Yangjie Technology(SZ:300373) ZHONGTAI SECURITIES·2024-10-24 01:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved record-high revenue in Q3, driven by industry recovery and growth in the automotive sector [1] - The company is expected to benefit from the rapid transition of the global automotive industry towards electrification and intelligence, which will enhance its growth prospects [1] - The introduction of high-end products and cost reduction initiatives are expected to further improve gross margins [1] Financial Summary - Revenue (in million CNY): - 2022A: 5,404 - 2023A: 5,410 - 2024E: 6,372 - 2025E: 7,655 - 2026E: 8,956 - Year-over-year growth rates: - 2022A: 23% - 2023A: 0% - 2024E: 18% - 2025E: 20% - 2026E: 17% [1] - Net profit attributable to the parent (in million CNY): - 2022A: 1,060 - 2023A: 924 - 2024E: 930 - 2025E: 1,150 - 2026E: 1,450 - Year-over-year growth rates: - 2022A: 38% - 2023A: -13% - 2024E: 1% - 2025E: 24% - 2026E: 26% [1] - Earnings per share (in CNY): - 2022A: 1.95 - 2023A: 1.70 - 2024E: 1.71 - 2025E: 2.12 - 2026E: 2.67 [1] Market Position and Strategy - The company is actively expanding its product line in line with its automotive electronics strategy, with several products already in mass production [1] - The penetration rate of new energy vehicles is expected to continue rising, with significant growth anticipated in the silicon carbide (SiC) business [1] - The company has developed new high-end products targeting the photovoltaic sector, which are expected to enhance product value and drive further margin improvements [1]