Yangjie Technology(SZ:300373) ZHONGTAI SECURITIES·2025-10-30 11:28Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown robust revenue growth and significant year-on-year profit increase, driven by strong downstream demand and improved product structure [6][8] - The automotive electronics and overseas business segments are experiencing rapid growth, benefiting from the increasing demand for power devices and the trend of domestic substitution [9][11] - The company is well-positioned in the semiconductor industry, with a comprehensive product matrix and a focus on high-value products, which enhances operational efficiency and profitability [8][10] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 5.348 billion yuan, a year-on-year increase of 21%, and a net profit attributable to shareholders of 974 million yuan, up 46% year-on-year [7] - In Q3 2025, revenue reached 1.893 billion yuan, reflecting a 21% year-on-year growth, while net profit was 372 million yuan, marking a 52% increase year-on-year [7] - The gross margin for Q3 2025 was 37.32%, up 4 percentage points year-on-year, and the net margin was 19.46%, also up 4 percentage points year-on-year [7] Revenue and Profit Forecast - The company forecasts revenue growth from 6.033 billion yuan in 2024 to 10.344 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 17% [5] - Net profit attributable to shareholders is expected to grow from 1.003 billion yuan in 2024 to 1.990 billion yuan in 2027, reflecting a strong growth trajectory [5] Market Position and Strategy - The company is one of the few in China that integrates the entire semiconductor value chain, including single crystal silicon wafer manufacturing, chip design, and device packaging and testing [11] - The company is expanding its overseas market presence, leveraging its cost advantages and comprehensive global strategy to capture a larger market share [11]