Financial Performance - The company's revenue for Q1 2024 was CNY 1,328,043,840.07, representing a 1.34% increase compared to CNY 1,310,450,688.72 in Q1 2023[3] - Net profit attributable to shareholders was CNY 180,505,074.52, a decrease of 0.74% from CNY 181,856,600.45 in the same period last year[3] - The net profit after deducting non-recurring gains and losses increased by 4.22% to CNY 188,038,040.32 from CNY 180,429,428.62[3] - Total operating revenue for the current period reached ¥1,328,043,840.07, an increase from ¥1,310,450,688.72 in the previous period, reflecting a growth of approximately 1.5%[21] - Net profit for the current period was ¥178,630,761.06, slightly up from ¥177,232,632.87 in the previous period, indicating a growth of approximately 0.8%[22] - The total comprehensive income for the current period was ¥181,767,665.06, compared to ¥172,211,812.91 in the previous period, indicating an increase of approximately 5.5%[23] Cash Flow and Investments - Operating cash flow net amount surged by 142.00% to CNY 126,727,252.78 from CNY 52,366,727.43 in Q1 2023[3] - Cash flow from operating activities generated a net amount of ¥126,727,252.78, compared to ¥52,366,727.43 in the previous period, showing a significant improvement[24] - The company achieved a net cash inflow from investment activities of ¥26,640,000.00, a decrease from ¥153,700,000.00 in the previous period[24] - Net cash flow from investment activities was -¥150.60 million, an improvement from -¥185.95 million in the prior period[25] - Cash inflow from financing activities totaled ¥411.00 million, up from ¥386.27 million in the previous period[25] - The net increase in cash and cash equivalents was ¥228.15 million, significantly higher than ¥91.57 million in the prior period[25] Assets and Liabilities - Total assets at the end of Q1 2024 reached CNY 13,164,074,412.48, up 4.25% from CNY 12,626,923,751.10 at the end of the previous year[3] - Total current liabilities rose to CNY 3,066,876,062.43, up from CNY 2,707,606,263.59, indicating an increase of about 13.3%[19] - The company's total equity reached CNY 8,856,773,668.44, compared to CNY 8,686,689,898.93 at the start of the year, marking an increase of approximately 1.9%[20] - The total liabilities increased to CNY 4,307,300,744.04 from CNY 3,940,233,852.17, indicating an increase of approximately 9.3%[19] Shareholder Information - The total number of common shareholders at the end of the reporting period is 58,428[10] - Jiangsu Yangjie Investment Co., Ltd. holds 36.12% of shares, totaling 196,151,100 shares[10] - The second-largest shareholder, Jianshui County Jiejie Enterprise Management Co., Ltd., holds 11.74% of shares, totaling 63,723,520 shares[10] - The top ten shareholders account for a significant portion of the company's equity, with the largest shareholder holding over 36%[10] - The total number of shares held by the top ten unrestricted shareholders is 196,151,100 shares[11] Other Financial Metrics - The company reported a significant increase in other income, which rose by 388.20% to CNY 42,762,246.87 compared to CNY 8,759,127.96 in Q1 2023[7] - The company's investment income decreased by 97.68% to CNY 577,842.63 from CNY 24,924,880.30 in the same period last year[7] - Research and development expenses increased to ¥88,528,000.14 from ¥73,293,621.88, marking a rise of about 20.8%[21] - The company recorded a decrease in tax expenses to ¥8,114,193.74 from ¥9,998,741.02, a reduction of about 18.9%[21] Changes in Share Structure - The total number of restricted shares at the end of the period was 1,121,552.00, with 21,000.00 shares released from restrictions during the quarter[17] - The report does not indicate any changes in the status of restricted shares[15] - The report indicates that there are no changes in the top ten shareholders due to margin trading activities[14] Accounting and Reporting - The company has not yet audited the first quarter report[25] - The report indicates the implementation of new accounting standards starting in 2024[25]

