编号：2024-004 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系 □新闻发布会 □路演活动 活动类别 □现场参观 □√ 其他 电话会议 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 | --- | --- | --- | --- | --- | |------------|--------------------|--------|--------------------|--------| | | 参与单位 | 姓名 | 参与单位 | 姓名 | | | 兴银理财 | 黄舒婷 | 招商信诺资管 | 刘泽宇 | | | 上海国泰君安 | 陈思靖 | 格林基金 | 刘东 | | | 上海泾溪资管 | 王彬 | 广东正圆私募 | 黄志豪 | | | 上海雪石资管 | 高云志 | 仁桥（北京）资管 | 张鸿运 | | | 光大保德信基金 | 魏晓雪 | 仁灏资产 | 李学来 | | | 明世伙伴 | 朱腾飞 | 上海聊塑资管 | 周岩明 | | | 华泰证券 | 吕兰兰 | 中信建投 | 赵坚 | | | 南方基金 | 王寅超 | 国信证券 ...

Investment Rating - The report maintains a "Recommend" rating for Yangjie Technology (300373 SZ) [2][3] Core Views - Yangjie Technology achieved steady growth in H1 2024 with revenue of RMB 2 865 billion (+9 16% YoY) and net profit attributable to shareholders of RMB 425 million (+3 43% YoY) [2] - In Q2 2024 the company reported revenue of RMB 1 537 billion (+16 96% YoY +15 75% QoQ) and net profit attributable to shareholders of RMB 244 million (+6 75% YoY +35 37% QoQ) [2] - The growth was driven by semiconductor industry recovery overseas market expansion and cost efficiency improvements [2] - The company is accelerating its layout in automotive SiC modules with plans for mass production of domestically produced main drive SiC modules by 2025 [2] Financial Performance - Revenue from semiconductor devices reached RMB 2 469 billion in H1 2024 (+11 34% YoY) [2] - Semiconductor chip revenue was RMB 237 million in H1 2024 (-8 64% YoY) while semiconductor wafer revenue grew to RMB 97 million (+7 74% YoY) [2] - Gross margin improved to 31 32% in Q2 2024 (+1 8pct YoY +3 65pct QoQ) [2] Business Development - The company has developed a full series of Trench 1200V IGBT chips from 10A-200A and launched multiple power modules including 750V/820A IGBT modules and 1200V/2mΩ three-phase bridge SiC modules [2] - Yangjie has established 6 R&D centers and 15 wafer and packaging factories globally with construction progress accelerating at its Vietnam factory and Yangzhou automotive-grade wafer and packaging factory [2] Financial Forecasts - Revenue is projected to grow from RMB 5 410 billion in 2024E to RMB 9 387 billion in 2026E [3][6] - Net profit attributable to shareholders is expected to increase from RMB 978 million in 2024E to RMB 1 594 billion in 2026E [3][6] - EPS is forecasted to rise from RMB 1 80 in 2024E to RMB 2 93 in 2026E [3][6] - PE ratio is estimated to decline from 20x in 2024E to 12x in 2026E [3][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Insights - The company, Yangjie Technology (300373), achieved a record high revenue in Q2 2024, driven by the recovery of overseas business and an increase in gross margin [2][4] - The company implements a "dual brand" and "dual circulation" development model, which has led to steady revenue and gross margin growth due to recovering market demand [4][5] - The company is expanding its direct sales channels and deepening cooperation with major clients in both the domestic and Asia-Pacific markets, while also accelerating the construction of its factory in Vietnam [4][5] Financial Summary - Revenue projections for 2024-2026 are estimated at 60.83 billion, 76.11 billion, and 89.39 billion yuan respectively, with net profit attributable to the parent company expected to be 9.48 billion, 11.89 billion, and 15.02 billion yuan [5][6] - The earnings per share (EPS) is projected to be 1.74, 2.19, and 2.76 yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 21X, 17X, and 13X [5][6] - The company’s gross margin is expected to improve from 30% in 2023 to 34% by 2026, reflecting operational efficiency and cost reduction measures [6][7]

