斯达半导（603290.SH）2023年年报点评 Q4 毛利率改善明显，车规市场持续发力 2024年04月09日 ➢ 事件：4月7日，斯达半导发布2023年年报，2023全年公司实现营收36.63 推荐 维持评级 亿元，同比增长35.39%；实现归母净利润9.11亿元，同比增长11.36%。 当前价格： 146.80元 ➢ Q4 营收环比持续提升，毛利率改善明显。1）Q4 公司实现营收 10.44 亿 元，同比增长25.62%，环比增长12.2%，行业虽然承压，但公司持续扩大市占， 营收环比仍实现稳定增长。2）毛利率40.47%，环比提升4.14pct，我们认为得 益于上游成本下行，以及公司产品结构持续优化。3）研发费用1.05亿元，研发 [Table_Author] 费用率达10.1%，公司于行业低谷期坚持高研发投入，从人员来看，截至2023 年年底，公司员工总数达2002人，相较2022年增长589人，其中研发技术人 员较去年同期增长126人。4）归母净利润2.52亿元，同比增长10.92%，环比 增长 10.53%，除营收和毛利率因素外，也因公司 Q4 得到约 1960 万元其他收 益等非经常性收益影响 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 229.93 CNY per share, compared to the current price of 146.80 CNY [2][3]. Core Insights - The company reported a revenue of 3.663 billion CNY for 2023, representing a year-over-year increase of 35.39%. The net profit attributable to shareholders was 911 million CNY, up 11.36% year-over-year. The overall gross margin for the year was 37.51%, a decrease of 2.80 percentage points [1][2]. - In Q4 2023, the company achieved a revenue of 1.044 billion CNY, a year-over-year increase of 25.62% and a quarter-over-quarter increase of 12.2%. The net profit for the quarter was 252 million CNY, reflecting a year-over-year increase of 10.92% and a quarter-over-quarter increase of 10.53%. The gross margin for Q4 was 40.47%, an increase of 3.88 percentage points from the previous quarter [1][2]. - The company experienced steady growth across various segments, with significant growth in overseas business. The revenue from the new energy sector reached 2.156 billion CNY, up 48.09% year-over-year, while the industrial control sector generated 1.279 billion CNY, a 15.64% increase. The white goods and other sectors saw revenue of 203 million CNY, up 69.48% [1][2]. - The overseas subsidiary, SIDA Europe, achieved revenue of 311 million CNY, a remarkable year-over-year increase of 226.66%. Other export businesses generated 77 million CNY, up 70.88% [1][2]. - Looking ahead to 2024, the company expects strong growth driven by overseas business and silicon carbide (SiC) developments. The company has begun large-scale deliveries of automotive IGBT modules to Tier 1 suppliers in Europe and has multiple new contracts. The seventh-generation IGBT modules are also being installed in North American power stations [1][2]. - The company has initiated mass production of SiC modules in partnership with Deep Blue Automotive, which is expected to contribute to growth as the market for 800V fast charging expands [1][2]. Financial Summary - The company forecasts earnings per share (EPS) of 6.56 CNY, 8.38 CNY, and 10.15 CNY for 2024, 2025, and 2026, respectively. The report assigns a 35x price-to-earnings (P/E) ratio for 2024, leading to a fair value estimate of 229.93 CNY per share [1][2][4].

电子 公 2024年04月09日 司 报 斯达半导(603290.SH) 告 单季度业绩再创历史新高，新能源汽车配套超200万辆 推荐 ( 维持 ) 事项： 公司公布2023年年报，2023年公司实现营收36.63亿元，同比增长35.39%； 股价:146.8元 归属上市公司股东净利润9.11亿元，同比增长11.36%。公司拟向全体股东每 公 主要数据 10股派发现金红利15.9784元（含税）。 行业 电子 司 平安观点： ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 07 日 斯 达半导(603290.SH) 证券研究报告 新能源助力 2023 年业绩成长，Q4 单季 集成电路 投资评级 买入-A 度毛利率提升明显 维持评级 6个月目标价 161.00元 事件： 股价 (2024-04-03) 139.25元 公司发布 2023 年年度报告，全年实现营收 36.63 亿元，同比增长 35.39%；实现归母净利润 9.11亿元，同比增长11.36%；实现扣非归 交易数据 母净利润 8.86 亿元，同比增长 16.25%。其中 2023Q4 单季度，公司 总市值(百万元) 23,807.80 实现营收 10.44 亿元，同比增长 25.62%，实现归母净利润 2.52 亿 流通市值(百万元) 23,807.80 元，同比增长 10.92%。公司持续高强度研发投入，2023 年公司研发 总股本(百万股) 170.97 费用为 2.87 亿元，同比增长 52.17%；研发费用率达到 7.85%，同比 流通股本(百万股) 170.97 提升 0.87个pct。 12个月价格区间 123.01/2 ...

