谨慎做出投资决策在会议开始前我们提示各位投资者在助教答边发言结束后将留有提问时间首先请允许我介绍出席本次会议的公司领导有董事会秘书高宇高总CFO曾海诚曾总副CFO张念如张总啊许国进许总下面有请公司领导发言谢谢 好的谢谢各位投资人跟分析师朋友大家晚上好我是高宇欢迎大家在周五的晚上来参加我们的第三季度的一个业绩交流会那我首先代表公司来汇报一下我们整体的一个情况2024年的前三季度公司实现的营业收入是531.61元规模金利润是4.14亿元那经营活动产生的进先金流是35.4亿元 那单看第三个季度公司实现的营业收入是195.7亿元 环比增长是12.85%规模性利润的第三个季度是2.74亿元那这个合并的利润相较于第二季度我们是亏损的300万转为盈利那环比增加的话第三个改善还是比较明显的那因为跟之前也一样我们要跟各位投资人去分板块去介绍一下我们的一个经营情况那第一个板块是我们的半导体业务那第二个板块是我们的产品集成业务那首先我会再介绍一下半导体的一个业务情况 那老体的话呢2027年的第三个季度它实现的营业收入是38.32亿元环比增长是5.86%业务的毛利率呢是40.5%同比呢是提升了2.8个百分点环比呢是提升了是1.8个百 ...

Investment Rating - The report maintains a "BUY" rating for Wingtech with a target price adjusted to RMB52, reflecting a potential upside of 43.8% from the current price of RMB36.17 [1][3]. Core Insights - Wingtech's Q3 2024 revenue reached RMB19.6 billion, marking a record quarterly revenue since 2020, with a year-over-year growth of 28.7% and a quarter-over-quarter growth of 12.9%, surpassing Bloomberg consensus by 16% [1]. - The gross profit margin (GPM) improved to 11% in Q3 2024, up from 9.2% in Q1 and 9.7% in Q2 2024, exceeding the consensus estimate of 10.5% [1]. - Net profit turned positive at RMB274 million in Q3 2024, recovering from a loss of RMB3 million in Q2 2024 [1]. - Both the ODM and semiconductor segments showed sequential growth in sales and GPM, indicating a gradual recovery from the cyclical trough [1]. Financial Summary - Revenue for FY24E is projected at RMB72.3 billion, with an 18.1% year-over-year growth, followed by RMB80.2 billion in FY25E and RMB84.8 billion in FY26E [2][8]. - Gross margin is expected to improve from 10.4% in FY24E to 14.8% in FY26E, while net profit is forecasted to recover from RMB911 million in FY24E to RMB3.8 billion in FY26E [2][8]. - The report revises EPS forecasts for FY25E and FY26E upwards by 22% and 15% respectively, reflecting further margin improvement [1]. Segment Performance - Semiconductor sales in Q3 2024 were RMB3.8 billion, accounting for 20% of total revenue, with a GPM returning to 40% [1]. - ODM sales reached RMB15.7 billion in Q3 2024, up 46% year-over-year and 15% quarter-over-quarter, with a GPM increase to 3.8% [1]. - The smartphone/tablet segment within ODM began to generate profit this quarter, while home appliances have been profitable for two consecutive quarters [1]. Valuation Metrics - The adjusted target price of RMB52 is based on a 25x P/E ratio for 2025E, which is 0.5 standard deviations below the one-year historical forward P/E [1][3]. - The report indicates that the worst has passed for both segments, with a turning point anticipated in the near future [1].

