英杰电气：美国加大对华半导体管制，射频电源国产替代再加速

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company is positioned as a leader in the domestic semiconductor equipment sector, particularly in RF power supplies, which are critical components facing increasing demand for domestic alternatives due to U.S. sanctions [3][4]. - The company has established a dedicated business unit for semiconductor RF power supplies, which has received recognition from major downstream players, enhancing its growth potential [4]. - The financial projections indicate significant revenue growth, with expected revenues of 2.27 billion, 2.66 billion, and 2.97 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 28%, 17%, and 11.7% [5][6]. Financial Summary - Revenue for 2022 was 1.283 billion yuan, with a growth rate of 94.3%. For 2023, revenue is projected at 1.770 billion yuan, reflecting a growth rate of 38% [6][14]. - The net profit for 2022 was 339 million yuan, with a year-on-year growth of 115.5%. The projected net profit for 2023 is 431 million yuan, indicating a growth of 27.2% [6][14]. - The gross margin for RF power supplies is reported to be over 55%, which is 20 percentage points higher than the traditional main business [4]. Market Context - The U.S. has intensified semiconductor export controls against China, prompting domestic companies to accelerate the adoption of local RF power supply alternatives [2][3]. - The increasing urgency for domestic substitution is driven by the risk of supply chain disruptions for semiconductor equipment manufacturers [3].