扬杰科技：下游需求回暖+汽车业务高增，业绩同比实现稳健增长

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the industry index within the next six months [11]. Core Views - The company has achieved steady growth in performance due to recovering downstream demand and significant growth in its automotive business, with a year-on-year revenue increase of 9.48% in the first three quarters of 2024 [1][2]. - The semiconductor market is gradually improving, contributing to the company's revenue expansion, with Q3 2024 revenue reaching a record high for a single quarter [2]. - The company is actively developing new products, including IGBT and silicon carbide modules, which are expected to drive significant growth in 2024 [3]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 4.424 billion yuan, a year-on-year increase of 9.48%, and a net profit attributable to shareholders of 669 million yuan, up 8.28% year-on-year [1]. - The company's overall gross margin for the first three quarters of 2024 was 31.02%, with a net profit margin of 15.13% [2]. - The company expects to achieve net profits of 935 million yuan, 1.155 billion yuan, and 1.417 billion yuan for the years 2024, 2025, and 2026, respectively [3]. Revenue and Profit Growth - The company's revenue growth rates are projected to be 11.6% in 2024, 20.2% in 2025, and 16.4% in 2026 [7]. - The net profit growth rates are expected to be 1.2% in 2024, 23.5% in 2025, and 22.6% in 2026 [7]. Market Position and Strategy - The company is benefiting from a recovery in the downstream market, with its automotive electronics business revenue growing by 60% year-on-year [2]. - The company is enhancing its overseas market presence and has accelerated the construction of its factory in Vietnam, aiming to improve its global influence [2]. - The company is focusing on optimizing its product structure to meet the growing demand in the automotive and consumer electronics sectors [3].