Yangjie Technology(300373)

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【国信电子胡剑团队】扬杰科技:现金收购贝特电子100%股权,内生与外延增长并进
剑道电子· 2025-09-20 14:00
Core Viewpoint - Yangjie Technology plans to acquire 100% equity of Better Electronics for a cash consideration of 2.218 billion RMB, aiming for both organic and external growth [4][6][10] Group 1: Acquisition Details - The acquisition will be executed in three phases, with a performance commitment requiring Better Electronics to achieve a cumulative net profit of no less than 555 million RMB from 2025 to 2027 [4][9] - The first phase involves a payment of 30% of the transfer price, amounting to 665 million RMB, while the second phase will pay 70% of the transfer price to non-performance commitment parties [9][10] - Better Electronics is expected to become a wholly-owned subsidiary of Yangjie Technology upon completion of the transaction [9] Group 2: Financial Performance of Better Electronics - Better Electronics reported a revenue of 837 million RMB and a net profit of 148 million RMB in 2024, with a year-on-year growth of 33% and 40% respectively [11] - The company has a compound annual growth rate (CAGR) of approximately 28% in revenue and 52% in net profit from 2020 to 2024 [11] - The gross margin of Better Electronics increased from 34.6% in 2020 to 42.05% in 2023, driven by the growth in the renewable energy sector [14] Group 3: Strategic Benefits of the Acquisition - The acquisition is expected to enhance Yangjie's product matrix and customer competitiveness, particularly in the protection device sector [6][10] - Better Electronics' products will complement Yangjie's existing offerings, potentially increasing earnings per share (EPS) [6][10] - Both companies have overlapping customer bases, which may accelerate market share growth among key clients [6][19] Group 4: Market Position and Future Outlook - Better Electronics holds a 4.3% market share in the global fuse market as of 2022, indicating a strong competitive position [10] - Yangjie Technology's revenue for Q2 2025 reached 1.876 billion RMB, with a year-on-year growth of 22.02% [16] - The acquisition is anticipated to strengthen Yangjie's overseas business capabilities, as both companies have established international operations [19]
功率半导体加速“走出去”|活力中国调研行
2 1 Shi Ji Jing Ji Bao Dao· 2025-09-19 14:56
目前,全球半导体产业的市场总额约为4万亿人民币。其中,功率分立器件占比约5%,每年复合增长率 约在5%左右。 在功率半导体领域,中国占据全球近半壁江山。Omdia最新预测显示,2025年全球功率半导体市场规模 将攀升至755亿美元,其中中国市场以291亿美元的规模占据38.6%的份额。 在中国的功率半导体产业地图上,江苏是重要聚集地。扬杰科技(300373.SZ)副董事长梁瑶告诉21世 纪经济报道记者,扬州有扬杰科技,无锡有华润微(688396.SH)、新洁能(605111.SH),苏州有苏州 固锝(002079.SZ),常州有宏微科技(688711.SH),南通有捷捷微电(300623.SZ),基本都是中国 半导体功率器件十强企业。 在新能源革命浪潮下,近年来,国产功率半导体产品的质量、性能、技术标准不断提升,也在国产化的 同时加速"走出去"。 功率半导体有望率先国产化 作为电能转换与控制的核心元件,大到高铁、电网,小到手机、耳机,凡是用电的地方都需有功率器件 的身影。 电流在转化过程中,因电阻、开关损耗等因素会产生无效热能,例如手机长时间使用后发热,正是电能 转化为热能的表现。而功率半导体在电流、电压转换 ...
功率半导体加速“走出去”
2 1 Shi Ji Jing Ji Bao Dao· 2025-09-19 14:52
Industry Overview - The global semiconductor industry has a market size of approximately 4 trillion RMB, with power discrete devices accounting for about 5% and a compound annual growth rate of around 5% [1] - China holds nearly half of the global power semiconductor market, with a projected market size of 75.5 billion USD by 2025, where the Chinese market is expected to reach 29.1 billion USD, capturing 38.6% of the market share [1] Regional Insights - Jiangsu province is a significant hub for China's power semiconductor industry, hosting major companies such as Yangjie Technology, Huazhu Microelectronics, and Suzhou Goodix [1] - The domestic power semiconductor industry has seen improvements in quality, performance, and technology standards, accelerating the "going out" strategy alongside domestic production [1] Market Dynamics - The market for power semiconductors is driven by both traditional demand from consumer electronics and emerging applications such as wearable devices and robotics, with significant growth expected from sectors like new energy vehicles and servers [2] - As of 2024, China's overall power semiconductor localization rate has increased to 15%-20%, with IGBT and SiC devices at approximately 35% and MOSFETs at about 15% [2] Competitive Landscape - Chinese power semiconductor companies are increasingly dominating global niche markets, supported by advancements in key downstream sectors like new energy vehicles and 5G [3] - Yangjie Technology has reported domestic sales revenue of 4.527 billion RMB with a gross margin of 28.33% and international sales revenue of 1.364 billion RMB with a gross margin of 45.43% [3] International Expansion - Yangjie Technology has initiated international expansion with brands YG and MCC, targeting the Asia-Pacific and European markets respectively, with MCC's sales exceeding 210 million USD by 2024 [3][5] - The company has established localized R&D, manufacturing, and sales networks globally, including five R&D centers and 15 wafer and packaging factories [5] Strategic Acquisitions - Yangjie Technology's acquisition of the MCC brand in 2015 for 20 million USD has positioned it favorably in the market, enhancing its brand recognition in both consumer and industrial applications [4] - Other companies like Wentai Technology have also pursued acquisitions to expand their global footprint, indicating a trend of consolidation in the industry [5] Technological Advancements - The third-generation semiconductor technology is aiding Chinese companies in expanding their international market presence, exemplified by InnoSilicon's collaboration with NVIDIA [5]
藏在三星、博世、沃尔沃里的“中国芯”!
