扬杰科技(300373)：25Q1净利润同比高增 SICMOS市场份额持续提升

Financial Performance - In Q1 2025, the company achieved revenue of 1.579 billion yuan, representing a year-on-year growth of 18.90% but a quarter-on-quarter decline of 1.90% [1] - The net profit attributable to shareholders was 273 million yuan, showing a year-on-year increase of 51.22% and a quarter-on-quarter decrease of 18.11% [1] - The non-deductible net profit reached 254 million yuan, with a year-on-year growth of 35.32% and a quarter-on-quarter decline of 15.05% [1] Growth Drivers - The significant growth in revenue and net profit is attributed to the introduction of new products in high-end applications, particularly in the automotive electronics sector, which saw revenue growth exceeding 70% year-on-year [2] - The company's overseas revenue increased by nearly 40% year-on-year, driven by the production ramp-up at its Vietnam factory and the end of the inventory destocking cycle among overseas clients [2] - The company maintained a "cost leadership" strategy, optimizing processes and fine-tuning supply chain management, resulting in a gross margin of 34.60%, up 6.93 percentage points year-on-year [2] Semiconductor Industry Trends - The global semiconductor industry is experiencing a mild recovery, with demand in consumer electronics and industrial markets gradually rebounding, leading to over 20% year-on-year revenue growth in these sectors [3] - The company is increasing investments in the third-generation semiconductor chip industry, particularly in SiC (Silicon Carbide) products, to meet future strategic development needs [3] - The company's SiC chip factory completed renovations and equipment installation in 2024, achieving significant advancements in product specifications and performance [3] Automotive Electronics Expansion - The company has established an automated production line for automotive power modules, capable of producing 168,000 units annually, focusing on advanced technology challenges [4] - The automotive electronics business continued to grow rapidly, with Q1 2025 revenue increasing over 70% year-on-year, reflecting a scaling effect from customer base expansion [4] - The company has received testing and cooperation intentions from multiple Tier 1 suppliers and end automotive manufacturers for its automotive modules [4] Future Outlook - The company expects to benefit from the increasing penetration of new energy vehicles in the automotive electronics market, which is anticipated to drive rapid growth [5] - Projected net profits for 2025-2027 are estimated at 1.24 billion yuan, 1.456 billion yuan, and 1.68 billion yuan, with corresponding EPS of 2.28, 2.68, and 3.09 yuan per share [5]