斯达半导(603290.SH)/电子 证券研究报告/公司点评 2024 年 9 月 10 日 | --- | |---------------------------------------------------| | | | | | [Table_Title] 评级：买入（维持） [Table_Industry] | | 市场价格： | 分析师：王芳 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师：游凡 执业证书编号：S0740522120002 Email：youfan@zts.com.cn | --- | --- | |---------------------------|--------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 239 | | 流通股本 ( 百万股 ) | 239 | | 市价 ( 元 ) | 71.52 | | 市值 ( 百万元 ) | 17,120 | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][4][9] Core Views - The report indicates a short-term decline in photovoltaic demand, leading to inventory pressure among clients. However, the company continues to expand its customer base and product offerings, particularly in the power semiconductor sector [1] - In the first half of 2024, the company's revenue from the new energy sector was 794 million yuan, a year-on-year decrease of 19.99%, while revenue from the electric vehicle sector grew by 33.25% [1] - The company is expected to benefit from its first-mover advantage in silicon carbide (SiC) technology and overseas market expansion, with projected net profits of 703 million, 891 million, and 1.076 billion yuan for 2024, 2025, and 2026 respectively [1][2] Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 728 million yuan, down 19.8% year-on-year and 9.5% quarter-on-quarter, with a net profit of 112 million yuan, reflecting a year-on-year decline of 49.88% [1][2] - The gross margin for Q2 2024 was 31.22%, a decrease of 4.75 percentage points year-on-year [1] Revenue Breakdown - The new energy sector's revenue in H1 2024 was 794 million yuan, with a significant drop in photovoltaic IGBT module demand due to inventory adjustments [1] - The industrial control segment showed stability with revenue of 606.3 million yuan, while revenue from variable frequency white goods grew by 44.14% to 132 million yuan [1] Research and Development - R&D investment increased by 34% in H1 2024, with the company expanding its customer base for SiC MOSFET modules in both domestic and international markets [1][2] Future Projections - The company expects to see a recovery in product pricing and volume in the second half of 2024, driven by the growth of its SiC products and overseas market penetration [1] - The projected earnings per share for 2024, 2025, and 2026 are 4.11 yuan, 5.21 yuan, and 6.30 yuan respectively [2][7]

