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扬杰科技最新股东户数环比下降11.29%
Group 1 - The core point of the article highlights that Yangjie Technology has seen a significant decrease in the number of shareholders, with a reduction of 7,000 shareholders, representing a decline of 11.29% compared to the previous period [2] - As of the latest report, Yangjie Technology's stock price closed at 66.88 yuan, down 1.23%, with a cumulative decline of 1.92% since the concentration of shares began [2] - The company's semi-annual report indicates that it achieved an operating income of 3.455 billion yuan, a year-on-year increase of 20.58%, and a net profit of 601 million yuan, reflecting a year-on-year growth of 41.55% [2] Group 2 - The basic earnings per share for the company is reported at 1.1200 yuan, with a weighted average return on equity of 6.63% [2] - In terms of institutional ratings, the stock has received buy ratings from seven institutions in the past month, with Huachuang Securities setting the highest target price at 72.90 yuan as of August 22 [2]
扬杰科技(300373) - 关于公司GDR存托人变更完成的公告
2025-09-15 08:20
扬州扬杰电子科技股份有限公司 关于公司 GDR 存托人变更完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整,没有虚 假记载、误导性陈述或重大遗漏。 扬州扬杰电子科技股份有限公司(以下简称"公司")于2025年5月30日召开 第五届董事会第十六次会议,审议通过了《关于变更公司GDR存托人的议案》, 鉴于公司发展需要,公司在瑞士证券交易所发行的全球存托凭证(以下简称 "GDR")拟进行存托人变更,由原存托人Citibank, National Association变更为中 国银行(香港)有限公司(以下简称"新存托人")。具体内容请见公司于2025 年5月31日在在巨潮资讯网(www.cninfo.com.cn)披露的《关于变更公司GDR存 托人的公告》(公告编号:2025-044)。 证券代码:300373 证券简称:扬杰科技 公告编号:2025-073 近日,公司及新存托人已根据《深圳证券交易所与境外证券交易所互联互通 存托凭证上市交易暂行办法》等法律法规、规范性文件的规定完成了变更相关备 案登记手续,并签署了新存托协议,实施变更日为2025年9月12日。自2025年9 月12日起,中国银 ...
扬杰科技(300373):现金收购贝特电子100%股权,内生与外延增长并进
Guoxin Securities· 2025-09-15 07:49
Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][3][22] Core Views - The company plans to acquire 100% equity of Better Electronics for a cash payment of 2.218 billion RMB, with performance commitments set for the years 2025-2027, requiring a cumulative net profit of no less than 555 million RMB [4][5] - Better Electronics is expected to achieve revenues of 837 million RMB and a net profit of 148 million RMB in 2024, with a strong growth trajectory anticipated [10][12] - The acquisition is expected to enhance the product matrix and customer competitiveness of the company, benefiting from Better Electronics' established market presence and product offerings [5][14][18] Summary by Sections Acquisition Details - The acquisition will be executed in three phases, with the first phase involving a payment of 30% of the transfer price (665 million RMB) [6] - The performance commitment includes achieving a total net profit of 555 million RMB from 2025 to 2027, with a portion of the cash (716 million RMB) used to purchase the company's stock to ensure the core team's commitment [6][22] Financial Performance - Better Electronics has shown a compound annual growth rate (CAGR) of approximately 28% in revenue and 52% in net profit from 2020 to 2024, driven by increasing demand in the new energy and photovoltaic sectors [10][12] - The company's revenue for 2024 is projected at 837 million RMB, representing a year-on-year increase of 33%, while net profit is expected to grow by 40% to 148 million RMB [10][12] Market Position - Better Electronics is a leading player in the domestic power electronics protection component sector, with a global market share of 4.3% in the fuse market as of 2022 [7][10] - The company has a strong patent portfolio with 161 patents and has established a solid customer base in various industries, including home appliances and new energy [7][10] Strategic Outlook - The acquisition is expected to positively impact the company's product matrix, overseas expansion, and profitability, reinforcing its dual-circulation business model [5][22] - The company anticipates achieving net profits of 1.24 billion RMB, 1.45 billion RMB, and 1.70 billion RMB for the years 2025 to 2027, with corresponding price-to-earnings ratios of 29.6, 25.4, and 21.6 [22][25]
扬杰科技-收购更好的熔断器以增强增长;“增持” 评级
2025-09-15 02:00
Summary of Yangjie Technology Conference Call Company and Industry Overview - **Company**: Yangjie Technology (300373.SZ) - **Industry**: Semiconductors, specifically focusing on fuses and overcurrent protection Key Points and Arguments 1. **Acquisition of Better Fuse**: - Yangjie Technology plans to acquire 100% of Better Fuse for a total of Rmb2,218 million, which includes Rmb1,432 million for 55.8% from Dongguan Beiju and Rmb786 million for the remaining 44.2% from other shareholders [2] - This acquisition is expected to align the interests of both companies' management teams, as Dongguan Beiju will reinvest Rmb716 million into Yangjie shares with a 3-year lock-up [2] 2. **Positive Outlook on Acquisition**: - The acquisition is anticipated to enhance Yangjie's revenue mix, particularly in the automotive sector, aiming for a 30% auto revenue mix by 2030 [3] - Better Fuse's overseas customer base is expected to expand through cross-selling opportunities with Yangjie customers [3] - Both companies share core values focused on quality, customer orientation, and passion [3] 3. **Revenue and Profitability Expectations**: - Yangjie expects Better Fuse to contribute approximately Rmb1 billion in revenue by 2027, with a net profit target of Rmb200 million [4] - The management anticipates Better Fuse's revenue to grow at an 11% CAGR from 2024 to 2027, with net profit growing at a 21% CAGR during the same period [10][13] 4. **Financial Projections**: - Yangjie’s EPS forecasts for 2025, 2026, and 2027 have been raised by 6%, 11%, and 21% respectively due to Better Fuse's contributions [5][20] - Revenue projections for Yangjie are Rmb7,396 million in 2025, Rmb8,831 million in 2026, and Rmb10,422 million in 2027 [21] 5. **Valuation and Price Target**: - The price target for Yangjie Technology has been raised to Rmb80, reflecting an 18% upside from the current price of Rmb67.71 [7][22] - The stock is currently trading at 21x 2026 estimated EPS, below the 5-year average of 26x [5] 6. **Market Dynamics**: - The competitive landscape for fuses and overcurrent protection is viewed as more favorable compared to power discrete components, which is expected to enhance profitability for Yangjie [4][13] - Better Fuse has a diverse product range with over 200 product series and 9,000 specifications, catering to various end markets [17] Additional Important Insights - **Synergies from Acquisition**: - Yangjie plans to invest Rmb300 million in Better Fuse's automation equipment to improve operational efficiency [19] - The integration of ERP and OA systems is expected to further enhance Better Fuse's operational performance [19] - **Risk Factors**: - The market for fuses and overcurrent protection is smaller compared to power discrete, which may limit competition but also growth potential [16] - Qualification processes for suppliers in this industry can be lengthy, creating high switching costs for customers [16] - **Long-term Growth Potential**: - Yangjie aims to leverage its existing customer base and operational efficiencies to drive growth in the automotive and overseas markets [30][31] This summary encapsulates the key insights from the conference call regarding Yangjie Technology's strategic acquisition of Better Fuse, its financial outlook, and the anticipated synergies that will enhance its market position in the semiconductor industry.
扬杰科技推22.18亿并购拓展业务 标的承诺三年扣非不低于5.55亿
Chang Jiang Shang Bao· 2025-09-14 23:19
Core Viewpoint - Yangjie Technology is accelerating its industrial layout by acquiring 100% equity of Dongguan Better Electronics Technology Co., Ltd. for a cash consideration of 2.218 billion yuan, representing a premium acquisition with an estimated value increase of 270%-283% [1][2][3] Group 1: Acquisition Details - The acquisition price for Better Electronics is set at 2.218 billion yuan, and the transaction is expected to enhance Yangjie Technology's long-term development [1][2] - Better Electronics specializes in the research, production, and sales of power electronic protection components and has over 200 product series, covering various downstream sectors such as automotive electronics and consumer electronics [2][3] - The acquisition follows a previous attempt by Better Electronics to go public, which was withdrawn in August 2024 [2][3] Group 2: Financial Performance - Better Electronics reported revenues of 837 million yuan and 218 million yuan for the fiscal years 2024 and Q1 2025, respectively, with net profits of 148 million yuan and 41.13 million yuan [3] - As of March 2025, Better Electronics had total assets of 1.024 billion yuan and total liabilities of 434 million yuan, resulting in equity of 590 million yuan [3] Group 3: Strategic Implications - The acquisition is expected to create synergies in product categories, technology research and development, downstream customers, and sales channels, enhancing the overall competitiveness of Yangjie Technology [3] - The transaction includes performance commitments, with a target net profit of no less than 555 million yuan for Better Electronics from 2025 to 2027 [1][3] Group 4: Company Growth and Market Position - Yangjie Technology has been actively expanding its asset scale, growing from 1.331 billion yuan in 2015 to 14.27 billion yuan by the end of 2024 [5] - The company achieved record revenue of 3.455 billion yuan in the first half of 2025, a year-on-year increase of 20.58%, and a net profit of 601 million yuan, up 41.55% [6] - Yangjie Technology has a strong market position in several emerging segments, ranking among the top in the global power semiconductor market [5][6]
扬杰科技(300373):Q2收入单季度新高 海外市场增长显著
Xin Lang Cai Jing· 2025-09-14 10:44
Core Insights - The company reported a total revenue of 3.455 billion yuan for the first half of 2025, representing a year-on-year growth of 20.58% [1] - Net profit attributable to shareholders reached 601 million yuan, up 41.55% year-on-year, while the net profit excluding non-recurring items was 559 million yuan, reflecting a 32.33% increase [1] - The second quarter saw record high revenue of 1.876 billion yuan, a 22.02% increase year-on-year, with net profit attributable to shareholders at 328 million yuan, up 34.40% [1] Revenue and Profit Growth - The company's Q2 revenue growth was driven by strong demand in automotive electronics, AI, and consumer electronics, supported by government subsidies [1] - The overseas business made significant progress, with the MCC Vietnam factory achieving full production capacity and a yield rate of over 99.5% for its first two packaged products [1] Product and Cost