公 司 研 究 [Table_Reportdate] 2024年04月26日 [Table_invest] [扬Tabl杰e_N科ewT技itle] （300373.SZ）：2023Q4业绩 买入（维持） 公 向好，产品结构优化及产能扩张并行 报告原因：业绩点评 司 ——公司简评报告 简 评 [table_main] [证Ta券b分le析_A师u thors] 投资要点 方霁 S0630523060001 fangji@longone.com.cn 电 ➢ 事件概述：扬杰科技发布2023年度报告，2023Q4实现营收13.69亿元，同比为38.92%， 子 [数Ta据b日le_期c ominfo] 2024/04/25 环比为-3.30%；实现归母净利润3.06亿元，同比为130.95%，环比47.71%；实现扣非归母 收盘价 36.18 净利润0.90亿元，同比为-26.02%。2023年实现营业收入54.10亿元，同比为0.12%；实现 总股本(万股) 54,301 归母净利润9.24亿元，同比为-12.85%，实现扣非归母净利润为7.04亿元，同比为-28.22%。 流通A股/B股(万股) 54,196 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company achieved a revenue of 5.41 billion yuan in 2023, with a year-over-year growth of 0.12%. However, the net profit attributable to shareholders decreased by 12.85% to 924 million yuan [4]. - The company has a strong compound annual growth rate (CAGR) of over 35% in net profit from 2018 to 2023, despite a decline in gross margin to 30.26% in 2023, down 6.03 percentage points year-over-year [4]. - The company is expected to see a short-term recovery as overseas inventory depletion nears its end, with anticipated growth in the second half of 2024 [4]. - The company has established a global presence with 12 sales and technical service centers in countries including the USA, South Korea, Japan, India, and Singapore, and aims to enhance its international market capabilities [4]. - The company has launched 25 new products in 2023, including high-performance IGBT products and SiC MOSFETs, and plans to complete mass production of domestically developed SiC modules by 2025 [4]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 54.10 billion yuan, with a net profit of 9.24 billion yuan, and a gross margin of 30.26% [4][6]. - The company’s revenue is projected to grow to 64.90 billion yuan in 2024, with a year-over-year growth rate of 20% [6][7]. - The net profit is expected to recover to 993 million yuan in 2024, reflecting a growth of 7.4% [6][7]. Market Strategy - The company employs a "dual-brand" strategy, targeting the Chinese and Asia-Pacific markets with the "YJ" brand and the European and American markets with the "MCC" brand [4]. - The establishment of a subsidiary in Vietnam aims to serve international customers and enhance manufacturing capabilities [4]. Product Development - The company has accelerated the development of third-generation semiconductor products, with significant advancements in SiC technology [4]. - The company has received testing and cooperation intentions from several Tier 1 automotive suppliers for its newly developed SiC modules [4].

扬杰科技（300373.SZ）2023年年报点评 业绩稳健成长，海外布局持续深化 2024年04月24日 ➢ 事件：4月21日，扬杰科技发布2023年年报，2023年公司实现营收54.10 推荐 维持评级 亿元，同比增长0.12%；实现归母净利润9.24亿元，同比下降12.85%。 当前价格： 36.08元 ➢ Q4 营收同比实现正增长，产品结构持续优化。Q4 单季度公司实现营收 13.69 亿元，同比增长 38.92%，环比下降 3.30%。2023 年功率半导体市场低 迷，前三季度公司营收同比均有下滑，而公司Q4营收同比由负转正，我们认为 [Table_Author] 主要得益于公司产品结构优化，光伏二极管、IGBT、碳化硅等产品进展顺利；不 过由于新产品毛利率低于公司平均毛利率水平，导致Q4整体毛利率有所下滑。 此外，由于公司通过持有北京广盟合伙份额间接持有瑞能半导体的股权，2023年 该项投资公允价值变动达 2.04 亿元。上述综合因素影响下公司 Q4 实现归母净 利3.06亿元，同比增长130.95%，环比增长47.71%。 ➢ 聚焦新能源，发力IGBT、SiC市场。IGBT方面，2023年公司基于 ...

