Yangjie Technology(SZ:300373) Huachuang Securities·2024-08-28 07:11Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 45.3 CNY, compared to the current price of 34.33 CNY [2][3]. Core Views - The company's performance in Q2 2024 shows steady growth, with a year-on-year revenue increase of 16.96% and a quarter-on-quarter increase of 15.75% [2][3]. - The company benefits from strong domestic demand in the automotive and consumer electronics sectors, alongside a recovery in the industrial market and the end of inventory destocking in overseas markets [3]. - The dual-brand strategy ("YJ" for domestic and Asia-Pacific markets, "MCC" for Europe and America) is effectively expanding the company's international presence [3]. - The company's IDM (Integrated Device Manufacturer) system is continuously improving, enhancing its competitive edge in various product categories [3]. - Future revenue growth is expected from high-value new products as the company expands its production capacity [3]. Financial Summary - In H1 2024, the company achieved a total revenue of 2.865 billion CNY, a year-on-year increase of 9.16%, with a gross margin of 29.63% [2][3]. - For Q2 2024, the company reported a revenue of 1.537 billion CNY, with a net profit of 244 million CNY, reflecting a year-on-year increase of 6.75% [2][3]. - The forecast for net profit from 2024 to 2026 is 985 million CNY, 1.195 billion CNY, and 1.501 billion CNY, respectively, with corresponding EPS of 1.81 CNY, 2.20 CNY, and 2.76 CNY [4][3].