Yangjie Technology(SZ:300373) Minsheng Securities·2024-04-24 14:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its future performance [2][3]. Core Insights - In 2023, the company achieved a revenue of 5.41 billion yuan, a slight increase of 0.12% year-on-year, while the net profit attributable to shareholders decreased by 12.85% to 0.924 billion yuan [2]. - The fourth quarter saw a revenue of 1.369 billion yuan, representing a year-on-year growth of 38.92%, attributed to product structure optimization and successful advancements in products like photovoltaic diodes and IGBTs [2]. - The company is focusing on the new energy sector, particularly in IGBT and SiC markets, with successful development of a full range of IGBT chips and SiC MOS products [2]. - The company is enhancing its international presence by establishing packaging production lines and R&D centers overseas, including a new subsidiary in Vietnam [2]. - The forecast for net profit attributable to shareholders for 2024-2026 is projected to be 1.035 billion, 1.216 billion, and 1.556 billion yuan respectively, with corresponding PE ratios of 19, 16, and 13 [2][3]. Financial Summary - The company’s total revenue for 2023 was 5.41 billion yuan, with a projected growth rate of 0.1% for 2024, followed by 25.0% in 2025 and 19.5% in 2026 [3][7]. - The net profit for 2023 was 0.924 billion yuan, with expected growth rates of 12.0%, 17.6%, and 27.9% for the following years [3][7]. - The earnings per share (EPS) for 2024-2026 are projected to be 1.70, 1.91, and 2.24 yuan respectively [3][7]. - The company’s price-to-earnings (PE) ratio is expected to decrease from 21 in 2024 to 13 in 2026, indicating improving valuation [3][7].