斯达半导体股份有限公司 募集资金存放与使用情况专项报告的 鉴证报告 二○二四年度 关于斯达半导体股份有限公司 2024年度 募集资金存放与使用情况专项报告的鉴证报告 信会师报字[2025]第ZA11738号 斯达半导体股份有限公司全体股东： 我们接受委托，对后附的斯达半导体股份有限公司（以下简称"斯 达半导"）2024年度募集资金存放与使用情况专项报告（以下简称"募 集资金专项报告"）执行了合理保证的鉴证业务。 一、董事会的责任 斯达半导董事会的责任是按照中国证券监督管理委员会《上市公 司监管指引第2号——上市公司募集资金管理和使用的监管要求 （2022年修订）》（证监会公告〔2022〕15号）、《上海证券交易所 上市公司自律监管指引第1号——规范运作》以及《上海证券交易所 上市公司自律监管指南第1号——公告格式》的相关规定编制募集资 金专项报告。这种责任包括设计、执行和维护与募集资金专项报告编 制相关的内部控制，确保募集资金专项报告真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏。 二、注册会计师的责任 鉴证报告 第2页 五、报告使用限制 我们的责任是在执行鉴证工作的基础上对募集资金专项报告发 表鉴 ...

Financial Performance - The company's operating revenue for 2024 was approximately ¥3.39 billion, a decrease of 7.44% compared to ¥3.66 billion in 2023[24]. - Net profit attributable to shareholders for 2024 was approximately ¥507.67 million, down 44.24% from ¥910.53 million in 2023[24]. - The basic earnings per share for 2024 was ¥2.12, reflecting a decline of 44.36% from ¥3.81 in 2023[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥487.37 million in 2024, a decrease of 45.01% from ¥886.22 million in 2023[24]. - The company reported a net profit of approximately ¥162.60 million in Q1 2024, with a significant drop in subsequent quarters[29]. - The company's gross profit margin decreased from 37.51% in the previous year to 31.55% due to significant price declines in some products amid intense industry competition[38]. - The revenue from the industrial control and power sector was 1,100.29 million yuan, a decline of 14.00% year-on-year, while the new energy sector revenue was 2,008.97 million yuan, down 6.83% year-on-year[36]. Cash Flow and Assets - The net cash flow from operating activities increased significantly by 151.55% to approximately ¥962.64 million in 2024, compared to ¥382.69 million in 2023[24]. - Total assets at the end of 2024 reached approximately ¥9.65 billion, an increase of 13.70% from ¥8.48 billion at the end of 2023[24]. - The company's net assets attributable to shareholders increased by 3.83% to approximately ¥6.68 billion at the end of 2024, compared to ¥6.44 billion at the end of 2023[24]. - The company’s cash and cash equivalents decreased by 37.74%, totaling 43,830,389.93 RMB, primarily due to raw material purchases and fixed asset investments[71]. Research and Development - The company increased its R&D investment, with R&D expenses rising from 287.42 million yuan to 354.30 million yuan, a growth of 23.27% year-on-year[38]. - The company established a new R&D center in Zurich, Switzerland, as part of its strategy to enhance its technical team and focus on next-generation IGBT and SiC chip development[54]. - The company is committed to accelerating the R&D and commercialization of its next-generation IGBT chips, leveraging the seventh-generation micro trench technology[93]. Market Position and Strategy - The company aims to become a global leader in power semiconductor device R&D and manufacturing, focusing on market-driven innovation to create greater value for customers[43]. - The global power semiconductor market is projected to reach $50.3 billion in 2023 and $59.6 billion by 2027, driven by demand in new energy and electric vehicles[44]. - The company is a major supplier of automotive-grade IGBT/SiC modules in the domestic market and is actively expanding into overseas markets[52]. - The company plans to continue expanding its market share in the new energy and industrial control sectors while leveraging its brand advantages[57]. Corporate Governance - The company emphasizes the importance of maintaining a robust corporate governance structure, with regular board and shareholder meetings to ensure compliance and transparency[101]. - The company has established several specialized committees, including the Audit Committee, Nomination Committee, Compensation and Assessment Committee, and Strategic Committee[116]. - The board of directors and supervisory board operate independently, with no significant influence from controlling shareholders[103]. - The company has a clear governance structure, with designated roles for board members and management, ensuring accountability and transparency[106]. Shareholder Information - The company plans to distribute a cash dividend of 6.36 RMB per 10 shares, totaling approximately 152.3 million RMB, which represents 30% of the net profit attributable to shareholders for the year[124][127][128]. - The cumulative cash dividend amount over the last three accounting years is approximately 670.75 million RMB, with an average cash dividend payout ratio of 90%[130]. - The total number of employees across the parent company and major subsidiaries is 2,471, with 1,649 in production, 94 in sales, and 572 in technical roles[121]. Compliance and Risk Management - The company has conducted a self-inspection regarding the use of funds by controlling shareholders and their affiliates, confirming no violations of fund occupation as of December 31, 2024[103]. - The company has not faced any penalties from securities regulatory authorities in the past three years[113]. - The company faces risks related to macroeconomic fluctuations that could impact sales and profitability in key sectors such as new energy vehicles and industrial control[95]. Environmental Commitment - The company invested 7.3955 million yuan in environmental protection during the reporting period[139]. - The company is committed to reducing carbon emissions through the development of new products, particularly IGBT, which supports clean energy initiatives[142]. - The company has implemented measures to support carbon neutrality and peak carbon emissions by 2030[142].

斯达半导体股份有限公司2025 年第一季度报告 证券代码：603290 证券简称：斯达半导 斯达半导体股份有限公司 2025 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人沈华、主管会计工作负责人张哲及会计机构负责人（会计主管人员）岑淑保证季度报 告中财务信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | | | | 本报告期比上年同 | | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | 期增减变动幅度 | | | | | (%) | | 营业收入 | 919,230,418.28 | 804,774,309.14 | 14.22 | | 归属于上市公司股东的净利 | 103,704,640.46 | 16 ...

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 ...

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].

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 ...