Group 1 - The company has a good current operating status and sufficient orders on hand [2] - The company responded to an investor inquiry regarding the number of orders as of the end of June, indicating that the orders can cover production capacity for the upcoming months [2] - The interaction took place on an investor communication platform, highlighting the company's engagement with its investors [2]

Group 1 - The company has launched a new SOD-323HE packaged TVS that is suitable for compact digital products, including AR glasses [2] - The company emphasizes the development opportunities of new products and has made relevant product and research deployments in the application scenarios related to AR glasses [2]

Market Overview - The Shanghai Composite Index closed at 3,597.94, with a year-to-date increase of 10.28% [2] - The ChiNext Index rose by 0.96% to 2,362.60, with a year-to-date increase of 14.66% [2] - The CSI 300 Index increased by 0.21% to 4,135.82, with a year-to-date increase of 8.26% [2] - The CSI 1000 Index closed at 6,729.98, up 0.35% with a year-to-date increase of 16.09% [2] - The STAR 50 Index closed at 1,055.11, with a year-to-date increase of 10.44% [2] - The North Exchange 50 Index decreased by 0.25% to 1,455.37, but has a significant year-to-date increase of 42.70% [2] Overseas/Education Research - The U.S. White House released an AI Action Plan aimed at accelerating AI development by easing regulations and expanding energy supply for data centers [8] - The plan emphasizes the need for a reliable and adjustable energy infrastructure to support AI growth, highlighting the potential role of nuclear energy [8] Media Industry - The summer film market is showing signs of recovery, with daily box office reaching 294 million yuan on July 26, 2025 [20] - Notable films include "Nanjing Photo Studio" which grossed over 100 million yuan in its first two days [21] - The animation film "The Legend of Luo Xiaohei 2" has grossed 213 million yuan in nine days [21] - The gaming sector is also expected to see growth with new game releases and updates during the summer [22] Metals and New Materials - Copper prices are expected to fluctuate, with a recent increase in prices due to a general rise in commodities [30] - Lithium carbonate prices rose by 9.38% to 73,000 yuan per ton, driven by supply disruptions [32] - Cobalt prices also increased as inventory levels are gradually consumed [33] Pharmaceutical Industry - The pharmaceutical index rose by 1.90%, outperforming the CSI 300 index by 0.21% [35] - Key players in the innovative drug sector are recommended for investment, including companies like Yuyuan Pharmaceutical and Frontline Bio [35] New Consumption - Pop Mart (09992.HK) reported a projected revenue growth of no less than 200% for H1 2025, driven by increased global brand recognition and diverse product offerings [35] - The company’s overseas business is also expanding, positively impacting profit margins [35] Electronics Industry - Yangjie Technology (300373.SZ) expects a net profit of 552 to 637 million yuan for H1 2025, marking a growth of 30%-50% [35] - The company is optimizing its product matrix and expanding its market presence through acquisitions [35]

