Investment Thesis - Yangjie Technology (300373) is positioned to benefit from the recovery of the power semiconductor market through a combination of self-built and acquisition strategies, particularly with the planned acquisition of 100% of Better Electronics by March 2025 [1][2] - The company has a diverse product matrix including materials, wafers, and packaging devices, which is expected to expand further with the acquisition [1] - The power semiconductor inventory destocking phase is nearing completion, leading to reduced inventory turnover days and a rebound in gross margins, indicating a potential industry stabilization [1] Automotive Sector Growth - Yangjie Technology has a strong foothold in traditional power devices, with a complete range of products in the automotive power device market, which was valued at $8.1 billion in 2022 and is projected to reach $16.7 billion by 2028, growing at a CAGR of 13% [1] - The company’s automotive product line is well-recognized for quality by major clients such as CATL, Aptiv, and BYD [1] Product Development and Innovation - The company is enhancing its small signal discrete devices and accelerating the development of high-end MOSFETs, aiming for import substitution in the MOSFET market, which is currently dominated by foreign brands [2] - Yangjie Technology is actively developing IGBT chips and third-generation semiconductor products, with plans for a SiC factory to be operational by 2024, targeting applications in AI servers, new energy vehicles, and industrial power [2] Financial Projections - The forecasted net profits for Yangjie Technology from 2025 to 2027 are projected to be 1.215 billion, 1.474 billion, and 1.732 billion yuan respectively, reflecting year-on-year growth rates of 21.23%, 21.28%, and 17.50% [3] - The current stock price corresponds to P/E ratios of 21, 17, and 15 for the years 2025, 2026, and 2027, respectively, which are significantly lower than the average P/E ratios of comparable companies [3]

Group 1 - The company is planning to acquire 100% equity of Dongguan Better Electronics Technology Co., Ltd. through a combination of issuing shares and cash payment [1][3] - This transaction is not expected to constitute a major asset restructuring as defined by the relevant regulations, nor will it result in a change of the company's actual controller [1][3] - The company has been actively progressing with the necessary audits, evaluations, and due diligence related to the transaction, which are proceeding as planned [3] Group 2 - The company has previously disclosed the transaction plan and has applied for a trading suspension to facilitate the process [2][3] - The board of directors has approved the transaction proposal, and further discussions on the transaction plan are ongoing [3] - The company will continue to disclose updates on the transaction progress every 30 days until the shareholders' meeting notification is issued [4]

证券代码：300373 证券简称：扬杰科技 公告编号：2025-040 扬州扬杰电子科技股份有限公司 关于筹划发行股份及支付现金购买资产并募集配套资金事项的 进展公告 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、扬州扬杰电子科技股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日 披露的《扬州扬杰电子科技股份有限公司发行股份及支付现金购买资产并募集配套 资金预案》（以下简称"本次交易预案"）及其摘要中已对本次交易涉及的有关风险 因素及尚需履行的审批程序进行了详细说明，公司将根据相关事项的进展情况，及时 履行信息披露义务，提请广大投资者关注后续进展公告并注意投资风险。 2、截至本公告披露之日，除本次交易预案披露的风险因素外，公司尚未发现可 能导致公司董事会或者交易对方撤销、中止本次交易或者对本次交易方案作出实质 性变更的相关事项。本次交易相关工作正在有序进行中，公司将根据相关事项的进展 情况，及时履行信息披露义务。 一、本次交易概述 公司正在筹划以发行股份及支付现金方式购买东莞市贝特电子科技股份有限公 司 100%股权（以下简称 ...

Investment Rating - The industry investment rating is "Outperform" (maintained) [2] Core Insights - The profitability of the power semiconductor industry is steadily improving, with the automotive sector and data centers being the main growth drivers. The domestic production of medium and low voltage devices for automobiles is continuously advancing [4][7] - The penetration of SiC MOSFETs in new energy vehicles is increasing, with a notable rise in the market share of domestic suppliers in the IGBT module sector [38][39] - The overall industry is entering a stable phase, with demand from consumption and industrial control maintaining steady growth, while the new energy vehicle market continues to expand [6][21] Summary by Sections Power Semiconductor Performance - The industry is experiencing a recovery in profitability as revenues improve, with automotive and data center applications being the primary growth areas [4] - The sales volume of new energy vehicles in March reached 1.24 million units, a year-on-year increase of 40.1%, with a penetration rate of 42.4% [32][34] New Energy Vehicles - The market share of new energy vehicles with a peak power of over 200kW has increased from 9% in 2022 to 25% in the first quarter of 2025 [35] - The penetration rate of SiC MOSFETs in new energy vehicles reached 18.9% in the first quarter of 2025, indicating a shift towards higher power modules [38] Charging Infrastructure - The number of charging stations in March 2025 increased by 634,000 units, with public charging stations showing a year-on-year decrease of 18.35% [5] Market Dynamics - The competition among leading companies in the IGBT module market is stabilizing, with domestic suppliers gaining market share as overseas competitors decline [38][39] - The industry is expected to continue its growth trend in 2024, driven by the demand for automotive power devices and the ongoing transition to electric vehicles [6][21]

