Yangjie Technology(300373) 长城证券·2024-08-28 10:18Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [12]. Core Views - The company is experiencing a short-term performance pressure, but several new products are set to enter mass production, indicating potential for growth [1]. - The overseas business is recovering, and the semiconductor industry is expected to see a rebound, leading to stable growth in H1 2024 [2]. - The company is actively promoting its products in various markets, including industrial, photovoltaic energy storage, new energy vehicles, and artificial intelligence, resulting in increased orders and shipments [4]. - The company is accelerating the construction of its Vietnam factory and expanding its overseas presence, which is expected to enhance its market share and brand recognition [4]. - The semiconductor demand is showing a mild recovery, particularly in automotive electronics and consumer electronics, which is anticipated to drive the company's growth [4]. Financial Summary - In H1 2024, the company achieved revenue of 2.865 billion yuan, a year-on-year increase of 9.16%, and a net profit of 425 million yuan, up 3.43% year-on-year [3]. - The company's gross margin for H1 2024 was 29.63%, with a net margin of 14.75% [4]. - The company expects its net profit for 2024 to be 975 million yuan, with EPS projected at 1.79 yuan per share [6][8].