Jin Rong Shi Bao· 2025-09-19 12:32
Core Insights - Yangjie Technology (300373) is a leading player in the power semiconductor sector, supplying core components to global brands like Bosch, Samsung, and Volvo, and is recognized as a national manufacturing champion [1][3] - The company holds significant market shares, being the largest in China and second globally for power diodes, and the largest globally for rectifier bridges, with a 42.5% market share in photovoltaic bypass diodes [1][3] Industry Overview - The Chinese semiconductor industry is valued at 4 trillion yuan, with 85% attributed to integrated circuits, a sector heavily dominated by foreign companies [3] - The global power semiconductor market is approximately 200 billion yuan, with domestic and international markets each accounting for half [3] Company Strategy - Yangjie Technology employs a "dual brand + global layout" strategy, having acquired the American semiconductor brand MCC in 2015, and establishing a presence in over 30 countries [4][6] - The company aims to fill a 30 billion yuan import gap in high-end power semiconductors within the next 3 to 5 years, positioning itself to achieve full import substitution in this segment [3][4] Financial Performance - Yangjie Technology plans to invest 7% of its revenue in R&D annually, with a projected R&D expenditure exceeding 400 million yuan in 2024 [3][6] - The company has experienced significant growth since its IPO in 2014, with revenues expected to exceed 6 billion yuan and net profits over 1 billion yuan in 2024 [6][7] Market Expansion - The company is expanding its overseas operations by building a factory in Vietnam, which will enhance its manufacturing capabilities and allow for local sourcing of materials [6] - Yangjie Technology has successfully raised 220 million USD through GDR issuance, with funds allocated for factory expansion and market development in Japan and the U.S. [6][7]
活力中国调研行|扬州营商环境获赞 好“水土”养出“参天大树”
Zhong Guo Qing Nian Bao· 2025-09-19 11:44
扬杰科技副董事长、党委书记梁瑶把功率半导体比作人体的心脏,需不间断地稳定处理电流电压。因 此,"我们对功率半导体最核心的要求是,必须具备极高的可靠性与稳定性。"梁瑶说,这也是公司产品 的核心竞争力所在。 中国青年报客户端讯(中青报·中青网记者 陈晓 朱仪杰 范雪)9月18日下午,记者参加"活力中国调研 行"主题采访活动时走进位于江苏扬州的扬州扬杰电子科技股份有限公司(以下简称"扬杰科技")。在 小信号工厂封装测试车间,记者看到18条智能化生产线上,1500多台机器高效协同,划片、固晶、打 线、塑封等生产环节有条不紊。 每天,近1.5亿个功率半导体器件从这里产出,最小的仅有针尖大小,最大的也只有手机那么大,流向 汽车电子、清洁能源、工业控制、电子消费等领域,为华为、小米、比亚迪、三星、西门子、海康威视 等龙头企业提供配套。 作为扬州目前市值最高的企业,梁瑶深感公司的发展离不开当地政府的大力支持。"我一直想说,一个 企业发展得好,肯定跟这个地方'水土'有关系。这个地方空气好、水土好,才可能长出大树。"梁瑶回 忆,公司于2020年4月奠基,仅用14个月便完成建设,并在2021年6月顺利投产,第二年就实现了满产并 达 ...
