扬杰科技（300373）：国产替代加速

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The semiconductor market is gradually recovering, leading to an expansion in revenue. In the first three quarters, the company achieved operating revenue of 5.348 billion yuan, a year-on-year increase of 20.89%, and a net profit attributable to the parent company of 974 million yuan, up 45.51% year-on-year. In Q3 alone, the operating revenue was 1.893 billion yuan, a year-on-year increase of 21.47% and a quarter-on-quarter increase of 0.91%, with a net profit of 372 million yuan, up 52.40% year-on-year and 13.36% quarter-on-quarter [5] - Emerging demands from AI, automotive electronics, and other sectors are expected to provide diversified growth opportunities. The company is benefiting from new demand in AI servers, automotive electronics, and industrial/service robots, which will contribute to growth in power semiconductors. Traditional power devices, MOS, and small signal businesses are expected to grow steadily, while SiC business will continue to see rapid growth. The domestic market is recovering steadily, and overseas business is expanding, with an anticipated increase in overseas revenue share [5] - The company's gross margin is steadily improving due to an increase in overseas business and product structure adjustments. The gross margin for the first three quarters of 2025 was 35.04%, an increase of 4.02 percentage points year-on-year. In Q3 2025, the gross margin was 37.32%, up 3.73 percentage points year-on-year and 4.22 percentage points quarter-on-quarter [6] Financial Forecasts - The company is projected to achieve revenues of 7.289 billion yuan, 8.501 billion yuan, and 10.031 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits attributable to the parent company of 1.269 billion yuan, 1.520 billion yuan, and 1.803 billion yuan for the same years. The rating remains "Buy" [7] - The financial metrics for 2024A, 2025E, 2026E, and 2027E include operating revenue of 6.033 billion yuan, 7.289 billion yuan, 8.501 billion yuan, and 10.031 billion yuan, respectively, with growth rates of 11.53%, 20.80%, 16.63%, and 18.00% [9]