Yangzhou Yangjie Electronic Technology Co., Ltd. (Yangjie Technology) (300373)

Equity Research Report　|　Industry: Power Semiconductor IDM　|　Report Date: September 13, 2026　|　Market data as of the September 11, 2026 close; RSI, MACD and certain moving-average signals use technical-analysis data as of September 9, 2026, and therefore lag by approximately two trading days.

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

Yangjie Technology generated revenue of RMB 4.515 billion in the first half of 2026, up 30.69% year on year, and net profit attributable to shareholders of RMB 771 million, up 28.18% year on year. Net profit attributable to shareholders excluding non-recurring items increased 29.58% year on year. Growth was mainly driven by demand from automotive electronics, AI data centers, new-energy vehicles, photovoltaic and energy-storage applications, and SiC. Automotive-electronics revenue increased by more than 100% year on year, while SiC revenue nearly doubled. The earnings preview has been validated by the interim report.

The company focuses on power-semiconductor IDM. In 2025, semiconductor-device revenue was approximately RMB 6.257 billion, accounting for approximately 87.75% of total revenue, with traditional discrete devices remaining the primary source of revenue. At the same time, the company continues to develop MOSFET, IGBT, SiC and high-voltage product platforms. Its first SiC wafer line has entered the production ramp-up phase, and multiple IGBT product series have achieved volume shipments to customers. Gross margin was approximately 34.27% and net margin approximately 17.7% in 2025, both recovering from 2023. Product-mix optimization, a higher proportion of internally manufactured chips and lean production have supported profitability.

The company’s growth is closely linked to the ramp-up of high-end products, capacity expansion, overseas operations and manufacturing synergies. However, earnings remain exposed to rising raw-material costs, overseas operating conditions and exchange-rate fluctuations. Consolidated gross margin was 35.72% in the first half of 2026, falling to 34.70% in the second quarter. The company initiated product-price adjustments in July 2026, and the pass-through of price increases and subsequent gross-margin recovery remain to be observed.

As of September 11, 2026, the share price was RMB 84.36, down approximately 18.1% from the August 21 high. The stock was below its short-term moving averages and the Bollinger middle band, while MACD was below the zero line, indicating generally weak technical conditions. Valuation was approximately 32–40x PE-TTM and 4.6–5.7x PB, a relatively high range. The market has already priced in substantial expectations for continued volume growth in automotive electronics, AI data centers and SiC. Going forward, earnings delivery will need to be validated by improvements in orders, capacity and margins.

2. Company Overview

2.1 Basic Information

2.2 Core Businesses and Product Portfolio

• Semiconductor devices: Revenue of approximately RMB 6.257 billion in 2025, accounting for approximately 87.75% of total revenue, with a gross margin of approximately 33.39%; products include MOSFETs, IGBTs, SiC devices and modules, rectifiers, protection devices and small-signal devices
• Semiconductor chips: Revenue of approximately RMB 534 million in 2025, accounting for approximately 7.49%, with a gross margin of approximately 33.26%; products include 5-inch, 6-inch and 8-inch silicon-based power chips and 6-inch silicon-carbide chips
• Semiconductor silicon wafers: Revenue of approximately RMB 167 million in 2025, accounting for approximately 2.35%, with a gross margin of approximately 35.49%; products include monocrystalline silicon ingots, silicon wafers and epitaxial wafers
• Other businesses: Revenue of approximately RMB 172 million in 2025, accounting for approximately 2.41%
• Application fields: New-energy vehicles, automotive electronics, AI data centers, photovoltaics, energy storage, charging, industrial control, consumer electronics, smart homes and 5G communications
• Capacity and R&D upgrades: The first SiC chip line has been completed and entered the production ramp-up phase; the company has established 750V, 1200V and 1700V SiC product platforms, with SiC MOS products covering the 11mΩ to 500mΩ range; multiple IGBT product series have been developed on 8-inch and 12-inch platforms and have achieved volume shipments to customers

2.3 Position in the Upstream and Downstream Value Chain and Cost-Profit Structure

Yangjie Technology is positioned in the upper-middle portion of the power-semiconductor value chain and is a vertically integrated IDM company covering “monocrystalline silicon-wafer manufacturing—chip design and manufacturing—device design, packaging and testing—end-market sales and services.” Its core resources are not mineral resources but power-semiconductor manufacturing capacity, wafer-process platforms, packaging capabilities, R&D platforms and customer-certification resources.

