扬杰科技(300373)：Q2收入单季度新高 海外市场增长显著

Core Insights - The company reported a total revenue of 3.455 billion yuan for the first half of 2025, representing a year-on-year growth of 20.58% [1] - Net profit attributable to shareholders reached 601 million yuan, up 41.55% year-on-year, while the net profit excluding non-recurring items was 559 million yuan, reflecting a 32.33% increase [1] - The second quarter saw record high revenue of 1.876 billion yuan, a 22.02% increase year-on-year, with net profit attributable to shareholders at 328 million yuan, up 34.40% [1] Revenue and Profit Growth - The company's Q2 revenue growth was driven by strong demand in automotive electronics, AI, and consumer electronics, supported by government subsidies [1] - The overseas business made significant progress, with the MCC Vietnam factory achieving full production capacity and a yield rate of over 99.5% for its first two packaged products [1] Product and Cost Management - The gross margin for the first half of 2025 was 33.79%, an increase of 4.16 percentage points year-on-year, attributed to product structure optimization and a higher proportion of high-value products [2] - The company maintained effective cost management, with sales, management, R&D, and financial expense ratios showing minor changes [2] SiC Business Development - The company’s investment in SiC chip manufacturing has led to significant advancements, with the introduction of third-generation SiC MOS products covering a wide voltage range [2] - The market share in the SiC MOS sector continues to grow, with applications in AI server power supplies, new energy vehicles, photovoltaics, charging stations, energy storage, and industrial power supplies [2] Future Projections - Revenue forecasts for 2025-2027 are 7.182 billion, 8.610 billion, and 10.557 billion yuan, with year-on-year growth rates of 19.04%, 19.88%, and 22.60% respectively [3] - Net profit projections for the same period are 1.249 billion, 1.550 billion, and 1.916 billion yuan, with growth rates of 24.57%, 24.13%, and 23.62% respectively [3] - The projected PE ratios for 2025-2027 are 28X, 23X, and 19X, maintaining a "buy" rating [3]