Investment Rating - The report maintains a "Buy" rating for the company and adjusts the target price to RMB 52, based on a P/E ratio of 25 times the estimated earnings for FY2025, which is 0.5 standard deviations below the historical average [1][2]. Core Insights - The company reported a record quarterly revenue of RMB 19.6 billion for Q3 2024, representing a year-on-year growth of 28.7% and a quarter-on-quarter growth of 12.9%, exceeding Bloomberg consensus estimates by 16% [1]. - The gross margin improved to 11%, up from 9.2% and 9.7% in the first and second quarters of 2024, respectively, and net profit turned positive at RMB 274 million after a loss in the previous quarter [1]. - Both the ODM and semiconductor segments showed sequential sales growth, indicating a recovery from cyclical lows [1]. Revenue and Profitability Forecast - Revenue is projected to grow from RMB 61.2 billion in FY2023 to RMB 72.3 billion in FY2024, reflecting an 18.1% year-on-year increase [3]. - The gross margin is expected to decline to 10.4% in FY2024 but is projected to recover to 14.8% by FY2026 [3]. - Net profit is forecasted to decrease to RMB 911 million in FY2024 but is expected to rebound significantly to RMB 2.6 billion in FY2025 [3]. Segment Performance - The ODM segment achieved sales of RMB 15.7 billion in Q3 2024, a 46% year-on-year increase, with smartphones and tablets contributing approximately 50% of the revenue [2]. - The semiconductor sales reached RMB 3.8 billion, accounting for 20% of total revenue, with a gross margin of 40% [1]. - The automotive sector contributed about 60% to semiconductor sales, driven by strong domestic demand [1]. Market Outlook - The report suggests that the worst periods for both business segments are over, indicating an impending turning point [1]. - Seasonal factors are expected to lead to a slight decline in semiconductor sales in Q4 2024, with a stable gross margin forecasted at 40.5% [1].

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 40.50 CNY, maintaining the rating [4][7]. Core Views - The company's semiconductor business is showing steady recovery, and the product integration business has turned profitable, indicating a positive outlook for growth [1][2][3]. - The company achieved a revenue of 53.16 billion CNY in the first three quarters of 2024, a year-on-year increase of 19.70%, while the net profit attributable to shareholders was 415 million CNY, down 80.26% year-on-year [1]. - In Q3 2024, the company reported a revenue of 19.57 billion CNY, a year-on-year increase of 28.71% and a quarter-on-quarter increase of 12.85%, with a net profit of 274 million CNY, marking a return to profitability [1][2]. Summary by Sections Semiconductor Business - The semiconductor business generated a revenue of 3.83 billion CNY in Q3 2024, with a quarter-on-quarter growth of 5.86%. The gross margin for this segment was 40.5%, reflecting a year-on-year increase of 2.8 percentage points [2]. - The company is investing 200 million USD in R&D for next-generation WBG products and expanding production capacity for Si diodes and transistors [2]. Product Integration Business - The product integration business achieved a revenue of 15.73 billion CNY in Q3 2024, a year-on-year increase of 45.58% and a quarter-on-quarter increase of 14.79%, with a gross margin of 3.8% [3]. - The improvement in profitability is attributed to capturing new opportunities, optimizing supplier and customer cooperation terms, and enhancing internal cost control [3]. Financial Projections - Revenue growth rates are projected at 18.4%, 8.4%, and 9.9% for 2024, 2025, and 2026 respectively, while net profit growth rates are expected to be -4.8%, 145.1%, and 23.6% for the same periods [4][8]. - The company is expected to benefit from the recovery in the consumer electronics sector and the development of the smart automotive industry, leading to a positive outlook for its various business segments [7].

