Financial Performance - The company's operating revenue for Q1 2025 was ¥919,230,418.28, representing a 14.22% increase compared to ¥804,774,309.14 in the same period last year[4] - Net profit attributable to shareholders decreased by 36.22% to ¥103,704,640.46 from ¥162,598,954.19 year-on-year[4] - Basic earnings per share fell by 36.76% to ¥0.43 from ¥0.68 in the previous year[5] - Net profit for Q1 2025 was ¥104,855,128.07, a decrease of 36.4% from ¥165,115,084.02 in Q1 2024[19] - The company reported a total comprehensive income of ¥105,700,919.32 for Q1 2025, compared to ¥162,922,732.08 in Q1 2024[20] Cash Flow - The net cash flow from operating activities improved significantly to ¥172,654,677.15, compared to a negative cash flow of ¥103,124,619.08 in the same period last year[4] - Cash flow from operating activities for Q1 2025 was ¥784,491,270.82, a substantial increase from ¥445,061,072.56 in Q1 2024[23] - The net cash inflow from operating activities was $172,654,677.15, compared to a net outflow of $103,124,619.08 in the previous period[24] - Total cash inflow from investment activities amounted to $1,021,898,356.17, while cash outflow was $1,357,219,897.95, resulting in a net cash outflow of $335,321,541.78[24] - Cash inflow from financing activities was $100,164,113.74, with a net cash inflow of $98,150,114.28 after accounting for outflows[25] Assets and Liabilities - The total assets at the end of the reporting period increased by 4.56% to ¥10,085,465,276.31 from ¥9,645,676,460.22 at the end of the previous year[5] - Total liabilities as of March 31, 2025, were RMB 2,806,377,523.55, compared to RMB 2,607,664,862.13 as of December 31, 2024, marking an increase of approximately 7.6%[14] - The company's fixed assets increased significantly to RMB 3,076,235,687.96 from RMB 2,501,475,980.08, reflecting a growth of about 23%[14] - Total liabilities as of the reporting date were ¥3,207,970,018.82, an increase of 10.5% from ¥2,901,998,166.17 in the previous year[15] - Total equity attributable to shareholders reached ¥6,786,659,038.13, up 1.6% from ¥6,681,947,061.23 in the previous year[15] Research and Development - Research and development expenses increased by ¥74,775,800, contributing to the decline in net profit[7] - R&D expenses in Q1 2025 amounted to ¥138,422,110.70, representing a significant increase of 117.0% compared to ¥63,646,342.44 in Q1 2024[19] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 56,833[9] - The company has not disclosed any significant new strategies or product developments during the reporting period[12] Government Support - The company received government subsidies amounting to ¥221,338.44 during the reporting period[6] Other Financial Metrics - The weighted average return on equity decreased by 0.96 percentage points to 1.54% from 2.50% year-on-year[5] - The company reported a decrease in accounts payable from RMB 797,927,085.35 to RMB 907,495,583.07, which is an increase of about 13.7%[14] - Deferred income tax liabilities increased to ¥64,084,008.93 from ¥60,428,678.40 year-over-year[15] - The company received tax refunds totaling $81,025,563.38 during the reporting period[24] - The impact of exchange rate fluctuations on cash and cash equivalents was a positive $8,700,811.55[25] - The company reported a significant increase in cash received from other operating activities, totaling $108,779,755.95 compared to $33,551,453.97 previously[24] Accounting Standards - The company will not apply new accounting standards starting from 2025[26]

证券代码：603290 证券简称：斯达半导 公告编号：2025-003 斯达半导体股份有限公司 关于召开 2024 年度暨 2025 年第一季度 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 年度和 2025 年第 一季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 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： 投资者可于 2025 年 04 月 24 日 （星期四） 至 04 月 30 日 （星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 investor-relation@powersemi.com 进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 斯达半导体股份有限公司（以下简称"公司"）拟于 2025 年 04 月 26 日发布 公司 2024 年度报告和 2025 年第一季度报告，为便于广大投资者更全面深入地了 解公司 2024 年度和 2025 年第一季度的经营成果、财务状况，公司计 ...

