Group 1 - The core point of the article is the strategic cooperation agreement signed between Yangjie Technology and Xingyu Co., which aims to integrate their strengths in automotive vision systems and semiconductor technology to enhance industry chain collaboration [1] - The collaboration will focus on the development of the automotive-grade semiconductor full industry chain, emphasizing the integration of digital applications [1] - The partnership aims to continuously improve competitiveness in the high-end semiconductor technology field and achieve collaborative growth in industrial value [1]

Key Insights - The report highlights the potential growth of Xizi Clean Energy (002534.SZ) as a leading manufacturer of waste heat boilers and a supplier of solar thermal power generation equipment and nuclear power equipment [8][9][10] - The company has established a joint venture, Hangzhou Xizi Nuclear Energy Technology Co., Ltd., to enhance its capabilities in nuclear power equipment manufacturing [9] - Xizi Clean Energy is positioned to benefit from the growing market for solar thermal power, with a market share exceeding 40% in China [10][11] - The report emphasizes the significant market potential for solar thermal power development in China, estimating an annual market space of approximately 420 billion yuan [11][12] Industry Analysis - The macroeconomic environment shows a slowdown in economic growth, with industrial value-added growth at 5.2% year-on-year in August, indicating a need for policy support [15][16] - The renewable energy sector is expected to see increased investment and development, particularly in new energy storage and solar thermal power projects [23] - The report notes that the public utility and environmental protection sectors are experiencing growth, with a focus on new energy development and improved pricing mechanisms for renewable energy [22][24] - The food and beverage industry is under pressure, particularly high-end liquor, with a need to monitor sales performance during traditional peak seasons [25][26]

Investment Rating - The report maintains an investment rating of "Buy-A" for the company [4][5]. Core Views - The company plans to acquire 100% equity of Better Electronics for a total consideration of RMB 221.8 million, which will enhance its business scope and competitiveness [1][3]. - Better Electronics specializes in power electronic protection devices and has over 20 years of industry experience, holding various honors and a strong customer base including major companies like Midea and BYD [2]. - The acquisition is expected to create synergies with the company's existing power device products, broadening its product and technology portfolio in the power electronics sector [3]. Financial Projections - Revenue projections for the company from 2025 to 2027 are RMB 7.42 billion, RMB 8.91 billion, and RMB 10.69 billion respectively, with net profits of RMB 1.28 billion, RMB 1.49 billion, and RMB 1.75 billion [4][10]. - The target price for 2025 is set at RMB 77.53, based on a price-to-earnings ratio of 33 times [4][5]. Market Performance - The company's stock price as of September 15, 2025, was RMB 66.88, with a market capitalization of approximately RMB 36.34 billion [5]. - The report indicates a strong relative performance with a 12-month return of 52.4% and an absolute return of 95.8% [7].

Core Viewpoint - Yangjie Technology's acquisition of 100% equity in Better Electronics for 2.218 billion yuan at a nearly threefold premium highlights the company's ambition to expand in the power semiconductor sector [1][2][3]. Group 1: Acquisition Details - The acquisition price of 2.218 billion yuan represents a valuation increase of 270.46% compared to Better Electronics' book value of 5.99 billion yuan [3]. - Better Electronics is a high-tech enterprise focused on the research, production, and sales of power electronic protection components [2][8]. - The performance commitment requires Better Electronics to achieve a net profit of no less than 555 million yuan from 2025 to 2027 [3][4]. Group 2: Financial Performance - Yangjie Technology reported a revenue of 3.455 billion yuan in the first half of the year, a year-on-year increase of 20.58%, with a net profit of 601 million yuan, up 41.55% [5]. - The company's gross margin improved from 29.63% to 33.79%, and net margin increased from 14.75% to 17.28% [5]. - As of the end of the first half, Yangjie Technology's cash flow from operating activities was 757 million yuan, a 43.43% increase compared to the same period last year [6]. Group 3: Market Context - The global circuit protection market is projected to grow from 52.9 billion USD in 2023 to 96.4 billion USD by 2032, with a compound annual growth rate (CAGR) of 6.9% [10]. - The Chinese market is expected to see a more significant growth rate of 10.6% CAGR from 2023 to 2030, potentially exceeding 65 billion yuan by 2030 [10]. Group 4: Strategic Implications - The acquisition is expected to enhance Yangjie Technology's product matrix in the power electronics sector, providing comprehensive solutions to customers [9]. - Better Electronics has established a strong product portfolio and has been involved in setting national standards, which aligns with Yangjie Technology's strategic goals [9][10]. - The collaboration is anticipated to create synergies in product categories, technology research and development, and sales channels, thereby improving the overall competitiveness of Yangjie Technology [3][9].

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 ...

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]

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.

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]

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]