Yangjie Technology(SZ:300373) Huajin Securities·2024-04-22 13:30Investment Rating - The investment rating for the company is "Buy" with a maintained rating of A [1][3]. Core Views - The company has achieved significant growth in sales of photovoltaic diodes, SiC, and IGBT products, despite a competitive industry environment leading to a decline in overall gross margin [1]. - The company is focusing on dual-brand operations ("MCC+YJ") and expanding its overseas strategic layout, although overseas sales have decreased due to destocking [1]. - The company has successfully launched new products targeting the clean energy market and is advancing its automotive electronics strategy, with substantial growth in the automotive electronics sector in 2023 [1][3]. Financial Performance - In 2023, the company reported revenue of 5.41 billion yuan, a year-on-year increase of 0.12%, while net profit attributable to shareholders decreased by 12.85% to 924 million yuan [1]. - The company’s gross margin was 30.26%, and R&D investment increased by 21.57% to 356 million yuan [1]. - For Q4 2023, the company achieved revenue of 1.369 billion yuan, a year-on-year increase of 38.92%, and net profit of 306 million yuan, a year-on-year increase of 130.95% [1]. Revenue and Profit Forecast - Revenue forecasts for 2024 to 2026 are 6.524 billion yuan, 8.012 billion yuan, and 9.117 billion yuan, with growth rates of 20.6%, 22.8%, and 13.8% respectively [3][4]. - Net profit forecasts for the same period are 1.046 billion yuan, 1.308 billion yuan, and 1.573 billion yuan, with growth rates of 26.0%, 26.6%, and 27.0% respectively [3][4]. Valuation Metrics - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 18.4, 14.7, and 12.2 respectively [4][5]. - The gross margin is expected to improve to 32.0% in 2024 and further to 35.2% by 2026 [4][5].