Yangjie Technology(SZ:300373) ZHONGTAI SECURITIES·2024-04-23 01:30Investment Rating - The report maintains a "Buy" rating for the company with a market price of 35.43 CNY per share [1]. Core Views - The company faced pressure in 2023 but is expected to see growth in 2024 driven by market recovery and high-end product launches [2][5]. - The semiconductor market is projected to recover with a 13% growth in 2024, providing a favorable demand backdrop for the company [5]. - The company has reduced its chip inventory by 43% in 2023, setting a healthy inventory level for 2024 [5]. - The company is expanding its overseas market presence and has established a manufacturing base in Vietnam to serve international clients [6]. Financial Performance Summary - In 2023, the company's main revenue was 5.41 billion CNY, a slight increase of 0.12% year-on-year, while net profit decreased by 12.85% to 924 million CNY [3][4]. - The gross margin for 2023 was 30.26%, down by 6 percentage points compared to the previous year [3]. - For Q4 2023, the company reported a revenue of 1.369 billion CNY, a year-on-year increase of 38.92%, and a net profit of 306 million CNY, up 130.95% year-on-year [3][4]. - The company expects revenues of 6.94 billion CNY in 2024, 8.33 billion CNY in 2025, and 9.83 billion CNY in 2026, with corresponding net profits of 1.1 billion CNY, 1.5 billion CNY, and 1.87 billion CNY respectively [5][6]. Valuation Metrics - The report provides a P/E ratio forecast of 17.5 for 2024, 12.8 for 2025, and 10.3 for 2026, indicating significant valuation attractiveness [1][5]. - The P/B ratio is projected to decrease from 2.1 in 2024 to 1.5 in 2026, further supporting the investment case [1][5].