华源证券：首次覆盖扬杰科技给予增持评级

Investment Thesis - Yangjie Technology (300373) is positioned to benefit from the recovery of the power semiconductor market through a combination of self-built and acquisition strategies, particularly with the planned acquisition of 100% of Better Electronics by March 2025 [1][2] - The company has a diverse product matrix including materials, wafers, and packaging devices, which is expected to expand further with the acquisition [1] - The power semiconductor inventory destocking phase is nearing completion, leading to reduced inventory turnover days and a rebound in gross margins, indicating a potential industry stabilization [1] Automotive Sector Growth - Yangjie Technology has a strong foothold in traditional power devices, with a complete range of products in the automotive power device market, which was valued at $8.1 billion in 2022 and is projected to reach $16.7 billion by 2028, growing at a CAGR of 13% [1] - The company’s automotive product line is well-recognized for quality by major clients such as CATL, Aptiv, and BYD [1] Product Development and Innovation - The company is enhancing its small signal discrete devices and accelerating the development of high-end MOSFETs, aiming for import substitution in the MOSFET market, which is currently dominated by foreign brands [2] - Yangjie Technology is actively developing IGBT chips and third-generation semiconductor products, with plans for a SiC factory to be operational by 2024, targeting applications in AI servers, new energy vehicles, and industrial power [2] Financial Projections - The forecasted net profits for Yangjie Technology from 2025 to 2027 are projected to be 1.215 billion, 1.474 billion, and 1.732 billion yuan respectively, reflecting year-on-year growth rates of 21.23%, 21.28%, and 17.50% [3] - The current stock price corresponds to P/E ratios of 21, 17, and 15 for the years 2025, 2026, and 2027, respectively, which are significantly lower than the average P/E ratios of comparable companies [3]