Yangjie Technology(300373) 民生证券·2024-08-24 03:30Investment Rating - The report maintains a "Recommend" rating for Yangjie Technology (300373 SZ) [2][3] Core Views - Yangjie Technology achieved steady growth in H1 2024 with revenue of RMB 2 865 billion (+9 16% YoY) and net profit attributable to shareholders of RMB 425 million (+3 43% YoY) [2] - In Q2 2024 the company reported revenue of RMB 1 537 billion (+16 96% YoY +15 75% QoQ) and net profit attributable to shareholders of RMB 244 million (+6 75% YoY +35 37% QoQ) [2] - The growth was driven by semiconductor industry recovery overseas market expansion and cost efficiency improvements [2] - The company is accelerating its layout in automotive SiC modules with plans for mass production of domestically produced main drive SiC modules by 2025 [2] Financial Performance - Revenue from semiconductor devices reached RMB 2 469 billion in H1 2024 (+11 34% YoY) [2] - Semiconductor chip revenue was RMB 237 million in H1 2024 (-8 64% YoY) while semiconductor wafer revenue grew to RMB 97 million (+7 74% YoY) [2] - Gross margin improved to 31 32% in Q2 2024 (+1 8pct YoY +3 65pct QoQ) [2] Business Development - The company has developed a full series of Trench 1200V IGBT chips from 10A-200A and launched multiple power modules including 750V/820A IGBT modules and 1200V/2mΩ three-phase bridge SiC modules [2] - Yangjie has established 6 R&D centers and 15 wafer and packaging factories globally with construction progress accelerating at its Vietnam factory and Yangzhou automotive-grade wafer and packaging factory [2] Financial Forecasts - Revenue is projected to grow from RMB 5 410 billion in 2024E to RMB 9 387 billion in 2026E [3][6] - Net profit attributable to shareholders is expected to increase from RMB 978 million in 2024E to RMB 1 594 billion in 2026E [3][6] - EPS is forecasted to rise from RMB 1 80 in 2024E to RMB 2 93 in 2026E [3][6] - PE ratio is estimated to decline from 20x in 2024E to 12x in 2026E [3][6]