Yangjie Technology(SZ:300373) Guoxin Securities·2024-10-27 08:11Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][10] Core Views - The company's gross margin improved by 2.27 percentage points quarter-on-quarter in Q3 2024, driven by rapid growth in the automotive business [1] - The company achieved a revenue of 1.56 billion yuan in Q3 2024, representing a year-on-year increase of 10.06% and a quarter-on-quarter increase of 1.38% [1] - Automotive electronics revenue grew by 60% year-on-year in the first three quarters of 2024, with both consumer electronics and industrial market demands recovering, leading to over 20% growth in corresponding segments [1] - The overseas market is entering a recovery phase, with an increase in overseas revenue contributing to improved overall gross margin [1] - The company has established a quality system for automotive electronics, receiving certifications from multiple automotive electronics clients, indicating a transition into an accelerated growth phase for its automotive electronics business [1] Financial Summary - For 2024, the company is expected to achieve a net profit of 920 million yuan, with projected net profits of 1.055 billion yuan and 1.282 billion yuan for 2025 and 2026, respectively [2][3] - The company's revenue is forecasted to grow from 5.41 billion yuan in 2023 to 6.01 billion yuan in 2024, reflecting an 11.1% increase [2] - The projected PE ratios for 2024, 2025, and 2026 are 28.7, 25.0, and 20.6, respectively [2][3]