Yangjie Technology(300373) 华鑫证券·2024-08-26 12:39Investment Rating - The report maintains a "Buy" investment rating for the company [2][3] Core Views - The company achieved a revenue of 2.865 billion yuan in the first half of 2024, representing a year-on-year growth of 9.16% [2] - The net profit attributable to shareholders reached 425 million yuan, with a year-on-year increase of 3.43% [2] - The gross profit margin improved to 31.32%, an increase of 3.65 percentage points quarter-on-quarter, driven by enhanced overseas demand and cost reduction measures [2] - The company is accelerating its overseas expansion, with its Vietnam factory reaching the topping-out stage and expected to commence production in early 2025 [2][3] - The company is deepening its automotive electronics strategy, focusing on new energy vehicle applications and developing key technologies for high-voltage modules [2][3] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 2.865 billion yuan, a 9.16% increase year-on-year [2] - The net profit attributable to shareholders was 425 million yuan, up 3.43% year-on-year [2] - The gross profit margin improved to 31.32%, reflecting effective cost control and product expansion [2] Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 6.413 billion yuan, 7.844 billion yuan, and 9.288 billion yuan, respectively, with corresponding EPS of 1.86 yuan, 2.33 yuan, and 2.89 yuan [3] - The current stock price corresponds to a PE ratio of 19.3, 15.4, and 12.4 for the years 2024, 2025, and 2026, indicating a favorable valuation as the company expands its overseas operations [3] Strategic Initiatives - The company is implementing a dual-brand strategy, promoting "MCC" products in Europe and America, while focusing on "YJ" products in China and the Asia-Pacific region [2] - The company has established 12 sales and technical service centers in key markets, enhancing its strategic partnerships with top clients [2] - The automotive electronics strategy is being reinforced, with significant deliveries of high-voltage components to automotive clients [2][3]