Investment Rating - The report maintains a "Buy" rating for Yangjie Technology (300373 SZ) [2] Core Views - Yangjie Technology showed significant recovery in Q4 2023, with a focus on automotive electronics and third-generation semiconductors [1] - The company achieved revenue of 5 41 billion yuan in 2023, a slight increase of 0 12% YoY, but net profit attributable to shareholders decreased by 12 85% YoY to 924 million yuan [5] - Q4 2023 revenue reached 1 369 billion yuan, up 38 92% YoY, with net profit attributable to shareholders surging 130 95% YoY to 306 million yuan [5] - The company is expected to achieve net profit attributable to shareholders of 1 018 billion yuan in 2024, 1 36 billion yuan in 2025, and 1 668 billion yuan in 2026 [5] Business Development - Yangjie Technology is expanding its presence in key downstream sectors such as industrial control and photovoltaic inverters, with rapid growth in IGBT module market share [6] - The company has successfully developed and launched 1200V 160A, 650V 400A, and 450A three-level IGBT modules for the photovoltaic sector [6] - In third-generation semiconductors, the company has developed and launched G1 and G2 series SiC MOS products, with 1200V platform products achieving international-level performance [6] - The company has developed samples of automotive SiC modules and has received testing and cooperation intentions from multiple Tier1 suppliers and terminal automakers, with plans for mass production by 2025 [6] - In automotive electronics, the company has successfully passed vehicle-grade reliability verification for 8-inch and 12-inch G2 platform 40V SGT MOSFET chips, with some products entering mass production [6] Financial Performance - Yangjie Technology's gross margin in 2023 was 30 26%, a decrease of 6 03 percentage points YoY [5] - The company's Q4 2023 gross margin was 28 46%, down 8 67 percentage points YoY and 3 82 percentage points QoQ [5] - The company's EPS is expected to be 1 87 yuan in 2024, 2 50 yuan in 2025, and 3 07 yuan in 2026 [5] - The current PE ratio is 19 2x for 2024, 14 4x for 2025, and 11 7x for 2026 [5] Market Performance - As of April 23, 2024, Yangjie Technology's stock price was 36 05 yuan, with a total market capitalization of 19 576 billion yuan [4] - The stock's 52-week high and low were 47 87 yuan and 32 48 yuan, respectively [4] - The company's turnover rate over the past three months was 115 58% [4]

那这些对于公司来说呢都是新业务的布局那经过整个行业大的周期但是我们看到公司依然在新业务上有非常好的一个持续的布局持续的投入以及产品的一个量产的实现那公司的产品从光速模块产品汽车模块产品学之一基本上完善了所以我们对于良品科技呢可以看到从公司成立以来到上市 然后再到上市之后的这个发展是一步一步的拓宽自己的产品线然后同时也是垒高自己的不成和所以我们对于公司是持续的太好然后同时在这个位置整体处在一个行业周期偏底部的位置 我们也是一直推荐两节课句那我们今天的会议依然是分成两个部分我们首先请范总为我们介绍一下公司二三年度的新报表的这个情况同时也为我们展望一下一季度以及全年的这个情况然后稍后再是我们的提问环节先有请范总好的 谢谢范总大家早上好 杨洁的这个年报是今年发的比较晚一点所以这个等了比较久了其实可能从各种渠道大家对于我们的一个基本的一些月底的数据应该也是有所有一个期望期间的然后最终发出来这个年报数据应该基本上还是在我们这个大家期望期间之内但是也有一些 那个不一样的一些变化的点其实因为前三季度都发了主要第四季度第四季度这边的话我们整个营收和其实是扣费利润其实是有一定的下滑对然后这里边的话其实主要就是去年四季度整个光伏这 ...

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 35.43 CNY per share [1]. Core Views - The company faced pressure in 2023 but is expected to see growth in 2024 driven by market recovery and high-end product launches [2][5]. - The semiconductor market is projected to recover with a 13% growth in 2024, providing a favorable demand backdrop for the company [5]. - The company has reduced its chip inventory by 43% in 2023, setting a healthy inventory level for 2024 [5]. - The company is expanding its overseas market presence and has established a manufacturing base in Vietnam to serve international clients [6]. Financial Performance Summary - In 2023, the company's main revenue was 5.41 billion CNY, a slight increase of 0.12% year-on-year, while net profit decreased by 12.85% to 924 million CNY [3][4]. - The gross margin for 2023 was 30.26%, down by 6 percentage points compared to the previous year [3]. - For Q4 2023, the company reported a revenue of 1.369 billion CNY, a year-on-year increase of 38.92%, and a net profit of 306 million CNY, up 130.95% year-on-year [3][4]. - The company expects revenues of 6.94 billion CNY in 2024, 8.33 billion CNY in 2025, and 9.83 billion CNY in 2026, with corresponding net profits of 1.1 billion CNY, 1.5 billion CNY, and 1.87 billion CNY respectively [5][6]. Valuation Metrics - The report provides a P/E ratio forecast of 17.5 for 2024, 12.8 for 2025, and 10.3 for 2026, indicating significant valuation attractiveness [1][5]. - The P/B ratio is projected to decrease from 2.1 in 2024 to 1.5 in 2026, further supporting the investment case [1][5].

