2024H1 研发费用同比持续提升，高品质新品加速突破。2024H1，公司研发费用1.97 亿元，同比增长19.39%；其中2024Q2 研发费用1.09 亿元，同比增长18.48%，环比增长22.47%。公司持续加码研发，在新产品、新技术方面取得较为明显的成果。IGBT 方面，公司基于Fabless 模式的8 吋、12 吋平台的Trench 1200V IGBT 芯片，完成了10A-200A 全系列的开发。同时，公司重点布局AI、工控、光伏逆变、新能源汽车等应用领域，2024H1 公司在IGBT 模块市场份额快速提升。第三代半导体方面，2024H1 公司SiC SBD 市场份额持续增加，SiC MOS 料号加速覆盖。截至2024H1，各类产品已广泛应用于AI 服务器电源、新能源汽车、光伏、充电桩、储能、工业电源等领域。车载模块方面，公司自主开发的车载碳化硅模块已经研制出样，已经获得多家Tier1 和终端车企的测试及合作意向，计划于2025 年完成全国产主驱碳化硅模块的批量上车。Incidents:
On August 22, Yangjie Technology released its 2024 semi-annual report: In the first half of 2024, in terms of revenue, the company achieved revenue of 2.865 billion yuan, an increase of 9.16% over the previous year. Among them, the 2024Q2 revenue was 1.537 billion yuan, a record high, with a year-on-year increase of 16.96% and a month-on-month increase of 15.75%. In terms of gross margin, 2024H1's gross profit margin was 29.63%, down 0.48pct year on year; of these, 2024Q2 gross profit margin was 31.32%, up 1.8 pcts year on year and 3.65 pct month on month. In terms of net profit, 2024H1 net profit attributable to mother was 0.425 billion yuan, up 3.43% year on year; of these, 2024Q2 net profit was 0.244 billion yuan, up 6.75% year on year, up 35.36% month on month; 2024H1 net profit without return to mother was 0.422 billion yuan, up 3.04% year on year, of which 2024Q2 net profit after deducting non-return net profit was 0.234 billion yuan, up 24.66% year on year.
Investment highlights:
2024H1 R&D expenses continued to rise year on year, and high-quality new products accelerated breakthroughs. 2024H1, the company's R&D expenses were 0.197 billion yuan, up 19.39% year on year; of these, 2024Q2 R&D expenses were 0.109 billion yuan, up 18.48% year on year and 22.47% month on month. The company continues to step up research and development, and has achieved remarkable results in new products and technologies. In terms of IGBT, the company completed the development of a full range of 10A-200A Trench 1200V IGBT chips based on the Fabless model for 8-inch and 12-inch platforms. At the same time, the company focuses on application fields such as AI, industrial control, photovoltaic inverters, and new energy vehicles, and 2024H1's market share in IGBT modules is rapidly increasing. In terms of third-generation semiconductors, 2024H1's SiC SBD market share continues to increase, and SiC MOS material coverage is accelerating. As of 2024H1, various products have been widely used in AI server power supplies, new energy vehicles, photovoltaics, charging piles, energy storage, industrial power supplies, etc. In terms of automotive modules, the company's self-developed automotive silicon carbide modules have been developed and sampled, and have received tests and cooperation intentions from many Tier 1 and terminal car companies. It is planned to complete batch launch of mainly driven silicon carbide modules nationwide in 2025.
Implement the “double brand” + “double cycle” development model, and the recovery in market demand has led to a steady increase in revenue and gross margin. The company implements the business model of “double brand” + “double cycle” and brand product differentiation. In the European and American markets, the company mainly promotes “MCC” brand products and targets international first-tier companies such as Ansemi. In the Chinese and Asia-Pacific markets, the company mainly promotes “YJ” brand products, continues to expand direct sales channel outlets, and deepens cooperative relationships with major customers. Furthermore, it will accelerate the construction of the Vietnamese factory and the layout of overseas outlets, and continue to enhance the company's position in the industry, brand value and global influence.
2024H1, demand for downstream applications is picking up. Demand in China's automotive electronics and consumer electronics industries is strong, and the industrial market is gradually improving. The company continuously optimizes the downstream structure and product structure in line with market demand, and actively develops domestic and overseas markets and customers, thus driving continuous revenue growth. At the same time, since 2024Q2, firstly, along with the end of inventory removal in overseas markets, increased purchasing intentions from overseas customers, and a month-on-month increase in overseas business sales revenue. Second, cost reduction measures and revenue from new product expansion have had obvious results. As a result, the gross margin level of the company's products has steadily increased.
Profit forecast and investment rating: As an established power semiconductor manufacturer, the company actively lays out various power electronic device chip products, and continuously expands domestic and international sales levels through the implementation of “YJ” and “MCC” dual brand operations. The company's revenue for 2024-2026 is expected to be 6.083/7.611/8.939 billion yuan, net profit to mother is 0.948/1.189/1.502 billion yuan, corresponding EPS is 1.74/2.19/2.76 yuan, and corresponding PE is 21X/17X/13X, maintaining a “buy” rating.
Risk warning: 1) Market competition in the power semiconductor industry intensifies risk 2) Demand in the NEV and power generation markets falls short of expectations 3) Overseas market recovery falls short of expectations 4) The company's new product customer progress falls short of expectations 5) The company's automotive-grade products are not progressing as expected 6) Domestic and foreign companies are not fully comparable. The relevant data and data on the target are for reference only
