| | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,509 | 1,734 | 8,242 | 10,836 | 12,711 | | 同比增长率（%） | 22.3 | 28.1 | 26.6 | 31.5 | 17.3 | | 归母净利润（百万元） | -962 | -182 | -483 | 24 | 205 | | 同比增长率（%） | - | - | - | - | 742.2 | | 每股收益（元/股） | -0.14 | -0.03 | -0.07 | 0.00 | 0.03 | | 毛利率（%） | 1.0 | 3.7 | 8.8 | 16.9 | 19.7 | | ROE（%） | -7.8 | -1.5 | -3.9 | 0.2 | 1.6 | | 市盈率 | -35 | | -70 | 1,388 | 165 | | 注： "净资产收益率"是指摊薄后归属于母公司所有者的 ROE | | | | | | 2025 年 07 月 01 日 芯联集成 ...

Summary of Yangjie Technology Conference Call Company Overview - **Company**: Yangjie Technology - **Industry**: Power Semiconductor Key Points and Arguments Financial Performance - Revenue increased from 500 million to 6 billion RMB, and profit rose from 100 million to 1 billion RMB, with market capitalization growing tenfold to 26 billion RMB [2][4][5] - The sixth employee stock ownership plan has a total cost of 160 million RMB, amortized over four years, with minimal impact on performance [2][6] Strategic Planning - The company has a clear strategic plan aiming for 10 billion RMB in revenue by 2027, with a compound annual growth rate (CAGR) of approximately 19.5% [2][9] - The company has been implementing a rolling three-year strategic plan annually since 2017, with specific targets for each product line [9][10] Product Line Focus - Key focus areas include automotive electronics, industrial applications, clean energy, and consumer electronics [2][11] - Automotive electronics are expected to account for 20%-30% of revenue in the next three years, with a CAGR of 40%-50% [2][11] - The industrial sector is projected to grow at a CAGR of 20%-30% due to policy support [2][11] Business Segments - H1 (traditional automotive) is expected to grow steadily by 10%-15% [13] - H2 (MOSFET and small signal devices) is projected to have a CAGR of 20%-25%, with nearly 40% of revenue in three years [13] - H3 (silicon carbide) is anticipated to have a massive market space in the new energy vehicle sector, with a CAGR of 100% [2][13] Employee Stock Ownership Plan - The sixth employee stock ownership plan aims for revenue of at least 10 billion RMB or net profit of at least 1.5 billion RMB by 2027 [3][6] - The plan features a zero-cost grant model, performance-linked stock allocation, and high flexibility for employee promotions [7] Market Expansion - The company aims for overseas revenue to exceed 30% by 2027, with significant investments in overseas factories and R&D centers [4][15] - The company has established a complete overseas market system since 2015, enhancing its competitive advantage in power semiconductors [15] Silicon Carbide Business - The silicon carbide segment is in a harvesting phase, with a focus on expanding product lines and application scenarios [16] - The company has a leading position in silicon carbide manufacturing, with advanced production lines and a strong customer base [16][28] Production Capacity and Utilization - Current production capacity utilization is around 20%, with expectations to reach 60% through optimization [25] - Achieving 60% utilization is crucial for reaching breakeven [25] Profitability and Margin Expectations - The company expects to maintain a net profit of around 1.5 billion RMB, with gross margins between 30% and 35% [26] - The silicon carbide business is currently not profitable, with a need to improve production efficiency to achieve breakeven [24] Market Challenges and Strategies - The company is prepared to handle fluctuations in overseas demand by optimizing supply chain management and enhancing communication with customers [19][20] - The competitive landscape in the automotive sector is intense, but the company believes its quality and supply chain reliability will protect its margins [21] Future Outlook - Yangjie Technology aims for steady domestic growth and high-margin overseas expansion, particularly in automotive and silicon carbide products [30] - The company is optimistic about its growth potential and encourages investors to monitor its developments closely [30]