Yangjie Technology(300373) 东海证券·2024-10-29 06:30Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 4.424 billion yuan in the first three quarters of 2024, representing a year-over-year increase of 9.48%. The net profit attributable to shareholders was 669 million yuan, up 8.28% year-over-year [7] - The automotive electronics business saw significant growth, with revenue increasing by 60% year-over-year in the first three quarters of 2024. The demand for automotive electronics remains strong domestically, supported by the company's investments in automotive-grade silicon carbide modules and ongoing construction of related facilities [8] - The company is maintaining a high production capacity utilization rate and is expanding its production lines, particularly in automotive electronics. The overseas factory in Vietnam is expected to start production by the end of the year, enhancing the company's capacity and market reach [9] - The gross profit margin improved due to cost control measures and an increased proportion of high-margin automotive electronics in the product mix. The company anticipates further improvements in gross margin [9] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 1.558 billion yuan, a year-over-year increase of 10.06% and a quarter-over-quarter increase of 1.38%. The net profit attributable to shareholders was 244 million yuan, up 17.91% year-over-year [7] - The comprehensive gross profit margin for Q3 was 33.59%, reflecting a year-over-year increase of 1.31 percentage points and a quarter-over-quarter increase of 2.27 percentage points [7] Business Segments - The automotive electronics segment is a key growth area, with a 60% year-over-year revenue increase in the first three quarters of 2024. The consumer and industrial sectors also showed robust recovery, with revenue growth exceeding 20% year-over-year [8] - The photovoltaic segment is currently undergoing cyclical adjustments, with expectations for a rebound next year [8] Production and Capacity - The company is expanding its production capacity, particularly in automotive electronics, and is operating at near-full capacity across most production lines. The subsidiary in Hunan has expanded its capacity to 35,000 wafers per month, with ongoing plans for further expansion [9] - The overseas production facility in Vietnam is progressing well and is expected to enhance the company's competitive advantage in supply chain security and cost considerations [9] Future Outlook - The revenue forecasts for 2024, 2025, and 2026 are adjusted to 60.51 billion yuan, 71.29 billion yuan, and 86.19 billion yuan, respectively. The net profit forecasts for the same years are 9.29 billion yuan, 11.28 billion yuan, and 16.63 billion yuan, respectively [10]