公司快报 2024 年 04 月 07 日 斯 达半导(603290.SH) 证券研究报告 新能源助力 2023 年业绩成长，Q4 单季 集成电路 投资评级 买入-A 度毛利率提升明显 维持评级 6个月目标价 161.00元 事件： 股价 (2024-04-03) 139.25元 公司发布 2023 年年度报告，全年实现营收 36.63 亿元，同比增长 35.39%；实现归母净利润 9.11亿元，同比增长11.36%；实现扣非归 交易数据 母净利润 8.86 亿元，同比增长 16.25%。其中 2023Q4 单季度，公司 总市值(百万元) 23,807.80 实现营收 10.44 亿元，同比增长 25.62%，实现归母净利润 2.52 亿 流通市值(百万元) 23,807.80 元，同比增长 10.92%。公司持续高强度研发投入，2023 年公司研发 总股本(百万股) 170.97 费用为 2.87 亿元，同比增长 52.17%；研发费用率达到 7.85%，同比 流通股本(百万股) 170.97 提升 0.87个pct。 12个月价格区间 123.01/297.55元 各下游均实现增长，23Q4 单季度毛利率 ...

Financial Performance - The company's operating revenue for 2023 reached ¥3,662,965,373.81, representing a 35.39% increase compared to ¥2,705,498,415.90 in 2022[18]. - Net profit attributable to shareholders was ¥910,525,988.77, an increase of 11.36% from ¥817,642,889.48 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was ¥886,224,731.19, up 16.25% from ¥762,356,894.52 in 2022[18]. - The total assets at the end of 2023 were ¥8,483,526,496.78, a 19.02% increase from ¥7,127,757,651.12 at the end of 2022[18]. - Basic earnings per share for 2023 were ¥5.33, an increase of 11.27% from ¥4.79 in 2022[19]. - The weighted average return on equity was 15.07%, a slight decrease of 0.23 percentage points from 15.3% in 2022[19]. - The company reported a quarterly revenue of ¥1,044,271,709.65 in Q4 2023, showing a consistent growth trend throughout the year[21]. - The total operating income for power semiconductor devices was CNY 3,638,434,888.94, with a gross margin of 37.53%, reflecting a decrease of 2.81 percentage points compared to the previous year[42]. Cash Flow and Investments - The net cash flow from operating activities decreased by 42.74% to ¥382,685,708.76 from ¥668,352,866.50 in 2022[18]. - The net cash flow from investing activities increased by 23.37% to -¥1,510,792,130.98, attributed to higher fixed asset investments[53]. - The net cash flow from financing activities decreased by 62.49% to ¥169,704,349.37, mainly due to reduced cash from borrowings and increased cash for dividend payments[53]. - Cash and cash equivalents at the end of the period decreased by 33.36% to ¥1,911,290,434.55 from ¥2,868,113,978.93 in the previous year[54]. - The cash inflow from operating activities for 2023 was CNY 3,822,062,320.95, an increase of 39.4% compared to CNY 2,740,910,791.35 in 2022[198]. - The total cash and cash equivalents at the end of 2023 were CNY 1,910,888,010.54, down from CNY 2,867,729,854.59 at the end of 2022[199]. Dividend and Share Capital - The company plans to distribute a cash dividend of 15.9784 CNY per 10 shares, totaling approximately 273.16 million CNY, which accounts for 30% of the net profit attributable to shareholders for 2023[4]. - The company will increase its total share capital by 68.38 million shares through capital reserve, raising the total share capital to approximately 239.34 million shares[4]. - The net profit attributable to shareholders for the year 2023 is reported at 910,525,988.77 RMB, with the dividend payout ratio being 30%[116]. Research and Development - The company’s R&D investment for the year was 287.68 million yuan, representing a year-on-year increase of 52.16%[25]. - The company has developed over a hundred personalized products to meet customer-specific requirements, enhancing long-term cooperation with existing clients[33]. - The company established a new R&D center in Zurich, Switzerland, to enhance its capabilities in next-generation IGBT and SiC chip development[37]. - Research and development expenses increased by 52.17% to CNY 287,415,835.10, indicating a significant commitment to innovation and product development[49]. Market Position and Strategy - The company aims to become a leading global manufacturer of power semiconductor devices and solutions, focusing on innovation and market orientation[26]. - The company is focusing on the development of high-voltage specialty process power chips and SiC chip research and industrialization projects[67]. - The company plans to continue increasing investment in the new energy vehicle sector, despite potential market volatility risks due to policy changes and supply chain issues[78]. - The company intends to strengthen its collaboration with mainstream home appliance manufacturers to enhance its product offerings in the variable frequency white goods market[76]. Risk Management - The company has detailed risk factors in the board report, addressing potential future challenges[6]. - The company recognizes the risks associated with macroeconomic fluctuations that may impact the semiconductor industry and its product applications[77]. - The company faces foreign exchange risk as its overseas procurement and sales are often priced in euros, Swiss francs, and US dollars, which may impact asset value[79]. Corporate Governance - The board of directors confirmed that all members attended the board meeting, ensuring the integrity of the annual report[2]. - The company has not faced any penalties from securities regulatory authorities in the past three years[97]. - The company has maintained a consistent leadership structure with key personnel remaining in their roles for extended periods[93]. - The company’s management team includes experienced professionals with backgrounds in various sectors, enhancing its operational capabilities[93]. Environmental and Social Responsibility - The company invested 3.424 million yuan in environmental protection during the reporting period[126]. - The company has implemented carbon reduction measures, including the development of new products that assist in carbon reduction[129]. - The company's main product, IGBT, is a core semiconductor device in renewable energy, electric vehicles, and industrial control, contributing to carbon neutrality goals[130]. - The company donated a total of 65,000 yuan to educational and charitable initiatives, including scholarships for underprivileged students[132].