2024年04月22日 公司研究●证券研究报告 扬杰科技（ ） 公司快报 300373.SZ 电子 | 分立器件Ⅲ “MCC+YJ”双品牌运作，车规 SiC 模块已获合作 投资评级 买入-A(维持) 意向 股价(2024-04-22) 35.43元 交易数据 投资要点 总市值（百万元） 19,239.02 2024年4月21日，公司发布2023年年度报告。 流通市值（百万元） 19,201.62 全年光伏二极管/SiC/IGBT销售同比高增，持续深化“MCC+YJ”双品牌运作 总股本（百万股） 543.01 流通股本（百万股） 541.96 2023年公司实现营收54.10亿元，同比增长0.12%；归母净利润9.24亿元，同比 12个月价格区间 46.00/33.29 减少12.85%；扣非归母净利润7.04亿元，同比减少28.22%；毛利率30.26%； 研发投入3.56亿元，同比增长21.57%。2023年公司光伏二极管、碳化硅产品、 一年股价表现 IGBT产品销售同比大幅增长，但因行业竞争进一步加剧，三类产品毛利率低于公 司平均毛利率，导致整体毛利率有所下滑。公司持续深化“MCC+YJ”双品牌运作 和 ...

证 券 2024 年 04 月 22 日 研 究 二极管龙头积极布局车规市场，越南工厂建设助 报 力海外开拓 告 —扬杰科技（300373.SZ）公司事件点评报告 买入(维持) 事件 分析师：毛正 S1050521120001 扬杰科技发布 2023 年年度报告：2023 年公司实现营业收入 maozheng@cfsc.com.cn 54.10 亿元，同比增长 0.12%；实现归母净利润 9.24 亿元， 联系人：张璐 S1050123120019 同比下降 12.85%；实现扣非归母净利润 7.04 亿元，同比下 zhanglu2@cfsc.com.cn 降28.22%。 基本数据 2024-04-22 投资要点 当前股价（元） 35.43 总市值（亿元） 192 ▌ 四季度营收修复明显，收购楚微产能持续爬坡 总股本（百万股） 543 营收端方面，在外部市场环境下滑的情况下，2023 年公司营 流通股本（百万股） 542 业收入同比略有增长，实现 54.10 亿元，同比增长 0.12%。 52周价格范围（元） 32.79-46.29 前三季度营业收入同比负增长进一步收窄，并于四季度实现 日均成交额（百万元） ...

Summary of Yangjie Technology 2023 Annual Report Conference Call Company Overview - **Company**: Yangjie Technology - **Industry**: Semiconductor and Renewable Energy (specifically photovoltaic and automotive sectors) Key Points and Arguments Financial Performance - The annual report was released later than expected, but the results were within the anticipated range [6] - There was a decline in revenue and net profit in Q4 2023 due to a rapid price drop in the photovoltaic sector, impacting overall revenue management and gross margin [7][8] - Domestic business grew by 11%, while overseas business saw a 27% decline, primarily due to inventory destocking [9] - Gross margin remained above 30%, with domestic gross margin at approximately 25.7% and overseas gross margin close to 42% [10] - The company is optimistic about the future of the overseas market despite the recent downturn [10] Business Segments - The renewable energy segment, particularly photovoltaic storage, contributed over 35% to total revenue, with photovoltaic alone accounting for over 20% [22] - The automotive segment is expected to grow significantly, with a target to increase its revenue contribution from 13% to 30% over the next five years [67][68] - The industrial sector showed slow recovery, maintaining a revenue share of about 25-27% [22] Strategic Investments - The company increased R&D expenses to 6.58% of revenue, with plans to raise this to 8-10% in the future [14][15] - Significant investments were made in new facilities, including a factory in Vietnam and a central research institute [15][16] - The company is focusing on enhancing its overseas marketing network and capabilities [16] Market Outlook - The photovoltaic industry is expected to recover, with a projected growth of around 20% for the year, despite current price pressures [30][36] - The company anticipates a gradual improvement in demand and pricing in the second quarter of 2024 [30] - The automotive market is viewed as a critical growth area, with expectations for substantial increases in revenue and market share [67][68] Risks and Challenges - The company faces risks from international trade tensions and potential tariffs affecting its overseas operations [39][42] - There is a strong demand for cost reduction from overseas clients, which may impact pricing strategies [49] - The competitive landscape in the semiconductor industry is intensifying, particularly in the automotive and third-generation semiconductor sectors [51][56] Additional Insights - The company has successfully integrated its operations with a focus on automotive, separating its automotive division from other business lines to enhance focus and resource allocation [68] - The overseas market is seen as a significant opportunity, with a stable gross margin expected despite challenges [46][47] Conclusion Yangjie Technology is navigating a challenging market environment with strategic investments in R&D and new facilities, while focusing on growth in the renewable energy and automotive sectors. The company remains optimistic about future performance despite current pressures in pricing and international trade dynamics.