Yangjie Technology(SZ:300373) Huachuang Securities·2024-04-30 00:01Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 49.9 CNY, compared to the current price of 38.11 CNY [2][4]. Core Views - The company's performance remains stable, with international business continuing to advance. The revenue for 2023 was 5.41 billion CNY, a year-on-year increase of 0.12%. However, the gross profit margin decreased by 6.03 percentage points to 30.26% [3][4]. - The company is expected to return to a growth trajectory as high-margin overseas business gradually recovers, supported by its dual-brand strategy targeting both domestic and international markets [4]. - The company's Integrated Device Manufacturer (IDM) system is continuously improving, with a focus on expanding into the photovoltaic and automotive sectors, which is expected to enhance product structure and application areas [4]. Financial Summary - For 2023, the company reported total revenue of 5.41 billion CNY, with a gross profit margin of 30.26%. The net profit attributable to shareholders was 924 million CNY, a decrease of 12.85% year-on-year [3][5]. - In Q1 2024, the company achieved revenue of 1.33 billion CNY, with a year-on-year increase of 1.34%. The gross profit margin was 27.67%, down 3.04 percentage points year-on-year [3][5]. - The forecast for 2024-2026 includes projected net profits of 1.00 billion CNY, 1.20 billion CNY, and 1.49 billion CNY, respectively, with corresponding earnings per share (EPS) of 1.85 CNY, 2.22 CNY, and 2.74 CNY [5][11].