Core Viewpoint - The article highlights recent developments in the silicon carbide (SiC) semiconductor industry, focusing on new projects and advancements by companies such as Yangjie Technology and EYEQ Lab, which are significant for the growth and innovation in the sector [2][4][6]. Group 1: Yangjie Technology - Yangjie Technology announced the commencement of its SiC automotive-grade power semiconductor module packaging project, with a total investment of 1 billion yuan, covering an area of 62 acres and a planned construction area of approximately 112,000 square meters [4]. - The project aims to produce automotive-grade IGBT modules and SiC MOSFET modules, targeting international benchmarks and achieving import substitution. Once fully operational, it is expected to generate annual sales of 1 billion yuan and tax revenue of 30 million yuan [4]. - Yangjie Technology plans to conduct process and reliability verification for domestically produced SiC modules by Q4 2025 [4]. Group 2: EYEQ Lab - EYEQ Lab is set to complete its first 8-inch SiC power semiconductor manufacturing plant in Busan by September this year, with an annual production capacity of 144,000 wafers [6]. - The company has developed 8-inch SiC power semiconductor devices using trench technology, which enhances electrical stability and durability while reducing chip size [6]. - The initial investment for the 8-inch plant is approximately 100 billion Korean won (around 544 million yuan), with production expected to commence in September 2025 [6].

扬州扬杰电子科技股份有限公司（以下简称"公司"）于 2025 年 2 月 14 日 召开公司第五届董事会第十二次会议，审议通过了《关于回购公司股份方案的议 案》，同意公司使用自有资金或自筹资金以集中竞价交易方式回购部分社会公众 股份，用于实施员工持股计划或股权激励。本次回购股份的资金总额不低于人民 币 4,000 万元，不超过人民币 8,000 万元，回购股份的价格不超过人民币 58.00 元 /股。本次回购股份的实施期限自公司董事会审议通过本次回购股份方案之日起 不超过 12 个月。具体内容详见公司于 2025 年 2 月 17 日和 2025 年 2 月 28 日在 巨潮资讯网（www.cninfo.com.cn）发布《关于回购公司股份方案的公告》（公告 编号：2025-003）、《回购报告书》（公告编号：2025-007）。 证券代码：300373 证券简称：扬杰科技 公告编号：2025-039 扬州扬杰电子科技股份有限公司 关于回购公司股份的进展公告 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。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][22]. Core Views - The company is experiencing high growth driven by automotive electronics, with a dual-brand strategy and new product development enhancing its long-term competitiveness [1]. - The automotive electronics segment is a key growth driver, with revenue from this sector increasing by over 60% year-on-year in 2024, contributing significantly to overall revenue growth [7]. - The company is expanding its global footprint through its "YJ+MCC" dual-brand strategy, targeting different markets effectively [7]. - The establishment of a packaging base in Vietnam is expected to enhance production capacity and local supply chain capabilities [7]. - The company is advancing in the third-generation semiconductor space, with new product launches expected to support future growth [7]. Financial Summary - Total revenue for 2024 is projected at 60.33 billion, with a year-on-year growth of 11.5% [2][7]. - Net profit attributable to the parent company is expected to reach 1.002 billion, reflecting an 8.5% increase year-on-year [2][7]. - Earnings per share (EPS) is forecasted to grow from 1.84 in 2024 to 3.19 by 2027 [2][7]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 26 in 2024 to 15 in 2027, indicating potential for valuation improvement [2][7]. - The gross margin is expected to improve from 33.1% in 2024 to 35.4% in 2027, driven by higher-margin product sales [8].