Management - The gross margin for the first half of 2025 was 33.79%, an increase of 4.16 percentage points year-on-year, attributed to product structure optimization and a higher proportion of high-value products [2] - The company maintained effective cost management, with sales, management, R&D, and financial expense ratios showing minor changes [2] SiC Business Development - The company’s investment in SiC chip manufacturing has led to significant advancements, with the introduction of third-generation SiC MOS products covering a wide voltage range [2] - The market share in the SiC MOS sector continues to grow, with applications in AI server power supplies, new energy vehicles, photovoltaics, charging stations, energy storage, and industrial power supplies [2] Future Projections - Revenue forecasts for 2025-2027 are 7.182 billion, 8.610 billion, and 10.557 billion yuan, with year-on-year growth rates of 19.04%, 19.88%, and 22.60% respectively [3] - Net profit projections for the same period are 1.249 billion, 1.550 billion, and 1.916 billion yuan, with growth rates of 24.57%, 24.13%, and 23.62% respectively [3] - The projected PE ratios for 2025-2027 are 28X, 23X, and 19X, maintaining a "buy" rating [3]
扬杰科技(300373):现金收购贝特100%股权 提升保护器件领域竞争力
Xin Lang Cai Jing· 2025-09-14 06:40
Core Insights - The company adheres to a dual-brand operation strategy, establishing a "moat" in the diode/rectifier field, becoming a global leader in this product area, and continuously expanding into automotive low-voltage power devices based on stable profitability [1][2] - The company plans to acquire 100% of Better Electronics to enhance its competitiveness in the protection device sector, with significant market share in diodes and rectifiers [2][3] - The company aims to deepen its global dual-brand layout and strengthen its core competitiveness through an IDM + Fabless model, ensuring superior product performance and cost advantages [2] Company Strategy - The company is focused on expanding its market presence in the automotive sector, particularly targeting Tier 1 customers in Europe and the U.S. [2] - The dual-brand strategy involves "YJ" targeting domestic and Asia-Pacific markets, while "MCC" focuses on the European and American markets, competing with top-tier international companies [2] - The acquisition of Better Electronics is expected to create synergies in end-use applications, enhancing the company's offerings in power electronic protection components [3] Financial Projections - Revenue projections for the company are estimated at 70.18 billion, 83.21 billion, and 100.20 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 12.28 billion, 14.47 billion, and 17.02 billion yuan for the same years [3]
扬杰科技拟22.18亿元现金收购贝特电子100%股权 布局电力电子领域
Zheng Quan Ri Bao Wang· 2025-09-13 04:17
Core Viewpoint - Yangjie Technology (300373) is making significant progress in acquiring 100% equity of Better Electronics for a cash consideration of 2.218 billion yuan, which will make Better Electronics a wholly-owned subsidiary of Yangjie Technology [1] Group 1: Acquisition Details - Yangjie Technology previously attempted to acquire Better Electronics through a share issuance and cash payment but was unable to reach an agreement, leading to the termination of that plan in July [2] - Better Electronics, established in 2003, specializes in the research, production, and sales of power electronic protection components, with applications in automotive electronics, photovoltaics, energy storage, and home appliances [2] - Better Electronics is projected to generate revenue of 837 million yuan in 2024, with a net profit of 113 million yuan, and for Q1 2025, it expects revenue of 218 million yuan and a net profit of approximately 41.71 million yuan [2] Group 2: Strategic Fit and Synergies - The main products of Better Electronics are power electronic protection components, which overlap with Yangjie Technology's over-voltage protection products, creating potential synergies in end-use applications [3] - The acquisition aligns with Yangjie Technology's strategic direction, enhancing its capabilities in power devices and providing a comprehensive service for current and voltage management [3] Group 3: Performance Commitments - The equity of Better Electronics is valued at 2.22 billion yuan as of the assessment date, with a significant appreciation rate of 270.46% compared to the book value of shareholders' equity [4] - The acquisition includes performance commitments, requiring Better Electronics to achieve a net profit of no less than 555 million yuan from 2025 to 2027, with provisions for management incentives and performance compensation if targets are not met [4] Group 4: Market Outlook and Expert Opinions - The automotive electronics and energy storage sectors are experiencing rapid growth, and Better Electronics has established a strong customer base in these areas, indicating potential for performance growth [5] - Post-acquisition, Yangjie Technology can enhance its competitiveness in high-growth markets and create a dual competitive advantage in "power chips + circuit protection" [5] - Better Electronics will benefit from Yangjie Technology's financial, technical, and market resources, aiding in scaling production and enhancing R&D capabilities [5]
扬杰科技22亿现金“死磕”贝特电子 这家IPO失败公司有什么魅力?
