证券代码：300373 证券简称：扬杰科技 公告编号：2024-026 扬州扬杰电子科技股份有限公司 1 根据公司全球存托凭证招股说明书披露的募集资金用途，公司本次 GDR 募 集资金的使用计划如下： 金额单位：万美元 | 项目名称 | | 募集资金承诺投资总额 | | | --- | --- | --- | --- | | 发展功率元件业务，包括建设小信号产品、硅基及碳化 | | | 12,726.86 | | 硅 等产品的封装 | SBD、MOSFET | | | | 海外研发中心和全球销售及售后服务网点建设 | | | 2,121.14 | | 补充营运资金及其他一般公司用途 | | | 6,363.43 | | 合 计 | | | 21,211.43 | 三、本次使用募集资金补充流动资金的情况 关于使用募集资金补充流动资金的公告 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。 一、募集资金基本情况 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） ...

证券代码：300373 证券简称：扬杰科技 公告编号：2024-027 经审核，监事会认为：公司 2024 年第一季度报告的编制和审核的程序符合 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，不存在虚假 记载、误导性陈述或者重大遗漏。 具体内容请见公司于 2024 年 4 月 29 日在巨潮资讯网（www.cninfo.com.cn） 发布的《2024 年第一季度报告》。 第五届监事会第八次会议决议公告 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 4 月 19 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八次会议 的通知，会议于 2024 年 4 月 26 日下午 15 时在江苏省扬州市邗江区新甘泉路 68 号扬杰科技 5 号厂区以现场方式召开。 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 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a strong performance in Q4 2023, with revenue reaching 1.369 billion yuan, a year-on-year increase of 38.92% and a net profit of 306 million yuan, up 130.95% year-on-year [7][8] - The company is focusing on high-end semiconductor products, including MOS, IGBT, and third-generation semiconductors, which are expected to drive revenue growth in 2024 [10] - The company has expanded its production capacity and is enhancing its product offerings in the electric vehicle and clean energy sectors, positioning itself to benefit from the recovery in downstream demand [9][10] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 5.41 billion yuan, a slight increase of 0.12% year-on-year, while net profit was 924 million yuan, down 12.85% year-on-year [7][10] - Q4 2023 saw significant growth in revenue from photovoltaic diodes, SiC, and IGBT, contributing to the overall revenue increase [8] Product Development and Capacity Expansion - The company has made substantial investments in R&D for high-end products, including SiC and GaN wafers, and has established a joint R&D center with Southeast University [8] - The acquisition of a 30% stake in Jiechuwi has allowed the company to control 70% of the firm, enhancing its production capabilities for 8-inch power semiconductor chips [8] Market Opportunities - The company is capitalizing on the growing demand in the electric vehicle market, with a reported penetration rate of 50.39% for new energy vehicles in early April 2024 [9] - The company has developed a series of automotive-grade products and is expanding its partnerships with major automotive clients [9][10] Profit Forecast and Valuation - The profit forecast for 2024, 2025, and 2026 is adjusted to 1.039 billion yuan, 1.544 billion yuan, and 1.931 billion yuan respectively, with corresponding PE ratios of 19, 13, and 10 times [10][11]

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].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its future performance [2][3]. Core Insights - In 2023, the company achieved a revenue of 5.41 billion yuan, a slight increase of 0.12% year-on-year, while the net profit attributable to shareholders decreased by 12.85% to 0.924 billion yuan [2]. - The fourth quarter saw a revenue of 1.369 billion yuan, representing a year-on-year growth of 38.92%, attributed to product structure optimization and successful advancements in products like photovoltaic diodes and IGBTs [2]. - The company is focusing on the new energy sector, particularly in IGBT and SiC markets, with successful development of a full range of IGBT chips and SiC MOS products [2]. - The company is enhancing its international presence by establishing packaging production lines and R&D centers overseas, including a new subsidiary in Vietnam [2]. - The forecast for net profit attributable to shareholders for 2024-2026 is projected to be 1.035 billion, 1.216 billion, and 1.556 billion yuan respectively, with corresponding PE ratios of 19, 16, and 13 [2][3]. Financial Summary - The company’s total revenue for 2023 was 5.41 billion yuan, with a projected growth rate of 0.1% for 2024, followed by 25.0% in 2025 and 19.5% in 2026 [3][7]. - The net profit for 2023 was 0.924 billion yuan, with expected growth rates of 12.0%, 17.6%, and 27.9% for the following years [3][7]. - The earnings per share (EPS) for 2024-2026 are projected to be 1.70, 1.91, and 2.24 yuan respectively [3][7]. - The company’s price-to-earnings (PE) ratio is expected to decrease from 21 in 2024 to 13 in 2026, indicating improving valuation [3][7].

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].

Investment Rating - The investment rating for the company is "Buy" with a maintained rating of A [1][3]. Core Views - The company has achieved significant growth in sales of photovoltaic diodes, SiC, and IGBT products, despite a competitive industry environment leading to a decline in overall gross margin [1]. - The company is focusing on dual-brand operations ("MCC+YJ") and expanding its overseas strategic layout, although overseas sales have decreased due to destocking [1]. - The company has successfully launched new products targeting the clean energy market and is advancing its automotive electronics strategy, with substantial growth in the automotive electronics sector in 2023 [1][3]. Financial Performance - In 2023, the company reported revenue of 5.41 billion yuan, a year-on-year increase of 0.12%, while net profit attributable to shareholders decreased by 12.85% to 924 million yuan [1]. - The company’s gross margin was 30.26%, and R&D investment increased by 21.57% to 356 million yuan [1]. - For Q4 2023, the company achieved revenue of 1.369 billion yuan, a year-on-year increase of 38.92%, and net profit of 306 million yuan, a year-on-year increase of 130.95% [1]. Revenue and Profit Forecast - Revenue forecasts for 2024 to 2026 are 6.524 billion yuan, 8.012 billion yuan, and 9.117 billion yuan, with growth rates of 20.6%, 22.8%, and 13.8% respectively [3][4]. - Net profit forecasts for the same period are 1.046 billion yuan, 1.308 billion yuan, and 1.573 billion yuan, with growth rates of 26.0%, 26.6%, and 27.0% respectively [3][4]. Valuation Metrics - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 18.4, 14.7, and 12.2 respectively [4][5]. - The gross margin is expected to improve to 32.0% in 2024 and further to 35.2% by 2026 [4][5].