扬杰科技（300373.SZ） 半导体 证券研究报告/公司点评报告 2024 年 10 月 23 日 扬杰科技：Q3 营收创历史新高，行业复苏&汽车业务驱动 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------|----------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 59.7 CNY, compared to the current price of 50.20 CNY [1][2]. Core Insights - The company achieved a record high quarterly revenue in Q3 2024, driven by accelerated growth in its automotive business, with a year-on-year revenue increase of 10.06% and a quarter-on-quarter increase of 1.38% [1][2]. - The gross margin improved to 33.59% in Q3 2024, reflecting a year-on-year increase of 1.31 percentage points and a quarter-on-quarter increase of 2.27 percentage points [1][2]. - The automotive electronics segment saw a significant revenue increase of 60% year-on-year for the first three quarters of 2024, indicating strong future growth potential [2]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 44.24 billion CNY, a year-on-year increase of 9.48%, with a gross margin of 31.02% [1]. - In Q3 2024, the company generated revenue of 15.58 billion CNY, with a net profit of 2.44 billion CNY, reflecting a year-on-year increase of 17.91% [1][2]. - The company’s net profit for the first three quarters of 2024 was 6.69 billion CNY, with a year-on-year increase of 8.28% [1]. Future Outlook - The company is expanding its "YJ+MCC" dual-brand strategy to enhance its presence in overseas markets, particularly in the high-margin power market [2]. - The company is enhancing its IDM (Integrated Device Manufacturer) system, which is expected to yield significant revenue growth from new high-value products in the future [2]. - The revenue forecast for the company has been adjusted for 2024-2026, with expected net profits of 9.53 billion CNY in 2024, 11.58 billion CNY in 2025, and 14.27 billion CNY in 2026 [2][3].

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [7]. Core Insights - The company has achieved record revenue in Q3 2024, with a year-on-year growth of 10.06%, reaching 1.558 billion yuan. The net profit attributable to shareholders increased by 17.91% year-on-year to 244 million yuan [1][3]. - The automotive electronics business is experiencing significant growth, with a 60% year-on-year revenue increase in the first three quarters of 2024. The consumer electronics and industrial markets also showed over 20% growth in revenue [1][3]. - The company is focusing on a dual-brand strategy ("MCC+YJ") and expanding its global market presence, particularly in the automotive sector and renewable energy applications [1][3]. Financial Performance - For the fiscal year 2024, the company is projected to generate revenue of 6.048 billion yuan, with a year-on-year growth rate of 11.8%. The net profit is expected to be 946 million yuan, reflecting a growth rate of 2.3% [4][6]. - The gross margin is anticipated to improve to 31.2% in 2024, up from 30.3% in 2023, driven by cost reduction strategies and the introduction of high-value products [4][6]. - The company's total assets are projected to reach 13.802 billion yuan by 2024, with a debt-to-asset ratio of 32.6% [6]. Strategic Initiatives - The company is actively investing in the development of third-generation semiconductor chips and aims to establish a comprehensive supply chain for power semiconductor devices [1][3]. - A new subsidiary in Vietnam is being established to enhance overseas supply capabilities and expand international business operations [1][3]. - The company is accelerating the construction of its factory in Vietnam, expected to commence production by the end of 2024 or early 2025 [1][3].