• Major purchases include silicon materials such as monocrystalline silicon ingots, silicon wafers, epitaxial wafers and related wafer materials, as well as packaging metals including lead frames, copper and metal targets.
• Chemical materials include photoresist, electronic chemicals, cleaning agents, etchants, packaging adhesives and other process materials. Equipment includes wafer-manufacturing, epitaxy, packaging, testing, dicing, sintering and reliability-testing equipment.
• Under the Fabless model or for certain high-end products, the company also uses external wafer-manufacturing and related technical resources. Its in-house crystal-pulling, silicon-wafer, wafer and packaging lines reduce reliance on externally purchased wafers and packaging services and lower unit costs through internal process synergies.
• Purchases from the five largest suppliers amounted to approximately RMB 4.091 billion in 2025, or approximately 28.70% of operating revenue based on publicly available data; this ratio uses operating revenue as the denominator and is not equivalent to the five largest suppliers’ share of total purchases. Public information for 2024 indicated purchases from the five largest suppliers of approximately RMB 846 million, accounting for approximately 28.25% of total purchases.
• The above supplier-concentration data come from a third party’s structured compilation of the company’s annual reports. The original annual-report tables were not extracted and cross-checked item by item in this report; the latest annual report of the company shall prevail. The company has not fully eliminated its reliance on key equipment, process materials, epitaxial materials and certain high-end chip-manufacturing resources.
• In terms of supply-chain bargaining power, the company generally has the position of a large-scale buyer for standardized silicon wafers, metal materials and general-purpose chemicals. However, its bargaining power is limited for high-end equipment, special process materials and certain customized materials. The company is establishing supplier-tiering, strategic-supplier cooperation, backup capacity for key materials and price-monitoring mechanisms.
• Downstream markets include new-energy vehicles and automotive electronics, AI data centers, photovoltaic and energy-storage systems and charging, industrial control, consumer electronics and smart homes, 5G communications, security and other electronic equipment.
• Sales to the five largest customers amounted to approximately RMB 885 million in 2025, accounting for approximately 12.42% of operating revenue. The largest customer accounted for approximately 3.23%, while the second through fifth largest customers accounted for approximately 1.96% to 2.63%. The five largest customers accounted for approximately 13.47% in 2024 and approximately 13.52% in 2023, with the ratio declining further in 2025.
• The above customer-concentration data are compiled from public information for 2023–2025. The report does not provide a unified cross-check against the original annual-report tables, and the latest annual report of the company shall prevail. Existing data indicate no significant dependence on a single customer, with a relatively diversified customer structure.
• Competition is relatively intense in standard rectifiers, ordinary diodes and mid- to low-end MOSFETs. Customers have strong price-comparison capabilities, and product prices are susceptible to industry supply-demand conditions and the competitive landscape.
• Automotive-grade SiC modules, IGBTs, high-voltage MOSFETs and AI data-center power devices have long customer-certification cycles and stringent reliability requirements. Once incorporated into a supply system, they generally offer greater supplier stickiness and product value-added.
• Large customers in the automotive, photovoltaic and server value chains typically have strong purchasing scale and certification leverage and may compress supplier margins through annual price reductions, centralized procurement and stringent quality requirements.
• Public financial indicators show that the company’s accounts-receivable turnover days have generally been in the range of 94 to 107 days in recent years, at approximately 94.27 days in 2025. At the end of the first half of 2025, accounts receivable were approximately RMB 2.003 billion, receivables financing approximately RMB 188 million, inventories approximately RMB 1.290 billion and prepayments approximately RMB 28 million. Based on first-half 2025 revenue of approximately RMB 3.455 billion, accounts receivable represented approximately 58% of half-year revenue, or approximately 29% on an annualized-revenue basis. Due to seasonality and differences in customer settlement cycles, this ratio can only serve as an indicator of working-capital usage and cannot be directly equated with the full-year accounts-receivable-to-revenue ratio. Accounts-receivable turnover of close to 100 days indicates relatively significant capital tied up in receivables, and the company’s absolute bargaining power over major downstream customers remains limited.
• Both supplier and customer concentration data have limitations in scope and source: purchases from the five largest suppliers were approximately RMB 4.091 billion in 2025, equivalent to approximately 28.70% of operating revenue; this figure comes from a third-party structured compilation of annual-report data and was not cross-checked item by item in this report. Sales to the five largest customers were approximately RMB 885 million, or approximately 12.42% of operating revenue, based on public information. Based on the available data, the company is more dependent on suppliers than customers, with some reliance in manufacturing on key materials, equipment and supplier resources.