公 司 研 究 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 斯达半导（603290.SH） 2024 年 08 月 31 日 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 投资评级：买入（维持） | --- | --- | |-------------------------|--------------| | 日期 | 2024/8/30 | | 当前股价 ( 元 ) | 76.75 | | 一年最高最低 ( 元 ) | 202.00/69.70 | | 总市值 ( 亿元 ) | 183.72 | | 流通市值 ( 亿元 ) | 183.72 | | 总股本 ( 亿股 ) | 2.39 | | 流通股本 ( 亿股 ) | 2.39 | | 近 3 个月换手率 (%) | 131.56 | 股价走势图 -64% -48% -32% -16% 0% 16% 2023-08 2023-12 2024-04 斯达半导 沪深300 数据来源：聚源 相关研 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 1,533,108,670.90, a decrease of 9.17% compared to CNY 1,687,948,400.47 in the same period last year[16]. - The net profit attributable to shareholders for the first half of 2024 was CNY 274,740,249.40, down 36.10% from CNY 429,938,269.41 in the previous year[16]. - The basic earnings per share for the first half of 2024 were CNY 1.15, a decrease of 36.11% from CNY 1.80 in the same period last year[17]. - The diluted earnings per share were also CNY 1.15, reflecting the same decrease of 36.11% compared to the previous year[17]. - The company's gross profit margin decreased from 36.18% in the previous year to 31.52% due to intense industry competition and significant price drops for some products[31]. - The company reported a net profit after deducting non-recurring gains and losses of CNY 267,947,241.48, a decrease of 34.70% from CNY 410,347,046.86 in the same period last year[16]. - The company reported a significant increase of 514.07% in other payables, totaling CNY 129,510,911.23, mainly due to undistributed dividends[38]. - The company’s total comprehensive income for the first half of 2024 is RMB 273,379,209.38, after accounting for other comprehensive losses[118]. Cash Flow and Liquidity - The net cash flow from operating activities increased significantly to CNY 520,962,279.20, representing a 176.34% increase compared to CNY 188,524,497.41 in the same period last year[16]. - The total cash inflow from operating activities was RMB 1,689,720,215.28, while cash outflow was RMB 1,168,757,936.08, resulting in a net cash inflow of RMB 520,962,279.20[114]. - The company's cash and cash equivalents decreased by 36.89% to CNY 1,206,264,863.92, primarily due to purchases of raw materials and investments in fixed assets[38]. - The total cash and cash equivalents at the end of the period amounted to CNY 1,206,264,863.92, down from CNY 1,911,290,434.55 at the beginning of the period[199]. - The cash flow from financing activities generated a net inflow of RMB 171,936,288.47, compared to RMB 104,629,695.30 in the same period of 2023, reflecting an increase of approximately 64.3%[114]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 9,040,413,495.34, an increase of 6.56% from CNY 8,483,526,496.78 at the end of the previous year[16]. - The net assets attributable to shareholders at the end of the reporting period were CNY 6,439,936,509.09, showing a slight increase of 0.07% from CNY 6,435,365,819.73 at the end of the previous year[16]. - Long-term borrowings rose by 33.77% to CNY 1,394,073,022.06, attributed to increased bank loans[38]. - The company's total liabilities increased from ¥2,733,520,000 to ¥3,257,000,000, reflecting a growth of around 19.2%[101]. - The company's total equity attributable to shareholders was CNY 5,639,329,127.22, down from CNY 5,819,501,416.30, a decrease of approximately 3.1%[105]. Research and Development - The company increased R&D expenses from 11,296.22 million yuan to 15,121.00 million yuan, representing a growth of 33.86% year-on-year[31]. - The company is currently developing SiC chip R&D and industrialization projects, aiming for an annual production capacity of 60,000 pieces of 6-inch automotive-grade SiC MOSFET chips[22]. - The company has established a new R&D center in Zurich, Switzerland, and plans to open another in Nuremberg, Germany, to strengthen its talent pool and R&D capabilities[28]. Market and Industry Outlook - The global power semiconductor market is projected to reach $50.3 billion in 2023, with an expected growth to $59.6 billion by 2027[23]. - China's power semiconductor market is anticipated to reach $20.6 billion in 2024, accounting for approximately 38% of the global market[23]. - The compound annual growth rate for SiC power devices is expected to approach 40% from 2018 to 2027, driven by demand from the new energy vehicle sector[23]. - The demand for new energy vehicles (NEVs) in China grew by 30.1% in production and 32% in sales in the first half of 2024, with global NEV sales reaching 7.1697 million units, a year-on-year increase[51]. Corporate Governance and Compliance - The company has not faced any administrative penalties for environmental issues during the reporting period, adhering to relevant environmental laws and regulations[61]. - The company has not reported any significant changes in accounting estimates for the current period[192]. - The company has maintained compliance with regulatory requirements and has not faced any penalties or corrective actions during the reporting period, reflecting strong governance[74]. Shareholder Information - The total number of shares increased to 239,373,496, with an addition of 68,392,256 shares from capital reserve conversion[87]. - The largest shareholder, Hong Kong Star Holdings Limited, holds 99,773,520 shares, representing 41.68% of total shares[90]. - The company has not reported any changes in major shareholders or strategic investors during the reporting period[95]. Risks and Challenges - The company faced risks from macroeconomic fluctuations, which could negatively impact sales and profits due to the semiconductor industry's correlation with the overall economy[51]. - The company is exposed to foreign exchange risks due to overseas procurement and sales, which could impact its financial performance[51]. - The company plans to continue investing heavily in the NEV sector, despite potential risks from policy changes and geopolitical factors affecting market demand[51].

证券代码：603290 证券简称：斯达半导 公告编号：2024-039 斯达半导体股份有限公司 股东及董监高减持股份结果公告 本公司董事会、全体董事及相关股东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： 股东及董监高持股的基本情况 本次减持计划实施前，斯达半导体股份有限公司（以下简称 "公司"或"斯 达半导"）股东浙江兴得利纺织有限公司（以下简称"兴得利"）持有本公司股 份 22,238,201 股，占公司总股本比例为 13.01%；公司副总经理戴志展持有本公 司股份 599,204 股，占公司总股本比例为 0.35%；公司副总经理 TANG YI（汤艺） 持有本公司股份 377,500 股，占公司总股本比例为 0.22%。 2024 年 05 月 23 日，公司实施了 2023 年年度权益分派，以资本公积金向全 体股东每股转增 0.4 股。前述 3 位减持主体在转增实施之前并未进行减持，因此 转增后兴得利、戴志展、TANG YI（汤艺）的持股数量相应变更为 31,133,481 股、 838,886 股、528,500 股。 减 ...