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 1.83, 2.17, and 2.56 for the years 2024 to 2026, respectively [2][4]. Core Insights - The semiconductor industry is experiencing a mild recovery, with stable demand from the automotive and consumer electronics sectors, leading to a year-on-year revenue growth of 9.16% in the first half of 2024 [2][4]. - The company achieved a significant increase in profitability in Q2 2024, with a net profit of 2.44 billion yuan, reflecting a 35.36% quarter-on-quarter growth [1][2]. - The company is focusing on expanding its market presence in AI, new energy vehicles, and clean energy sectors, with a notable increase in its market share in the IGBT module market [2][4]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 28.65 billion yuan, up 9.16% year-on-year, and a net profit of 4.25 billion yuan, an increase of 3.43% [1][2]. - Q2 2024 revenue reached 15.37 billion yuan, marking a 16.96% year-on-year increase and a 15.75% quarter-on-quarter increase [1][2]. - The gross profit margin for Q2 2024 was 31.32%, up 3.65 percentage points from the previous quarter, while the net profit margin was 15.88%, an increase of 2.43 percentage points [2]. Market and Industry Analysis - The company is adapting to the recovery in the semiconductor industry by optimizing its product and customer structure, which has led to improved sales and profitability [2][4]. - The report highlights the company's strategic focus on high-growth sectors, including automotive and new energy, and its commitment to increasing R&D investment, which reached 6.88% of revenue in the first half of 2024 [2][4]. Earnings Forecast - The projected net profits for the company from 2024 to 2026 are 9.96 billion yuan, 11.79 billion yuan, and 13.92 billion yuan, respectively, with corresponding year-on-year growth rates of 8%, 18%, and 18% [2][4].

本次会议应到监事 3 人，实到监事 3 人，会议由监事会主席徐萍女士主持。 本次会议的召开符合《中华人民共和国公司法》和《公司章程》的有关规定。经 与会监事审议，形成如下决议： 一、审议通过了《公司 2024 年半年度报告全文及摘要》 经审核，监事会认为：董事会编制和审核公司 2024 年半年度报告的程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了上 市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 证券代码：300373 证券简称：扬杰科技 公告编号：2024-052 扬州扬杰电子科技股份有限公司 第五届监事会第十次会议决议公告 本公司及监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 2024 年 8 月 10 日 以电子邮件和电话的方式向各位监事发出关于召开公司第五届监事会第十次会 议的通知，会议于 2024 年 8 月 21 日下午 19：00 在江苏省扬州市邗江区新甘泉 路 68 号公司 5 号厂区办公楼三楼会议室以现场方式召开。 审议结果：3 票同意，0 票反对，0 ...

证券代码：300373 证券简称：扬杰科技 公告编号：2024-046 扬州扬杰电子科技股份有限公司 第五届董事会第十次会议决议公告 公司 2024 年半年度利润分配预案为：以截至 2024 年 8 月 21 日扣除回购专 户中已回购股份后的总股本 540,796,782 股为基数，向全体股东每 10 股派发现金 红利 2.60 元（含税），合计派发现金股利 140,607,163.32 元（含税）。自本次利润 分配预案披露之日起至权益分派股权登记日期间，公司总股本若因新增股份上市、 股权激励行权、股份回购等事项发生变化，公司将按照分配比例不变的原则对分 配总额进行调整。 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 2024 年 8 月 10 日以电子邮件和电话的方式发出关于召开公司第五届董事会第十次会 议的通知，会议于 2024 年 8 月 21 日下午 17：00 在江苏省扬州市邗江区新甘泉 路 68 号公司 5 号厂区办公楼三楼会议室以现场和通讯相结合的方式召开。 本次会议应到董事 9 ...

