证券代码：603290 证券简称：斯达半导 公告编号：2025-002 斯达半导体股份有限公司 一、2021 年股票期权激励计划批准实施情况 于 <公司2021年股票期权激励计划 草案="草案"> 及其摘要的议案》《关于公司<2021 年股票期权激励计划实施考核管理办法>的议案》《关于提请公司股东大会授权 董事会办理2021年股票期权激励计划有关事项的议案》。公司独立董事对该事项 发表了同意的独立意见。 于公司<2021年股票期权激励计划（草案）>及其摘要的议案》《关于公司<2021 年股票期权激励计划实施考核管理办法>的议案》《关于核实公司<2021年股票 期权激励计划激励对象名单>的议案》。 予以公示。在公示的时限内，公司监事会未接到与本激励计划拟激励对象有关的 任何异议。2021年03月31日，公司对外披露了《监事会关于公司2021年股票期权 激励计划授予激励对象名单的核查意见及公示情况说明》。 于公司<2021年股票期权激励计划（草案）>及其摘要的议案》等相关议案，公 司董事会被授权确定股票期权授予日、在激励对象符合条件时向激励对象授予股 票期权并办理授予股票期权所必须的全部事宜，对外披露了《公司关于 ...

斯达半导体股份有限公司 证券代码：603290 证券简称：斯达半导 公告编号：2025-002 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： 本次行权股票数量：斯达半导体股份有限公司（以下简称"公司"）2021 年股票期权激励计划第三个行权期可行权股票期权数量为 334,656 份，行权有效 日期为 2024 年 04 月 23 日-2025 年 04 月 22 日（行权日须为交易日），行权方式 为自主行权。2025 年 01 月 01 日至 2025 年 03 月 31 日，共行权并完成股份过户 登记 4,452 股，占可行权股票期权总量的 1.33%。截止 2025 年 03 月 31 日，累计 行权且完成股份过户登记 100,570 股，占可行权股票期权总量的 30.05%。 关于 2021 年股票期权激励计划 2025 年第一季度自主行权结果暨股份变动的公告 本次行权股票上市流通时间：本激励计划采用自主行权模式行权，激励 对象行权所得股票于行权日（T 日）后的第二个交易日（T+2）日上市交易。 一、2 ...

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 斯达半导(603290)公司研究报告 2025 年 03 月 30 日 [Table_Title] 新能源汽车提振功率需求，募投项目进展顺利 ——斯达半导（603290.SH）首次覆盖报告 报告要点 [Table_Summary] 现阶段我们覆盖并给予"增持"评级，主要看到以下投资逻辑变化： 1）IGBT 边际改善，新能源汽车成为主要推动力。IGBT 出货量边际改善， 在 24Q2 回归正向增长状态，行业性衰退进入尾声，当前 IGBT 价格已经进 入相对底部，有利于改善公司成本结构。需求方面，2025 年新能源汽车销 量和渗透率攀高，叠加中低端车型上量智能驾驶，有望带动 IGBT 在汽车上 的出货需求，供需结构改善或有可能带动 IGBT 价格进入回暖阶段及出货量 持续提升。公司 1200V 车规级 IGBT 模块新增多个项目定点，带动公司市 场份额持续提升，利好公司业绩发展。 2）SiC 持续降本，车身平台向 800V 升级提振 SiC 需求。中国 SiC 衬底企 业产能扩充明显，2024 年上半年产能较 2022 年提升约 3 倍， ...