Investment Rating - The report maintains a "Buy" rating for Yangjie Technology (300373 SZ) with a target price range of 54 32 to 54 32 RMB [7] Core Views - Yangjie Technology achieved steady growth in revenue and net profit in 3Q24 with revenue of 4 423 billion RMB (+9 48% YoY) and net profit of 669 million RMB (+8 28% YoY) [2] - The company's Q3 revenue reached 1 558 billion RMB (+10 06% YoY +1 38% QoQ) with net profit of 244 million RMB (+17 91% YoY -0 03% QoQ) [2] - The semiconductor market demand is gradually improving with strong demand in the automotive electronics sector and recovery in industrial and consumer electronics [2] - Yangjie Technology's gross margin improved to 33 59% in 3Q24 (+2 27 ppts QoQ) while the net margin slightly decreased to 15 81% (-0 07 ppts QoQ) [2] - The company's automotive electronics business revenue increased by 60% YoY in the first three quarters of 2024 while consumer electronics and industrial business revenue both grew over 20% YoY [2] Financial Forecasts - The report forecasts Yangjie Technology's net profit for 2024-2026 to be 953 million RMB (+3% YoY) 1 198 billion RMB (+26% YoY) and 1 410 billion RMB (+18% YoY) respectively [2] - The EPS for 2024-2026 is projected to be 1 76 RMB 2 21 RMB and 2 60 RMB respectively with corresponding PE ratios of 29x 23x and 19x [2] - Revenue growth is expected to be 11 33% in 2024 21 01% in 2025 and 14 56% in 2026 [3] - The company's ROE is forecasted to be 10 82% in 2024 12 48% in 2025 and 13 34% in 2026 [3] Market Performance - Yangjie Technology's stock price has shown a positive trend with historical recommendations indicating a target price of 54 32 RMB [7] - The company's trading volume and stock price have been relatively stable with a current market price of 50 20 RMB [3][7] Industry Analysis - The automotive electronics market continues to grow driven by the electrification and智能化 transformation of the automotive industry [2] - There is significant potential for国产化率 improvement in the mid to low voltage power器件 market providing growth opportunities for Yangjie Technology [2] - The recovery in consumer electronics and industrial markets is expected to support the company's future performance [2]

30.00 35.00 40.00 45.00 50.00 55.00 60.00 成交金额 扬杰科技 沪深300 扬杰科技 (300373.SZ) 3Q24 收入、利润稳健增长, 业绩简评 2024 年 10 月 22 日晚间公司披露 2024 年三季报，2024 年前三 季度公司实现营收 44.23 亿元，同比增长 9.48%；实现归母净利 润 6.69 亿元，同比+8.28%。其中，Q3 单季度实现营收 15.58 亿 元，同比增长 10.06%，环比+1.38%；实现归母净利润 2.44 亿元， 同比+17.91%，环比-0.03%；实现扣非后的归母净利润 2.31 亿元， 同比+13.74%，环比-1.30%。 经营分析 半导体市场需求逐步改善，公司收入规模稳健增长。2024 年前三 季度国内汽车电子行业需求持续旺盛，工业和消费类需求开始逐 步改善，公司顺应市场需求持续优化下游结构及产品结构，积极开 拓海内外市场与客户。公司秉持成本领先的战略，持续推进降本增 效，成效明显，2024 年前三季度公司毛利率实现稳步上升。3Q24 公司单季度的销售毛利率为 33.59%，环比提升 2.27 pcts，销售 ...

Summary of Conference Call Company and Industry - The conference call primarily discusses the automotive semiconductor industry, focusing on the company's developments in automotive-grade products and their market strategies. Key Points and Arguments Automotive Semiconductor Development - The company has been working on automotive-grade products since 2017, achieving compliance with automotive standards by 2020, and began receiving automotive orders around 2022 [1] - The automotive business is still a small part of the company's overall revenue, indicating a need for continuous improvement in product capabilities and management [1] - Future strategies include expanding product lines to include a variety of automotive components, not just single products, to meet diverse customer needs [1] - Cost reduction is a critical demand in the automotive sector, requiring high efficiency and stringent cost control [1] Market Growth and Customer Expansion - The automotive business is expected to experience high growth over the next two to three years, driven by previously accumulated customer orders and product introductions [1] - The domestic market for imported substitutes is significant, and the company is also expanding its overseas market presence [1] - The company has established relationships with major automotive manufacturers, but the volume of orders is still relatively small, indicating room for growth [1] Profitability and Margin Outlook - The company is optimistic about maintaining higher profit margins in the automotive sector compared to other applications due to the high barriers to entry and product reliability requirements [1] - Despite competitive pressures in the market, the company believes that automotive products will not face the same level of price erosion as other sectors [1] Industry Trends and Economic Outlook - The overall market structure remains stable, with automotive and industrial sectors showing growth, while the solar energy sector has seen a decline [1] - The company anticipates a gradual recovery in the solar energy market, potentially starting in the second half of the following year [1] Production Capacity and Expansion Plans - The company is currently operating at full capacity in most sectors, with plans for expansion primarily focused on automotive-related production lines [1] - A new factory in Vietnam is set to begin operations, which will contribute to increased production capacity [1] Competitive Landscape - The company is well-positioned to benefit from the exit of some international competitors from the domestic market, allowing for increased market share [1] - The domestic automotive semiconductor market is expected to see increased penetration of local products, with a gradual rise in market share over the coming years [1] Future Investment and M&A Strategy - The company is focused on strategic investments that complement its core business and enhance market share, particularly in automotive and new technology sectors [1] Conclusion - The company maintains a positive outlook on its growth trajectory, emphasizing steady performance without significant volatility, and is committed to enhancing its product offerings and market presence [1] Additional Important Content - The company highlighted the importance of maintaining high product quality and reliability in the automotive sector, as failures can lead to significant reputational damage [1] - The discussion included insights on the competitive dynamics in the semiconductor market, particularly regarding pricing pressures and the need for cost-effective solutions [1]