Yangjie Technology is positioned in the upper-middle portion of the power-semiconductor value chain and is a midstream manufacturing and device-platform company with vertical integration across materials, wafers, chips, packaging devices and end applications. Current profits mainly come from mass-produced silicon-based discrete devices and packaged products. Future gross-margin expansion will depend primarily on volume growth in SiC, IGBT, high-voltage MOSFETs, automotive-grade modules and AI power devices, as well as overseas capacity expansion, product-mix upgrades, a higher proportion of internally manufactured chips and cost control.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

In the first half of 2026, net profit attributable to shareholders excluding non-recurring items was RMB 724 million, up 29.58% year on year, and basic EPS was RMB 1.42. In the second quarter of 2026, net profit attributable to shareholders excluding non-recurring items was RMB 365 million, up 19.92% year on year. Full-year 2025 net profit attributable to shareholders excluding non-recurring items was RMB 1.146 billion, up 20.18% year on year. The data mainly come from the company’s 2026 interim report, 2025 annual report and public financial-data pages.

The company maintained relatively rapid revenue and net-profit growth in the first half of 2026, mainly driven by automotive electronics, AI data centers and SiC. Consolidated gross margin was 35.72%, up 1.93 percentage points year on year; however, second-quarter gross margin was 34.70%, down from the first quarter. Rising raw-material costs, overseas operations and exchange-rate factors created temporary pressure on margins. The company initiated product-price adjustments in July 2026, and subsequent margin recovery remains to be observed. Financial expenses changed from net income in the same period of the prior year to an expense in the first half of 2026, with foreign-exchange losses expanding.

3.2 Earnings Forecasts

As of September 11, 2026, the earnings-forecast page of 10jqka summarized forecasts from 10 institutions published within the previous six months. The number of institutions and completeness of disclosure for revenue forecasts differ slightly from those for net profit and EPS, and forecasts vary considerably among institutions. Key forecasts include: Shanxi Securities expects 2026–2028 revenue of RMB 9.513 billion, RMB 11.694 billion and RMB 14.041 billion, net profit attributable to shareholders of RMB 1.744 billion, RMB 2.223 billion and RMB 2.663 billion, and EPS of RMB 3.21, RMB 4.09 and RMB 4.90; China Galaxy expects revenue of RMB 9.421 billion, RMB 12.231 billion and RMB 15.523 billion, net profit attributable to shareholders of RMB 1.863 billion, RMB 2.478 billion and RMB 3.427 billion, and EPS of RMB 3.43, RMB 4.56 and RMB 6.31; China Securities Co., Ltd. does not disclose revenue forecasts but expects net profit attributable to shareholders of RMB 1.887 billion, RMB 2.307 billion and RMB 2.658 billion, with EPS of RMB 3.47, RMB 4.25 and RMB 4.89; Guosen Securities expects revenue of RMB 8.723 billion, RMB 10.337 billion and RMB 12.579 billion, net profit attributable to shareholders of RMB 1.600 billion, RMB 1.943 billion and RMB 2.384 billion, and EPS of RMB 2.95, RMB 3.58 and RMB 4.39; Huachuang Securities does not disclose revenue forecasts but expects net profit attributable to shareholders of RMB 1.655 billion, RMB 2.120 billion and RMB 2.578 billion, with EPS of RMB 3.05, RMB 3.90 and RMB 4.74.

3.3 Valuation and Institutional Ratings

As of the September 11, 2026 close, Yangjie Technology’s share price was RMB 84.36 and its total market capitalization was approximately RMB 45.837 billion. Lixinger reported PE-TTM of approximately 32.10x and PB of approximately 4.57x. PE-TTM was at approximately the 80.73rd historical percentile, above the historical median of 26.63x and the 80th-percentile level of 31.84x, indicating a relatively high valuation based on historical valuation percentiles. Xiaole Financial Reports had previously shown PE-TTM of 40.24x and PB of 5.72x on August 19, 2026. Accordingly, across different databases, current valuation can be understood as approximately 32–40x PE-TTM and 4.6–5.7x PB. Differences may arise from the share-price date, the TTM profit definition, whether non-recurring items are excluded and different database update times. Based on the September 11, 2026 closing price and consensus EPS, forward PE for 2026–2028 is approximately 26.8x, 21.1x and 17.0x, respectively. Using Shanxi Securities’ forecasts, the figures are approximately 26.3x, 20.6x and 17.2x; using China Galaxy’s forecasts, they are approximately 24.6x, 18.5x and 13.4x. Institutional ratings are generally positive, but as of September 11, 2026, there was insufficient public information to demonstrate a unified target-price consensus fully updated after the 2026 interim report. Huachuang Securities’ target price of RMB 106.6, issued on April 21, 2026, is the most recently verifiable domestic-broker target price, but its timeliness is limited. The average target price of approximately RMB 110.16 summarized by 10jqka on April 3, 2026 was based on statistics published before the interim report and should not be treated directly as the current market consensus target price. Current valuation already reflects relatively substantial expectations for continued volume growth in automotive electronics, AI data centers and SiC. The ability of valuation to be absorbed going forward will depend on earnings delivery, order conversion, capacity ramp-up, price-increase pass-through and margin recovery.

