Yangjie Technology(SZ:300373) SINOLINK SECURITIES·2024-08-23 02:08Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 1.83, 2.17, and 2.56 for the years 2024 to 2026, respectively [2][4]. Core Insights - The semiconductor industry is experiencing a mild recovery, with stable demand from the automotive and consumer electronics sectors, leading to a year-on-year revenue growth of 9.16% in the first half of 2024 [2][4]. - The company achieved a significant increase in profitability in Q2 2024, with a net profit of 2.44 billion yuan, reflecting a 35.36% quarter-on-quarter growth [1][2]. - The company is focusing on expanding its market presence in AI, new energy vehicles, and clean energy sectors, with a notable increase in its market share in the IGBT module market [2][4]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 28.65 billion yuan, up 9.16% year-on-year, and a net profit of 4.25 billion yuan, an increase of 3.43% [1][2]. - Q2 2024 revenue reached 15.37 billion yuan, marking a 16.96% year-on-year increase and a 15.75% quarter-on-quarter increase [1][2]. - The gross profit margin for Q2 2024 was 31.32%, up 3.65 percentage points from the previous quarter, while the net profit margin was 15.88%, an increase of 2.43 percentage points [2]. Market and Industry Analysis - The company is adapting to the recovery in the semiconductor industry by optimizing its product and customer structure, which has led to improved sales and profitability [2][4]. - The report highlights the company's strategic focus on high-growth sectors, including automotive and new energy, and its commitment to increasing R&D investment, which reached 6.88% of revenue in the first half of 2024 [2][4]. Earnings Forecast - The projected net profits for the company from 2024 to 2026 are 9.96 billion yuan, 11.79 billion yuan, and 13.92 billion yuan, respectively, with corresponding year-on-year growth rates of 8%, 18%, and 18% [2][4].