Core Viewpoint - The company Yangjie Technology (300373) is expected to achieve significant profit growth in the first half of 2025, driven by strong performance in the semiconductor industry and ongoing product optimization [2][3]. Financial Performance - The company forecasts a net profit attributable to shareholders of 5.52-6.37 billion yuan for H1 2025, representing a year-on-year increase of 30%-50% [2]. - The expected net profit after deducting non-recurring gains and losses is projected to be 5.14-5.98 billion yuan, with a year-on-year growth of 21.56%-41.67% [2]. - For Q2 2025, the company anticipates a net profit of 2.79-3.64 billion yuan, showing a year-on-year increase of 14.32%-49.10% and a quarter-on-quarter growth of 2.33%-33.46% [2]. Market Expansion and Product Development - The company is expanding its market presence with the "MCC" and "YJ" brands, targeting the international market and competing with leading companies like Onsemi [3]. - Ongoing construction of its subsidiary in Vietnam aims to enhance overseas market penetration and improve overall gross margins [3]. - The planned acquisition of 100% equity in Better Electronics will allow the company to enter the power electronics protection components market, leveraging synergies with existing downstream customers [3]. Product Matrix and Future Outlook - The company is focusing on a diverse range of products in the automotive electronics sector, with a complete lineup in traditional power diode products [3]. - The investment in a SiC factory is expected to yield products applicable in AI server power supplies, new energy vehicles, photovoltaics, charging piles, energy storage, and industrial power supplies by 2024 [3]. - The company has developed in-vehicle SiC modules, which have garnered interest from several Tier 1 suppliers and end vehicle manufacturers, with full-scale production expected to commence in Q4 2025 [3]. Profit Forecast and Ratings - The projected net profits for 2025, 2026, and 2027 are 12.78 billion, 15.36 billion, and 18.07 billion yuan, respectively, with year-on-year growth rates of 27.51%, 20.20%, and 17.62% [3]. - The current stock price corresponds to price-to-earnings ratios of 23, 19, and 16 for the years 2025, 2026, and 2027 [3]. - The company maintains an "overweight" rating due to its continuous improvement in product matrix and focus on the automotive electronics sector, benefiting from industry stabilization [3].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is expected to achieve a rapid growth in net profit for the first half of 2025, with a projected increase of 30%-50% year-on-year, driven by the continuous improvement of its product matrix and the favorable conditions in the semiconductor industry [7] - The company is focusing on high-value new product development, enhancing its competitive edge, and expanding its market presence through both organic growth and acquisitions [7] - The automotive electronics sector is anticipated to be a significant growth area, with the company developing SiC modules for electric vehicles and gaining traction with major Tier 1 suppliers [7] Financial Summary - Revenue projections for the company are as follows: - 2023: 5,410 million RMB - 2024: 6,033 million RMB (11.53% YoY growth) - 2025E: 7,061 million RMB (17.03% YoY growth) - 2026E: 8,402 million RMB (19.00% YoY growth) - 2027E: 9,794 million RMB (16.57% YoY growth) [6] - Net profit forecasts are: - 2023: 924 million RMB - 2024: 1,002 million RMB (8.50% YoY growth) - 2025E: 1,278 million RMB (27.51% YoY growth) - 2026E: 1,536 million RMB (20.20% YoY growth) - 2027E: 1,807 million RMB (17.62% YoY growth) [6] - Earnings per share (EPS) estimates are: - 2024: 1.84 RMB - 2025E: 2.35 RMB - 2026E: 2.83 RMB - 2027E: 3.33 RMB [6] Market Performance - As of July 25, 2025, the closing price of the company's stock is 54.61 RMB, with a total market capitalization of approximately 29,672.22 million RMB [3][4]

Core Viewpoint - The power semiconductor industry is undergoing a significant adjustment phase due to global economic fluctuations, geopolitical conflicts, and accelerated technological iterations, leading to a complex landscape of opportunities and challenges for companies [1]. Group 1: Revenue and Profit Analysis - In 2024, most companies in the power semiconductor industry experienced revenue growth, but net profit showed significant divergence [2]. - Notable revenue figures include: - Silan Micro: 11.22 billion yuan, up 20.14% - Jiejie Microelectronics: 2.845 billion yuan, up 35.05% - New Clean Energy: 1.828 billion yuan, up 23.83% - Yangjie Technology: 6.033 billion yuan, up 11.53% - Huazhong Micro: 10.119 billion yuan, up 2.20% - Stada Semiconductor: 3.391 billion yuan, down 7.44% - Dongwei Semiconductor: 1.003 billion yuan, up 3.12% - Hongwei Technology: 1.331 billion yuan, down 11.52% [3]. - In terms of net profit: - Jiejie Microelectronics saw a dramatic increase of 115.87% - New Clean Energy and Yangjie Technology also reported growth - Silan Micro turned a profit of 220 million yuan - Huazhong Micro, Stada Semiconductor, Dongwei Semiconductor, and Hongwei Technology experienced varying degrees of decline [4]. Group 2: Market Dynamics and Competitive Landscape - The global power semiconductor market is projected to reach $46.8 billion in 2024, reflecting an 8% year-on-year decline, indicating limited growth in market demand [6]. - Companies are facing pressures from both supply-demand adjustments and intensified price competition, with Huazhong Micro noting significant impacts on profit metrics due to increased R&D investments and competitive pricing [7]. - Macro uncertainties and price competition are directly affecting company performance, with Hongwei Technology and Stada Semiconductor reporting declines in both revenue and net profit [8]. Group 3: Strategic Responses and Future Outlook - Some companies are achieving growth through "dislocated competition" by expanding into new application areas and optimizing product structures, such as Jiejie Microelectronics and New Clean Energy [9]. - The industry is characterized by a "dislocated growth" phenomenon, where some companies leverage technological advancements to capture high-end markets, while others struggle with price competition due to product homogeneity [10]. - To achieve coordinated growth in revenue and net profit, companies should focus on three strategies: 1. Increase R&D investments to innovate and create high-value products 2. Expand market boundaries by exploring both traditional and emerging markets 3. Strengthen internal cost control and optimize supply chain management to enhance overall profitability [12].

