华金证券：维持扬杰科技“买入”评级，汽车电子/AI/消费电子增长强劲

Core Viewpoint - The report from Huajin Securities indicates that strong growth in automotive electronics, AI, and consumer electronics is driving rapid performance growth for Yangjie Technology, with projected net profit growth of 40%-50% year-on-year for 2025 Q1-Q3 [1] Financial Performance - The company is expected to achieve a cumulative net profit attributable to shareholders of approximately 937 million to 1,004 million yuan for 2025 Q1-Q3, reflecting a year-on-year increase of 40%-50% [1] - For Q3 2025, the estimated net profit is projected to be around 335 million to 402 million yuan, representing a year-on-year growth of 37.31%-64.71% [1] Business Strategy - The company is focusing on the synergistic development of its three major segments: semiconductor silicon materials, wafers, and power devices [1] - Continuous deepening of dual-brand operations and overseas strategic layout is emphasized, alongside the ongoing integration of the acquisition of Better Electronics, which is expected to further open up growth opportunities [1] - The sustained increase in high-margin products is also highlighted as a key driver for future growth [1]