300373 扬杰科技 Deep Research

当前结论

Research conclusion: 继续观察.
Trade conclusion: 只观察.
Data trade date: 20260721; final status: PASS_WITH_LIMITATIONS; outbound/order permission: NO.

较上一交易日变化

This report uses one frozen shared analysis result; change classification is based on the current controlled evidence snapshot.

评分、风险等级和交易定位

Core data gate=PASS; report completeness=PASS_WITH_LIMITATIONS; research priority=C+.

公司和主营业务画像

公司=扬杰科技; 证券代码=300373.SZ; 板块=CHINEXT；市场=创业板。
行业=半导体；主营分部=其他业务、半导体功率器件、半导体硅片、半导体芯片；产品/服务=其他业务, 半导体功率器件, 半导体硅片, 半导体芯片。
商业模式=半导体；产业链定位=半导体相关的其他业务、半导体功率器件、半导体硅片、半导体芯片业务环节；收入构成状态=DISCLOSED_FINA_MAINBZ。
上市日期=20140123；上市年限=12.49；信息完整性=COMPLETE。
业务标签=半导体设计, 电子元器件；数据来源=stock_basic, fina_mainbz。

主营业务与收入结构

其他业务: revenue=171809551.93; profit=117669306.21.
半导体功率器件: revenue=6256897728.73; profit=2088984207.67.
半导体硅片: revenue=167474018.15; profit=59439973.17.
半导体芯片: revenue=534017937.48; profit=177628181.72.

多期财务趋势

Annual series (ANNUAL):
20251231: revenue=7130199236.29; revenue_yoy=18.18%; parent_net_profit=1258583297.64; parent_net_profit_yoy=25.55%; deduct_profit=1145761417.63; gross_margin=34.27%; net_margin=17.46%; ROE=13.75%; OCF=1703172402.82.
20241231: revenue=6033378067.00; revenue_yoy=11.53%; parent_net_profit=1002451864.19; parent_net_profit_yoy=8.50%; deduct_profit=953339881.76; gross_margin=33.08%; net_margin=16.58%; ROE=11.79%; OCF=1391932034.11.
20231231: revenue=5409834952.38; revenue_yoy=0.12%; parent_net_profit=923926332.30; parent_net_profit_yoy=-12.85%; deduct_profit=NOT_AVAILABLE (controlled source unavailable); gross_margin=NOT_AVAILABLE (controlled source unavailable); net_margin=NOT_AVAILABLE (controlled source unavailable); ROE=NOT_AVAILABLE (controlled source unavailable); OCF=899420250.19.
20221231: revenue=5403532033.34; revenue_yoy=22.90%; parent_net_profit=1060145500.75; parent_net_profit_yoy=38.02%; deduct_profit=NOT_AVAILABLE (controlled source unavailable); gross_margin=NOT_AVAILABLE (controlled source unavailable); net_margin=NOT_AVAILABLE (controlled source unavailable); ROE=NOT_AVAILABLE (controlled source unavailable); OCF=798449953.47.
20211231: revenue=4396593537.75; revenue_yoy=68.00%; parent_net_profit=768103337.90; parent_net_profit_yoy=103.06%; deduct_profit=708389380.92; gross_margin=35.11%; net_margin=18.78%; ROE=19.23%; OCF=715123346.64.
Quarterly series (QUARTERLY_CUMULATIVE and SINGLE_QUARTER):
20260331 cumulative: revenue=2129692752.55; parent_net_profit=384909639.00; single_quarter_revenue=2129692752.55; single_quarter_parent_net_profit=384909639.00.
20250930 cumulative: revenue=5347737516.95; parent_net_profit=973605335.27; single_quarter_revenue=1892876459.89; single_quarter_parent_net_profit=372260173.04.
20250630 cumulative: revenue=3454861057.06; parent_net_profit=601345162.23; single_quarter_revenue=1875764880.24; single_quarter_parent_net_profit=328383427.58.
20250331 cumulative: revenue=1579096176.82; parent_net_profit=272961734.65; single_quarter_revenue=1579096176.82; single_quarter_parent_net_profit=272961734.65.
20240930 cumulative: revenue=4423617833.34; parent_net_profit=669110085.54; single_quarter_revenue=1558362631.09; single_quarter_parent_net_profit=244266633.86.
20240630 cumulative: revenue=2865255202.25; parent_net_profit=424843451.68; single_quarter_revenue=1537211362.18; single_quarter_parent_net_profit=244338377.16.
20240331 cumulative: revenue=1328043840.07; parent_net_profit=180505074.52; single_quarter_revenue=1328043840.07; single_quarter_parent_net_profit=180505074.52.
20230930 cumulative: revenue=4040670425.26; parent_net_profit=617920561.04; single_quarter_revenue=1415928038.64; single_quarter_parent_net_profit=207171198.42.

