证券代码：300373 证券简称：扬杰科技 公告编号：2025-032 扬州扬杰电子科技股份有限公司 关于首次回购公司股份的公告 （2）中国证监会和深圳证券交易所规定的其他情形。 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 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）。 根据 ...

Group 1: Impact of Tariffs on Agricultural Products - The Chinese government announced a 34% tariff on all imported goods from the US, effective from April 10, 2025, following previous tariffs on specific agricultural products [7] - In 2024, China imported approximately $249 billion worth of agricultural products from the US, accounting for about 15% of total imports from the US and 12% of China's total agricultural imports [8] - The reliance on US imports is significant for certain products, with soybeans making up 48% of agricultural imports from the US, while cotton and sorghum have high dependency rates of 35% and 67% respectively [8][9] Group 2: Yangjie Technology (300373) Overview - Yangjie Technology reported a revenue of 6.033 billion yuan in 2024, an increase of 11.53% year-on-year, with a net profit of 1.002 billion yuan, up 8.50% year-on-year [12] - The company experienced a strong Q4 in 2024, achieving a revenue of 1.610 billion yuan, a year-on-year increase of 17.57%, and a net profit of 333 million yuan, reflecting a 36.47% quarter-on-quarter growth [13] - The demand for automotive electronics is robust, with a significant increase in orders, leading to a projected revenue growth of over 60% in this segment for 2024 [13][14] Group 3: Semiconductor Industry Insights - The US has imposed unexpected tariffs on Chinese imports, which may increase procurement costs for semiconductor components in the short term, but could accelerate domestic production in the long term [20] - The semiconductor industry is currently experiencing a mild recovery, with a focus on AIOT, AI-driven technologies, and consumer electronics as key investment themes [22] - The overall electronic sector has underperformed the market, with the semiconductor sub-sector showing a decline of 0.59% [21]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 6.0338 billion yuan in 2024, representing a year-over-year increase of 11.53%, and a net profit attributable to shareholders of 1.002 billion yuan, up 8.50% year-over-year [6] - The fourth quarter of 2024 saw a record revenue of 1.610 billion yuan, a year-over-year increase of 17.57%, and a net profit of 333 million yuan, reflecting a year-over-year increase of 8.93% [6] - The strong performance is attributed to robust demand in the automotive electronics sector, recovery in overseas markets, and effective cost control measures [6] - The company plans to acquire Better Electronics to enhance its product offerings in power electronic protection devices, which aligns with its existing business [6][7] Summary by Sections Financial Performance - In 2024, the company achieved a comprehensive gross margin of 33.08%, an increase of 2.82 percentage points year-over-year [6] - The company expects revenues of 7.0868 billion yuan, 8.2646 billion yuan, and 9.5187 billion yuan for 2025, 2026, and 2027 respectively [7] - The projected net profits for the same years are 1.229 billion yuan, 1.478 billion yuan, and 1.736 billion yuan [7] Market Dynamics - The automotive electronics segment has seen a significant increase in revenue, growing over 60% year-over-year, driven by a surge in orders and the company's IDM model [6] - The overseas market showed a recovery in the second half of 2024, contributing to an overall growth rate that exceeded the company's average [6] Operational Efficiency - The company has maintained high production line utilization rates and is expanding its production capacity, with a new SiC chip production line launched in 2024 [6] - The implementation of a lean operation system has improved labor efficiency by 14% year-over-year and equipment utilization by 8.2% [6] Strategic Initiatives - The planned acquisition of Better Electronics is expected to create synergies with the company's existing product lines and enhance its market position [6][7]

