Yangjie Technology(SZ:300373) SINOLINK SECURITIES·2024-04-22 02:30Investment Rating - The report maintains a "Buy" rating for the company, with a target price range of 54.32 RMB [3][8]. Core Insights - The company reported a revenue of 5.41 billion RMB in 2023, a slight increase of 0.12% year-on-year, while the net profit attributable to shareholders was 924 million RMB, down 12.85% year-on-year [1]. - In Q4 2023, the company achieved a revenue of 1.369 billion RMB, marking a significant year-on-year growth of 38.92%, and a net profit of 306 million RMB, which is an impressive increase of 130.95% year-on-year [1]. - The recovery in downstream demand in Q4 2023 contributed to the positive revenue growth, driven by strong sales of photovoltaic diodes, SiC, and IGBT products [1][2]. - The company increased its R&D expenditure to 6.58% of revenue in 2023, up 1.16 percentage points from the previous year, focusing on key projects in industrial control, photovoltaic inverters, and electric vehicles [2]. - The company acquired a 30% stake in Hunan Jiechu Micro, enhancing its wafer manufacturing capabilities and strengthening its IDM model [2]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 5.41 billion RMB, with a growth rate of 0.12%. The net profit was 924 million RMB, reflecting a decline of 12.85% [5]. - The projected net profits for 2024 to 2026 are 1.003 billion RMB, 1.279 billion RMB, and 1.582 billion RMB, respectively, indicating growth rates of 8.53%, 27.50%, and 23.72% [3][5]. R&D and Product Development - The company has made significant investments in R&D, with a focus on developing a full range of 1200V IGBT chips and successfully launching products for the electric vehicle market [2]. - Collaboration with Southeast University to establish a joint R&D center for wide bandgap semiconductors is a strategic move to enhance innovation [2]. Market Outlook - The report anticipates a gradual recovery in industry demand, projecting a positive trend in the company's performance as product structure and capacity utilization improve [2][3].