盈利能力

Gross margin trend=DOWN; net margin trend=DOWN; ROE trend=DOWN; deduct profit ratio=NOT_AVAILABLE (controlled source unavailable); non-recurring effect=NOT_AVAILABLE (controlled source unavailable).
Limitation: interface=DARB statement field:deducted profit; periods=20260331; impact=deducted profit quality conclusion is limited; blocks_module=NO.

现金流与资产质量

OCF/parent profit=0.45; inventory growth=35.60%; receivable growth=1.85%.
Inventory=1663999114.34; receivables=1909987141.19; debt ratio=39.43%; interest-bearing debt=NOT_AVAILABLE (controlled source unavailable); cash coverage=NOT_AVAILABLE (controlled source unavailable).
Limitation: interface=DARB statement field:interest-bearing debt; periods=20260331; impact=interest-bearing debt quality conclusion is limited; blocks_module=NO.

估值分析

PE_TTM_ACTUAL=42.53multiple; PE_STATIC_LATEST_ANNUAL=42.53multiple; PE_FORWARD_FORECAST=NOT_AVAILABLE (NO_STRUCTURED_FORECAST_PROFIT); PB_LATEST=5.61multiple; PS_TTM=7.51multiple.
VALUATION_INTERNAL_CONFLICT_COUNT=0; forward forecast is never labelled as actual TTM.
Limitation: interface=structured forecast profit/PE; periods=none; impact=forward PE is intentionally not substituted for actual TTM PE; blocks_module=NO.

估值情景

CURRENT_PROFIT: premise=latest actual TTM profit; PE sensitivity=42.53multiple; actual-TTM-only=YES.
NORMALIZED_PROFIT: premise=actual TTM profit normalized only as sensitivity, not a forecast; PE sensitivity=36.98multiple; actual-TTM-only=YES.
CYCLE_DOWNTURN_PROFIT: premise=actual TTM profit stress sensitivity, not a forecast; PE sensitivity=60.75multiple; actual-TTM-only=YES.

基本面核心矛盾

Bear case / counterevidence: 扬杰科技: 扬杰科技 risk context: 交易风险：短线趋势；若资金与价格继续分歧，交易动作维持观察。 occurs or the structured technical/fundamental invalidation condition is met..

行业与主线

Industry=SEMICONDUCTOR_DESIGN_CORE; cycle drivers=半导体设计, 电子元器件.

直接同行对比

DIRECT_PEER_UNIVERSE:
深华发A: comparability=1.0; match=existing controlled core_peer_set selected by the shared industry/business profile; mismatch=none.
深科技: comparability=1.0; match=existing controlled core_peer_set selected by the shared industry/business profile; mismatch=none.
深纺织A: comparability=1.0; match=existing controlled core_peer_set selected by the shared industry/business profile; mismatch=none.
深天马A: comparability=1.0; match=existing controlled core_peer_set selected by the shared industry/business profile; mismatch=none.
深圳华强: comparability=1.0; match=existing controlled core_peer_set selected by the shared industry/business profile; mismatch=none.
TCL科技: comparability=1.0; match=existing controlled core_peer_set selected by the shared industry/business profile; mismatch=none.
华塑控股: comparability=1.0; match=existing controlled core_peer_set selected by the shared industry/business profile; mismatch=none.
华映科技: comparability=1.0; match=existing controlled core_peer_set selected by the shared industry/business profile; mismatch=none.
风华高科: comparability=1.0; match=existing controlled core_peer_set selected by the shared industry/business profile; mismatch=none.
盈方微: comparability=1.0; match=existing controlled core_peer_set selected by the shared industry/business profile; mismatch=none.
EXTENDED_PEER_UNIVERSE:
No extended peer context is available.

