扬杰科技(300373)：国产替代加速

Core Insights - The company has experienced revenue growth due to the gradual recovery of the semiconductor market, with a 20.89% year-on-year increase in revenue for the first three quarters, reaching 5.348 billion yuan, and a 45.51% increase in net profit to 974 million yuan [1] - Emerging demands in AI, automotive electronics, and industrial/service robotics are expected to provide diversified growth opportunities, with traditional power devices and SiC business projected to maintain steady and rapid growth respectively [1] - The company’s gross margin has improved steadily, with a gross margin of 35.04% for the first three quarters of 2025, up 4.02 percentage points year-on-year, and 37.32% for Q3 2025, reflecting a 3.73 percentage point year-on-year increase [2] Revenue and Profitability - In Q3, the company achieved revenue of 1.893 billion yuan, a year-on-year increase of 21.47% and a quarter-on-quarter increase of 0.91%, with net profit reaching 372 million yuan, up 52.40% year-on-year and 13.36% quarter-on-quarter [1] - The automotive sector is expected to continue its rapid growth, while the industrial sector is anticipated to gradually release demand due to equipment renewal policies [1] Future Projections - The company is projected to achieve revenues of 7.29 billion yuan, 8.50 billion yuan, and 10.03 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 1.27 billion yuan, 1.52 billion yuan, and 1.80 billion yuan for the same years [3]