Yangjie Technology(300373) 开源证券·2024-04-24 07:00Investment Rating - The report maintains a "Buy" rating for Yangjie Technology (300373 SZ) [2] Core Views - Yangjie Technology showed significant recovery in Q4 2023, with a focus on automotive electronics and third-generation semiconductors [1] - The company achieved revenue of 5 41 billion yuan in 2023, a slight increase of 0 12% YoY, but net profit attributable to shareholders decreased by 12 85% YoY to 924 million yuan [5] - Q4 2023 revenue reached 1 369 billion yuan, up 38 92% YoY, with net profit attributable to shareholders surging 130 95% YoY to 306 million yuan [5] - The company is expected to achieve net profit attributable to shareholders of 1 018 billion yuan in 2024, 1 36 billion yuan in 2025, and 1 668 billion yuan in 2026 [5] Business Development - Yangjie Technology is expanding its presence in key downstream sectors such as industrial control and photovoltaic inverters, with rapid growth in IGBT module market share [6] - The company has successfully developed and launched 1200V 160A, 650V 400A, and 450A three-level IGBT modules for the photovoltaic sector [6] - In third-generation semiconductors, the company has developed and launched G1 and G2 series SiC MOS products, with 1200V platform products achieving international-level performance [6] - The company has developed samples of automotive SiC modules and has received testing and cooperation intentions from multiple Tier1 suppliers and terminal automakers, with plans for mass production by 2025 [6] - In automotive electronics, the company has successfully passed vehicle-grade reliability verification for 8-inch and 12-inch G2 platform 40V SGT MOSFET chips, with some products entering mass production [6] Financial Performance - Yangjie Technology's gross margin in 2023 was 30 26%, a decrease of 6 03 percentage points YoY [5] - The company's Q4 2023 gross margin was 28 46%, down 8 67 percentage points YoY and 3 82 percentage points QoQ [5] - The company's EPS is expected to be 1 87 yuan in 2024, 2 50 yuan in 2025, and 3 07 yuan in 2026 [5] - The current PE ratio is 19 2x for 2024, 14 4x for 2025, and 11 7x for 2026 [5] Market Performance - As of April 23, 2024, Yangjie Technology's stock price was 36 05 yuan, with a total market capitalization of 19 576 billion yuan [4] - The stock's 52-week high and low were 47 87 yuan and 32 48 yuan, respectively [4] - The company's turnover rate over the past three months was 115 58% [4]