In-line 2Q26 preliminary results

研报英文原文证据摘录

In-line 2Q26 preliminary results

Update

July 19, 2026 10:22 PM GMT

Morgan Stanley Asia Limited+MYangjie Technology | Asia Pacific Daisy Dai, CFA

Equity Analyst

In-line 2Q26 preliminary results Daisy.Dai@morganstanley.comMorgan Stanley Taiwan Limited+ +852 2848-7310

Charlie Chan

AlphaSignals Earnings Reaction Charlie.Chan@morganstanley.com +886 2 2730-1725

Unchanged In-line Largely unchanged Daniel Yen, CFA

Impact to our thesis Financial results versus consensus Direction of next 12-month Equity Analyst

consensus EPS Daniel.Yen@morganstanley.com +886 2 2730-2863

Source: Company data, Morgan Stanley Research

Morgan Stanley Asia Limited+

Henry Zhao

2Q26 preliminary earnings beat our estimate by 3% at the midpoint: Research Associate

Henry.Zhao@morganstanley.com +852 2239-7731

• 2Q26 revenue is expected to be Rmb2.4bn, up 26%+ yoy and 11%+ qoq, and

Ethan Jia

10% above our estimate of Rmb2.2bn. Research Associate

• Auto business maintained strong growth, exceeding 100% yoy; SiC device Ethan.Jia@morganstanley.com +852 3963-2287

revenue also doubled because of new product design-in and capacity ramp-

up.

• Earnings are expected to be Rmb397mn, up 21% yoy and 3% QoQ. The

midpoint is 3% above our estimate.

Yangjie Technology (300373.SZ, 300373 CS)

Maintain OW: We think the company is on track to achieve its full-year revenue Greater China Technology Semiconductors | China

target of Rmb9.0-9.5bn, helped by robust demand from EV, AI, energy storage, and Stock Rating Overweight

industrial. We believe the recent sell-off offers a good buying opportunity with the Industry View Attractive

Price target Rmb136.00

stock trading at 23x 2027 P/E, toward the low end of its past 7-year trading range of Up/downside to price target (%) 46

Shr price, close (Jul 17, 2026) Rmb93.07

20-31x.