Investment Rating - The report maintains a "Buy" rating for the company with a target price of 34.67 CNY, based on a 21x PE for 2024 [6][1]. Core Views - The company achieved a revenue of 2.01 billion CNY in 2023, representing a year-on-year growth of 23.4%. The net profit attributable to the parent company was 139 million CNY, up 12.8% year-on-year [1]. - The growth in revenue is primarily driven by increased demand from downstream customers and early results from the company's expansion in Southeast Asia [1][2]. - The company has a strong order backlog of 1.32 billion CNY as of the end of 2023, with significant contributions from the IC semiconductor sector [3]. Financial Performance - The company's revenue from cleanroom engineering, secondary distribution engineering, and other electromechanical installation equipment in 2023 was 1.72 billion CNY, 200 million CNY, and 280 million CNY, respectively, with year-on-year growth rates of 9.2%, 4.7%, and 761.2% [2]. - The overall gross margin for the company was 13.4%, down 2.0 percentage points year-on-year, with a gross margin of 10.4% in Q4 [2]. - The company reported a cash dividend payout ratio of 57.72% in 2023, an increase of 4.8 percentage points year-on-year, resulting in a dividend yield of 2.89% based on the closing price on March 29 [1]. Future Projections - The company is expected to achieve net profits of 165 million CNY, 200 million CNY, and 240 million CNY for the years 2024, 2025, and 2026, respectively, reflecting growth rates of 19.11%, 20.38%, and 21.61% [5][15]. - The report anticipates continued strong performance in the semiconductor industry, which is expected to drive revenue growth for the company [3]. Cost and Cash Flow Analysis - The expense ratio decreased by 1.3 percentage points to 4.3%, with a net profit margin of 7.0%, down 0.6 percentage points year-on-year [4]. - The company's cash flow from operations for 2023 was 134 million CNY, a decrease of 28 million CNY compared to the previous year [4].

Financial Performance - The company's operating revenue for 2023 reached approximately RMB 2.01 billion, representing a 23.41% increase compared to RMB 1.63 billion in 2022[23]. - Net profit attributable to shareholders for 2023 was approximately RMB 138.59 million, an increase of 12.80% from RMB 122.87 million in 2022[23]. - The basic earnings per share for 2023 decreased by 7.95% to RMB 1.39 from RMB 1.51 in 2022[23]. - The weighted average return on equity for 2023 was 13.67%, down 7.52 percentage points from 21.19% in 2022[23]. - The net cash flow from operating activities for 2023 was approximately RMB 133.52 million, a decrease of 17.11% compared to RMB 161.09 million in 2022[23]. - Total assets as of the end of 2023 were approximately RMB 1.90 billion, reflecting a 7.16% increase from RMB 1.78 billion at the end of 2022[23]. - The net assets attributable to shareholders at the end of 2023 were approximately RMB 1.08 billion, up 7.22% from RMB 1.01 billion at the end of 2022[23]. - The company reported a first-quarter revenue of approximately 419.85 million RMB and a fourth-quarter revenue of approximately 563.22 million RMB, showing a steady increase throughout the year[26]. - The net profit attributable to shareholders in the first quarter was approximately 36.22 million RMB, while in the fourth quarter it decreased to approximately 24.46 million RMB[26]. - The company reported a significant increase in labor subcontracting costs, rising by 40.28% year-on-year[74]. - The total cost of sales was 1,738,726,934.75, reflecting a year-on-year increase of 26.32%[74]. Market Position and Strategy - The company plans to continue expanding its market presence and invest in new technologies and products in the upcoming year[22]. - The company is focusing on enhancing its operational efficiency and exploring potential mergers and acquisitions to drive growth[22]. - The company has made early strategic layouts in the Southeast Asian market, which have begun to yield results[34]. - The company specializes in cleanroom system integration engineering for advanced manufacturing, providing EPCO capabilities including design, procurement, construction, and maintenance services[37]. - The company holds a strong market position in high-end cleanroom projects, particularly in the IC semiconductor and precision manufacturing sectors, with a focus on high-tech factory construction[41]. - The company has established a competitive position in the high-end cleanroom engineering sector, having undertaken multiple high-tech cleanroom projects domestically[106]. - The company is expanding its business in Vietnam, Thailand, and Indonesia, with expectations for continued growth in overseas revenue in 2024 compared to 2023[109]. Research and Development - Research and development expenses increased by 31.51% to RMB 25.12 million, reflecting the company's commitment to enhancing R&D efforts[68]. - The company added 18 new patents in 2023, including 7 invention patents and 11 utility model patents, enhancing its technological capabilities[51]. - The company has established a project database for cleanroom engineering, systematizing years of engineering experience to support project acquisition and implementation[51]. - The company plans to increase its R&D investment to over 3% in 2024, aiming to enhance its technical research organization and talent team[110]. Governance and Compliance - The company emphasizes the importance of the accuracy and completeness of the annual report, with all directors present at the board meeting[4]. - The board proposed a cash dividend of 8 RMB per 10 shares, totaling 80 million RMB for the year-end total share capital of 10 million shares[6]. - The company received a standard unqualified audit report from Xinyong Zhonghe Accounting Firm[5]. - The company has implemented measures to strengthen the management of insider information and enhance communication with investors[117]. - The company has not reported any significant changes in competition or business operations that would impact its independence[118]. - The company has a structured approach to salary adjustments based on performance and company goals[133]. - The company has not faced any penalties from securities regulatory authorities in the past three years[134]. Social Responsibility and Environmental Impact - The company invested CNY 186,100 in environmental protection during the reporting period[164]. - The company actively participated in social responsibility initiatives, contributing CNY 296,000 to various charitable projects[167]. - The company has implemented measures to prevent pollution and reduce carbon emissions in its operations[165]. - The company is committed to green development, integrating ESG principles into its operations and promoting energy-saving technologies[109]. Future Outlook - The company anticipates continued growth in overseas markets, particularly in Southeast Asia, due to its strategic investments and local operations established since 2007[64]. - The company maintains an optimistic outlook for future revenue and profit, driven by industry trends and national policies, with a focus on "multiple customers, industries, trades, and regions" strategy[108]. - The company recognizes the potential for market expansion in Southeast Asia, where local semiconductor industries are developing rapidly despite challenges such as resource shortages[106]. - The company is expected to apply for a comprehensive credit limit from financial institutions in 2023, reflecting a strategy to enhance financial flexibility[136].

