Yangjie Technology(300373) 天风证券·2025-04-13 08:23Investment 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 experiencing a recovery in downstream demand, leading to an 11.53% year-on-year increase in revenue to 60.33 billion CNY in 2024, and an 8.5% increase in net profit to 10.02 billion CNY [1][17]. - The automotive electronics segment has seen revenue growth exceeding 60%, while both industrial and consumer electronics have grown over 20% [1][17]. - Strategic acquisitions since 2015 have enhanced the company's competitive edge by integrating the supply chain and upgrading technology [2][19]. - The planned acquisition of Better Electronics aims to strengthen the company's position in the power electronics protection sector, enhancing product offerings and customer service capabilities [3][23]. Summary by Sections Downstream 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 [1][16]. - The company has developed a comprehensive product line in power semiconductor devices, including MOSFETs and IGBTs, with applications across various sectors such as consumer electronics, automotive electronics, and renewable energy [12][16]. Acquisition and Product Matrix Expansion - The company has made several strategic acquisitions to enhance its product matrix and technological capabilities, including the acquisition of Chu Wei Semiconductor and the planned acquisition of Better Electronics [2][3][19]. - These acquisitions are expected to create synergies that will improve the company's comprehensive service capabilities in the power electronics sector [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 [3][34]. - Revenue is projected to reach 72.69 billion CNY in 2025, with a compound annual growth rate driven by recovery in downstream demand and ongoing product development [3][34].