扬州这家冠军企业,目标2030年海外营收占比达50%
Yang Zi Wan Bao Wang· 2025-09-19 07:30
小到肉眼几乎看不见的半导体元器件是怎么生产出来的?9月18日,活力中国调研行江苏主题采访团走 进扬州扬杰电子科技股份有限公司一探究竟。 这家公司是在扬州市土生土长生长起来的企业,经过19年辛勤耕耘,已经成为国家制造业单项冠军。 2024年,公司营业收入超60亿元,净利润超10亿元,纳税超2亿元,上市十年,营收、利润、市值均增 长超10倍。 这家公司是国内极少数深度垂直一体化全产业链(IDM)企业,集器件芯片设计制造、封装测试、终端 销售与服务等为一体,已成长为国内半导体整流芯片和器件的龙头企业。公司目标是在2027年实现100 亿销售,到2030年实现150亿销售,进入全球前十,海外营收占比能够达到50%。 为应对国际贸易环境变化与供应链风险,该公司积极布局"一带一路"沿线市场,于2023年12月在越南启 动建设首个海外封装制造基地,仅用一年时间完成5.8万平方米现代化厂房建设与设备调试,于2024年 12月正式通线量产。2025年,公司启动越南工厂二期建设,同时公司正在考察,计划在越南、马来西亚 等地投资建设晶圆产线,持续推动公司全球化战略布局,并进一步加大海外研发中心的投入,有效整合 海外人才为全球化战略 ...
扬杰科技跌2.02%,成交额8.54亿元,主力资金净流出3955.44万元
Xin Lang Cai Jing· 2025-09-19 06:28
Core Viewpoint - Yangjie Technology's stock has experienced fluctuations, with a recent decline of 2.02% on September 19, 2023, despite a year-to-date increase of 54.84% [1] Financial Performance - For the first half of 2025, Yangjie Technology reported revenue of 3.455 billion yuan, a year-on-year increase of 20.58%, and a net profit attributable to shareholders of 601 million yuan, up 41.55% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 1.717 billion yuan, with 1.180 billion yuan distributed over the past three years [3] Shareholder Information - As of September 10, 2023, the number of shareholders decreased by 11.29% to 55,000, while the average number of tradable shares per person increased by 12.73% to 9,857 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 198.83 million shares, and E Fund's ChiNext ETF, which reduced its holdings by 18.16 million shares [3] Market Activity - On September 19, 2023, Yangjie Technology's stock price was 66.12 yuan per share, with a trading volume of 854 million yuan and a turnover rate of 2.33% [1] - The stock's market capitalization stood at 35.926 billion yuan [1] Business Overview - Yangjie Technology, established on August 2, 2006, and listed on January 23, 2014, specializes in the research, production, and sales of power semiconductor wafers, chips, and devices, as well as integrated circuit packaging and testing [1] - The company's revenue composition includes 88.05% from semiconductor devices, 7.34% from semiconductor chips, 2.59% from semiconductor wafers, and 2.02% from other sources [1]
扬杰科技_更好的熔断器收购助力增长;给予增持评级
2025-09-18 13:09
September 15, 2025 12:03 AM GMT Yangjie Technology | Asia Pacific Better Fuse Acquisition to Strengthen Growth; OW | What's Changed | | | | --- | --- | --- | | Yangjie Technology (300373.SZ) | From | To | | Price Target | Rmb58.00 | Rmb80.00 | We appreciate the company's efforts to extend its business footprint downstream with better margin. We expect synergies between Yangjie and Better Fuse to be meaningful on the back of their similar customer base, overseas exposure and core values. Raise PT to Rmb80. G ...
扬杰科技:公司生产线不存在“老旧”问题
Mei Ri Jing Ji Xin Wen· 2025-09-18 09:49
每经AI快讯,有投资者在投资者互动平台提问:请问公司生产线是否老旧?公司还抱着5英寸的生产线 吗?同行业都在新产能扩产,公司抱着老旧生产线会不会被淘汰? (记者 张明双) 扬杰科技(300373.SZ)9月18日在投资者互动平台表示,公司生产线不存在"老旧"问题,反之公司五吋 线性能稳定、产能充足,为公司IDM协同提供充足支持,也为公司长期发展提供坚实支撑。 ...
江苏女富豪斥资22.18亿元,溢价超270%纯现金买下这家IPO失败企业
Sou Hu Cai Jing· 2025-09-18 08:53
每日经济新闻消息,近日,扬杰科技(300373.SZ)发布关于现金收购贝特电子100%股权暨关联交易的公 告。 扬杰科技拟支付现金购买东莞市贝特电子科技股份有限公司(以下简称"贝特电子"或"标的公司")100%股 权(以下简称"本次交易"),本次交易以符合《中华人民共和国证券法》规定的评估机构出具的权益评估 价值为定价参考,最终确定整体转让价格为人民币221,800万元。本次交易完成后,贝特电子将成为上市公 司的全资子公司。 本次交易未构成重大资产重组。本次交易构成关联交易。本次交易事项尚需提交股东大会审议通过后实 施,关联股东在股东大会上对相关议案回避表决。 本次交易标的公司股东全部权益在评估基准日的评估价值为222,000.00万元,与母公司报表口径中股东全 部权益账面价值59,924.80万元相比,评估增值162,075.20万元,增值率为270.46%;与合并报表口径归属于 母公司的股东权益账面价值57,980.33万元相比,评估增值164,019.67万元,增值率为282.89%。 值得注意的是,本次交易设立了高额的业绩对赌条款。业绩承诺方承诺2025年~2027年贝特电子应实现的 合并报表口径下扣 ...