证券代码：300373 证券简称：扬杰科技 公告编号：2024-050 扬州扬杰电子科技股份有限公司 (一) 实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于核准扬州扬杰电子科技股份有限公司首次 公开发行全球存托凭证并在瑞士证券交易所上市的批复》（证监许可〔2023〕606 号）， 本公司获准发行全球存托凭证（以下简称 GDR）并在瑞士证券交易所上市，本次发 行 GDR 14,339,500 份，对应的 A 股基础股票 28,679,000 股，每份 GDR 发行价为 15.00 美元，共计募集资金 21,509.25 万美元，坐扣承销费用 116.15 万美元后的募集 资金为 21,393.10 万美元，已由主承销商 HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED 于 2023 年 4 月 19 日汇入本公司募集资金账户。另减除上网发行 费、招股说明书印刷费、申报会计师费、律师费、评估费等与发行权益性证券直接 相关的新增外部费用 181.67 万美元后，公司本次募集资金净额为 21,211.43 万美元。 上述募集资金到位情况业经天健会计师事务所（ ...

扬州扬杰电子科技股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：扬州扬杰电子科技股份有限公司 单位：万 | 元 | | --- | 法定代表人：梁勤 主管会计工作负责人：戴娟 会计机构负责人（会计主管人员）：佘静 | 总计 | - | - | - | | | | | | | | - | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 年半年 2024 | | | | | | 往来性质 | | 其它关联资金 | | 往来方与上 | 上市公司 | 2024 年期 | 度往来累计 | 2024 年半年度 | 2024 年半年 | 2024 年 | 6 月 | 往来形成 | （经营性往 | | 往来 | 资金往来方名称 | 市公司的关 | 核算的会 | 初往来资 | 发生金额 | 往来资金的利 | 度偿还累计 | 30 日往来资 | | 原因 | 来、非经营 | | | | 联关系 | 计科目 | 金余额 | （不含利 | 息（如有） | 发生金额 | 金 ...