4. Recent News and Announcements

4.1 Board Re-Election Completed; Governance Structure Remains Stable

On September 11, 2026, the company disclosed the Announcement on Completion of the Board Re-Election. The second extraordinary shareholders’ meeting of 2026 elected the sixth Board of Directors, comprising non-independent directors Liang Qin, Liang Yao, Chen Runsheng, Dai Juan and Huang Zhiguo; independent directors GUO QIANG, Liu Zhihong and Yu Ping; and employee representative director Xu Xiaobing, for a total of nine directors, all serving three-year terms. The announcement stated that the proportion of independent directors and the proportions of directors concurrently serving as senior executives and employee-representative directors comply with relevant regulations. None of the directors is subject to investigation by the China Securities Regulatory Commission, disciplinary action by a stock exchange or inclusion on the list of dishonest judgment debtors. No change in control, actual controller or major operating strategy has been identified.

4.2 Shareholders’ Meeting Approved Board Re-Election Proposals by Large Margins

The second extraordinary shareholders’ meeting of 2026 was attended by 95 shareholders and shareholder representatives, representing 261,705,703 shares, or 48.1654% of the company’s total voting shares. All proposals related to the board re-election were approved by large margins, with candidate election rates of approximately 99.82% to 99.95% and support from minority shareholders of approximately 63.30% to 89.32%.

4.3 Investor-Relations Activities Centered on Research Meetings, Earnings Briefings and Conference Calls

On September 4, 2026, the company disclosed an investor-relations activity record. Activities included targeted research meetings, an earnings briefing and conference calls, held from August 3 to August 31, 2026. Participating institutions included public funds, insurance asset managers, securities companies, private-equity institutions and overseas investment institutions. The searchable announcement text mainly disclosed participating research institutions and activity arrangements. No new earnings forecasts, major orders, acquisitions or repurchase plans were identified. The announcement therefore should not be treated as evidence of a new major operating contract or earnings commitment.

4.4 First-Half 2026 Earnings Preview Indicated 20%–40% Net-Profit Growth

On July 20, 2026, the company disclosed its first-half 2026 earnings preview. Net profit attributable to shareholders was expected to be RMB 721.6142 million to RMB 841.8832 million, or approximately RMB 722 million to RMB 842 million, representing year-on-year growth of 20%–40%. Net profit attributable to shareholders excluding non-recurring items was expected to be RMB 699.9378 million to RMB 820.2068 million, or approximately RMB 700 million to RMB 820 million, representing year-on-year growth of 25.21%–46.72%. The estimated impact of non-recurring items was RMB 20 million to RMB 25 million. The company stated that growth was mainly driven by rising demand in AI servers, new-energy vehicles, photovoltaic and energy-storage applications, as well as improved industry conditions resulting from tight capacity in mature 8-inch processes. Automotive-electronics revenue increased by more than 100% year on year, while SiC revenue nearly doubled. The preview represented a preliminary estimate by the finance department and had not been audited.

4.5 Interim Report Validated the Earnings Preview; Net Profit Increased 28.18%

The interim report disclosed on August 22, 2026 showed that the company generated net profit attributable to shareholders of approximately RMB 771 million in the first half of 2026, up 28.18% year on year and broadly within the previously disclosed earnings-preview range. Basic EPS for the first half was approximately RMB 1.42. Revenue increased 30.69% year on year, while orders and shipments maintained relatively rapid growth. The company continued to promote MOSFET, IGBT and SiC products in AI data centers, new-energy vehicles, photovoltaic-storage-charging and industrial applications. The automotive-grade power-semiconductor module packaging project known as “Plant No. 7” reached structural topping-out during the reporting period.