Core Viewpoint - The company maintains a "Buy" rating for Yangjie Technology, with a target price of RMB 60.9, indicating a potential upside of 16.4% [1] Group 1: Financial Performance - Yangjie Technology's net profit for the first half of 2025 is expected to grow by 30%-50%, with a median net profit of RMB 320 million for Q2, reflecting a year-on-year increase of 32% and a quarter-on-quarter increase of 18% [1] - The company's gross margin remains stable and at a high level, supporting optimism for its mid-term revenue target of RMB 10 billion [1] - The forward P/E ratio is currently at 20.5x, down from a peak of 26.6x at the end of last year, making the valuation attractive [1] Group 2: Business Growth Drivers - The automotive electronics segment is projected to see a strong growth of approximately 60% year-on-year in Q2, driven by demand from overseas Tier 1 suppliers and emerging domestic car manufacturers [2] - The company has the capability to provide products with a unit value of USD 200 per vehicle, with a compound annual growth rate (CAGR) expected to reach 40%-50% over the next three years, potentially accounting for 20% of mid-term revenue [2] - The company is actively expanding its overseas presence, which is crucial for enhancing profitability, as overseas clients are looking to reduce costs and are willing to switch to Yangjie’s products [2] Group 3: Strategic Initiatives - Yangjie Technology is expanding its overseas R&D centers and testing capacities in Vietnam to better serve international clients, indicating a long-term growth potential in overseas markets [2] - The sub-brand MCC has established overseas channels and has seen significant revenue and profit growth over the past decade, further supporting the company's international strategy [2]

[I. Expected Performance for the Current Period](index=1&type=section&id=I.%20Expected%20Performance%20for%20the%20Current%20Period) The company projects 2025 first-half net profit, both attributable and non-recurring adjusted, to achieve substantial year-on-year growth Key Performance Indicators | Item | Current Reporting Period | Prior Year Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | **Profit: 552.30 million yuan - 637.27 million yuan** | Profit: 424.84 million yuan | | | **Year-on-year Growth: 30% - 50%** | | | **Net Profit After Deducting Non-recurring Gains and Losses** | **Profit: 513.53 million yuan - 598.50 million yuan** | Profit: 422.45 million yuan | | | **Year-on-year Growth: 21.56% - 41.67%** | | [II. Communication with Accounting Firm](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) This performance forecast is a preliminary internal estimate, pending audit by an accounting firm - This performance forecast is a preliminary estimate by the company's finance department, unaudited[4](index=4&type=chunk) [III. Explanation of Performance Changes](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes) Performance growth is attributed to improved semiconductor market conditions, strong demand, new product sales, and operational efficiency gains - Benefiting from the rising prosperity of the semiconductor industry, strong demand in automotive electronics, artificial intelligence, and consumer electronics sectors drove the company's main business growth[5](index=5&type=chunk) - The company adhered to a product leadership strategy, increasing R&D for high-value-added new products, leading to sustained volume growth across multiple key product categories during the reporting period[5](index=5&type=chunk) - By implementing lean production, optimizing processes, and controlling quality and costs, the company improved operational efficiency and achieved year-on-year growth in gross margin[5](index=5&type=chunk)[6](index=6&type=chunk) - During the reporting period, the estimated impact of non-recurring gains and losses on net profit is between **35 million yuan** and **40 million yuan**[7](index=7&type=chunk) [IV. Other Relevant Information](index=2&type=section&id=IV.%20Other%20Relevant%20Information) This preliminary forecast is subject to the 2025 semi-annual report; investors are advised to exercise caution regarding investment risks - This performance forecast is a preliminary estimate, with final data subject to the 2025 semi-annual report[8](index=8&type=chunk) - Investors are reminded to exercise caution in decision-making and be aware of investment risks[8](index=8&type=chunk)

