Yangjie Technology(300373) 东海证券·2025-04-07 10:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 6.0338 billion yuan in 2024, representing a year-over-year increase of 11.53%, and a net profit attributable to shareholders of 1.002 billion yuan, up 8.50% year-over-year [6] - The fourth quarter of 2024 saw a record revenue of 1.610 billion yuan, a year-over-year increase of 17.57%, and a net profit of 333 million yuan, reflecting a year-over-year increase of 8.93% [6] - The strong performance is attributed to robust demand in the automotive electronics sector, recovery in overseas markets, and effective cost control measures [6] - The company plans to acquire Better Electronics to enhance its product offerings in power electronic protection devices, which aligns with its existing business [6][7] Summary by Sections Financial Performance - In 2024, the company achieved a comprehensive gross margin of 33.08%, an increase of 2.82 percentage points year-over-year [6] - The company expects revenues of 7.0868 billion yuan, 8.2646 billion yuan, and 9.5187 billion yuan for 2025, 2026, and 2027 respectively [7] - The projected net profits for the same years are 1.229 billion yuan, 1.478 billion yuan, and 1.736 billion yuan [7] Market Dynamics - The automotive electronics segment has seen a significant increase in revenue, growing over 60% year-over-year, driven by a surge in orders and the company's IDM model [6] - The overseas market showed a recovery in the second half of 2024, contributing to an overall growth rate that exceeded the company's average [6] Operational Efficiency - The company has maintained high production line utilization rates and is expanding its production capacity, with a new SiC chip production line launched in 2024 [6] - The implementation of a lean operation system has improved labor efficiency by 14% year-over-year and equipment utilization by 8.2% [6] Strategic Initiatives - The planned acquisition of Better Electronics is expected to create synergies with the company's existing product lines and enhance its market position [6][7]