【深圳商报讯】（记者 钟国斌）扬杰科技（300373）近日公告称，终止收购贝特电子100%股权。 公开资料显示，扬杰科技主营业务为分立器件芯片、功率二极管、整流桥等半导体分立器件产品的研 发、生产和销售。 9月11日，扬杰科技公告称，拟以现金22.18亿元收购贝特电子100%股权，本次交易价格为22.18亿元。9 月29日，该重大关联交易事项获得了公司2025年第三次临时股东大会的批准。然而，10月24日，扬杰科 技公告称，公司收到了来自贝特电子实际控制人、主要股东签署的《关于终止转让本人持有的东莞市贝 特电子科技股份有限公司股份的通知书》。 扬杰科技在公告中指出，鉴于上述股东为贝特电子实际控制人、主要股东，其一致行动人合计持股 39.35%，随着他们的退出，公司收购贝特电子全部股份的"交易目的已无法实现。" 根据公告，扬杰科技于10月23日收到贝特电子实控人、主要股东签署的通知书，主要内容为，在交易推 进过程中，双方"在业务类型、管理方式及企业文化等方面存在差异，各方对贝特电子的未来经营理念 和管理思路上亦存在较多分歧。"经慎重考虑，决定终止向公司转让其持有的贝特电子全部股份。公司 同意上述股东终止转让股份 ...

21世纪经济报道记者 孙燕 钜芯科技成立于2015年。在2019年以前，该公司专注于消费电子市场功率半导体器件产品。2019年，该 公司果断切入新能源光伏市场，开始针对光伏组件保护功率器件的产品研发和业务布局。 其新能源功率器件主要产品为光伏旁路保护二极管，属于功率半导体的一种。旁路二极管在太阳能电池 组件中并联于太阳能组件的两端，光伏组件正常运行时，电池片产生的电流正常导通和传递，在太阳能 电池板发生热斑效应时（比如灰尘、阴影等局部遮挡电池板），并联设置的旁路保护二极管将自动启 动，电流将绕开受热斑影响的电池片而从旁路保护电路中通过进行传递，保障整个组件的安全和发电效 率。 随着光伏组件保护功率器件的销售放量，钜芯科技进入高速增长期，2022年、2023年、2024年新能源功 率器件业务分别实现营业收入3.16亿元、5.35亿元、5.45亿元；新能源功率器件产品销售收入占主营业 务收入的比例也逐年攀升，分别为 91.95%、96.93%和 97.88%。 钜芯科技在回复问询函时补充道，根据测算，2022年度至2024年度，该公司的光伏旁路保护二极管产品 市场占有率分别为11.51%、13.64%和13.68 ...

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]

投资要点： 华源证券股份有限公司葛星甫,孟爽近期对扬杰科技（300373）进行研究并发布了研究报告《2025H1净利润较 快增长，产品矩阵持续优化》，给予扬杰科技增持评级。 扬杰科技 19、16倍。公司不断完善产品矩阵，重点发力汽车电子板块，同时受益于行业企稳回升，维持"增持"评级。 风险提示：下游需求不及预期、产品价格波动、行业竞争加剧 证券之星数据中心根据近三年发布的研报数据计算，东北证券李玖研究员团队对该股研究较为深入，近三年 预测准确度均值为69.87%，其预测2025年度归属净利润为盈利10.96亿，根据现价换算的预测PE为27.03。 最新盈利预测明细如下： | 报告日期 | 机构简称 | 研究员 | 沂三年业绩 | | 研报数 | 覆盖时长 | 2025预测 | 2026预测 | 2027预测 | 目标价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 预测准确度 | | | | 净利润(元) | 净利润(元) | 净利润(元) | (元) | | 2025-07-22 | 浦银国际证券 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is expected to achieve a rapid growth in net profit for the first half of 2025, with a projected increase of 30%-50% year-on-year, driven by the continuous improvement of its product matrix and the favorable conditions in the semiconductor industry [7] - The company is focusing on high-value new product development, enhancing its competitive edge, and expanding its market presence through both organic growth and acquisitions [7] - The automotive electronics sector is anticipated to be a significant growth area, with the company developing SiC modules for electric vehicles and gaining traction with major Tier 1 suppliers [7] Financial Summary - Revenue projections for the company are as follows: - 2023: 5,410 million RMB - 2024: 6,033 million RMB (11.53% YoY growth) - 2025E: 7,061 million RMB (17.03% YoY growth) - 2026E: 8,402 million RMB (19.00% YoY growth) - 2027E: 9,794 million RMB (16.57% YoY growth) [6] - Net profit forecasts are: - 2023: 924 million RMB - 2024: 1,002 million RMB (8.50% YoY growth) - 2025E: 1,278 million RMB (27.51% YoY growth) - 2026E: 1,536 million RMB (20.20% YoY growth) - 2027E: 1,807 million RMB (17.62% YoY growth) [6] - Earnings per share (EPS) estimates are: - 2024: 1.84 RMB - 2025E: 2.35 RMB - 2026E: 2.83 RMB - 2027E: 3.33 RMB [6] Market Performance - As of July 25, 2025, the closing price of the company's stock is 54.61 RMB, with a total market capitalization of approximately 29,672.22 million RMB [3][4]

Core Viewpoint - Yangjie Technology aims to climb into the mid-to-high-end manufacturing sector, setting ambitious performance targets for 2027, including a revenue goal of no less than 10 billion yuan and a net profit target of no less than 1.5 billion yuan [2][4][6] Group 1: Financial Performance and Goals - In 2024, Yangjie Technology achieved a revenue of 6.033 billion yuan, representing a year-on-year growth of 11.53%, and a net profit of 1.002 billion yuan, up 8.50% year-on-year [7] - The company’s 2027 performance targets are designed to enhance competitiveness and motivate employees, reflecting the company's ongoing market share expansion and industry competitiveness [7][6] Group 2: International Expansion and Market Position - Yangjie Technology is gradually moving towards group and international operations, with overseas sales revenue reaching 1.364 billion yuan in 2024, a year-on-year increase of 12.28%, accounting for 22.61% of total revenue [3][11] - The company has established a localized R&D, manufacturing, and sales network across multiple countries, including 5 R&D centers and 15 wafer and packaging factories [8][10] Group 3: Employee Stock Ownership Plan - The employee stock ownership plan includes up to 500 participants, including key executives and core business personnel, with performance targets tied to the company's 2027 revenue and profit goals [4][6] Group 4: Research and Development Investment - Yangjie Technology has consistently increased its R&D investment, with expenditures of 293 million yuan, 356 million yuan, and 423 million yuan from 2022 to 2024, reflecting year-on-year growth rates of 21.03%, 21.57%, and 19% respectively [12] - The company holds a total of 655 intellectual property rights, including 114 invention patents, indicating a strong focus on innovation [12]