4.6 Temporary Exemption from EU Sanctions Obtained; Company Has Filed a Lawsuit

On June 16, 2026, the company announced that the Council of the European Union had issued a relevant decision on June 15 local time, adding conditional exemption clauses to the existing sanctions regime. Businesses, contracts or other agreements entered into with the company before April 23, 2026 could continue until December 31, 2026. The unfreezing or provision of related funds or economic resources must be completed before December 31, 2026. To ensure supply-chain diversification for EU operators, industry participants may purchase key components produced by the company and make corresponding payments to the company by March 16, 2027. The company stated that it would seek removal from the relevant sanctions list and prepare administrative removal procedures and legal proceedings. The interim report disclosed that the company had filed a statement of application with the General Court of the European Union on June 26, 2026, requesting annulment of the relevant EU decisions and implementing regulations involving the company. The General Court of the European Union had issued a confirmation of case-filing materials. The exemption does not mean that the sanctions have been revoked. December 31, 2026 and March 16, 2027 are follow-up dates to monitor.

4.7 No New September 2026 Repurchase or Major-Shareholder Trading Announcements Identified

As of September 12, 2026, based on the searchable list of the company’s announcements from July to September 2026, no newly disclosed share-repurchase plan, repurchase progress update or cancellation of repurchased shares announcement was identified for September. The relevant section of the interim report did not indicate that repurchase implementation or disposal of repurchased shares through centralized bidding was applicable during the reporting period. As of the same date, no newly disclosed reduction plan, increase plan, change-in-equity report or material change in share pledges involving the controlling shareholder, actual controller or shareholders holding more than 5% was identified. This conclusion is based on publicly searchable announcements and information pages and may be affected by announcement-system delays, incomplete page scraping or delayed inclusion in third-party databases.

4.8 One Block Trade Occurred, but the Identities of the Parties Are Unclear

The 10jqka events page showed that one block trade occurred on August 17, 2026, involving 70,000 shares at an average transaction price of RMB 99.78 and a transaction value of approximately RMB 6.985 million, with a premium/discount rate of 0%. The page did not clearly disclose the identities of the parties. Therefore, the transaction cannot be directly identified as a sale or purchase by a major shareholder. As of June 30, 2026, the number of shareholders had increased by approximately 37,700 from the previous period, or approximately 63.95%, but this does not equate to purchases by major shareholders and does not establish a conclusion regarding capital inflows.

4.9 Overseas Business Restructuring Completed; Caswell No Longer Included in Consolidated Statements

In June 2026, the company completed the transfer of 100% of the equity interest in Caswell Industries Limited (BVI). Caswell previously held 100% of Taiwan-based Micro Commercial Components Corporation and US-based Micro Commercial Components Corporation, which operated MCC-brand trading businesses. Following completion of the transaction, the company no longer held equity in Caswell, and Caswell was no longer included in the company’s consolidated financial statements.

4.10 Use of Proceeds Arrangements and Major-Event Status

In June 2026, the company advanced changes to certain investment projects funded by proceeds. The relevant proposal was considered at the first extraordinary shareholders’ meeting held on July 3, 2026. The August 2026 interim report disclosed that the company paid for proceeds-funded projects through bank acceptance bills, letters of credit and other methods and replaced the payments with an equivalent amount of proceeds. This was an arrangement for the use of proceeds and did not constitute a new acquisition. As of September 12, 2026, no newly disclosed major acquisition, asset purchase or asset-sale announcement for September 2026 was identified. No new major earnings preview or regulatory penalty was identified either.

5. Share-Price Performance and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Yangjie Technology closed at RMB 84.36, down approximately 18.1% from the August 21 high of RMB 103.04. The stock showed a high-level pullback, weak rebounds and a downward shift in its price center. The share price was below short-term moving averages and the Bollinger middle band, MACD was below the zero line, and RSI was below 50 but had not entered the extreme oversold range. Technical conditions were generally weak. The current price was close to the recalculated Bollinger lower band of approximately RMB 81.38, with approximately RMB 82.90 representing a near-term support area to monitor. Trading volume was materially lower than in late August, while recently verifiable main-fund data indicated net outflows. No clear and sustained fund-inflow signal had formed.

5.3 Short-Term Outlook (Next Week; Scenario Analysis for Reference Only)

⚠️ Risk warning: The following is a subjective scenario analysis based on the closing data, historical prices and technical indicators as of September 11, 2026. It does not constitute investment advice or a single-point price forecast.