Investment Rating - The report recommends a "Buy" rating for the semiconductor industry, specifically highlighting the potential for recovery in the IGBT market [5]. Core Insights - The IGBT market is showing signs of recovery, with shipments expected to return to positive growth by Q2 2024, indicating the end of the industry downturn. IGBT prices have stabilized after a nearly 30% year-on-year decline in Q1 2024, suggesting a potential upward trend in prices and continued growth in shipments [1][11]. - China's IGBT self-sufficiency is improving, driven by capacity expansion and technological advancements among domestic manufacturers. The report anticipates a shift in the silicon carbide (SiC) market towards oversupply in 2024, leading to a decline in SiC prices [2][12]. - Demand for IGBT is expected to rise due to increased sales of mid-range electric vehicles (EVs) and the penetration of 800V platforms, which will enhance the adoption of SiC in higher-end models. The price gap between SiC and IGBT modules is projected to narrow significantly by 2026, facilitating broader application [3][13]. Summary by Sections Overall Viewpoint - The IGBT market is entering a recovery phase, with signs of demand resurgence and price stabilization. The report highlights the importance of the automotive sector in driving IGBT demand, particularly in the context of electric vehicles [11][20]. IGBT Industry Improvement and SiC Adoption - The report emphasizes the critical role of power semiconductors in various applications, including electric vehicles and industrial control. The IGBT market is expected to grow significantly, with a projected CAGR of 11.23% from 2023 to 2030 [16][23]. Capacity Side: China's IGBT Self-Sufficiency and SiC Price Decline - China's IGBT production is forecasted to increase from 15.5 million units in 2019 to 39 million units by 2024, with a self-sufficiency rate expected to rise as domestic manufacturers enhance their capabilities [31][33]. The SiC market is anticipated to experience a shift towards oversupply, leading to price reductions [12][33]. Demand Side: Mid-Range Vehicle Demand Boosting IGBT and SiC Adoption - The report notes a significant increase in global and Chinese EV sales, with projections indicating continued growth. The demand for IGBT is expected to be bolstered by the rising sales of mid-range EVs, which are more cost-sensitive and likely to continue using IGBT technology in the short term [44][45]. The penetration of 800V platforms is also highlighted as a key driver for SiC adoption in higher-end models [50]. Competitive Landscape - The report outlines the competitive dynamics in the IGBT market, noting that while overseas manufacturers currently dominate, Chinese companies are gradually increasing their market share through technological advancements and capacity expansions [13][15]. Companies to Watch - The report suggests monitoring companies such as Sijia Semiconductor, Times Electric, Silan Microelectronics, China Resources Microelectronics, Sanan Optoelectronics, and others for potential investment opportunities [4].

Group 1 - The company has initiated the third exercise period of its 2021 stock option incentive plan, allowing for the exercise of 334,656 stock options from April 23, 2024, to April 22, 2025, with a total of 4,452 shares exercised by March 31, 2025, representing 1.33% of the total options [1] - As of March 31, 2025, a cumulative total of 100,570 shares have been exercised, accounting for 30.05% of the total options [1] - The stock obtained through the exercise will be listed for trading on the second trading day after the exercise date [1] Group 2 - The 2021 stock option incentive plan was approved and implemented with independent directors expressing their agreement on the related proposals [2] - The company has conducted multiple meetings to review and approve adjustments to the incentive plan, including the cancellation of certain stock options and adjustments to exercise prices [3][4] - The total number of participants in the third exercise period is 102, with 46 individuals participating in the exercise [5] Group 3 - The stock options are sourced from the company's directed issuance of A-share common stock to the incentive objects [5] - The total number of unrestricted shares increased from 239,469,014 to 239,473,466 due to the exercise of options, with no change in the actual controller of the company [6] - The funds raised from the exercise will be used to supplement the company's working capital [6] Group 4 - The exercise of stock options has not significantly impacted the company's financial status or operating results, with the total share capital reaching 239,473,466 shares [6]

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 ...