Financial Performance - In Q1 2025, the company achieved revenue of 1.579 billion yuan, representing a year-on-year growth of 18.90% but a quarter-on-quarter decline of 1.90% [1] - The net profit attributable to shareholders was 273 million yuan, showing a year-on-year increase of 51.22% and a quarter-on-quarter decrease of 18.11% [1] - The non-deductible net profit reached 254 million yuan, with a year-on-year growth of 35.32% and a quarter-on-quarter decline of 15.05% [1] Growth Drivers - The significant growth in revenue and net profit is attributed to the introduction of new products in high-end applications, particularly in the automotive electronics sector, which saw revenue growth exceeding 70% year-on-year [2] - The company's overseas revenue increased by nearly 40% year-on-year, driven by the production ramp-up at its Vietnam factory and the end of the inventory destocking cycle among overseas clients [2] - The company maintained a "cost leadership" strategy, optimizing processes and fine-tuning supply chain management, resulting in a gross margin of 34.60%, up 6.93 percentage points year-on-year [2] Semiconductor Industry Trends - The global semiconductor industry is experiencing a mild recovery, with demand in consumer electronics and industrial markets gradually rebounding, leading to over 20% year-on-year revenue growth in these sectors [3] - The company is increasing investments in the third-generation semiconductor chip industry, particularly in SiC (Silicon Carbide) products, to meet future strategic development needs [3] - The company's SiC chip factory completed renovations and equipment installation in 2024, achieving significant advancements in product specifications and performance [3] Automotive Electronics Expansion - The company has established an automated production line for automotive power modules, capable of producing 168,000 units annually, focusing on advanced technology challenges [4] - The automotive electronics business continued to grow rapidly, with Q1 2025 revenue increasing over 70% year-on-year, reflecting a scaling effect from customer base expansion [4] - The company has received testing and cooperation intentions from multiple Tier 1 suppliers and end automotive manufacturers for its automotive modules [4] Future Outlook - The company expects to benefit from the increasing penetration of new energy vehicles in the automotive electronics market, which is anticipated to drive rapid growth [5] - Projected net profits for 2025-2027 are estimated at 1.24 billion yuan, 1.456 billion yuan, and 1.68 billion yuan, with corresponding EPS of 2.28, 2.68, and 3.09 yuan per share [5]

Revenue and Profit - The company achieved significant revenue and profit growth in Q1 2025, with total operating revenue reaching 1.579 billion yuan, a year-on-year increase of 18.9% [2] - The net profit attributable to shareholders was 273 million yuan, reflecting a year-on-year growth of 51.22%, while the net profit excluding non-recurring items was 254 million yuan, up 35.32% year-on-year [2] Profit Quality - The company's gross margin was 34.6%, an increase of 25.06% year-on-year, and the net margin was 17.1%, up 27.16% year-on-year, indicating improvements in cost control and product value addition [3] Expense Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 126 million yuan, accounting for 7.97% of revenue, which represents a year-on-year increase of 9.65%, suggesting room for optimization in expense management [4] Accounts Receivable and Interest-Bearing Debt - Accounts receivable reached 1.877 billion yuan, a year-on-year increase of 32.57%, with accounts receivable to profit ratio at 187.23%, necessitating close monitoring of collection [5] - Interest-bearing debt was 2.299 billion yuan, up 38.19% year-on-year, which may pose pressure on the company's future debt repayment capacity [5] Cash Flow and Asset Status - The company demonstrated strong cash flow performance, with operating cash flow per share at 0.48 yuan, a year-on-year increase of 104.82% [6] - Monetary funds amounted to 4.028 billion yuan, reflecting a year-on-year growth of 7.69%, indicating a healthy cash asset position [6] Summary - Overall, the company achieved robust revenue and profit growth in Q1 2025, with improvements in gross and net margins. However, the significant increase in accounts receivable and rising interest-bearing debt warrant attention, and the company should enhance management of accounts receivable and control the growth of interest-bearing debt to ensure long-term stability [7]

证券代码：300373 证券简称：扬杰科技 公告编号：2025-038 扬州扬杰电子科技股份有限公司 关于筹划发行股份及支付现金购买资产并募集配套资金事项的 进展公告 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、扬州扬杰电子科技股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日 披露的《扬州扬杰电子科技股份有限公司发行股份及支付现金购买资产并募集配套 资金预案》（以下简称"本次交易预案"）及其摘要中已对本次交易涉及的有关风险 因素及尚需履行的审批程序进行了详细说明，公司将根据相关事项的进展情况，及时 履行信息披露义务，提请广大投资者关注后续进展公告并注意投资风险。 2、截至本公告披露之日，除本次交易预案披露的风险因素外，公司尚未发现可 能导致公司董事会或者交易对方撤销、中止本次交易或者对本次交易方案作出实质 性变更的相关事项。本次交易相关工作正在有序进行中，公司将根据相关事项的进展 情况，及时履行信息披露义务。 一、本次交易概述 公司正在筹划以发行股份及支付现金方式购买东莞市贝特电子科技股份有限公 司 100%股权（以下简称 ...