扬州扬杰电子科技股份有限公司 关于召开 2024 年第二次临时股东大会的通知 证券代码：300373 证券简称：扬杰科技 公告编号：2024-051 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。 一、召开会议的基本情况 2、股东大会的召集人：经公司第五届董事会第十次会议审议通过，公司董事会决定 召开 2024 年第二次临时股东大会。 3、会议召开的合法、合规性：本次股东大会的召集程序符合有关法律法规、深圳证 券交易所业务规则和《公司章程》的要求。 4、会议召开的日期、时间： （1）现场会议时间：2024 年 9 月 13 日（星期五）下午 14:30。 （2）网络投票时间： 1、股东大会届次：2024 年第二次临时股东大会。 通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 9 月 13 日 9:15- 9:25，9:30-11:30，13:00-15:00； 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2024 年 9 月 13 日 9：15-15：00。 6、会议的股权登记日：2024 年 9 月 4 日（星期三） 7、出席 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥2,865,255,202.25, representing a 9.16% increase compared to ¥2,624,742,386.62 in the same period last year[17]. - Net profit attributable to shareholders was ¥424,843,451.68, up 3.43% from ¥410,749,362.62 year-on-year[17]. - The net cash flow from operating activities increased significantly by 95.21%, reaching ¥528,137,435.41 compared to ¥270,551,262.13 in the previous year[17]. - Total assets at the end of the reporting period were ¥13,266,138,639.71, a 5.06% increase from ¥12,626,923,751.10 at the end of the previous year[17]. - The company's net assets attributable to shareholders rose to ¥8,327,754,668.24, reflecting a 0.99% increase from ¥8,246,447,181.72[17]. - Basic earnings per share decreased slightly by 1.27% to ¥0.78 from ¥0.79 in the previous year[17]. - The weighted average return on net assets was 5.03%, down from 6.21% in the same period last year, a decrease of 1.18%[17]. - The company's operating costs amounted to ¥2,016,355,217.93, reflecting a year-on-year increase of 9.92%[40]. - The total profit for the first half of 2024 was ¥499,931,099.44, compared to ¥474,440,719.72 in the previous year, marking an increase of 5.4%[115]. Market and Competitive Landscape - The company faces significant market competition risks due to the high degree of marketization and intense competition in the semiconductor industry, particularly in the mid-to-high-end market[2]. - The company is focused on maintaining its competitive edge in several niche markets, but failure to adapt to market changes could jeopardize its market share[2]. - The company is positioned to benefit from the ongoing shift towards domestic semiconductor production due to geopolitical factors and trade disputes[23]. - The company has been recognized as one of the top three power semiconductor device companies in China for several consecutive years, reflecting its strong market position[24]. - The company operates under a dual-brand strategy, with "YJ" targeting the domestic and Asia-Pacific markets, and "MCC" focusing on Europe and the Americas[26]. Investment and Development - The company is investing in advanced packaging and large-size high-end wafers, but risks exist regarding the pace of technology investment and the ability to adapt to rapid changes in downstream applications[3]. - The company is actively involved in the development of third-generation semiconductor technologies, which requires timely and accurate judgment of industry trends to avoid potential risks[3]. - The company aims to develop over 30 key automotive chip standards by 2025 and over 70 by 2030, enhancing the standardization of automotive chips in response to industry needs[24]. - The company has increased its investment in the development of SiC and GaN power devices to meet future strategic development needs[29]. - Research and development investment increased by 19.31% to ¥197,269,591.86 compared to the same period last year[41]. Risk Management - The company acknowledges risks from international political and economic environments, including trade tensions and export control policies affecting the semiconductor industry, which may impact its performance[6]. - The company emphasizes both organic growth and external development strategies, actively pursuing mergers and acquisitions to enhance its industry chain and product portfolio, but integration risks remain[5]. - The company has established a comprehensive governance structure to prevent the abuse of shareholder rights and enhance investor relations management[65]. - The company has committed to accelerating the localization process of mid-to-high-end power semiconductors, with a focus on innovation-driven development[64]. Environmental Management - The company is classified as a key pollutant discharge unit by environmental protection authorities[74]. - The company has obtained a national pollutant discharge permit and is managing emissions according to the permit[74]. - The company achieved a blue rating in environmental credit evaluation[74]. - Wastewater discharge from the He Ye West Road plant includes COD at 36 mg/L and total nitrogen at 31.2 mg/L, well below the standard limits[75]. - The company utilizes advanced technology and clean energy to reduce pollution and improve resource efficiency[74]. Shareholder and Corporate Governance - The company reported a total share capital of 540,796,782 shares as of the end of the reporting period, with a cash dividend of 2.6 yuan per 10 shares (including tax) proposed for distribution to all shareholders[7]. - The company has implemented a cash dividend policy since its listing, distributing no less than 20% of the annual distributable profit as cash dividends[70]. - The company has established a dynamic balance between performance growth and shareholder returns, emphasizing long-term and sustainable shareholder value[66]. - The company has completed the first vesting period of the third phase of its restricted stock incentive plan, with 518 participants receiving a total of 1.5632 million shares[71]. - The company has not reported any significant changes in its registration or contact information during the reporting period[14][15][16]. Operational Efficiency - The company has enhanced its supply chain digitalization and information capabilities, utilizing IBP and SRM systems for real-time procurement data analysis, leading to improved procurement strategy adjustments in response to market demand changes[27]. - The company achieved a direct labor efficiency improvement of 11% and an overall equipment utilization rate increase of 5.8% year-on-year[34]. - The company has successfully developed a full range of 10A-200A Trench 1200V IGBT chips and has increased its market share in the IGBT module market, becoming a key player in chip design and module packaging[28]. - The company has implemented cost optimization initiatives, resulting in a substantial reduction in standard and failure costs exceeding 180 million yuan[34]. - The company has established a quality management system compliant with automotive standards, achieving VDA6.3 A-level certification from several well-known automotive electronic brands[39]. Financial Reporting and Compliance - The financial statements comply with the requirements of the enterprise accounting standards, reflecting the company's financial status accurately[136]. - The company has not reported any changes in accounting policies or significant errors in the current period[132]. - The company recognizes revenue based on the progress of performance obligations, confirming revenue when control of goods or services is transferred to the customer[182]. - The company recognizes deferred tax assets only to the extent that it is probable that sufficient taxable income will be available to utilize the deductible temporary differences[188]. - The company has a structured approach to employee benefits, including defined contribution and defined benefit plans, with specific accounting treatments for each[177].