Yangjie Technology(SZ:300373) Huaxin Securities·2024-04-22 12:00Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 5.41 billion yuan in 2023, a slight increase of 0.12% year-on-year, while the net profit attributable to shareholders was 0.924 billion yuan, a decrease of 12.85% year-on-year [2][5] - The company is actively expanding into the automotive electronics market and has been recognized as a preferred supplier for Xiaomi's SU7 model, with plans to complete mass production of domestic carbon silicon modules by 2025 [3][4] - The construction of a factory in Vietnam aims to enhance overseas supply capabilities and reduce risks associated with international trade policies and tariffs [4] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 5.41 billion yuan, with a year-on-year growth rate of 0.1% [5] - The net profit for 2023 was 0.924 billion yuan, reflecting a year-on-year decline of 12.8% [5] - The company forecasts revenues of 6.54 billion yuan, 8.51 billion yuan, and 10.07 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.94 yuan, 2.65 yuan, and 3.12 yuan [5][6] Market Position and Strategy - The company ranks first in China and second globally in the power diode market, with significant market shares in rectifier bridges and photovoltaic bypass diodes [2][3] - The strategic focus on automotive electronics is supported by the development of automotive-grade chips and modules, which have passed reliability tests and are entering mass production [3][4] Future Outlook - The company is expected to see dual growth in domestic and international performance as the Vietnam factory becomes operational [5] - The ongoing investment in R&D and acquisitions, such as the 30% stake in Hunan Jiechu Microelectronics, is aimed at enhancing core capabilities in wafer manufacturing [2][4]