Financial Performance - The company's operating revenue for Q3 2024 reached ¥19.57 billion, an increase of 28.71% compared to ¥15.21 billion in the same period last year[3]. - Net profit attributable to shareholders decreased by 67.69% to ¥274.11 million from ¥848.40 million year-on-year[3]. - The net profit after deducting non-recurring gains and losses fell by 75.14% to ¥199.63 million from ¥803.18 million in the previous year[3]. - Basic earnings per share decreased by 67.65% to ¥0.22 from ¥0.68 in the same period last year[3]. - The company reported a net loss of RMB 357 million in the product integration business, which improved compared to previous quarters[15]. - The net profit for the third quarter of 2024 was CNY 429,551,774.78, a significant decrease from CNY 2,100,120,653.53 in the same period last year, representing a decline of approximately 79.6%[21]. - Operating profit for the third quarter was CNY 757,361,674.32, down from CNY 2,853,462,048.73, indicating a decrease of about 73.5% year-over-year[21]. - The total comprehensive income for the third quarter was CNY 509,952,446.62, significantly lower than CNY 2,173,606,152.54 from the same quarter last year, indicating a decrease of about 76.6%[22]. - The basic earnings per share for the third quarter was CNY 0.33, down from CNY 1.69 in the previous year, representing a decline of approximately 80.6%[22]. Revenue and Costs - Total operating revenue for the first three quarters of 2024 reached ¥53.16 billion, an increase of 19.6% compared to ¥44.41 billion in the same period of 2023[20]. - Total operating costs for the first three quarters of 2024 were ¥52.77 billion, up from ¥41.71 billion in 2023, reflecting a growth of 26.5%[20]. - Total revenue from sales of goods and services received cash of CNY 55,225,231,572.23, an increase from CNY 45,995,292,020.85, marking a growth of about 20.4% year-over-year[23]. Assets and Liabilities - Total assets at the end of the reporting period were ¥78.14 billion, a 1.52% increase from ¥76.97 billion at the end of the previous year[3]. - Total liabilities increased to ¥40.09 billion from ¥39.30 billion, reflecting a rise of 1.9%[18]. - Shareholders' equity totaled ¥38.04 billion, compared to ¥37.67 billion, showing an increase of 1.0%[19]. - Accounts receivable increased to ¥9.53 billion from ¥9.11 billion, representing a rise of 4.6%[18]. - Inventory rose to ¥11.02 billion, compared to ¥10.60 billion, indicating an increase of 4.0%[18]. Cash Flow - The company reported a net cash flow from operating activities of ¥3.54 billion, a decrease of 21.02% compared to the previous year[3]. - The cash flow from operating activities generated a net amount of CNY 3,540,412,095.57, down from CNY 4,482,928,748.00 in the previous year, a decline of approximately 21%[23]. - The net cash flow from investing activities was -842,019,918.81, compared to -3,591,849,210.15 in the previous period[24]. - The total cash inflow from financing activities was 7,247,818,194.57, an increase from 5,687,496,613.57 in the prior period[24]. - Cash outflow from financing activities totaled 8,412,309,896.85, up from 7,557,760,587.02 in the previous period[24]. - The net cash flow from financing activities was -1,164,491,702.28, compared to -1,870,263,973.45 in the prior period[24]. - The ending balance of cash and cash equivalents was 7,069,519,226.46, compared to 6,965,663,800.89 in the previous period[24]. Business Segments - Semiconductor business revenue reached RMB 3.832 billion in Q3 2024, with a gross margin of 40.5%, up 2.8 percentage points year-on-year[14]. - The semiconductor segment's net profit was RMB 666 million, reflecting a quarter-on-quarter growth of 18.92%[14]. - Product integration business revenue was RMB 15.730 billion, a year-on-year increase of 45.58% and a quarter-on-quarter increase of 14.79%[15]. - The gross margin for the product integration segment was 3.8%, with a quarter-on-quarter improvement of 1.8 percentage points[15]. - The company has implemented measures to enhance operational efficiency and reduce costs in the product integration business[15]. Strategic Focus - The company plans to focus on new product development and market expansion strategies in the upcoming quarters[2]. - The company is focusing on expanding its market presence and investing in new product development to drive future growth[20]. - The company plans to enhance its research and development efforts to innovate new technologies and products[20].

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 北京市君合律师事务所 关于闻泰科技股份有限公司 2023 年股票期权激励计划预留授予股票期权第一个行权期 行权条件成就及注销预留授予的部分股票期权 相关事项的法律意见书 致：闻泰科技股份有限公司 北京市君合律师事务所（以下简称"本所"）受闻泰科技股份有限公司（以 下简称"闻泰科技"或"公司"）的委托，担任闻泰科技 2023 年股票期权激励 计划（以下简称"本次激励计划"）的专项法律顾问，依据《中华人民共和国公 司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券 法》）、《上市公司股权激励管理办法》（以下简称《管理办法》）以及中华人 民共和国（包括香港特别行政区、澳门特别行政区和台湾地区，为本法律意见书 之目的，特指中国大陆，以下简称"中国"）其他相关法律、法规及规范性文件 的规定，就公司本次激励计划预留授予股票期权第一个行权期行权条件成就（以 下简称"本次行权"）及注销本次激励计划预留授予的部分股票期权（以下简称 "本次注销"）相关事项，出具 ...