Core Viewpoint - The company reported steady growth in 2024, driven by strong performance in the automotive electronics sector and effective cost-reduction measures, alongside a strategic acquisition to enhance market synergy [1][2][4]. Financial Performance - In 2024, the company achieved operating revenue of 6.033 billion, a year-on-year increase of 11.53% - The net profit attributable to shareholders was 1.002 billion, up 8.50% year-on-year - The non-recurring net profit reached 953 million, marking a significant increase of 35.43% year-on-year - In Q4 2024, operating revenue was 1.610 billion, reflecting a year-on-year growth of 17.57% and a quarter-on-quarter increase of 3.30% - The net profit attributable to shareholders for Q4 was 333 million, up 8.93% year-on-year and 36.47% quarter-on-quarter - The non-recurring net profit for Q4 was 300 million, showing a remarkable year-on-year growth of 230.97% and a quarter-on-quarter increase of 29.45% [1]. Business Segments - The automotive electronics business saw over 60% year-on-year revenue growth, contributing significantly to overall performance - The company implemented cost-reduction initiatives that improved overall efficiency and reduced expenses, leading to a steady increase in gross margin, which reached 33.08%, up 2.82 percentage points year-on-year - The net profit margin was 16.58%, a slight decrease of 0.45 percentage points year-on-year [2]. Industry Trends - The global semiconductor industry experienced a mild recovery in 2024, with revenue growth exceeding 20% in both industrial and consumer electronics sectors - The company established a fully automated production line for automotive power modules, targeting the electric vehicle market, and has received testing and cooperation intentions from multiple Tier 1 and end automotive clients [3]. Strategic Initiatives - The company announced plans to acquire Better Electronics to enhance market synergy and expand its product offerings in power electronics - The acquisition aims to strengthen the company's position in the power electronics sector by broadening its product and technology portfolio, particularly in overcurrent and overtemperature protection components [4]. Future Outlook - The company maintains a "buy" rating, anticipating continued growth in the automotive electronics market driven by increasing penetration of electric vehicles - Projected net profits for 2025-2027 are estimated at 1.233 billion, 1.446 billion, and 1.666 billion respectively, with corresponding EPS of 2.27, 2.66, and 3.07 per share [5].

机构简介： 深圳清水源投资管理有限公司成立于2011年10月，是一家专注于证券投资管理的专业机构。公司于2013 年6月获批准成为中国证券投资基金业协会特别会员，并于2014年5月4日正式登记为私募投资基金管理 人。公司产品2012、2013两年累计收益排名在近1000只同类产品中排前十名。公司核心管理层由具有公 募基金管理公司及政府部门背景的人士组成，投研团队成员均来自国内著名的基金管理公司及证券公 司，投资经验及从业经历平均十年以上，具有丰富的市场研究及投资管理经验。 调研纪要：扬杰科技表示，尽管年初价格调整对毛利率产生短期压力，但IDM模式和系统性降本举措将 有效对冲成本波动，预计本年度将持续深化成本控制效能。功率低压功率芯片的国产化替代是必然选 择，但验证周期严格，未来几年市场将高速成长。公司今年汽车电子延续了去年的发展趋势，呈现乐观 态势，其他板块也保持良好成长态势。海外业务恢复常态化增长，国际地缘政治变化增强客户合作意 愿，高性价比优势契合国际客户需求。资本支出重点投向越南工厂二期扩建和技术升级改造，其他补充 性资本支出控制在去年同等水平。海外募资资金将用于海外工厂建设和研发中心建设，并平衡汇率波 ...

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 编号：2025-001 | | □特定对象调研 | □分析师会议 | | | | --- | --- | --- | --- | --- | | 投资者关系 | □媒体采访 | □业绩说明会 | | | | 活动类别 | □新闻发布会 | □路演活动 | | | | | □√ 现场参观 | | | | | | □√ 其他 电话会议 | | | | | | 参与单位 | 姓名 | 参与单位 | 姓名 | | | 广发证券 | 张大伟 | 长信基金 | 孙玥 | | | 太平养老保险 | 刘兵 | 上海亘曦私募基金 | 李学来 | | | 陆家嘴国泰人寿保险 | 王汉秦 | 国泰基金 | 孙家旭 | | | 华泰证券（上海）资管 | 余熠 | 上海宁涌富私募基金 | 黄盼盼 | | | 上海铭大实业 | 蔡荣转 | Mizuho Securities Asia Limited | Yini Li | | | 闻天私募证券 | 梁悦芹 | 北京富智投资 | 李晓迪 | | | 万家基金 | 武玉迪 | 同泰基金 | 杨伍 ...

