Investment Rating - The report initiates coverage with a "Buy" rating for the company, assigning a target price of 54.32 RMB per share based on a 28x PE for 2024 [2][3]. Core Insights - The company has demonstrated strong revenue growth with a CAGR of 39% from 2019 to 2022 and a net profit CAGR of 68% during the same period. However, in the first three quarters of 2023, revenue declined by 9% year-over-year, and net profit fell by 33% year-over-year [1]. - The company is positioned as a leader in the diode market, with a global market share in diodes and a focus on high-end product transformation, including automotive modules and SiC products [1]. - The dual-brand strategy of YJ and MCC aims to enhance domestic and international market penetration, with significant investments in Southeast Asia to establish production lines and expand overseas channels [1]. Summary by Sections Company Overview - The company operates in the semiconductor industry, focusing on diodes, MOSFETs, IGBTs, and SiC devices, utilizing both IDM and Fabless business models [1]. - The company has a flexible production capacity strategy, enhancing its ability to respond to market demands while maintaining high utilization rates of its existing production lines [1]. Financial Projections - Revenue projections for 2023 to 2025 are 55.97 billion RMB, 67.84 billion RMB, and 80.08 billion RMB, respectively, with growth rates of 3.57%, 21.23%, and 18.03% [2]. - Net profit forecasts for the same period are 9.16 billion RMB, 10.49 billion RMB, and 13.68 billion RMB, with a projected EPS of 1.69 RMB, 1.94 RMB, and 2.53 RMB [2]. Market Position and Strategy - The company is expected to benefit from the exit of foreign competitors from the mid-to-low-end market, allowing it to capture additional market share [1]. - The company has established a strong presence in the photovoltaic diode market, with leading global market share and partnerships with major solar component manufacturers [1][19]. Investment and Growth Strategy - The company raised approximately 215 million USD through GDR issuance to fund its expansion in Southeast Asia and enhance its production capabilities [1]. - The report highlights the company's commitment to high-end product development and its strategic focus on automotive and renewable energy sectors, which are expected to drive future growth [1][26].

扬杰科技：回购彰显发展信心，景气企稳业绩有望迎拐点 扬杰科技(300373.SZ)/电子 证券研究报告/公司点评 2024年2月5日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：34.31元/股 指标 2021A 2022A 2023E 2024E 2025E 营业收入（百万元） 4,397 5,404 5,540 6,936 8,327 分析师：王芳 增长率yoy% 68% 23% 3% 25% 20% 执业证书编号：S0740521120002 净利润（百万元） 768 1,060 900 1,100 1,500 Email：wangfang02@zts.com.cn 增长率yoy% 103% 38% -15% 22% 36% 每股收益（元） 1.41 1.95 1.66 2.03 2.76 分析师：杨旭 每股现金流量 1.32 1.47 -10.35 -0.45 0.42 执业证书编号：S0740521120001 净资产收益率 15% 17% 12% 13% 16% Email：yangxu01@zt ...

证券代码：300373 证券简称：扬杰科技 公告编号：2023-085 扬州扬杰电子科技股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 扬州扬杰电子科技股份有限公司（以下简称"公司"）于 2023 年 8 月 18 日 召开 2023 年第二次临时股东大会，审议通过了《关于回购公司股份方案的议案》 等相关议案，公司拟使用自有资金以集中竞价交易的方式回购公司股份（以下简 称"本次回购"），用于实施员工持股计划或股权激励。本次回购资金总额不低 于人民币 5,000 万元，不超过人民币 10,000 万元，回购股份的价格不超过人民币 58.00 元/股。本次回购的实施期限为自公司股东大会审议通过本次回购股份方案 之日起不超过 12 个 月 。 具 体 内 容 详 见 公 司 于 同 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）发布的相关公告。2023 年 8 月 21 日，公司在巨潮资讯网 （www.cninfo.com.cn）披露了《回购报告书》（公告编号：2023-071）。 根据《上市公司股份回购 ...