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 斯达半导(603290)公司研究报告 2025 年 03 月 30 日 [Table_Title] 新能源汽车提振功率需求，募投项目进展顺利 ——斯达半导（603290.SH）首次覆盖报告 报告要点 [Table_Summary] | | 2023A | 2024E | | 2025E | | | --- | --- | --- | --- | --- | --- | | | | 国元预测 | 市场预期 | 国元预测 | 市场预期 | | 营业收入（百万元） | 3663 | 3425 | 3446 | 4433 | 4387 | | 增长率（%） | 35.4% | -6.5% | -5.9% | 29.4% | 27.3% | | 归母净利（百万元） | 911 | 626 | 620 | 848 | 846 | | 增长率（%） | 11.4% | -31.3% | -31.9% | 35.5% | 36.4% | | EPS（元/股） | 5.33 | 2.61 | 2.59 | 3.54 | 3.53 | | 市盈率（P/E ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 125.30 RMB based on a 35x PE valuation for 2025 [4][7]. Core Insights - The company is focusing on the new energy market, with significant progress in its SiC (Silicon Carbide) business and IGBT (Insulated Gate Bipolar Transistor) modules for automotive applications. The company has established partnerships to enhance its product offerings in the electric vehicle sector [8][9]. - The profit forecast for the company has been adjusted downwards due to industry conditions, with projected net profits for 2024, 2025, and 2026 at 643 million, 856 million, and 1.084 billion RMB respectively [4][9]. - The company has received multiple awards for its performance in the overseas market, indicating a strong international presence and recognition [8]. Financial Summary - Revenue is projected to grow from 3.663 billion RMB in 2023 to 5.318 billion RMB in 2026, with a notable decrease in 2024 [6]. - The gross margin is expected to decline from 37.5% in 2023 to 34.8% in 2026, reflecting increased costs or competitive pressures [6]. - The net profit margin is forecasted to decrease from 24.9% in 2023 to 20.4% in 2026, indicating potential challenges in maintaining profitability [6]. - The company's earnings per share (EPS) is projected to be 3.80 RMB in 2023, dropping to 2.69 RMB in 2024, before recovering to 4.53 RMB by 2026 [6][9].

证券代码：603290 证券简称：斯达半导 公告编号：2025-001 斯达半导体股份有限公司 关于 2021 年股票期权激励计划 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： 本次行权股票数量：斯达半导体股份有限公司（以下简称"公司"）2021 年股票期权激励计划第三个行权期可行权股票期权数量为 334,656 份，行权有效 日期为 2024 年 04 月 23 日-2025 年 04 月 22 日（行权日须为交易日），行权方式 为自主行权。2024 年 10 月 01 日至 2023 年 12 月 31 日，共行权并完成股份过户 登记 92,418 股，占可行权股票期权总量的 27.62%。截止 2024 年 12 月 31 日，累 计行权且完成股份过户登记 96,118 股，占可行权股票期权总量的 28.72%。 本次行权股票上市流通时间：本激励计划采用自主行权模式行权，激励 对象行权所得股票于行权日（T 日）后的第二个交易日（T+2）日上市交易。 一、2021 年股票期权激励计划批准实施情况 1、20 ...

F熄证券 电子/半导体 公 司 研 究 股价走势图 -60% -40% -20% 0% 20% 40% 2023-11 2024-03 2024-07 斯达半导 沪深300 数据来源：聚源 相关研究报告 《2024H1 业绩短暂承压，看好多产品 线持续突破—公司信息更新报告》 -2024.8.31 《2023 年业绩稳步提升，新能源领域 持 续 突 破 — 公 司 信 息 更 新 报 告 》 -2024.4.10 《Q3 营收业绩环比稳增，车规 IGBT 持 续 放 量 — 公 司 信 息 更 新 报 告 》 -2023.11.14 2024Q3 业绩环比改善，看好多产品线持续突破 斯达半导（603290.SH） 2024 年 11 月 02 日 ——公司信息更新报告 投资评级：买入（维持） 罗通（分析师） 周勃宇（联系人） luotong@kysec.cn 证书编号：S0790522070002 zhouboyu@kysec.cn 证书编号：S0790124070036 2024Q3 业绩环比改善，短期承压不改长期成长，维持"买入"评级 2024Q1-Q3 公司实现营收 24.15 亿元，同比-7.80%； ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of CNY 112.4, indicating a potential upside of 16% from the current price of CNY 97.2 [2][4][12]. Core Insights - The company's third-quarter performance showed improvement compared to the low point in the second quarter, driven by stable demand in the industrial control sector and rapid growth in automotive-related revenue. The photovoltaic sector also began to recover from earlier lows [2][8]. - The silicon carbide (SiC) business is progressing steadily, with expectations of doubling revenue compared to last year. The increasing penetration of new energy vehicles is anticipated to sustain high growth in the company's automotive main drive modules [2][7]. - Despite significant price pressures in the automotive sector, the company is expected to stabilize and potentially increase its gross margin through various cost-reduction measures and product mix upgrades [2][9]. Financial Performance Summary - In Q3 2024, the company reported revenue of CNY 880 million, a year-on-year decline of 5% but a quarter-on-quarter increase of 21%. The gross margin was 32.0%, down 4.6 percentage points year-on-year but up 0.8 percentage points from the previous quarter [2][8]. - The net profit for Q3 2024 was CNY 149 million, reflecting a 35% year-on-year decline but a 32% quarter-on-quarter increase. The adjusted net profit, excluding non-recurring items, also showed a similar trend [2][8]. - The company’s forward P/E ratio is currently at 26.2x, which is below the historical average, suggesting room for valuation upside [2][12]. Earnings Forecast Adjustments - The report adjusts the earnings forecasts for 2024 and 2025, with expected revenues of CNY 3,342 million and CNY 4,089 million respectively, reflecting a 23% decrease from previous estimates [2][7]. - The gross profit for 2024 is projected at CNY 1,065 million, with a gross margin of 31.9%, and net profit is expected to be CNY 596 million, indicating a 46% increase from prior forecasts [2][7]. Valuation Analysis - The report employs a DCF valuation method, assuming a risk-free rate of 2.2% and a WACC of 13.5%. The target price of CNY 112.4 corresponds to a P/E of 32.3x for 2024 and 25.1x for 2025 [2][9][10]. - The company’s free cash flow projections indicate a significant increase in revenue and operating profit over the next several years, with a long-term growth rate assumption of 3% [2][9].

