Yangjie Technology(300373) 中邮证券·2025-04-11 09:02Investment Rating - The report maintains a "Buy" rating for Yangjie Technology (300373) [2] Core Insights - The company achieved a revenue of 6.033 billion yuan in 2024, representing a year-on-year growth of 11.53%. The net profit attributable to shareholders reached 1.002 billion yuan, up 8.50% year-on-year, while the net profit excluding non-recurring items was 0.953 billion yuan, showing a significant increase of 35.43% [5][6] - The automotive electronics business has shown strong growth, with revenue increasing by over 60% year-on-year. The company has successfully entered mass production for several automotive electronic products, indicating robust demand in the market [7] - The planned acquisition of Better Electronics is expected to create synergies, leveraging the company's existing capabilities in power devices to expand into protection devices, particularly in the renewable energy sector [8] Summary by Sections Company Overview - Latest closing price: 42.99 yuan - Total shares/ circulating shares: 5.43 billion / 5.42 billion - Total market value/ circulating market value: 23.4 billion / 23.3 billion - 52-week high/ low: 54.48 / 33.40 - Debt-to-asset ratio: 35.8% - Price-to-earnings ratio: 23.24 - Largest shareholder: Jiangsu Yangjie Investment Co., Ltd. [4] Financial Performance - In Q4 2024, the company reported revenue of 1.610 billion yuan, a year-on-year increase of 17.57% and a quarter-on-quarter increase of 3.30%. The net profit attributable to shareholders for the same quarter was 0.333 billion yuan, up 8.93% year-on-year and 36.47% quarter-on-quarter [6] Future Projections - The company is projected to achieve revenues of 7.05 billion, 8.22 billion, and 9.47 billion yuan in 2025, 2026, and 2027, respectively. The net profits attributable to shareholders are expected to be 1.21 billion, 1.45 billion, and 1.70 billion yuan for the same years [9]