Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance shows a quarter-on-quarter improvement, with short-term pressures not affecting long-term growth potential, thus maintaining a "Buy" rating [1] - The company achieved a revenue of 2.415 billion yuan for Q1-Q3 2024, a year-on-year decrease of 7.80%, and a net profit attributable to shareholders of 423 million yuan, down 35.69% year-on-year [1] - In Q3 2024, the company reported a revenue of 881 million yuan, a year-on-year decrease of 5.30% but a quarter-on-quarter increase of 21.02% [1] - The company has adjusted its net profit forecasts for 2024-2026 to 619 million, 953 million, and 1.175 billion yuan respectively, due to increased market competition [1] Financial Performance Summary - For Q1-Q3 2024, the company reported: - Revenue: 2.415 billion yuan, down 7.80% year-on-year - Net profit: 423 million yuan, down 35.69% year-on-year - Gross margin: 31.69%, down 4.63 percentage points year-on-year [1] - Q3 2024 financials: - Revenue: 881 million yuan, down 5.30% year-on-year, up 21.02% quarter-on-quarter - Net profit: 149 million yuan, down 34.91% year-on-year, up 32.49% quarter-on-quarter - Gross margin: 32.00%, down 4.59 percentage points year-on-year, up 0.78 percentage points quarter-on-quarter [1] - The company is expected to see revenue growth driven by new product launches in industrial control, power supply, and the electric vehicle sector [2] Growth Drivers - The company is advancing new products and technologies in the industrial control and power supply sectors, with IGBT modules based on seventh-generation micro-groove technology undergoing testing and small-scale production [2] - In the electric vehicle sector, the company is ramping up production of its 750V automotive-grade IGBT modules and has begun mass production of its 1200V automotive-grade IGBT modules [2] - The company’s self-developed automotive-grade SiC MOSFET chips are expected to significantly contribute to sales growth from 2024 to 2030 [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of CNY 112.4, indicating a potential upside of 16% from the current price of CNY 97.2 [2][4][12]. Core Insights - The company's third-quarter performance showed improvement compared to the low point in the second quarter, driven by stable demand in the industrial control sector and rapid growth in automotive-related revenue. The photovoltaic sector also began to recover from earlier lows [2][8]. - The silicon carbide (SiC) business is progressing steadily, with expectations of doubling revenue compared to last year. The increasing penetration of new energy vehicles is anticipated to sustain high growth in the company's automotive main drive modules [2][7]. - Despite significant price pressures in the automotive sector, the company is expected to stabilize and potentially increase its gross margin through various cost-reduction measures and product mix upgrades [2][9]. Financial Performance Summary - In Q3 2024, the company reported revenue of CNY 880 million, a year-on-year decline of 5% but a quarter-on-quarter increase of 21%. The gross margin was 32.0%, down 4.6 percentage points year-on-year but up 0.8 percentage points from the previous quarter [2][8]. - The net profit for Q3 2024 was CNY 149 million, reflecting a 35% year-on-year decline but a 32% quarter-on-quarter increase. The adjusted net profit, excluding non-recurring items, also showed a similar trend [2][8]. - The company’s forward P/E ratio is currently at 26.2x, which is below the historical average, suggesting room for valuation upside [2][12]. Earnings Forecast Adjustments - The report adjusts the earnings forecasts for 2024 and 2025, with expected revenues of CNY 3,342 million and CNY 4,089 million respectively, reflecting a 23% decrease from previous estimates [2][7]. - The gross profit for 2024 is projected at CNY 1,065 million, with a gross margin of 31.9%, and net profit is expected to be CNY 596 million, indicating a 46% increase from prior forecasts [2][7]. Valuation Analysis - The report employs a DCF valuation method, assuming a risk-free rate of 2.2% and a WACC of 13.5%. The target price of CNY 112.4 corresponds to a P/E of 32.3x for 2024 and 25.1x for 2025 [2][9][10]. - The company’s free cash flow projections indicate a significant increase in revenue and operating profit over the next several years, with a long-term growth rate assumption of 3% [2][9].