Guo Ji Jin Rong Bao· 2025-09-12 13:30
Core Viewpoint - Yangjie Technology is set to acquire 100% equity of Better Electronics for a cash consideration of 2.218 billion yuan, indicating a significant premium over its previous valuation [2][3]. Group 1: Acquisition Details - The acquisition price of 2.218 billion yuan represents a valuation increase of 270.46% compared to the assessed value of Better Electronics' equity [4]. - Better Electronics has shown stable revenue growth, with revenues of 449 million yuan, 561 million yuan, and 627 million yuan from 2021 to 2023, and net profits of approximately 33.92 million yuan, 90.25 million yuan, and 110 million yuan during the same period [3][4]. - The company has set performance commitments, ensuring that Better Electronics achieves a net profit of no less than 555 million yuan from 2025 to 2027 [4]. Group 2: Strategic Rationale - The acquisition aims to enhance Yangjie Technology's product and technology portfolio, strengthening its position in the power electronics sector [5]. - The integration is expected to provide a comprehensive range of products and services, improving customer value and competitive edge [5]. - Post-acquisition, Yangjie Technology anticipates significant growth in revenue and profitability metrics [5]. Group 3: Transaction Challenges - The acquisition process has faced challenges, including a shift from a share issuance and cash payment model to a purely cash-based acquisition due to market conditions [6]. - The number of transaction parties was reduced from 67 to 6, indicating a streamlined negotiation process [6]. - The initial plan was terminated as the parties could not reach an agreement on the share issuance terms, prompting a reevaluation of the acquisition strategy [6].
扬杰科技22亿现金“死磕”贝特电子,这家IPO失败公司有什么魅力?
Guo Ji Jin Rong Bao· 2025-09-12 13:28
Core Viewpoint - Yangjie Technology is set to acquire 100% equity of Better Electronics for a cash consideration of 2.218 billion yuan, indicating a significant premium over its previous valuation [1][3]. Group 1: Acquisition Details - The acquisition price of 2.218 billion yuan represents a premium of over 270% compared to Better Electronics' previous valuation [3]. - Better Electronics had previously been listed on the New Third Board and attempted an IPO in 2023, which was later withdrawn in 2024 [3][4]. - The company specializes in the research, production, and sales of power electronic protection components, including fuses and thermal protectors [3]. Group 2: Financial Performance - Better Electronics reported revenues of 449 million yuan, 561 million yuan, and 627 million yuan from 2021 to 2023, with net profits of approximately 33.92 million yuan, 90.25 million yuan, and 110 million yuan respectively [3][4]. - The company achieved a significant increase in net profit in 2022, with stable growth in 2024 and the first quarter of 2025, projecting net profits of 148.46 million yuan and 41.13 million yuan respectively [4][6]. - An earnings commitment has been set, requiring Better Electronics to achieve a total net profit of no less than 555 million yuan from 2025 to 2027 [4]. Group 3: Strategic Rationale - The acquisition is expected to enhance Yangjie Technology's product and technology portfolio, strengthening its position in the power electronics sector [5]. - The synergy between Yangjie Technology and Better Electronics is anticipated to improve customer offerings and competitive advantage in the market [5]. - Post-acquisition, Yangjie Technology expects to see significant growth in revenue and profitability metrics [6]. Group 4: Transaction Challenges - The acquisition process faced delays, initially planned as a share issuance and cash payment, which was later changed to a pure cash acquisition due to market conditions and negotiation challenges [7]. - The number of transaction parties was reduced from 67 to 6, indicating a streamlined approach to finalize the acquisition [7].