证券代码：603290 证券简称：斯达半导 公告编号：2024-034 斯达半导体股份有限公司 第五届董事会第六次会议决议公告 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个别及连带责任。 斯达半导体股份有限公司（以下简称"公司"）第五届董事会第六次会议于 2024 年 08 月 23 日以书面、邮件、电话等方式发出通知，并于 2024 年 08 月 30 日以现场和通讯结合的方式召开。本次会议应到董事 7 人，实到董事 7 人，本次 会议由董事长沈华先生主持，本次董事会的召开符合《中华人民共和国公司法》 和《斯达半导体股份有限公司章程》的规定。经与会董事认真审议，以记名投票 表决方式一致通过以下决议： 一、审议并通过了《关于公司 2024 年半年度报告及其摘要的议案》 该议案具体内容详见同日刊登在《中国证券报》《上海证券报》《证券时报》 及上海证券交易所网站（http://www.sse.com.cn）上的公司《2024 年半年度报 告》及其摘要。 特此公告。 本议案已经公司第五届董事会审计委员会 2024 年第三次会议审议通过。 ...

证券代码：603290 证券简称：斯达半导 公告编号：2024-035 斯达半导体股份有限公司 第五届监事会第六次会议决议公告 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个别及连带责任。 斯达半导体股份有限公司（以下简称"公司"）第五届监事会第六次会议于 2024 年 08 月 23 日以书面、邮件、电话等方式发出通知，并于 2024 年 08 月 30 日以现场方式召开。本次会议应到监事 3 人，实到监事 3 人，本次会议由监事会 主席刘志红先生主持，本次监事会的召开符合《中华人民共和国公司法》和《斯 达半导体股份有限公司章程》的规定。经与会监事认真审议，以记名投票表决方 式一致通过以下决议： 一、审议并通过了《关于公司 2024 年半年度报告及其摘要的议案》。 该议案具体内容详见同日刊登在《中国证券报》《上海证券报》《证券时报》 及上海证券交易所网站（http://www.sse.com.cn）上的公司《2024 年半年度报告》 及其摘要。 表决结果：3 票同意、0 票反对、0 票弃权。 二、审议并通过了《关于 2024 年半年 ...

证券代码：603290 证券简称：斯达半导 公告编号：2024-037 斯达半导体股份有限公司 2021 年 09 月，中国证券监督管理委员会《关于核准嘉兴斯达半导体股份有 限公司非公开发行股票的批复》(证监许可[2021] 3201 号)核准公司非公开发行不 超过 1,600 万股新股。 公司实际向 J.P. Morgan Chase Bank、National Association、富国基金管理有限 公司、BARCLAYS BANK PLC 等 14 位认购人合计发行人民币普通股股票 10,606,060 股，每股面值 1.00 元，发行价格 330.00 元/股，共计募集资金人民币 349,999.98 万元，扣除承销费人民币 2,200.00 万元（含税价）后的募集资金为人 民币 347,799.98 万元，已于 2021 年 11 月 03 日全部到账。本次募集资金总额人 民币 349,999.98 万元，扣除各项发行费用（不含税）人民币 2,304.93 万元后，实 际募集资金净额人民币 347,695.05 万元。上述资金到位情况业经立信会计师事务 所（特殊普通合伙）验证，并出具了信会师报字[ ...

证券代码：603290 证券简称：斯达半导 公告编号：2024-038 斯达半导体股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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： 会议召开时间：2024 年 09 月 13 日(星期五)上午 09:00-10:00 会 议 召 开 地 点 ： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2024 年 09 月 13 日上午 09:00-10:00 1 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 董事长、总经理：沈华先生 投资者可于 202 ...

证券代码：603290 证券简称：斯达半导 公告编号：2024-033 斯达半导体股份有限公司 关于 2021 年股票期权激励计划 2024 年第二季度自主行权结果暨股份变动的公告 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： 2024 年第二季度，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（以下简称"本激励计划"）共行权且完成股份过户登记 9， 600 股。其中： 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。 2、2021年03月18日，公司召开第四届监事会第六次会议，审议通过了《关 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》。 3、2021年03月19日至2021年03月29日，公司在内部公告栏对激励对象名 ...