Investment Rating - The report initiates coverage on the company with an "Accumulate" rating, projecting a target price of 107 CNY per share for 2025, with an upside target of 125 CNY per share [4][10][14]. Core Insights - The IGBT market is showing signs of marginal improvement, driven primarily by the demand from the electric vehicle sector. The IGBT shipment volume is expected to return to positive growth by Q2 2024, indicating the end of the industry downturn. The current IGBT prices are at a relative bottom, which is beneficial for the company's cost structure [1][10][23]. - The SiC (Silicon Carbide) market is experiencing a significant reduction in costs, with the production capacity of SiC substrates in China expected to triple by mid-2024 compared to 2022. The price of SiC substrates has decreased by approximately 30% in 2024, and further declines are anticipated in 2025, which will enhance the demand for SiC products in high-end vehicle platforms [2][12][28]. - The company's fundraising projects are progressing well, transitioning to a Fabless + IDM model. The company raised 3.5 billion CNY in 2021 to enhance its production capacity, with expectations of producing 300,000 units of high-voltage power chips and 60,000 units of SiC chips annually [3][13][40]. Summary by Sections Overall View - The company is expected to benefit from the recovery in IGBT prices and shipment volumes, alongside the growth in the electric vehicle market, which will enhance its market share and profitability [10][14]. Current Price and Valuation Assessment - The report estimates the company's net profit for 2024 and 2025 to be 626 million CNY and 848 million CNY, respectively, with corresponding PE ratios of 34 and 25 [4][5][56]. Core Logic Changes - The IGBT market is anticipated to recover, with improved shipment volumes and a stabilization of prices. The demand from the automotive electronics sector, particularly for electric vehicles, is expected to drive this recovery [10][23][25]. Company Overview - The company, established in 2005, focuses on the design, production, and sales of power semiconductor chips and modules, primarily IGBT modules, which account for over 90% of its revenue [42][44]. Performance Breakdown and Valuation - The company's IGBT business is projected to generate revenues of 32.01 billion CNY in 2024, with a slight decline expected, followed by a recovery in subsequent years. The SiC business is also expected to grow significantly, contributing to the overall revenue increase [54][55][56].

Investment Rating - The report assigns an "Accumulate" rating to the company, with a target price of 107 CNY per share for 2025, and an upward target price of 125 CNY per share [4][10][21]. Core Insights - The IGBT market is showing signs of marginal improvement, driven primarily by the demand from the electric vehicle sector. The IGBT shipment volume is expected to return to positive growth by Q2 2024, indicating the end of the industry downturn. The current IGBT prices are at a relative bottom, which is beneficial for the company's cost structure [1][10][23]. - The SiC (Silicon Carbide) market is experiencing a cost reduction, with significant capacity expansion in China. The price of SiC substrates has decreased by approximately 30% in 2024, and further declines are anticipated. The transition from 400V to 800V in mid-to-high-end vehicle platforms is expected to boost SiC demand [2][12][28]. - The company's fundraising projects are progressing well, transitioning to a Fabless + IDM model. The company raised 3.5 billion CNY for capacity expansion, with expected annual production capacities of 300,000 6-inch high-voltage chips and 60,000 6-inch SiC chips [3][13][40]. Summary by Sections Overall View - The company is expected to see a 30% revenue growth in 2025, driven by IGBT shipment recovery and market share expansion. The IGBT module prices are stabilizing, and the overall gross margin is projected to remain above 32% [20][54]. Current Price and Valuation Assessment - The report indicates a neutral target price of 107 CNY per share based on a 30x valuation for 2025, with an upward target of 125 CNY per share under favorable conditions [10][14][20]. Core Logic Changes - The IGBT sector is anticipated to experience overall marginal improvements, with signs of recovery in shipment volumes and price stabilization. The automotive electronics sector is a key growth area, particularly for electric vehicles [23][25][29]. Company Overview - Established in 2005, the company focuses on the design, production, and sales of power semiconductor chips and modules, primarily IGBT modules, SiC modules, and discrete devices, serving various industries including renewable energy and automotive [42][44]. Performance Breakdown and Valuation - The company is projected to generate revenues of 34.25 billion CNY in 2024, with a slight decline in 2024 followed by growth in subsequent years. The IGBT business is expected to see a revenue increase of 28.2% in 2025, while the SiC business is projected to grow significantly [55][56].

点击 关注我们 报告发布日期：2025年3月24日 报告名称:《 能源电子月报： 汽车功率持续升高，碳化硅渗透率稳步提升 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/ 李书颖 S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 国信研究 能源电子月报: 汽车功率持续升高,碳化硅 渗透率稳步提升 2025-03-24 | 胡剑 胡慧 叶子 詹浏洋 连欣然 新能源汽车:我国新能源汽车功率200kW以上的主驱 占比由22年的9%提升至25年1月的28%. 电驱最高峰值 功率由22年255kW升至25年1月的450kW。整车情况:根 据中汽协数据,我国2月新能源汽车单月销量89万辆(YoY +87.1%,MoM-5.5%),产量88.8万辆(YoY+91.6%,MoM- 12.5%),单月新能源车渗透率为41.9%。主驱功率模块情 况: 主驱IGBT模块主力厂商芯联集成、时代电气、土兰微 、斯达半导领先优势逐步确立,海外厂商份额逐步下降 ...

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 ...