Core Insights - Yangjie Technology (300373) is a leading player in the power semiconductor sector, supplying core components to global brands like Bosch, Samsung, and Volvo, and is recognized as a national manufacturing champion [1][3] - The company holds significant market shares, being the largest in China and second globally for power diodes, and the largest globally for rectifier bridges, with a 42.5% market share in photovoltaic bypass diodes [1][3] Industry Overview - The Chinese semiconductor industry is valued at 4 trillion yuan, with 85% attributed to integrated circuits, a sector heavily dominated by foreign companies [3] - The global power semiconductor market is approximately 200 billion yuan, with domestic and international markets each accounting for half [3] Company Strategy - Yangjie Technology employs a "dual brand + global layout" strategy, having acquired the American semiconductor brand MCC in 2015, and establishing a presence in over 30 countries [4][6] - The company aims to fill a 30 billion yuan import gap in high-end power semiconductors within the next 3 to 5 years, positioning itself to achieve full import substitution in this segment [3][4] Financial Performance - Yangjie Technology plans to invest 7% of its revenue in R&D annually, with a projected R&D expenditure exceeding 400 million yuan in 2024 [3][6] - The company has experienced significant growth since its IPO in 2014, with revenues expected to exceed 6 billion yuan and net profits over 1 billion yuan in 2024 [6][7] Market Expansion - The company is expanding its overseas operations by building a factory in Vietnam, which will enhance its manufacturing capabilities and allow for local sourcing of materials [6] - Yangjie Technology has successfully raised 220 million USD through GDR issuance, with funds allocated for factory expansion and market development in Japan and the U.S. [6][7]

Core Insights - The company adheres to a dual-brand operation strategy, establishing a "moat" in the diode/rectifier field, becoming a global leader in this product area, and continuously expanding into automotive low-voltage power devices based on stable profitability [1][2] - The company plans to acquire 100% of Better Electronics to enhance its competitiveness in the protection device sector, with significant market share in diodes and rectifiers [2][3] - The company aims to deepen its global dual-brand layout and strengthen its core competitiveness through an IDM + Fabless model, ensuring superior product performance and cost advantages [2] Company Strategy - The company is focused on expanding its market presence in the automotive sector, particularly targeting Tier 1 customers in Europe and the U.S. [2] - The dual-brand strategy involves "YJ" targeting domestic and Asia-Pacific markets, while "MCC" focuses on the European and American markets, competing with top-tier international companies [2] - The acquisition of Better Electronics is expected to create synergies in end-use applications, enhancing the company's offerings in power electronic protection components [3] Financial Projections - Revenue projections for the company are estimated at 70.18 billion, 83.21 billion, and 100.20 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 12.28 billion, 14.47 billion, and 17.02 billion yuan for the same years [3]