东吴证券股份有限公司 关于圣晖系统集成集团股份有限公司 2023 年度持续督导工作现场检查报告 东吴证券股份有限公司（以下简称"东吴证券"或"保荐机构"）作为圣晖系 统集成集团股份有限公司（以下简称"公司"或"圣晖集成"）首次公开发行股 票并上市持续督导工作的保荐机构，根据《证券发行上市保荐业务管理办法》 《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关法律、法规的规定，对圣晖集成 2023 年度的规范运作情 况进行了现场检查，有关核查情况具体说明如下： 一、现场检查的基本情况 1、公司治理和内部控制情况、三会运作情况； 2、公司信息披露情况； 3、公司独立性以及与控股股东、实际控制人及其他关联方资金往来情况； 4、募集资金使用情况； 5、关联交易、对外担保及重大对外投资等情况； 保荐代表人：夏建阳、张博雄 现场检查时间：2024 年 3 月 25 日-2024 年 3 月 27 日 现场检查人员：张博雄、骆云天 现场调查手段包括查看主要经营场所，查阅信息披露文件、内控制度文件、 "三会"文件、募集资金使用、关联交易、对外担保等相关材料，访谈高级管理 人员等。 ...

东吴证券股份有限公司 关于圣晖系统集成集团股份有限公司 2023 年度日常关联交 易确认及 2024 年度日常关联交易预计的核查意见 东吴证券股份有限公司（以下简称"东吴证券"或"保荐机构"）作为圣晖 系统集成集团股份有限公司（以下简称"公司"或"圣晖集成"）首次公开发行 股票并在主板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上海 证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 11 号—— 持续督导》等有关规定，对圣晖集成 2023 年度日常关联交易确认及 2024 年度日 常关联交易预计事项进行了核查，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、独立董事专门会议审议情况 2024 年第一次独立董事专门会议以 3 票同意，0 票反对，0 票弃权的表决结 果对本次日常关联交易事项进行了事前审核，同意将该议案提交董事会审议，并 发表事前认可意见如下：公司 2023 年度日常关联交易及公司 2024 年度预计的日 常关联交易系正常业务需要，关联交易均按照公允的定价方式执行，不存在损害 公司和全体股东利益的情形，不会对公司独立性产生影响。我们一致同意将 ...