Core Viewpoint - The power discrete device market is experiencing structural adjustments driven by semiconductor technology advancements and the new energy revolution, with significant growth expected in 2024 and beyond [1][11][13]. Industry Overview - Power discrete devices are independent semiconductor components used for energy conversion and control, capable of handling high voltage and current, and are widely applied in power management, motor drives, and new energy systems [2][4]. - The market is categorized into diodes, transistors, thyristors, and wide bandgap devices, with materials divided into silicon-based and third-generation semiconductors (SiC/GaN) [2][4]. Market Dynamics - The global power discrete device market is projected to grow at a compound annual growth rate (CAGR) of approximately 12%, reaching a market size of 48 billion yuan in 2024, driven by strong demand from the new energy vehicle sector [1][13]. - In 2023, despite a slowdown due to a decline in consumer electronics, high-end devices like automotive-grade IGBTs and SiC MOSFETs maintained over 20% growth [11][13]. Competitive Landscape - The Chinese power discrete device industry features a "pyramid" competition structure, with leading companies like Anshi Semiconductor and BYD Semiconductor at the top, followed by companies like Silan Micro and Huazhong Micro [17][19]. - The domestic market has achieved over 60% replacement rate in mid-to-low-end segments, but high-end sectors still face technological barriers [17][22]. Development Trends - The industry is witnessing three core trends: accelerated penetration of third-generation semiconductor technologies (SiC/GaN), deepening domestic replacement processes, and diversification of application markets [21][22]. - The market for SiC MOSFETs is expected to grow over 30% in 2024, with significant advancements in manufacturing yields and technology [21][22]. - The demand for power discrete devices is increasingly driven by new energy vehicles, photovoltaic energy storage, and industrial control, with expectations of over 10 million new energy vehicles sold by 2025 [21][23].

证券代码：300373 证券简称：扬杰科技 公告编号：2025-055 扬州扬杰电子科技股份有限公司 关于"奋斗者计划（六期）"员工持股计划非交易过户 完成暨回购股份处理完成的公告 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"或"扬杰科技"）于 2025 年 6 月 16 日召开 2025 年第一次临时股东大会，审议通过了《关于<扬州扬杰电 子科技股份有限公司"奋斗者计划（六期）"员工持股计划（草案）>及其摘要的 议案》等相关议案，具体内容详见公司在巨潮资讯网（www.cninfo.com.cn）披露 的相关公告。 根据中国证券监督管理委员会《关于上市公司实施员工持股计划试点的指导 意见》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范 运作》等相关规定，现将公司"奋斗者计划（六期）"员工持股计划（以下简称 "本员工持股计划"）实施进展情况公告如下： 一、本员工持股计划的股票来源及数量 本员工持股计划股票来源为公司回购专用账户回购的扬杰科技 A 股普通股 股票。 1、公司于 2023 年 8 ...