① Key Technical Levels

② Scenarios for the Next Week (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher weight, approximately six-tenths; a subjective heuristic weight based on current technical conditions and fund flows rather than a statistical probability): Price range of approximately RMB 82.9–88.0. Triggering conditions include support near RMB 82.9 and no continued deterioration in trading volume. If the stock rebounds to RMB 86.5–88.0 without a clear volume increase, it may return to range-bound trading
• Weak downward move (medium weight; a subjective heuristic judgment rather than a statistical probability): Price range of approximately RMB 80.5–83.0. Triggers include a decisive closing break below RMB 82.9, daily volume materially above recent normal levels and continued weakness in the semiconductor or ChiNext sectors. On a volume-backed breakdown, the Bollinger lower band near RMB 81.4 and the area around RMB 80 may become subsequent observation areas
• Stronger rebound (low weight; a subjective heuristic judgment rather than a statistical probability): Price range of approximately RMB 88.0–90.5. This would require the stock to reclaim the RMB 87–88 resistance zone, trading volume to recover to recently active levels, a simultaneous rebound in the semiconductor sector and improvement in MACD or short-cycle momentum indicators. A further volume-backed break above approximately RMB 90 could provide some repair to the short-term downtrend; before the stock breaks through the RMB 90–92 range, it should not be directly regarded as a medium-term trend reversal

③ Funding and Liquidity Background

As of September 11, 2026, trading volume was approximately 9.06 million shares, turnover value approximately RMB 762 million and turnover rate approximately 1.67%. Trading volume over the previous several sessions was generally approximately 6.00–11.16 million shares, materially lower than the approximately 15–24 million shares seen during the highly volatile period in late August. Shareholder-structure data as of June 30, 2026 showed top-10 tradable shareholders holding approximately 52.23%, institutional investors holding approximately 60.82%, funds holding approximately 10.02% and approximately 96,700 shareholders. These data lag by approximately two and a half months and the structure may have changed. The controlling shareholder and related parties hold a relatively large stake, while institutions and funds also have a degree of participation. Tradable holdings are therefore not fully dispersed. However, recently verifiable main-fund data indicate net outflows, and no clear sustained return of funds has formed. A volume-confirmation signal would be a daily trading volume consistently above 12 million shares, turnover value close to or above RMB 1 billion and the share price simultaneously moving above RMB 87.5–88.0. This could indicate stronger short-term buying support. If volume expands after a break below RMB 82.9, it would more likely represent selling pressure being released rather than active buying.

A verifiable trading-volume signal is daily volume consistently above 12 million shares, turnover value close to or above RMB 1 billion and a simultaneous move above RMB 87.5–88.0. If volume expands alongside a break below RMB 82.9, attention should be paid to the possibility that it represents selling-pressure release.

④ Key Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Observe whether the stock can stabilize near RMB 82.9; if it breaks below, monitor the recalculated Bollinger lower-band area near RMB 81.4.
• Observe whether the stock can close firmly above the RMB 86.5–88.0 resistance zone, and then monitor the RMB 89.0–90.5 area.
• Observe whether trading volume can expand from the recent level of approximately 6.00–11.16 million shares to above 12 million shares and rise in tandem with the share price.
• Observe whether the semiconductor sector and the ChiNext Index strengthen simultaneously. These are observation frameworks only and not trading instructions.

The above scenario analysis is based on the September 11, 2026 closing data and calculations using historical prices and technical indicators. Short-term share prices may also be affected by news, fund flows, broader market conditions and other factors. Technical indicators are inherently lagging and limited, and the analysis does not guarantee future actual performance or constitute a buy or sell recommendation. Investors should independently assess the latest market information and bear investment risks themselves.

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

Power semiconductors are core components in power-electronics systems. Products include diodes, bridge rectifiers, MOSFETs, IGBTs, power modules, SiC devices and GaN devices, and are widely used in power conversion, rectification, switching, voltage regulation and power control. The industry is undergoing domestic substitution and product upgrades, with demand moving toward higher voltage, higher frequency, greater power density and higher reliability.

