国产替代先锋：英杰电气半导体射频电源业务逆势崛起，股利支付率创上市新高

Core Viewpoint - Yingjie Electric has demonstrated resilience in its performance despite the overall decline in the photovoltaic industry, achieving significant growth in operating cash flow and maintaining a high dividend payout ratio [1][2][7]. Financial Performance - In 2024, Yingjie Electric reported a main revenue of 1.78 billion yuan, a year-on-year increase of 0.6%, while net profit was 323 million yuan, down 25.2% year-on-year [2]. - The operating cash flow net amount increased significantly by 330.7% to 600 million yuan, marking a historical high [2][3]. - The company distributed a total cash dividend of 88 million yuan to shareholders, resulting in a dividend payout ratio of 32%, the highest in recent years [1][7]. Semiconductor RF Power Business - The semiconductor RF power business has enhanced the company's profitability, with sales revenue from this sector reaching 350 million yuan, accounting for 19.69% of total revenue, the highest since 2020 [3]. - The gross profit margin from semiconductor electronic materials has shown an upward trend, with figures of 50.86%, 49.55%, 42.84%, and 53.98% from 2021 to 2024 [3]. - The market for semiconductor RF power is projected to exceed $4.5 billion, with domestic substitution rates expected to accelerate [3]. Strategic Developments - Yingjie Electric has established a subsidiary, Chengdu Yingjie Chenhui Technology, to focus on the semiconductor RF power business, further expanding its presence in high-value sectors [2][4]. - The partnership with Zhongwei Company, which acquired a 16% stake in Yingjie Chenhui, is expected to promote the domestic substitution process for RF power [4]. Future Outlook - The company plans to continue focusing on breakthroughs in power electronics technology and expand its product matrix in the semiconductor and renewable energy sectors [6]. - Yingjie Electric aims to enhance its production capacity for charging piles, with expectations to reach 400,000 AC charging piles and 12,000 DC charging piles by the end of 2025 [7].