Yangjie Technology(300373) 天风证券·2025-04-13 05:19Investment Rating - The report assigns a "Buy" rating for the company with a target price of 64.68 CNY per share, based on a projected PE of 28 times for 2025 [6][34]. Core Insights - The company is expected to achieve revenue of 60.33 billion CNY in 2024, representing a year-on-year growth of 11.53%, and a net profit of 10.02 billion CNY, up 8.5% [3][17]. - The automotive electronics segment has seen revenue growth exceeding 60%, while both industrial and consumer electronics have grown over 20% [3][17]. - The company has been actively acquiring other firms to enhance its product matrix and achieve synergies, particularly in the power electronics sector [2][19]. Summary by Sections Demand Recovery and Profitability Improvement - The company employs a multi-brand strategy with a focus on domestic and Asia-Pacific markets for the YJ brand and the MCC brand targeting Europe and the US, achieving global market coverage [12][16]. - The company has developed a comprehensive product line including power semiconductor devices, MOSFETs, IGBTs, and rectifiers, which are widely used in various sectors such as consumer electronics, security, industrial control, automotive electronics, and new energy [12][16]. Acquisition and Product Matrix Expansion - Since 2015, the company has made strategic acquisitions to integrate its supply chain and enhance technological capabilities, forming a core competitive advantage in the power semiconductor industry [2][19]. - The planned acquisition of Better Electronics aims to strengthen the company's position in the power electronics protection field, enhancing product offerings and customer service capabilities [3][23]. Financial Projections - The company forecasts net profits of 12.56 billion CNY, 14.85 billion CNY, and 17.28 billion CNY for 2025, 2026, and 2027 respectively, with revenues projected at 72.69 billion CNY, 84.59 billion CNY, and 96.26 billion CNY for the same years [3][34]. - The report highlights a significant expected growth in the global market for silicon carbide devices, projected to reach 6.297 billion USD by 2027, with a compound annual growth rate of 34% [18].