6.2 Competitive Landscape

• The addressable market is broad and covers almost all electronic equipment requiring power conversion, rectification, switching, voltage regulation and power control.
• Product tiers are clearly differentiated: competition is intense in low-end standardized devices, while high-end automotive-grade, industrial-grade, SiC and high-voltage power devices require stronger process capabilities, reliability, customer certification and application support.
• The industry is highly market-oriented, with relatively low concentration and a large number of domestic companies. International companies such as Infineon, onsemi, STMicroelectronics, ROHM and Vishay still occupy important positions in the global high-end market.
• Domestic companies are rapidly improving their competitiveness in diodes, bridge rectifiers, certain MOSFETs, IGBTs and photovoltaic power devices, and import substitution continues.
• New-energy vehicles, photovoltaic and energy-storage systems, AI servers and industrial automation are driving power-semiconductor demand toward higher voltage, frequency, power density and reliability.
• Overseas leading customers are also increasing the introduction of Chinese power-semiconductor suppliers in pursuit of cost reductions and supply-chain diversification.

6.3 Key Competitors

Yangjie Technology, China Resources Microelectronics and Silan Microelectronics are all domestic power-semiconductor companies with manufacturing capabilities, but Yangjie Technology is more focused on discrete power devices, rectifiers, photovoltaic diodes and packaged devices. It overlaps with Jiejie Microelectronics in discrete devices, MOSFETs and protection devices. Compared with New Jieneng, Yangjie Technology has stronger in-house silicon-wafer, wafer and packaging capabilities, while New Jieneng has a more pronounced Fabless profile. Compared with Nexperia, Yangjie Technology still trails in global branding, customer certification and standardized product systems, but has advantages in China-based manufacturing, domestic customer responsiveness, overseas channels and IDM integration.

7. Risk Factors

• Risk that high-end product volume growth and capacity ramp-up fall short of expectations: The company’s first SiC chip line remains in the production ramp-up phase, while the “Plant No. 7” automotive-grade power-semiconductor module packaging project reached structural topping-out during the reporting period. Capacity release, customer certification and order conversion remain uncertain.
• Risk of pressure on product pricing and gross margin: Competition is relatively intense in ordinary rectifiers, diodes and mid- to low-end MOSFETs, and customers have strong pricing power. Second-quarter 2026 gross margin fell to 34.70% from the first-half overall level. Rising raw-material costs and incomplete pass-through of product-price adjustments could compress profitability.
• Risk from overseas operations and continuing EU sanctions: The EU’s conditional exemption has follow-up dates including December 31, 2026 and March 16, 2027. The exemption does not mean the sanctions have been revoked. Although the company has filed a lawsuit with the General Court of the European Union, the ultimate outcome of the litigation and sanctions could affect overseas operations and supply-chain arrangements for related customers.
• Supply-chain dependence and manufacturing-investment risk: Purchases from the five largest suppliers were approximately RMB 4.091 billion in 2025, or approximately 28.70% of operating revenue. The company remains dependent on certain high-end equipment, process materials, epitaxial materials and high-end chip-manufacturing resources. Supply, pricing or delivery of key materials and equipment could affect production costs and capacity utilization.
• Working-capital usage and customer-bargaining risk: Accounts-receivable turnover days have generally been approximately 94–107 days in recent years, at approximately 94.27 days in 2025. At the end of the first half of 2025, accounts receivable were approximately RMB 2.003 billion and receivables financing approximately RMB 188 million. Longer settlement cycles may continue to tie up capital, while purchasing and price-reduction demands from large downstream customers could compress margins.
• Overseas operating and exchange-rate risks: Financial expenses changed from net income in the same period of the prior year to an expense in the first half of 2026, while foreign-exchange losses expanded. Adjustments to overseas operations and changes in the relevant operating environment may continue to affect financial expenses, margins and revenue recognition.
• Valuation and market-volatility risk: As of September 11, 2026, PE-TTM was approximately 32–40x and PB approximately 4.6–5.7x, with historical valuation percentiles in a relatively high range. If growth in automotive electronics, AI data centers or SiC falls below expectations, the relatively high valuation could face digestion pressure.
• Weak technical conditions and margin-financing volatility: The share price had fallen approximately 18.1% from the August 21, 2026 high and was below multiple moving averages, while MACD was below the zero line. As of September 10, the margin-financing balance was approximately RMB 1.494 billion. If the share price continues to weaken, deleveraging by margin investors could amplify short-term volatility.

8. Conclusion and Outlook

Yangjie Technology’s medium-term growth is primarily supported by domestic substitution in power semiconductors, demand from automotive electronics, AI data centers and photovoltaic-storage-charging applications, and IDM synergies across silicon wafers, wafers, chips, packaging and device sales. If SiC, IGBT, high-voltage MOSFET, automotive-grade module and AI power-device shipments continue to grow, product mix and profitability could improve further. The company’s rapid revenue and profit growth in the first half of 2026 has provided preliminary validation of this thesis.

