证券代码：300373 证券简称：扬杰科技 公告编号：2024-053 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决议公告 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： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更前次股东大会决议的情形。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间 （1）现场会议时间：2024 年 9 月 13 日（星期五）下午 14:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为 2024 年 9 月 13 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易 所互联网投票系统进行网络投票的具体时间为 2024 年 9 月 13 日 9：15-15：00。 2、现场会议召开地点：江苏省扬州市邗江区新甘泉路 68 号扬杰科技 5 号厂 区办公楼三楼会议室。 3、会议召开方式：本次股东大会采取现场表决和网络投票相结合的方式召 开。 4、会议召集人：公司董事会。 5、会议主持人：公司董事长梁勤女士。 会议的召 ...

上 市 公 司 电子 证 券 研 究 报 告 2024 年 09 月 01 日 扬杰科技 (300373) ——2Q24 业绩超预期，汽车电子业务稳步推进 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 36.35 | | 一年内最高/最低（元） | 45.00/32.48 | | 市净率 | 2.4 | | 息率（分红/股价） | 1.65 | | 流通 A 股市值（百万元） | 19,707 | | 上证指数 / 深证成指 | 2,842.21/8,348.48 | | | | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | | 15.33 | | 每股净资产（元） | | | 资产负债率 % | 34.03 | | 总股本/ ...

公 司 研 究 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn [Table_QuotePic] -25% -16% -7% 2% 11% 20% 29% 38% 23-08 23-11 24-02 24-05 扬杰科技 沪深300 [相关研究 Table_Report] 1.扬杰科技（300373）：2023Q4业绩 向好，产品结构优化及产能扩张并行 ——公司简评报告 2.扬杰科技（300373）：功率半导体 IDM国内领先，业务聚焦新能源高启 在即——公司深度报告 3.新能源打开IGBT天花板，新产能蓄 力国产企业新台阶——半导体行业 深度报告（三） 公 司 简 评 电 子 [数据日期 Table_cominfo] 2024/08/28 收盘价 34.75 总股本(万股) 54,301 流通A股/B股(万股) 54,189/0 资产负债率(%) 34.03% 市净率(倍) 2.16 净资产收益率(加权) 5.03 12个月内最高/最低价 45.00/32.48 [扬杰 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [12]. Core Views - The company is experiencing a short-term performance pressure, but several new products are set to enter mass production, indicating potential for growth [1]. - The overseas business is recovering, and the semiconductor industry is expected to see a rebound, leading to stable growth in H1 2024 [2]. - The company is actively promoting its products in various markets, including industrial, photovoltaic energy storage, new energy vehicles, and artificial intelligence, resulting in increased orders and shipments [4]. - The company is accelerating the construction of its Vietnam factory and expanding its overseas presence, which is expected to enhance its market share and brand recognition [4]. - The semiconductor demand is showing a mild recovery, particularly in automotive electronics and consumer electronics, which is anticipated to drive the company's growth [4]. Financial Summary - In H1 2024, the company achieved revenue of 2.865 billion yuan, a year-on-year increase of 9.16%, and a net profit of 425 million yuan, up 3.43% year-on-year [3]. - The company's gross margin for H1 2024 was 29.63%, with a net margin of 14.75% [4]. - The company expects its net profit for 2024 to be 975 million yuan, with EPS projected at 1.79 yuan per share [6][8].