闻泰科技股份有限公司监事会 关于第十一届监事会第三十一次会议相关事项的核查意见 闻泰科技股份有限公司（以下简称"公司"）监事会于 2024年 10月 25日召 开了第十一届监事会第三十一次会议。根据《中华人民共和国公司法》《中华人 民共和国证券法》《上市公司股权激励管理办法》（以下简称《管理办法》）《闻 泰科技股份有限公司 2023 年股票期权激励计划》（以下简称《激励计划》）的有 关规定，公司监事会对第十一届监事会第三十一次会议的相关事项进行了核查， 并发表核查意见如下： 一、《关于 2023 年股票期权激励计划预留授予股票期权第一个行权期行权 条件成就的议案》的核查意见 经核查，监事会认为：公司 2023 年股票期权激励计划设定的预留授予股票 期权第一个行权期行权条已成就。本次符合行权条件的预留授予股票期权行权 人数为 345 人，行权数量共 406,888 份。 监事周美灵： 经核查，监事会认为：公司本次注销 2023 年股票期权激励计划预留授予的 部分股票期权，审议程序符合《管理办法》《激励计划》的相关规定，不存在损 害公司及股东利益的情形。公司监事会同意注销预留授予的 94 名激励对象持有 的已获授 ...

| 证券代码：600745 | 证券简称：闻泰科技 | 公告编号：临 | 2024-115 | | --- | --- | --- | --- | | 转债代码：110081 | 转债简称：闻泰转债 | | | 闻泰科技股份有限公司 第十一届监事会第三十一次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 （一）闻泰科技股份有限公司（以下简称"公司"）第十一届监事会第三十一 次会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》 的规定。 （二）2024 年 10 月 23 日通过邮件方式向全体监事发出了会议通知。 （三）本次会议于 2024 年 10 月 25 日以现场表决方式召开。 公司监事会认为 2023 年股票期权激励计划设定的预留授予第一个行权期行 权条件已成就。本次符合行权条件的股票期权行权人数为 345 人，行权数量为 406,888 份，本次行权满足《闻泰科技股份有限公司 2023 年股票期权激励计划》 （以下简称《激励计划》）及《2023 年股票期权激励计划 ...

| 证券代码：600745 | 证券简称：闻泰科技 | 公告编号：临 | 2024-116 | | --- | --- | --- | --- | | 转债代码：110081 | 转债简称：闻泰转债 | | | 闻泰科技股份有限公司 关于 2023 年股票期权激励计划预留授予第一个行权期 行权条件成就及注销部分股票期权的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 行权股票来源：闻泰科技股份有限公司（以下简称"公司"）向激励对 象定向发行的公司股票 一、股权激励计划批准及实施情况 （一）股权激励计划方案批准情况 公司于2023年8月6日召开第十一届董事会第二十二次会议，审议通过《关于 <闻泰科技股份有限公司2023年股票期权激励计划（草案）>及其摘要的议案》《关 于<闻泰科技股份有限公司2023年股票期权激励计划实施考核管理办法>的议案》 及《关于提请股东大会授权董事会全权办理本次激励计划有关事宜的议案》等议 案，公司独立董事就本次激励计划相关议案发表了独立意见。同日，公司召开第 十一届监事会第十六 ...

| 证券代码：600745 | 证券简称：闻泰科技 | 公告编号：临 | 2024-114 | | --- | --- | --- | --- | | 转债代码：110081 | 转债简称：闻泰转债 | | | 闻泰科技股份有限公司 第十一届董事会第四十八次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 （一）闻泰科技股份有限公司（以下简称"公司"）第十一届董事会第四十 八次会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》 的规定。 （二）2024 年 10 月 23 日通过邮件方式向全体董事、监事及高级管理人员 发出了会议通知。 （三）本次会议于 2024 年 10 月 25 日以通讯表决方式召开。 （四）本次董事会会议应当出席的董事 5 人，实际出席会议的董事 5 人（其 中：委托出席的董事 0 人，以通讯表决方式出席会议 5 人），0 人缺席会议。 （五）本次董事会由董事长张学政先生主持，监事会成员、财务总监及董事 会秘书列席了本次会议。 二、董事会会议审议情况 ...