Looking ahead, institutional average forecasts for 2026–2028 revenue and net profit attributable to shareholders are approximately RMB 9.231 billion/RMB 11.387 billion/RMB 13.774 billion and RMB 1.710 billion/RMB 2.167 billion/RMB 2.701 billion, respectively, although forecast ranges differ among institutions. Whether the company can meet expectations will depend on high-end product customer adoption and order conversion, the ramp-up of the SiC line and automotive-grade module project, the extent to which product-price adjustments offset rising costs, and developments in overseas operations and the relevant EU sanctions.

The share price is currently in a technically weak phase following a pullback, while valuation already reflects substantial future growth. Key factors to monitor include support near RMB 82.9, resistance in the RMB 86.5–88.0 range, changes in trading volume and fund flows, gross margin, implementation of price adjustments and growth in high-end product revenue. These factors will jointly influence the market’s assessment of the sustainability of the company’s growth and its ability to absorb valuation.

Data Sources

• Yangjie Technology (300373)_Company Announcements_Yangjie Technology: 2026 Interim Report_Sina Finance_Sina.com
• Yangjie Technology (300373) Earnings Forecasts_F10_10jqka Financial Services
• Yangjie Technology (300373)_Company Announcements_Yangjie Technology: 2025 Annual Report Summary_Sina Finance_Sina.com
• Yangjie Technology (300373)-Detailed Institutional Ratings
• Institutional Ratings|China Securities Co., Ltd. Gives Yangjie Technology a “Buy” Rating Without a Target Price
• Yangjie Technology (300373) PE|Valuation|Fundamentals - Lixinger
• Yangjie Technology PE (300373.SZ) - Xiaole Financial Reports
• Yangjie Technology (300373)_Company Announcements_Yangjie Technology: Announcement on Completion of Board Re-Election_Sina Finance_Sina.com
• Yangjie Technology (300373)_Company Announcements_Yangjie Technology: Resolution Announcement of the Second Extraordinary Shareholders’ Meeting of 2026_Sina Finance_Sina.com
• Yangjie Technology (300373)_Company Announcements_Yangjie Technology: Investor-Relations Management Information 20260904_Sina Finance_Sina.com
• Yangjie Technology (300373)_Company Announcements_Yangjie Technology: 2026 First-Half Earnings Preview_Sina Finance_Sina.com
• Yangjie Technology (300373) Corporate Events_F10_10jqka Financial Services
• https://static.cninfo.com.cn/finalpage/2026-08-22/1225491587.PDF
• Yangjie Technology (300373) Company Announcements_Sina Finance_Sina.com
• Yangjie Technology (300373)_Company Announcements_Yangjie Technology: Announcement on Obtaining a Nine-Month Exemption from the Council of the European Union_Sina Finance_Sina.com
• Full 2026 Interim Report of Yangzhou Yangjie Electronic Technology Co., Ltd.
• https://disc.static.szse.cn/disc/disk03/finalpage/2026-08-22/48eda88e-043b-4615-8fa0-a7e0da294013.PDF
• Yangjie Technology (300373) - Sohu Securities Stock Market Center
• Yangjie Technology (300373) Historical Stock Data: Historical Prices, Trends and Charts_Investing.com
• Yangjie Technology (300373) Latest Stock Price, Real-Time Chart and Share-Price Analysis and Forecast_Investing.com
• Yangjie Technology (300373) Technical Analysis, Forecasts and Trading Recommendations_Investing.com
• Yangjie Technology (300373) Fund Flows_Individual Stock Market Data_10jqka Finance
• Yangjie Technology (300373) Latest Developments_F10_10jqka Financial Services
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Information Disclosure

Disclosure

Saturday, April 18, 2026

[email protected] (](https://epaper.stcn.com/att/202604/18/ZQ18B117-BB_eBook.pdf?utm_source=openai)

This report was automatically retrieved, compiled and generated by AI based on publicly available information. The information is current through the market close on September 11, 2026; RSI, MACD and certain moving-average signals use technical-analysis data as of September 9, 2026 and therefore lag by approximately two trading days. Timing discrepancies may exist. Specific data should be based on the company’s official announcements and authoritative data terminals. This report is for information compilation and research reference only and does not constitute investment advice. Investors should make independent judgments and bear investment risks themselves.