2024年04月08日 公司研究●证券研究报告 斯达半导（ ） 公司快报 603290.SH 电子 | 集成电路Ⅲ 全年业绩稳健增长，产品持续放量同时新增多个 投资评级 买入-A(维持) 项目定点 股价(2024-04-08) 146.80元 交易数据 投资要点 总市值（百万元） 25,098.64 2024年4月7日，公司发布2023年年度报告。 流通市值（百万元） 25,098.64 全年业绩稳健增长，高研发投入夯实核心竞争力 总股本（百万股） 170.97 流通股本（百万股） 170.97 2023年公司实现营收36.63亿元，同比增长35.39%；归母净利润9.11亿元，同 12个月价格区间 287.29/127.69 比增长11.36%；扣非归母净利润8.86亿元，同比增长16.25%；毛利率37.51%， 净利率25.14%；研发投入2.87亿元，同比增长52.16%。 一年股价表现 公司主营业务收入在各细分行业均实现稳步增长：1）工业控制和电源行业营收为 12.79亿元，同比增长15.64%；2）新能源行业营收为21.56亿元，同比增长48.09%； 3）变频白色家电及其他行业营收为2.03亿 ...

关于董事、高级管理人员 2023 年度薪酬考核情况与 证券代码：603290 证券简称：斯达半导 公告编号：2024-016 斯达半导体股份有限公司 特此公告。 斯达半导体股份有限公司董事会 2024 年 04 月 07 日 1 2024 年度薪酬计划事项的公告 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个别及连带责任。 斯达半导体股份有限公司（以下简称"公司"）于 2024 年 04 月 07 日召开了 第五届董事会第三次会议，审议通过了《关于董事、高级管理人员 2023 年度薪 酬考核情况与 2024 年度薪酬计划的议案》，现将公司董事会薪酬与考核委员会的 审核意见说明如下： 根据《上市公司治理准则》《上海证券交易所股票上市规则》《上市公司独立 董事管理办法》和《斯达半导体股份有限公司章程》等有关规定，公司董事会薪 酬与考核委员会认为公司2023年度薪酬考核情况与2024年度薪酬计划符合公司 实际情况，有利于公司发展战略和经营目标的实现，一致同意《关于董事、高级 管理人员 2023 年度薪酬考核情况与 2024 年度薪酬计划的议 ...

斯达半导体股份有限公司 2023 年年度股东大会会议资料 斯达半导体股份有限公司 2023 年年度股东大会 会议资料 二零二四年四月二十九日 1 斯达半导体股份有限公司 2023 年年度股东大会会议资料 目 录 | 斯达半导体股份有限公司 | 2023 | 年年度股东大会参会须知 3 | | --- | --- | --- | | 斯达半导体股份有限公司 | 2023 年年度股东大会会议议程 4 | | | 议案一： | 关于公司《2023 年度董事会工作报告》的议案 6 | | | 附件一： | 2023 年度董事会工作报告 7 | | | 议案二： | 关于公司《2023 年度监事会工作报告》的议案 17 | | | 附件二： | 2023 年度监事会工作报告 18 | | | 议案三： | 关于公司 2023 年年度报告及其摘要的议案 21 | | | 议案四： | 关于公司 年度财务决算报告的议案 22 2023 | | | 附件三： | 2023 年度财务决算报告 23 | | | 议案五： | 关于公司 2023 年度利润分配及资本公积转增股本方案的议案 26 | | | 议案六： | 关于续聘会 ...

斯达半导体股份有限公司 章 程 二〇二四年四月 | 第一章 | 总 | 则 | 3 | | --- | --- | --- | --- | | 第二章 | | 经营宗旨和范围 | 4 | | 第三章 | 股 | 份 | 4 | | 第一节 | 股份发行 | | 4 | | 第二节 | | 股份增减和回购 | 6 | | 第三节 | 股份转让 | | 7 | | 第四章 | | 股东和股东大会 | 8 | | 第一节 | 股东 | | 8 | | 第二节 | | 股东大会的一般规定 | 11 | | 第三节 | | 股东大会的召集 | 13 | | 第四节 | | 股东大会的提案与通知 | 15 | | 第五节 | | 股东大会的召开 | 17 | | 第六节 | | 股东大会的表决和决议 | 20 | | 第五章 | | 董事会 | 25 | | 第一节 | 董事 | | 25 | | 第二节 | 董事会 | | 28 | | 第三节 | 独立董事 | | 34 | | 第四节 | | 董事会秘书 | 37 | | 第六章 | | 总经理及其他高级管理人员 | 39 | | 第七章 | | 监事会 | 41 ...