Group 1 - The company, Yangjie Technology, has approved a share repurchase plan using its own or raised funds to buy back public shares for employee stock ownership plans or equity incentives [1] - The total amount for the share repurchase will not be less than RMB 40 million and not exceed RMB 80 million, with a maximum repurchase price of RMB 58.00 per share [1] - The implementation period for the share repurchase is set to be within 12 months from the board's approval date [1] Group 2 - As of March 31, 2025, the company has not yet implemented the share repurchase [2] - The company will continue to execute the share repurchase plan based on market conditions within the designated period and will fulfill its information disclosure obligations as required by laws and regulations [2]

证券代码：300373 证券简称：扬杰科技 公告编号：2025-031 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。 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）。 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 recommends a "Buy" rating for the semiconductor industry, specifically highlighting the potential for recovery in the IGBT market [5]. Core Insights - The IGBT market is showing signs of recovery, with shipments expected to return to positive growth by Q2 2024, indicating the end of the industry downturn. IGBT prices have stabilized after a nearly 30% year-on-year decline in Q1 2024, suggesting a potential upward trend in prices and continued growth in shipments [1][11]. - China's IGBT self-sufficiency is improving, driven by capacity expansion and technological advancements among domestic manufacturers. The report anticipates a shift in the silicon carbide (SiC) market towards oversupply in 2024, leading to a decline in SiC prices [2][12]. - Demand for IGBT is expected to rise due to increased sales of mid-range electric vehicles (EVs) and the penetration of 800V platforms, which will enhance the adoption of SiC in higher-end models. The price gap between SiC and IGBT modules is projected to narrow significantly by 2026, facilitating broader application [3][13]. Summary by Sections Overall Viewpoint - The IGBT market is entering a recovery phase, with signs of demand resurgence and price stabilization. The report highlights the importance of the automotive sector in driving IGBT demand, particularly in the context of electric vehicles [11][20]. IGBT Industry Improvement and SiC Adoption - The report emphasizes the critical role of power semiconductors in various applications, including electric vehicles and industrial control. The IGBT market is expected to grow significantly, with a projected CAGR of 11.23% from 2023 to 2030 [16][23]. Capacity Side: China's IGBT Self-Sufficiency and SiC Price Decline - China's IGBT production is forecasted to increase from 15.5 million units in 2019 to 39 million units by 2024, with a self-sufficiency rate expected to rise as domestic manufacturers enhance their capabilities [31][33]. The SiC market is anticipated to experience a shift towards oversupply, leading to price reductions [12][33]. Demand Side: Mid-Range Vehicle Demand Boosting IGBT and SiC Adoption - The report notes a significant increase in global and Chinese EV sales, with projections indicating continued growth. The demand for IGBT is expected to be bolstered by the rising sales of mid-range EVs, which are more cost-sensitive and likely to continue using IGBT technology in the short term [44][45]. The penetration of 800V platforms is also highlighted as a key driver for SiC adoption in higher-end models [50]. Competitive Landscape - The report outlines the competitive dynamics in the IGBT market, noting that while overseas manufacturers currently dominate, Chinese companies are gradually increasing their market share through technological advancements and capacity expansions [13][15]. Companies to Watch - The report suggests monitoring companies such as Sijia Semiconductor, Times Electric, Silan Microelectronics, China Resources Microelectronics, Sanan Optoelectronics, and others for potential investment opportunities [4].

业绩会要点及展望：1）今年公司的汽车电子业务有望维持去年增长趋势。在新能源车行业高速增长的 情况下，公司面向老客户的新老产品都在持续导入，并有望向海外市场扩张。2）公司在AI 服务器中主 要产品为MOS 和保护器件，当前处于供不应求的状态。3）公司在海外持续布局研发、渠道和产能。越 南的产能有望帮助公司提升市场份额。4）公司拟收购的东莞贝特与扬杰具备协同性，扬杰将帮助东莞 贝特提升产品制造效率，并扩大客户基数。 估值：我们使用DCF 估值，采用1.8%的无风险利率，并假设扬杰科技2030-2034 年的成长率为15%，永 久增长率为3%，WACC 是11.5%。 我们上调目标价至人民币55.7 元，潜在升幅20%。 投资风险：消费、工业、新能源等下游需求复苏及增长不及预期；海外半导体拉货动能不足；功率半导 体产能扩张，供过于求；功率器件价格持续下行；行业竞争拖累利润；公司产能扩张带来的折旧影响利 润；高端功率器件成长速度较慢；新产品等投入过大。 我们略微调整扬杰科技2025 年、2026 年盈利预测，上调目标价至人民币55.7 元，潜在升幅20%，重 申"买入"评级。 重申扬杰科技的"买入"评级：在2024 ...