Yangjie Technology(300373) 申万宏源·2024-04-25 10:31Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company achieved a revenue of 5.41 billion yuan in 2023, with a year-over-year growth of 0.12%. However, the net profit attributable to shareholders decreased by 12.85% to 924 million yuan [4]. - The company has a strong compound annual growth rate (CAGR) of over 35% in net profit from 2018 to 2023, despite a decline in gross margin to 30.26% in 2023, down 6.03 percentage points year-over-year [4]. - The company is expected to see a short-term recovery as overseas inventory depletion nears its end, with anticipated growth in the second half of 2024 [4]. - The company has established a global presence with 12 sales and technical service centers in countries including the USA, South Korea, Japan, India, and Singapore, and aims to enhance its international market capabilities [4]. - The company has launched 25 new products in 2023, including high-performance IGBT products and SiC MOSFETs, and plans to complete mass production of domestically developed SiC modules by 2025 [4]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 54.10 billion yuan, with a net profit of 9.24 billion yuan, and a gross margin of 30.26% [4][6]. - The company’s revenue is projected to grow to 64.90 billion yuan in 2024, with a year-over-year growth rate of 20% [6][7]. - The net profit is expected to recover to 993 million yuan in 2024, reflecting a growth of 7.4% [6][7]. Market Strategy - The company employs a "dual-brand" strategy, targeting the Chinese and Asia-Pacific markets with the "YJ" brand and the European and American markets with the "MCC" brand [4]. - The establishment of a subsidiary in Vietnam aims to serve international customers and enhance manufacturing capabilities [4]. Product Development - The company has accelerated the development of third-generation semiconductor products, with significant advancements in SiC technology [4]. - The company has received testing and cooperation intentions from several Tier 1 automotive suppliers for its newly developed SiC modules [4].