Yangjie Technology(300373) 国信证券·2024-05-06 01:33Investment Rating - The investment rating for the company is "Buy" [1][4]. Core Views - The company reported a year-on-year increase of 4.22% in net profit attributable to the parent company for Q1 2024. The main product segments include materials (monocrystalline silicon rods, wafers, epitaxial wafers), wafers (various chip sizes), and packaging devices (MOSFETs, IGBTs, SiC products, rectifiers, protection devices, and small signal products) [1]. - In Q1 2024, the company achieved revenue of 1.33 billion yuan (YoY +1.3%, QoQ -3.0%) and a net profit of 188 million yuan (YoY +4.22%, QoQ +107.8%). The gross margin was 27.7% (YoY -3.04 percentage points, QoQ -0.79 percentage points) [1]. - The company is experiencing a gradual improvement in production line utilization, with increasing demand from automotive and photovoltaic customers. Inventory levels have decreased as demand in the consumer and industrial markets recovers [1]. - The company’s overseas revenue for 2023 was 1.2 billion yuan (22.5% of total revenue), which is expected to enter a growth phase in 2024 as inventory levels decrease. However, overseas revenue saw a year-on-year decline of 27% in 2023 due to inventory adjustments [1]. - The company has increased its R&D investment by 22% year-on-year in 2023, focusing on the rapid iteration of MOSFETs, IGBTs, and SiC products [1]. Financial Forecasts - The company’s revenue is projected to grow from 5.41 billion yuan in 2023 to 6.13 billion yuan in 2024, representing a growth rate of 13.3% [2][6]. - The net profit is expected to remain stable at 930 million yuan in 2024, with a slight increase to 1.027 billion yuan in 2025 and 1.176 billion yuan in 2026 [2][6]. - The earnings per share (EPS) is forecasted to be 1.71 yuan in 2024, increasing to 1.89 yuan in 2025 and 2.17 yuan in 2026 [2][6]. - The company’s price-to-earnings (P/E) ratio is projected to be 22.2 in 2024, decreasing to 20.1 in 2025 and 17.5 in 2026 [2][6].