Yangjie Technology(300373) 国金证券·2024-10-23 08:03Investment Rating - The report maintains a "Buy" rating for Yangjie Technology (300373 SZ) with a target price range of 54 32 to 54 32 RMB [7] Core Views - Yangjie Technology achieved steady growth in revenue and net profit in 3Q24 with revenue of 4 423 billion RMB (+9 48% YoY) and net profit of 669 million RMB (+8 28% YoY) [2] - The company's Q3 revenue reached 1 558 billion RMB (+10 06% YoY +1 38% QoQ) with net profit of 244 million RMB (+17 91% YoY -0 03% QoQ) [2] - The semiconductor market demand is gradually improving with strong demand in the automotive electronics sector and recovery in industrial and consumer electronics [2] - Yangjie Technology's gross margin improved to 33 59% in 3Q24 (+2 27 ppts QoQ) while the net margin slightly decreased to 15 81% (-0 07 ppts QoQ) [2] - The company's automotive electronics business revenue increased by 60% YoY in the first three quarters of 2024 while consumer electronics and industrial business revenue both grew over 20% YoY [2] Financial Forecasts - The report forecasts Yangjie Technology's net profit for 2024-2026 to be 953 million RMB (+3% YoY) 1 198 billion RMB (+26% YoY) and 1 410 billion RMB (+18% YoY) respectively [2] - The EPS for 2024-2026 is projected to be 1 76 RMB 2 21 RMB and 2 60 RMB respectively with corresponding PE ratios of 29x 23x and 19x [2] - Revenue growth is expected to be 11 33% in 2024 21 01% in 2025 and 14 56% in 2026 [3] - The company's ROE is forecasted to be 10 82% in 2024 12 48% in 2025 and 13 34% in 2026 [3] Market Performance - Yangjie Technology's stock price has shown a positive trend with historical recommendations indicating a target price of 54 32 RMB [7] - The company's trading volume and stock price have been relatively stable with a current market price of 50 20 RMB [3][7] Industry Analysis - The automotive electronics market continues to grow driven by the electrification and智能化 transformation of the automotive industry [2] - There is significant potential for国产化率 improvement in the mid to low voltage power器件 market providing growth opportunities for Yangjie Technology [2] - The recovery in consumer electronics and industrial markets is expected to support the company's future performance [2]