Yangjie Technology(SZ:300373) Guohai Securities·2024-08-23 14:10Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Insights - The company, Yangjie Technology (300373), achieved a record high revenue in Q2 2024, driven by the recovery of overseas business and an increase in gross margin [2][4] - The company implements a "dual brand" and "dual circulation" development model, which has led to steady revenue and gross margin growth due to recovering market demand [4][5] - The company is expanding its direct sales channels and deepening cooperation with major clients in both the domestic and Asia-Pacific markets, while also accelerating the construction of its factory in Vietnam [4][5] Financial Summary - Revenue projections for 2024-2026 are estimated at 60.83 billion, 76.11 billion, and 89.39 billion yuan respectively, with net profit attributable to the parent company expected to be 9.48 billion, 11.89 billion, and 15.02 billion yuan [5][6] - The earnings per share (EPS) is projected to be 1.74, 2.19, and 2.76 yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 21X, 17X, and 13X [5][6] - The company’s gross margin is expected to improve from 30% in 2023 to 34% by 2026, reflecting operational efficiency and cost reduction measures [6][7]