Yangjie Technology(SZ:300373) Xin Lang Cai Jing·2025-08-21 10:42Core Insights - The company reported a revenue of 3.455 billion yuan for the first half of 2025, representing a year-on-year growth of 20.58%, and a net profit attributable to shareholders of 601 million yuan, which is a 41.55% increase compared to the same period last year [1] Industry Demand Expansion - The demand side is driven by policies promoting the replacement of old products, stimulating consumption in electronics and industrial sectors, as well as automotive electronics and AI, which are generating new growth [2] - The company is positioned as a leading power enterprise in China, with its "YJ" brand targeting domestic and Asia-Pacific markets, while the "MCC" brand focuses on Europe and the U.S., achieving global market channel coverage [2] Product Line Expansion and Brand Strengthening - The company is one of the few large-scale enterprises in China that integrates the entire vertical industry chain from monocrystalline silicon wafer manufacturing to chip design, packaging, testing, and terminal sales [3] - The company is increasing its investment in the third-generation semiconductor chip industry, particularly in SiC-based power devices, and has completed sample deliveries to multiple automotive clients, gaining testing and cooperation intentions from several Tier 1 and end vehicle manufacturers [3] - The company has developed a full range of IGBT chips based on a Fabless model, achieving mass shipments of its entire series to clients [3] Investment Outlook - Revenue projections for the company are 7.421 billion yuan, 8.905 billion yuan, and 10.686 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.276 billion yuan, 1.493 billion yuan, and 1.748 billion yuan for the same years [4] - The company is assigned a target price of 70.49 yuan based on a 30x PE ratio for 2025, maintaining a "Buy-A" investment rating [4]