证券代码：300373 证券简称：扬杰科技 公告编号：2023-084 成立日期：2006 年 08 月 02 日 扬州扬杰电子科技股份有限公司 关于完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 扬州扬杰电子科技股份有限公司（以下简称"公司"）于 2023 年 5 月 23 日 召开 2022 年度股东大会，审议通过了《关于变更注册资本并修订<公司章程>的 议案》，因公司已完成第三期限制性股票激励计划第一次归属登记工作及发行全 球存托凭证（Global Depositary Receipts）相应新增基础证券 A 股股票的登记上 市工作，同意公司总股本增加至541,451,787股，注册资本增加至541,451,787元， 并同意对《公司章程》部分条款进行修订。具体内容详见公司于 2023 年 5 月 23 日在巨潮资讯网（www.cninfo.com.cn）发布的《2022 年度股东大会决议公告》 （公告编号：2023-044）。 近日，公司完成了注册资本工商变更登记，并取得了扬州市行政审批局核发 的《营业执照》。新营业执照信息如下 ...

证券代码：300373 证券简称：扬杰科技 公告编号：2023-083 扬州扬杰电子科技股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 扬州扬杰电子科技股份有限公司（以下简称"公司"）于 2023 年 8 月 18 日 召开 2023 年第二次临时股东大会，审议通过了《关于回购公司股份方案的议案》 等相关议案，公司拟使用自有资金以集中竞价交易的方式回购公司股份（以下简 称"本次回购"），用于实施员工持股计划或股权激励。本次回购资金总额不低 于人民币 5,000 万元，不超过人民币 10,000 万元，回购股份的价格不超过人民币 58.00 元/股。本次回购的实施期限为自公司股东大会审议通过本次回购股份方案 之日起不超过 12 个月。具体内容详见公司于同日在巨潮资讯网 （www.cninfo.com.cn）发布的相关公告。2023 年 8 月 21 日，公司在巨潮资讯网 （www.cninfo.com.cn）披露了《回购报告书》（公告编号：2023-071）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管 ...

Financial Performance - The company's revenue for Q3 2023 was ¥1,415,928,038.64, a decrease of 3.46% compared to the same period last year[3]. - Net profit attributable to shareholders for Q3 2023 was ¥207,171,198.42, down 39.15% year-on-year[3]. - The net profit after deducting non-recurring gains and losses for Q3 2023 was ¥203,418,085.95, a decrease of 28.59% compared to the previous year[3]. - The company’s basic earnings per share for Q3 2023 was ¥0.38, a decrease of 42.42% compared to the same period last year[3]. - The net profit attributable to shareholders of the listed company for Q3 2023 decreased by 35.66% year-on-year, primarily due to a reduction in total profit[8]. - Total profit for Q3 2023 was 698,851,662.10 CNY, down 37.46% from the previous year, mainly due to decreased operating profit[8]. - Net profit for the current period is approximately ¥615.87 million, down 35.7% from ¥957.25 million in the previous period[18]. - Basic earnings per share for the current period is ¥1.17, compared to ¥1.81 in the previous period[19]. - Total comprehensive income for the current period is approximately ¥623.65 million, down from ¥983.65 million in the previous period[19]. Assets and Equity - The total assets as of September 30, 2023, reached ¥12,394,877,874.35, an increase of 30.70% from the end of the previous year[3]. - The company's equity attributable to shareholders was ¥7,916,684,663.58, up 28.66% from the end of the previous year[3]. - As of September 30, 2023, the company's total assets reached CNY 12,394,877,874.35, an increase from CNY 9,483,238,483.20 at the beginning of the year, representing a growth of approximately 30.3%[14]. - The company's total equity reached CNY 8,377,849,895.08, up from CNY 6,337,983,449.84, representing a growth of approximately 32.2%[16]. Cash Flow - Cash flow from operating activities for the year-to-date was ¥414,856,321.50, down 34.21% year-on-year[3]. - The net cash flow from operating activities for the first nine months of 2023 was 414,856,321.50 CNY, a decrease of 34.21% compared to the same period last year, attributed to increased tax payments and reduced tax refunds[9]. - Cash flow from operating activities for the current period is approximately ¥414.86 million, a decrease of 34.2% from ¥630.59 million in the previous period[20]. - Cash inflow from investment activities totaled ¥253,501,563.06, a decrease of 83.9% compared to ¥1,572,922,839.58 in the previous period[21]. - Cash outflow from investment activities was ¥595,802,804.95, down 74.7% from ¥2,355,302,346.10 year-over-year[21]. - Net cash flow from investment activities was -¥342,301,241.89, improving from -¥782,379,506.52 in the same period last year[21]. - Cash inflow from financing activities reached ¥2,524,765,372.32, a significant increase from ¥770,533,065.78 in the previous year[21]. - Net cash flow from financing activities was ¥1,600,976,388.56, compared to ¥28,990,226.67 in the same period last year[21]. - The net increase in cash and cash equivalents was ¥1,758,469,294.60, contrasting with a decrease of -¥84,816,611.19 in the previous year[21]. - The ending balance of cash and cash equivalents stood at ¥3,187,885,658.44, up from ¥973,834,195.17 year-over-year[21]. Investments and Acquisitions - The company acquired a 30% stake in Hunan Chuwei, which has now become a subsidiary, contributing to a substantial increase in goodwill by 86.15% to ¥304,661,333.30[7]. - The company’s long-term equity investments increased to CNY 63,129,328.45 from CNY 466,606,774.74, reflecting a strategic shift in investment focus[15]. - Cash received from minority shareholders' investments was ¥45,000,000.00, compared to ¥1,000,000.00 in the previous period[21]. Operational Efficiency - The company's operating income for Q3 2023 increased by 7.73% quarter-on-quarter, remaining stable year-on-year, with a notable recovery in the domestic automotive electronics and clean energy sectors[9]. - The gross profit margin for Q3 2023 rose by 2.76% quarter-on-quarter, driven by rapid growth in high-margin automotive electronics and improved utilization rates[9]. - The company anticipates further improvements in operational efficiency and profitability in the upcoming quarters[15]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 61,693, with the largest shareholder holding 36.23% of the shares[10]. - The company reported a total of 1,055,552 shares under lock-up at the end of the period, with 5,250 shares newly added during the quarter[13].