扬州扬杰电子科技股份有限公司 2024 年第三季度报告 证券代码：300373 证券简称：扬杰科技 公告编号：2024-056 扬州扬杰电子科技股份有限公司 2024 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 1 扬州扬杰电子科技股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | --- | --- | --- | --- | --- | |------------------------------------------------------|-------------------|----------------------- ...

扬州扬杰电子科技股份有限公司 关于获得政府补助的公告 证券代码：300373 证券简称：扬杰科技 公告编号：2024-055 公司本次收到的政府补助系与资产相关，确认为"递延收益"，具体会计处 理以会计师事务所审计确认的结果为准。 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。 一、获得补助的基本情况 扬州扬杰电子科技股份有限公司（以下简称"公司"或"扬杰科技"）于近 日收到与资产相关的政府补助资金 22,888,774.00 元，占公司 2023 年度经审计净 资产的 0.28%，具体情况如下： | 获得补 | | 补助 | 收到 | | | | 是否与公 | 与资产 | 是否 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 助的主 | 提供补助的主体 | 原因 | 补助 | 补助 | 补助金额 | 补助依 | 司日常经 | 相关/ | 具有 | | 体 | | 或项 | 时间 | 形式 | （万元） | 据 | 营活动相 | 与收益 | 可持 | | | | 目 | | | ...

证券代码：300373 证券简称：扬杰科技 公告编号：2024-054 扬州扬杰电子科技股份有限公司 2024 年半年度权益分派实施公告 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。 特别提示： 2、本次权益分派实施后，根据股票市值不变的原则，按总股本（含回购股 份）折算每 10 股现金分红金额=本次现金分红总额/公司总股本（含回购股份） *10=140,607,163.32 元/543,347,787 股*10=2.587793 元/股（保留六位小数，最后 一位直接截取，不四舍五入）。本次权益分派实施后的除权除息价格=权益分派股 权登记日收盘价-0.2587793 元/股。 一、股东大会审议通过利润分配方案等情况 1、公司于 2024 年 9 月 13 日召开 2024 年第二次临时股东大会，审议通过了 公司 2024 年半年度利润分配方案，具体内容如下：以截至 2024 年 8 月 21 日扣 除回购专户中已回购股份后的总股本 540,796,782 股为基数，向全体股东每 10 股 派发现金红利 2.60 元（含税），合计派发现金股利 140,607, ...

江苏泰和律师事务所 关于扬州扬杰电子科技股份有限公司 2024 年第二次临时股东大会的 法律意见书 法律意见书 法律意见书 江苏泰和律师事务所 关于扬州扬杰电子科技股份有限公司 2024 年第二次临时股东大会的 法律意见书 致：扬州扬杰电子科技股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》（以下简称"《公 司法》"）、中国证券监督管理委员会《上市公司股东大会规则》（2022 年修订） （以下简称"《股东大会规则》"）等法律、法规、规范性文件和《扬州扬杰电子 科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定，江苏泰和律师 事务所（以下简称"本所"）接受扬州扬杰电子科技股份有限公司（以下简称"公 司"）的委托，指派颜爱中律师、唐勇律师（以下称"本所律师"）对公司 2024 年第二次临时股东大会（以下简称"本次股东大会"、"会议"）进行见证，并依 法出具本法律意见书。 本所律师根据《股东大会规则》第五条的要求，出席了本次股东大会并按照 律师行业公认的业务标准、道德规范和勤勉尽责精神，对与本次股东大会召开有 关的文件和事实进行了核查和验证。 一、本次股东大会的召集和召开程序 2024 ...