证券研究报告：电子 | 公司点评报告 2024年4月14日 股票投资评级 斯达半导(603290) 买入|首次覆盖 Q4 业绩超预期，汽车主驱模块持续放量 个股表现 ⚫ 投资要点 Q4 毛利率超预期，盈利能力持续改善。公司 2023 年实现营收 斯达半导 电子 36.63亿元，同比+35.39%；归母净利润为9.11亿元，同比+11.36%； -3% -9% 全年毛利率为 37.51%，同比-2.79%。单季度来看，Q4 营收 10.44 亿 -15% -21% 元，环比+12.14%；归母净利润 2.52 亿元，环比+10.53%，毛利率 -27% 40.47%，环比+3.88%。 -33% -39% 下游应用多点开花，全年配套新能源车超200万套。公司下游主 -45% 要分为三类，新能源行业实现营收 21.56 亿元，同比+48.09%，其中 -51% -57% 公司生产的应用于主电机控制器的车规级 IGBT 模块持续放量，合计 2023-04 2023-06 2023-09 2023-11 2024-01 2024-04 配套超过200万套新能源汽车主电机控制器；工业控制和电源行业实 资料来源：聚源，中 ...

斯达半导：23 年营收较快增长，24年碳化硅业务有望放量 斯达半导(603290.SH)/电子 证券研究报告/公司点评 2024年4月10日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：153.20元/股 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2,705 3,663 4,857 6,129 7,419 分析师：王芳 增长率yoy% 59% 35% 33% 26% 21% 执业证书编号：S0740521120002 净利润（百万元） 818 911 1,077 1,471 1,759 Email：wangfang02@zts.com.cn 增长率yoy% 105% 11% 18% 37% 20% 每股收益（元） 4.78 5.33 6.30 8.60 10.29 分析师：杨旭 每股现金流量 3.91 2.24 3.83 6.52 7.93 执业证书编号：S0740521120001 净资产收益率 14% 14% 14% 16% 16% Email：yangxu01 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company achieved steady revenue growth in 2023, with a total revenue of 3.663 billion yuan, representing a year-on-year increase of 35.39%. The net profit attributable to shareholders was 911 million yuan, up 11.36% year-on-year [6] - The report highlights the company's strong performance in the new energy sector, with revenue reaching 2.156 billion yuan, a year-on-year increase of 48.09%, accounting for 58.9% of total revenue [7] - The company is expected to continue its growth trajectory, with projected net profits of 1.172 billion yuan, 1.441 billion yuan, and 1.785 billion yuan for 2024, 2025, and 2026, respectively [6][9] Financial Performance Summary - In Q4 2023, the company reported a revenue of 1.044 billion yuan, a year-on-year increase of 25.62%, and a gross margin of 40.47%, which is an improvement of 1.91 percentage points year-on-year [6] - The company's revenue from the industrial control and power supply sectors was 1.279 billion yuan, a year-on-year increase of 15.64%, while the revenue from variable frequency white goods and other sectors grew by 69.48% to 203 million yuan [7] - The company’s IGBT modules for electric vehicle motor controllers have seen significant demand, with over 2 million units supplied to new energy vehicles [8] Future Growth Potential - The company is expanding its market share in various sectors, including automotive air conditioning and charging stations, which are expected to drive future growth [8] - The report indicates that the company’s self-developed SiC MOSFET chips have passed validation with multiple customers and are beginning to be shipped in volume, indicating strong future demand [8] - The projected earnings per share (EPS) for the next three years are 6.86 yuan, 8.43 yuan, and 10.44 yuan, with corresponding price-to-earnings (P/E) ratios of 22.3, 18.2, and 14.7 [6][9]

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 ...