证券代码：300373 证券简称：扬杰科技 公告编号：2023-080 截至 2023 年 9 月 30 日，公司通过回购专用证券账户以集中竞价交易方式累 计回购公司股份 1,668,500 股，占公司目前总股本的 0.3082%，最高成交价为 37.00 元/股，最低成交价为 34.43 元/股，成交总金额为 59,962,257.01 元（不含交易费 用）。公司回购股份的实施符合相关法律、法规、规范性文件及公司股份回购方 案的规定。 二、其他说明 公司回购股份的时间、回购股份数量及集中竞价交易的委托时段等符合《深 圳证券交易所上市公司自律监管指引第 9 号——回购股份》第十七、十八、十九 条的相关规定。 1、公司未在下列期间内回购公司股份： 1 扬州扬杰电子科技股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 扬州扬杰电子科技股份有限公司（以下简称"公司"）于 2023 年 8 月 18 日 召开 2023 年第二次临时股东大会，审议通过了《关于回购公司股份方案的议案》 等相关议案，公司拟使用自有资金以集中竞价交易的 ...

扬州扬杰电子科技股份有限公司 关于控股股东部分股份解除质押的公告 证券代码：300373 证券简称：扬杰科技 公告编号：2023-079 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 扬州扬杰电子科技股份有限公司（以下简称"本公司"）近日接到控股股东江苏扬杰投 资有限公司（以下简称"扬杰投资"）函告，获悉其所持有本公司的部分股份办理了解除质 押业务，具体事项如下： | 股东 | 是否为控股 股东或第一 | | 本次解除质 | 占其所持 | 占公司总 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 押股数 | | 股本比例 | 初始质押日 | 解除日期 | 质权人 | | 名称 | 大股东及其 | | （股） | 股份比例 | （注1） | | | | | | 一致行动人 | | | | | | | | | 扬杰 | | 是 | 13,300,000 | 6.78% | 2.46% | 2021/6/10 | 2023/10/9 | 安信证券股份有限公司 | | 投 ...

证券代码：300373 证券简称：扬杰科技 公告编号：2023-078 扬州扬杰电子科技股份有限公司 关于首次回购公司股份暨回购股份进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 扬州扬杰电子科技股份有限公司（以下简称"公司"）于 2023 年 8 月 18 日 召开 2023 年第二次临时股东大会，审议通过了《关于回购公司股份方案的议案》 等相关议案，公司拟使用自有资金以集中竞价交易的方式回购公司股份（以下简 称"本次回购"），用于实施员工持股计划或股权激励。本次回购资金总额不低于 人民币 5,000 万元，不超过人民币 10,000 万元，回购股份的价格不超过人民币 58.00 元/股。本次回购的实施期限为自公司股东大会审议通过本次回购股份方案 之日起不超过 12 个 月 。 具 体 内 容 详 见 公 司 于同日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）发布的相关公告。2023 年 8 月 21 日，公司在巨潮资讯网 （www.cninfo.com.cn）披露了《回购报告书》（公告编号：2023-071）。 根据《上市公 ...

