Yangjie Technology(SZ:300373) Great Wall Securities·2025-09-11 07:37Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][20]. Core Viewpoints - The semiconductor industry is experiencing a continuous rise in demand, particularly in automotive electronics, artificial intelligence, and consumer electronics, which is driving the company's revenue growth [2][3]. - The company is focusing on high-value new product development and enhancing production efficiency through lean manufacturing principles, resulting in improved gross margins and profitability [2][3]. - The company has successfully ramped up production at its MCC factory in Vietnam, achieving full production and sales, which supports its international market expansion strategy [8][9]. Financial Performance Summary - For the first half of 2025, the company reported revenue of 3.455 billion yuan, a year-on-year increase of 20.58%, and a net profit of 601 million yuan, up 41.55% year-on-year [1]. - The company projects revenue growth from 5.41 billion yuan in 2023 to 10.28 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 18.3% [1]. - The expected net profit for 2025 is 1.267 billion yuan, with further increases projected to 1.526 billion yuan in 2026 and 1.801 billion yuan in 2027 [10]. Market and Product Development - The company is increasing its investment in third-generation semiconductor technologies, particularly SiC, to meet future strategic needs and enhance its competitive position [9]. - The company is expanding its product offerings in MOSFET, IGBT, and SiC across various markets, including automotive electronics and clean energy, leading to a significant increase in orders and shipment volumes [10]. - The company has established a joint research center with Southeast University to strengthen its R&D capabilities in wide-bandgap semiconductors [9]. Valuation Metrics - The report provides projected earnings per share (EPS) of 1.70 yuan for 2023, increasing to 3.31 yuan by 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 37.1 to 19.1 over the same period [1][10]. - The return on equity (ROE) is expected to improve from 10.6% in 2023 to 13.9% in 2027, reflecting enhanced profitability and efficient capital utilization [1].