Yangjie Technology(SZ:300373) Guoxin Securities·2025-09-09 08:49Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company achieved a record high revenue in Q2 2025, with a total revenue of 34.55 billion yuan in 1H25, representing a year-on-year increase of 20.58%. The net profit attributable to the parent company was 6.01 billion yuan, up 41.55% year-on-year [1] - The automotive electronics sector continues to grow rapidly, with the company being recognized among the top 50 automotive chip manufacturers and gaining certifications from several international Tier 1 clients [2] - The overseas business saw a significant increase of 35% year-on-year, with revenue reaching 8.34 billion yuan in 1H25, accounting for approximately 24% of total revenue [3] - The company is expanding its product offerings in the SiC (Silicon Carbide) sector, with a completed share buyback plan of 40.98 million yuan and a proposed dividend of 4.2 yuan per 10 shares [3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 18.76 billion yuan, a year-on-year increase of 22.02% and a quarter-on-quarter increase of 18.79%. The net profit for the quarter was 3.28 billion yuan, reflecting a year-on-year growth of 34.4% and a quarter-on-quarter growth of 20.3% [1] - The gross margin improved to 33.1%, with a year-on-year increase of 1.78 percentage points [1] Business Growth - The automotive electronics segment is experiencing robust growth, driven by policies promoting the replacement of old products and a recovery in industrial demand. The company has established a fully automated production line for automotive power modules [2] - The overseas market is expanding, with the company's MCC brand products targeting the European and American markets through a combination of online and offline sales channels [3] Future Outlook - The company is expected to achieve net profits of 1.24 billion yuan, 1.45 billion yuan, and 1.70 billion yuan for the years 2025 to 2027, respectively, with corresponding PE ratios of 28, 24, and 20 [4] - The gross margin is anticipated to gradually increase as the share of overseas business rises and production capacity in Vietnam is released [3]