Yangjie Technology(300373) 新浪财经·2025-04-07 06:59Core Viewpoint - The company reported steady growth in 2024, driven by strong performance in the automotive electronics sector and effective cost-reduction measures, alongside a strategic acquisition to enhance market synergy [1][2][4]. Financial Performance - In 2024, the company achieved operating revenue of 6.033 billion, a year-on-year increase of 11.53% - The net profit attributable to shareholders was 1.002 billion, up 8.50% year-on-year - The non-recurring net profit reached 953 million, marking a significant increase of 35.43% year-on-year - In Q4 2024, operating revenue was 1.610 billion, reflecting a year-on-year growth of 17.57% and a quarter-on-quarter increase of 3.30% - The net profit attributable to shareholders for Q4 was 333 million, up 8.93% year-on-year and 36.47% quarter-on-quarter - The non-recurring net profit for Q4 was 300 million, showing a remarkable year-on-year growth of 230.97% and a quarter-on-quarter increase of 29.45% [1]. Business Segments - The automotive electronics business saw over 60% year-on-year revenue growth, contributing significantly to overall performance - The company implemented cost-reduction initiatives that improved overall efficiency and reduced expenses, leading to a steady increase in gross margin, which reached 33.08%, up 2.82 percentage points year-on-year - The net profit margin was 16.58%, a slight decrease of 0.45 percentage points year-on-year [2]. Industry Trends - The global semiconductor industry experienced a mild recovery in 2024, with revenue growth exceeding 20% in both industrial and consumer electronics sectors - The company established a fully automated production line for automotive power modules, targeting the electric vehicle market, and has received testing and cooperation intentions from multiple Tier 1 and end automotive clients [3]. Strategic Initiatives - The company announced plans to acquire Better Electronics to enhance market synergy and expand its product offerings in power electronics - The acquisition aims to strengthen the company's position in the power electronics sector by broadening its product and technology portfolio, particularly in overcurrent and overtemperature protection components [4]. Future Outlook - The company maintains a "buy" rating, anticipating continued growth in the automotive electronics market driven by increasing penetration of electric vehicles - Projected net profits for 2025-2027 are estimated at 1.233 billion, 1.446 billion, and 1.666 billion respectively, with corresponding EPS of 2.27, 2.66, and 3.07 per share [5].