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company experienced a decline in revenue and net profit in the first three quarters of 2024, with total revenue of 2.415 billion yuan, down 7.80% year-on-year, and a net profit of 423 million yuan, down 35.69% year-on-year [1]. - Despite the current challenges, the company is expected to see a steady recovery in performance as industry conditions improve [1]. - The company's new energy vehicle (NEV) business is projected to continue growing, driven by downstream demand [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 2.415 billion yuan, a year-on-year decrease of 7.80%, and a net profit attributable to shareholders of 423 million yuan, a year-on-year decrease of 35.69% [1]. - In Q3 2024, the company achieved revenue of 881 million yuan, a quarter-on-quarter increase of 21.01%, but a year-on-year decrease of 5.30% [1]. - The net profit for Q3 2024 was 149 million yuan, reflecting a quarter-on-quarter increase of 33.03% but a year-on-year decline of 34.91% [1]. - The company anticipates net profits of 616 million yuan, 886 million yuan, and 1.147 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 37, 26, and 20 times [2][4]. Product and Market Developments - The company is accelerating the deployment of multiple products, particularly in the NEV sector, with significant growth in the sales of its 750V and 1200V automotive-grade IGBT modules [1]. - The company has successfully launched its self-developed automotive-grade SiC MOSFET chips, which are expected to see rapid volume growth in the coming years [1]. - The company is also solidifying its advantages in the power generation and energy storage sectors, with new applications for its IGBT modules in photovoltaic inverters [1].

好嘞各位投资人大家晚上好我是中兴电子分析师Sandy然后今晚是我们跟广发一起承办的就是思达24Q3的这样一个业绩说明会然后我们还是先请总秘张总来给我们大家简单分享一下然后后面留有更多时间给大家提问有请张总好的那个大家晚上好那我先简单分享一下我们3GQ3的1到9月份的一个业绩的一些情况吧那个 那我们Q3单季的营业收入是8.81亿元那个叫去年还比同比的话呢还是有点下降下降5.3但是我们叫Q2还比的话还是上升了21.02%那么1到9月份的话我们的收入是24.14亿元同比下降了7.8%我们归随他的公司利润的话呢我们单季的是1.49亿同比下降了34.91还比上升了32.49% 那1-9月份的话的利润是下降35.9%那从从那个销售的我先讲啊那我们先讲讲那个那个毛利率吧毛利率的话我们Q3毛利率32%吧跟跟Q2相比还略微有所提升那么我们的营发费用率的话呢Q3是8.64%跟 上半年相比呢另外有点有所下降啊整体还是保持在一个八到十这么一个范围范围以内消费费用率和管理费用率还是比较比较稳定的啊那呃我们一到九月份的经营经济流势啊6.52亿元啊这个经营经济流势也还是比较不错的那从呃收入开放来看呢我觉得大概讲下行业情况啊跟大家分享一下那 ...