Yangjie Technology(SZ:300373) Jin Rong Shi Bao·2025-09-22 02:03Core Insights - Yangjie Technology has established itself as a key player in the global semiconductor industry, particularly in the power semiconductor sector, with significant market shares in various product categories [2][4][9] Company Overview - Yangjie Technology is recognized as a national manufacturing champion, producing essential semiconductor components for renowned global brands such as Bosch, Samsung, and Volvo [2] - The company holds the largest market share in China for power diodes and rectifier bridges, and ranks second globally in power diodes, with a 42.5% market share in photovoltaic bypass diodes [2][4] Industry Context - The Chinese semiconductor industry is valued at 4 trillion yuan, with 85% attributed to integrated circuits, a sector facing significant challenges due to foreign dominance [4] - The global power semiconductor market is approximately 200 billion yuan, with domestic and international markets each accounting for half [4] R&D and Innovation - Yangjie Technology invests 7% of its annual revenue in R&D, with projected R&D expenses exceeding 400 million yuan in 2024 [5] - The company collaborates with prestigious universities and engages in provincial and ministerial-level research projects to strengthen its technological capabilities [5] Global Strategy - The company has adopted a "dual brand + global layout" strategy, acquiring the American semiconductor brand Microchip (MCC) and establishing a presence in over 30 countries [7] - To mitigate trade barriers, Yangjie Technology has built a factory in Vietnam, sourcing 30% of its materials locally to obtain Vietnamese origin certification [7] Financial Performance - Yangjie Technology's revenue is expected to exceed 6 billion yuan and net profit over 1 billion yuan in 2024, reflecting a tenfold increase in revenue, profit, and market capitalization since its IPO in 2014 [8] - The company has successfully raised 220 million USD through global depositary receipts (GDR), with funds allocated for factory expansion and market development [7] Local Ecosystem - The rapid growth of Yangjie Technology is supported by a favorable business environment in Yangzhou, with local government initiatives promoting key industries [8] - The export share of machinery and automotive products in Yangzhou has increased from 40% in 2021 to 70% in 2024, contributing to the region's economic development [8] Future Outlook - Yangjie Technology aims to fill the 30 billion yuan gap in high-end power semiconductor imports within the next 3 to 5 years, positioning itself as a leader in domestic semiconductor replacement [4][9] - The company's trajectory reflects the broader trend of Chinese semiconductor firms making significant strides in niche markets [9]