotive division from other business lines to enhance focus and resource allocation [68] - The overseas market is seen as a significant opportunity, with a stable gross margin expected despite challenges [46][47] Conclusion Yangjie Technology is navigating a challenging market environment with strategic investments in R&D and new facilities, while focusing on growth in the renewable energy and automotive sectors. The company remains optimistic about future performance despite current pressures in pricing and international trade dynamics.

业绩简评 2024 年 4 月 21日公司披露2023年年度报告，2023年实现营收 54.10 亿元，同比增长0.12%；实现归母净利润9.24 亿元，同比 -12.85%。其中，Q4 单季度实现营收 13.69 亿元，同比增长 38.92%；实现归母净利润3.06 亿元，同比+130.95%。 经营分析 4Q23 下游需求企稳回升，公司营收实现同比改善。2023 年在国 内功率半导体市场竞争加剧的情况下，下游需求缓慢复苏，公司于 4Q23 实现营收同比由负转正，并实现全年营收的同比正增长，主 人民币(元) 成交金额(百万元) 要系光伏二极管、SiC、IGBT 等产品的销售同比大幅增长。4Q23 50.00 1,400 公司实现扣非归母净利润0.91 亿元，同比-26.02%。2023年公司 47.00 1,200 非经常性损益主要系公司通过持有北京广盟合伙份额间接持有瑞 44.00 1,000 800 能半导体的股权，该项投资公允价值变动达2.04 亿元。 41.00 600 38.00 持续加大新品研发投入力度，收购湖南杰楚微垂直整合产业链资 400 35.00 200 源。2023 年，公司研发费用率 ...