Market Positioning and Competition - The company reported a significant focus on high-end market positioning and import substitution, facing strong competition from international brands in the semiconductor industry [2]. - The semiconductor market is characterized by high competition and clear industry cycles, which may impact the company's market share if it fails to adapt [2]. - The company is benefiting from the increasing domestic demand for power semiconductor products, reducing reliance on imported components [20]. - The company has established itself as a leading player in the power semiconductor industry, ranking among the top three in the "Top Ten Chinese Semiconductor Power Device Enterprises" for several consecutive years [22]. Financial Performance - The company's revenue for the first half of 2023 was ¥2,624,742,386.62, a decrease of 11.07% compared to ¥2,951,318,679.45 in the same period last year [16]. - Net profit attributable to shareholders was ¥410,749,362.62, down 30.05% from ¥587,199,373.84 year-on-year [16]. - The basic earnings per share decreased to ¥0.79, a decline of 31.30% compared to ¥1.15 in the previous year [16]. - The net cash flow from operating activities was ¥270,551,262.13, a significant decrease of 45.90% compared to ¥500,071,932.98 in the same period last year [16]. - The gross profit margin has declined due to structural decreases in orders and prices in the global semiconductor market, particularly in consumer electronics and industrial sectors [31]. Investment and Growth Strategy - The company plans to forgo cash dividends and stock bonuses, opting instead to reinvest in growth opportunities [5]. - The company aims to enhance its product portfolio through both organic growth and strategic acquisitions, focusing on industry chain completeness [5]. - The company is investing in third-generation semiconductor technologies, which involves risks related to timely and accurate market trend assessments [3]. - The company has established a new subsidiary in Vietnam, Meiwike (Vietnam) Co., Ltd., to deepen its international market presence and optimize global industrial layout [25]. Research and Development - The company has established a comprehensive R&D system with multiple specialized teams, including SiC, GaN, and IGBT, and has built a 5,000 m² R&D center certified by CNAS [30]. - The company has invested in the establishment of the Yangjie-Dongda Wide Bandgap Semiconductor Joint R&D Center to enhance its third-generation semiconductor research capabilities [26]. - Research and development expenses increased by 3.17% to CNY 165,337,184.42, indicating a continued focus on innovation [35]. Operational Efficiency and Management - The management acknowledges the challenges posed by the rapid expansion of business scale and personnel, requiring enhanced leadership and organizational capabilities [4]. - The management is committed to strengthening internal management systems to better adapt to external changes and maintain competitive advantages [4]. - The company has implemented a "zero defect quality system" and lean production system, resulting in improved internal operational efficiency and reduced defect rates [28]. - The company aims to achieve cost optimization and enhance operational excellence through comprehensive efficiency improvement projects [28]. Environmental Responsibility - The company has obtained a national pollutant discharge permit and strictly manages emissions according to the permit system [62]. - The company's environmental credit rating is classified as green, indicating a strong commitment to environmental protection [62]. - The company has implemented advanced treatment processes, significantly reducing pollutant concentrations and total emissions [65]. - The company reduced CO2 emissions by 1,168.16 tons through increased solar photovoltaic power generation in the first half of 2023 [67]. Shareholder and Capital Structure - The total number of shares increased from 512,772,787 to 541,451,787 due to the issuance of 28,679,000 shares in April 2023 [82]. - The company issued 14,339,500 Global Depositary Receipts (GDRs), each representing 2 shares of A-shares, approved by the China Securities Regulatory Commission [82]. - The net asset value per share attributable to shareholders increased from CNY 12.3157 to CNY 14.3713 post-share issuance [85]. - The company has not reported any changes in restricted shares during the reporting period [86]. Legal and Compliance - There were no significant legal disputes or administrative penalties reported during the reporting period [68]. - The company did not experience any non-operating fund occupation by controlling shareholders or related parties during the reporting period [68]. - The financial statements comply with the requirements of the accounting standards, reflecting the company's financial position, operating results, and cash flows accurately [125]. Credit and Risk Management - The company employs an expected credit loss model for measuring impairment on financial assets, considering historical loss experience and future economic conditions [139]. - The expected credit loss rate for accounts receivable aged within one year is 5.00%, while it increases to 100.00% for those over three years [143]. - The company recognizes impairment losses or gains in the current period based on re-measurement of expected credit losses [140].