证 券 研 究 报 告 扬杰科技（300373）2024 年半年报点评 强推（维持） 24Q2 业绩稳健增长，国际化业务持续推进 目标价：45.3 元 当前价：34.33 元 事项： ❖ 2023 年 8 月 22 日，公司发布 2024 年半年度报告： ❖ 1）2024H1：公司实现营业收入 28.65 亿元，同比+9.16%；毛利率 29.63%，同 比-0.48pct；归母/扣非归母净利润 4.25/4.22 亿元，同比+3.43/+3.04%； ❖ 2）2024Q2：公司实现营业收入 15.37 亿元，同比/环比+16.96/+15.75%；毛利 率 31.32%，同比/环比+1.80/+3.65pct；归母净利润 2.44 亿元，同比/环比 +6.75/+35.36%；扣非归母净利润 2.34 亿元，同比/环比+2.11/+24.66%。 评论： ❖ 行业周期回暖叠加产品结构优化，24Q2 公司业绩同环比提升。受益于国内汽 车+消费电子需求旺盛，工业市场逐渐修复，海外市场去库存阶段结束，公司 2024H1 实现营业收入 28.65 亿元，同比+9.16%，其中半导体器件、半导体芯 片、半导体硅片业务 ...

证券研究报告：电子 | 公司点评报告 2024 年 8 月 27 日 公司基本情况 总市值/流通市值（亿元）191 / 191 52 周内最高/最低价 44.36 / 32.82 资产负债率(%) 31.2% 市盈率 20.25 第一大股东 江苏扬杰投资有限公司 股票投资评级 买入|维持 个股表现 -22% -16% -10% -4% 2% 8% 14% 20% 26% 32% 2023-08 2023-11 2024-01 2024-03 2024-06 2024-08 扬杰科技 电子 资料来源：聚源，中邮证券研究所 最新收盘价（元） 35.23 总股本/流通股本（亿股）5.43 / 5.42 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:万玮 SAC 登记编号:S1340123050022 Email:wanwei@cnpsec.com 扬杰科技(300373) 单季度营收历史新高，持续发力汽车电子 ⚫ 事件 公司发布 2024 年半年报，上半年实现营收 28.65 亿元，同比增 长 9.16%；实现归母净利润 4.25 ...

证券研究报告 | 2024年08月26日 扬杰科技（300373.SZ） 优于大市 2Q24 毛利率环比提升 3.65pct，海外库存去化结束 公司 2Q24 营收、毛利率及扣非归母净利润均实现环比提升。公司主营产品 主要分为三大板块：材料板块（单晶硅棒、硅片、外延片）、晶圆板块（5 吋、6 吋、8 吋等各类芯片）及封装器件板块（MOSFET、IGBT、SiC 系列产品、 整流器件、保护器件、小信号及其他产品系列等），随需求回暖，公司 2Q24 年营收 15.4 亿元(YoY +17.0%，QoQ+15.8%)，扣非归母净利润 2.34 亿元 (YoY+2.1%，QoQ+24.66%)，毛利率 31.32%(YoY+1.80pct，QoQ+3.65pct)。 汽车份额渗透叠加工业、消费需求回暖推动营收增长，成本端逐步优化。1H24 公司在国内汽车电子应用中份额渗透，在消费电子应用端需求旺盛，工业市 场逐步改善，因此随下游温和复苏，上半年公司半导体器件收入同比增长 11.3%。在成本优化方面，公司直接人效同比提升 11%，设备综合利用率同比 提升 5.8%，标准成本及失效成本合计降本金额超 1.8 亿元。 1H ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][3] Core Views - The company achieved a revenue of 2.865 billion yuan in the first half of 2024, representing a year-on-year growth of 9.16% [2] - The net profit attributable to shareholders reached 425 million yuan, with a year-on-year increase of 3.43% [2] - The gross profit margin improved to 31.32%, an increase of 3.65 percentage points quarter-on-quarter, driven by enhanced overseas demand and cost reduction measures [2] - The company is accelerating its overseas expansion, with its Vietnam factory reaching the topping-out stage and expected to commence production in early 2025 [2][3] - The company is deepening its automotive electronics strategy, focusing on new energy vehicle applications and developing key technologies for high-voltage modules [2][3] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 2.865 billion yuan, a 9.16% increase year-on-year [2] - The net profit attributable to shareholders was 425 million yuan, up 3.43% year-on-year [2] - The gross profit margin improved to 31.32%, reflecting effective cost control and product expansion [2] Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 6.413 billion yuan, 7.844 billion yuan, and 9.288 billion yuan, respectively, with corresponding EPS of 1.86 yuan, 2.33 yuan, and 2.89 yuan [3] - The current stock price corresponds to a PE ratio of 19.3, 15.4, and 12.4 for the years 2024, 2025, and 2026, indicating a favorable valuation as the company expands its overseas operations [3] Strategic Initiatives - The company is implementing a dual-brand strategy, promoting "MCC" products in Europe and America, while focusing on "YJ" products in China and the Asia-Pacific region [2] - The company has established 12 sales and technical service centers in key markets, enhancing its strategic partnerships with top clients [2] - The automotive electronics strategy is being reinforced, with significant deliveries of high-voltage components to automotive clients [2][3]