证券代码：603163 证券简称：圣晖集成 公告编号：2024-013 3、其他事项 （1）公司高级管理人员年薪按月发放，绩效工资因公司年度经营情况实际 支付金额会有所浮动； 圣晖系统集成集团股份有限公司 关于 2024 年度高级管理人员薪酬方案的公告 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。 圣晖系统集成集团股份有限公司（以下简称"公司"）根据相关法律法规和 《公司章程》等规定，结合目前经济环境、公司所处地区、行业和规模等实际情 况，为充分体现短期和长期激励相结合、个人和团队利益相平衡的设计要求，在 保障股东利益、实现公司与管理层共同发展的前提下，制定了公司 2024 年度高 级管理人员的薪酬方案，该方案于 2024 年 3 月 29 日经公司召开的第二届薪酬与 考核委员会第二次会议、第二届董事会第十二次会议审议通过。具体如下： 1、公司高级管理人员年度固定薪资，系依据公司薪酬架构并参照行业、地 区薪酬水平制定； 2、有关高级管理人员之新任或异动，固定薪资授权董事长于不超过本公司 职等职级标准范围内暂行核定，并经由薪酬 ...

根据《中华人民共和国证券法》《证券发行上市保荐业务管理办法》（以下简 称"《保荐办法》"）及《上海证券交易所上市公司自律监管指引第 11 号——持 续督导》等的相关规定，在本持续督导期内，保荐机构通过日常沟通、定期回访、 现场检查等方式在发行人首次公开发行股票并上市后持续督导其履行规范运作、 信守承诺、信息披露等义务，具体情况如下： | 序号 | 工作内容 | 实施情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针 对具体的持续督导工作制定相应的工作计划 | 东吴证券已建立健全并有效执行 了持续督导制度，已根据公司的 | | | | 具体情况制定了相应的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开 始前，与上市公司或相关当事人签署持续督导 | 东吴证券已与圣晖集成签订保荐 协议，该协议已明确双方在持续 | | | 协议，明确双方在持续督导期间的权利义务， | | | | 并报上海证券交易所备案 | 督导期间的权利义务 | 东吴证券股份有限公司 关于圣晖系统集成集团股份有限公司 2023 年度持续督导年度报告书 | 保荐机构名称：东吴证券 ...

圣晖系统集成集团股份有限公司 关于 2023 年度日常关联交易确认及 2024 年度日常 关联交易预计的公告 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： 本次日常关联交易预计事项无需提交股东大会审议。 日常关联交易对公司的影响：圣晖系统集成集团股份有限公司（以下简 称"公司"）本次预计日常关联交易是公司正常生产经营所必需，定价公允、结 算时间与方式合理，不存在损害公司及中小股东的利益的情形，不会对关联方形 成依赖，不影响公司的独立性，不会对公司的持续经营能力、盈利能力及资产状 况造成重大影响。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 证券代码：603163 证券简称：圣晖集成 公告编号：2024-014 1、独立董事专门会议审议情况 2024 年第一次独立董事专门会议以 3 票同意，0 票反对，0 票弃权的表决结 果对本次日常关联交易事项进行了事前审核，同意将该议案提交董事会审议，并 发表事前认可意见如下：公司 2023 年度日常关联交易及公司 2024 年度预计的日 常关联交易系正常业 ...

证券代码：603163 证券简称：圣晖集成 公告编号：2024-017 圣晖系统集成集团股份有限公司 关于 2023 年度募集资金存放与实际使用情况的专项报告 （二）募集资金使用和结余情况 截至 2023 年 12 月 31 日，公司使用募集资金人民币 458,213,767.30 元，使 用部分闲置募集资金进行现金管理 16,000,000.00 元，尚未使用的募集资金专户 余额 14,076,438.23 元，使用资金（包括部分闲置募集资金进行现金管理）占募集 资金初始存放金额的比例为 93.99%，上述募集资金尚未使用完毕的原因为募集 资金项目尚未全部完工，该部分资金将继续用于实施承诺项目。募集资金使用及 募集资金专户结余具体情况如下： 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。 根据中国证券监督管理委员会（以下简称"中国证监会"）《上市公司监管指 引第 2 号——上市公司募集资金管理和使用的监管要求》和《上海证券交易所上 市公司自律监管指引第 1 号——规范运作》《上海证券交易所股票上市规则》等 有关规定，圣晖系统 ...

圣晖系统集成集团股份有限公司 2023 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-102 | 会计师事务所| 北京市东城区朝阳门北大街 8 号宣作十层 A 応 ertified nublic accountants Donachena Distric 审计报告 XYZH/2024SUAA1B0017 圣晖系统集成集团股份有限公司 圣晖系统集团股份有限公司全体股东: 一、审计意见 我们审计了圣晖系统集成集团股份有限公司(以下简称"圣晖集成公司")财务报表, 包括 2023年 12 月 31 日的合并及母公司资产负债表,2023年度的合并 ...

公司代码：603163 公司简称：圣晖集成 圣晖系统集成集团股份有限公司 2023 年度内部控制评价报告 圣晖系统集成集团股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内 部控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专 项监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了 评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露 内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责 组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内 容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整， 提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标 提供合理保证。此外，由于情况 ...