技术面

bars=320/250; trend=RANGE_OR_TRANSITION; close=86.90; MA5/10/20/60/120=100.11/113.21/126.34/104.22/91.37.
20/60/120/250-day high=162.00/162.00/162.00/162.00; low=84.50/73.60/66.20/50.21.
drawdown=-46.36%; volume_percentile=82.80%; RSI14=14.25; ATR14=12.12; volatility20=5.90%.
support=84.50; resistance=162.00.

资金流和市场情绪

| Date | Pct change | Turnover | Main net amount | Main net / turnover | |---|---:|---:|---:|---:| | 20260721 | 13.36% | 2528788.87 | 9190.04 | 0.36% |

1/3/5/10/20-day main net amount: 9190.04 / NOT_AVAILABLE (controlled source unavailable) / NOT_AVAILABLE (controlled source unavailable) / NOT_AVAILABLE (controlled source unavailable) / NOT_AVAILABLE (controlled source unavailable).
Limitation: interface=local moneyflow cache; periods=20260721; impact=ten-day fund-flow table is partial; blocks_module=NO.
Limitation: interface=local moneyflow cache; periods=20260721; impact=20-day moneyflow aggregate is unavailable; blocks_module=NO.

龙虎榜

No independent Dragon Tiger List conclusion is used unless a structured source is present.

事件与公告证据

No structured announcement item is available.
Limitation: interface=structured announcement/evidence chain; periods=none; impact=no dated verified announcement is used as an event conclusion; blocks_module=NO.

催化与验证点

catalyst=半导体设计; validation_time=NEXT_DISCLOSURE_OR_OPERATING_DATA; validation_data=company disclosure or audited operating/financial data; conditions=named industry driver improves or remains verified; invalidation=named industry driver weakens or lacks verified evidence.
catalyst=电子元器件; validation_time=NEXT_DISCLOSURE_OR_OPERATING_DATA; validation_data=company disclosure or audited operating/financial data; conditions=named industry driver improves or remains verified; invalidation=named industry driver weakens or lacks verified evidence.

风险与反证

扬杰科技 risk context: 交易风险：短线趋势；若资金与价格继续分歧，交易动作维持观察。
扬杰科技 risk context: 行业风险：板块强度和核心股表现必须与 peer_universe_id 同口径复核。
扬杰科技 risk context: 估值风险：估值样本不足时不输出强判断
扬杰科技 risk context: 事件证伪风险：财务数据更新需要公告标题、披露日、公告日和报告期补齐后复核。

情景推演

Bull case=扬杰科技: 半导体设计 improves and controlled financial/market evidence remains aligned.; base case=扬杰科技: 半导体设计 remains within the latest controlled evidence range; continue observation only.; bear case=扬杰科技: 扬杰科技 risk context: 交易风险：短线趋势；若资金与价格继续分歧，交易动作维持观察。 occurs or the structured technical/fundamental invalidation condition is met..

交易计划与观察纪律

Consider only if: price: close and MA60 structure are source-valid; fund: 10-day moneyflow table and aggregate direction remain consistent; fundamental: financial history and valuation inputs remain source-traceable; event: dated verified announcement is absent or remains consistent with the evidence snapshot. Invalidation: 均线结构仍在修复中；短线回补但持续性不足；当前已低于 MA20，需重新收复 MA20 才能修复中期结构；未收复 MA10 前，只按弱修复观察；先观察能否收复 MA10=109.57.

仓位与执行约束

Research output only. It does not send, publish, trade, connect to a broker, or place orders.

数据状态

CORE_DATA_GATE=PASS; FINANCIAL_ANALYSIS_GATE=PASS; VALUATION_GATE=PASS; TECHNICAL_GATE=PASS; FUND_FLOW_GATE=PASS_WITH_LIMITATIONS; EVENT_EVIDENCE_GATE=NOT_APPLICABLE; REPORT_COMPLETENESS_GATE=PASS_WITH_LIMITATIONS; FINAL_REPORT_STATUS=PASS_WITH_LIMITATIONS.

一句话总结

扬杰科技: research status=PASS_WITH_LIMITATIONS; continue only under the structured evidence and invalidation conditions above.

免责声明

Automated research support only; not investment advice and never an instruction to transact.

300373_扬杰科技_20260722