编号：2024-004 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系 □新闻发布会 □路演活动 活动类别 □现场参观 □√ 其他 电话会议 证券代码：300373 证券简称：扬杰科技 扬州扬杰电子科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | |------------|--------------------|--------|--------------------|--------| | | 参与单位 | 姓名 | 参与单位 | 姓名 | | | 兴银理财 | 黄舒婷 | 招商信诺资管 | 刘泽宇 | | | 上海国泰君安 | 陈思靖 | 格林基金 | 刘东 | | | 上海泾溪资管 | 王彬 | 广东正圆私募 | 黄志豪 | | | 上海雪石资管 | 高云志 | 仁桥（北京）资管 | 张鸿运 | | | 光大保德信基金 | 魏晓雪 | 仁灏资产 | 李学来 | | | 明世伙伴 | 朱腾飞 | 上海聊塑资管 | 周岩明 | | | 华泰证券 | 吕兰兰 | 中信建投 | 赵坚 | | | 南方基金 | 王寅超 | 国信证券 ...

Investment Rating - The report maintains a "Recommend" rating for Yangjie Technology (300373 SZ) [2][3] Core Views - Yangjie Technology achieved steady growth in H1 2024 with revenue of RMB 2 865 billion (+9 16% YoY) and net profit attributable to shareholders of RMB 425 million (+3 43% YoY) [2] - In Q2 2024 the company reported revenue of RMB 1 537 billion (+16 96% YoY +15 75% QoQ) and net profit attributable to shareholders of RMB 244 million (+6 75% YoY +35 37% QoQ) [2] - The growth was driven by semiconductor industry recovery overseas market expansion and cost efficiency improvements [2] - The company is accelerating its layout in automotive SiC modules with plans for mass production of domestically produced main drive SiC modules by 2025 [2] Financial Performance - Revenue from semiconductor devices reached RMB 2 469 billion in H1 2024 (+11 34% YoY) [2] - Semiconductor chip revenue was RMB 237 million in H1 2024 (-8 64% YoY) while semiconductor wafer revenue grew to RMB 97 million (+7 74% YoY) [2] - Gross margin improved to 31 32% in Q2 2024 (+1 8pct YoY +3 65pct QoQ) [2] Business Development - The company has developed a full series of Trench 1200V IGBT chips from 10A-200A and launched multiple power modules including 750V/820A IGBT modules and 1200V/2mΩ three-phase bridge SiC modules [2] - Yangjie has established 6 R&D centers and 15 wafer and packaging factories globally with construction progress accelerating at its Vietnam factory and Yangzhou automotive-grade wafer and packaging factory [2] Financial Forecasts - Revenue is projected to grow from RMB 5 410 billion in 2024E to RMB 9 387 billion in 2026E [3][6] - Net profit attributable to shareholders is expected to increase from RMB 978 million in 2024E to RMB 1 594 billion in 2026E [3][6] - EPS is forecasted to rise from RMB 1 80 in 2024E to RMB 2 93 in 2026E [3][6] - PE ratio is estimated to decline from 20x in 2024E to 12x in 2026E [3][6]