扬杰科技：汽车电子业务高速增长

Investment Rating - Buy rating maintained for Yangjie Technology (300373) [2] Core Views - Yangjie Technology achieved revenue of 4.423 billion yuan in the first three quarters of 2024, a year-on-year increase of 9.48%, with net profit attributable to the parent company of 669 million yuan, up 8.28% year-on-year [3] - Q3 2024 revenue was 1.558 billion yuan, up 10.06% year-on-year and 1.38% quarter-on-quarter, with net profit attributable to the parent company of 244 million yuan, up 17.91% year-on-year but down 0.03% quarter-on-quarter [3] - Gross margin improved to 33.59% in Q3 2024, up 1.31% year-on-year and 2.27% quarter-on-quarter, driven by cost reduction and efficiency improvement [3] - Automotive electronics business grew rapidly, with revenue up 60% year-on-year in the first three quarters of 2024, accounting for 15% of total revenue [3] - The company has developed a self-developed automotive silicon carbide module, which has received testing and cooperation intentions from multiple Tier 1 suppliers and terminal automakers, with plans for mass production in 2025 [3] Financial Performance - Revenue is expected to grow from 5.410 billion yuan in 2023 to 8.721 billion yuan in 2026, with a compound annual growth rate of 21.03% [4] - Net profit attributable to the parent company is forecasted to increase from 923.93 million yuan in 2023 to 1.44998 billion yuan in 2026, with a compound annual growth rate of 24.17% [4] - EPS is projected to rise from 1.70 yuan in 2023 to 2.67 yuan in 2026 [4] - Gross margin is expected to improve from 30.3% in 2023 to 32.6% in 2026 [6] - ROE is forecasted to increase from 11.2% in 2023 to 12.5% in 2026 [6] Business Highlights - Strong demand in domestic automotive and consumer electronics sectors, with improving industrial markets and overseas inventory depletion [3] - The company is expanding its product portfolio in automotive-related areas, including 5-inch, 6-inch, 8-inch, and silicon carbide products [3] - Significant potential for import substitution in the domestic market for automotive silicon carbide modules [3]