Yangjie Technology(SZ:300373) KAIYUAN SECURITIES·2024-10-24 08:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown steady growth in performance, with a notable increase in revenue from the automotive electronics sector, leading to an overall performance increase. The forecast for net profit for 2024-2026 has been slightly adjusted downwards due to underwhelming recovery in the downstream photovoltaic industry, with projected net profits of 9.25 billion, 10.97 billion, and 14.22 billion respectively [1][3][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 60.28 billion, a year-on-year increase of 9.48%, and a net profit attributable to shareholders of 6.69 billion, up 6.59% year-on-year. The gross margin was reported at 31.02% [1][2] - In Q3 2024 alone, the company recorded a revenue of 15.58 billion, reflecting a year-on-year growth of 10.06% and a quarter-on-quarter increase of 1.38% [1][2] - The automotive electronics business saw a significant revenue increase of 60% year-on-year, driven by the global shift towards electric and intelligent vehicles. Additionally, revenue from consumer electronics and industrial products grew by over 20% due to recovering market demand [3][4] Product Development and Market Position - The company is actively expanding its automotive electronics and third-generation semiconductor product lines. Key products such as the N40V series have passed automotive-grade reliability tests and are entering mass production. The company is also developing silicon carbide (SiC) modules, with expectations for mass production by 2025 [4] - The company has successfully launched several SiC MOS products, which have already begun bulk shipments, indicating strong growth potential in both automotive and silicon carbide sectors [4]