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company experienced a decline in revenue and net profit in the first three quarters of 2024, with total revenue of 2.415 billion yuan, down 7.80% year-on-year, and a net profit of 423 million yuan, down 35.69% year-on-year [1]. - Despite the current challenges, the company is expected to see a steady recovery in performance as industry conditions improve [1]. - The company's new energy vehicle (NEV) business is projected to continue growing, driven by downstream demand [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 2.415 billion yuan, a year-on-year decrease of 7.80%, and a net profit attributable to shareholders of 423 million yuan, a year-on-year decrease of 35.69% [1]. - In Q3 2024, the company achieved revenue of 881 million yuan, a quarter-on-quarter increase of 21.01%, but a year-on-year decrease of 5.30% [1]. - The net profit for Q3 2024 was 149 million yuan, reflecting a quarter-on-quarter increase of 33.03% but a year-on-year decline of 34.91% [1]. - The company anticipates net profits of 616 million yuan, 886 million yuan, and 1.147 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 37, 26, and 20 times [2][4]. Product and Market Developments - The company is accelerating the deployment of multiple products, particularly in the NEV sector, with significant growth in the sales of its 750V and 1200V automotive-grade IGBT modules [1]. - The company has successfully launched its self-developed automotive-grade SiC MOSFET chips, which are expected to see rapid volume growth in the coming years [1]. - The company is also solidifying its advantages in the power generation and energy storage sectors, with new applications for its IGBT modules in photovoltaic inverters [1].

Summary of the Earnings Call Company and Industry Overview - The earnings call pertains to ZTE Electronics, discussing their performance for Q3 2023 and the first nine months of the year. [1][2] Key Financial Metrics - Q3 revenue was 881 million yuan, a year-over-year decrease of 5.3% but an increase of 21.02% compared to Q2. [1] - Revenue for the first nine months was 2.414 billion yuan, down 7.8% year-over-year. [1] - Q3 net profit was 149 million yuan, a decline of 34.91% year-over-year but an increase of 32.49% from Q2. [1] - Net profit for the first nine months decreased by 35.9%. [1] - Gross margin for Q3 was 32%, slightly improved from Q2. [1] - Operating expenses ratio for Q3 was 8.64%, showing a slight decrease compared to the first half of the year. [2] Industry Insights - The overall demand in the public control industry has been weak this year, but the company’s revenue has remained stable without significant fluctuations. [2] - The automotive sector shows strong demand, although pricing remains a challenging factor. [2] - Price reductions have been observed across various sectors, with the automotive industry experiencing the most aggressive price cuts. [3] Product and Market Trends - The improvement in gross margin is attributed mainly to product structure optimization rather than significant price reductions. [4] - High-end products, such as large power modules, are expected to contribute positively to gross margins. [4][11] - The company is focusing on expanding its self-operated production lines and increasing product shipments. [5] - There is a positive outlook for Q4, with expectations of stronger demand in the public control sector compared to Q3. [7] Future Outlook - The company anticipates continued growth in demand from overseas clients, particularly in the automotive and public control sectors. [9] - The gross margin is expected to improve through cost control and product structure optimization. [10] - The company is exploring new high-voltage chip products related to the power grid, although no specific updates were provided. [13] Competitive Landscape - The company is monitoring competition in the silicon carbide market and is prepared to adapt its production strategies accordingly. [20] - There is a recognition of the need to innovate and optimize product structures to maintain competitiveness in the market. [18] Additional Considerations - The company is cautious about the impact of potential price reductions on gross margins and profitability but believes the effects will be manageable. [15] - The company is also exploring opportunities in energy storage, although it is expected that automotive demand will remain a more significant revenue driver. [17] This summary encapsulates the key points discussed during the earnings call, highlighting the company's financial performance, industry trends, product strategies, and future outlook.

Financial Performance - The company's operating revenue for Q3 2024 was ¥881,452,558.45, a decrease of 5.30% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was ¥148,578,504.14, down 34.91% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥144,935,115.17, a decrease of 33.95% compared to the same period last year[2] - The basic earnings per share for Q3 2024 was ¥0.62, reflecting a decline of 34.74% year-on-year[3] - The net profit attributable to shareholders for the year-to-date was ¥423,318,753.54, down 35.69% compared to the same period last year[2] - Net profit for the first three quarters of 2024 was CNY 428,105,159.93, down 35.7% from CNY 665,495,412.29 in the previous year[18] - The total comprehensive income for Q3 2024 was ¥428,094,117.09, down from ¥665,735,339.79 in Q3 2023, indicating a decrease of about 35.7%[20] - The basic and diluted earnings per share for Q3 2024 were both ¥1.77, compared to ¥2.75 in Q3 2023, reflecting a decline of approximately 35.7%[20] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥9,504,081,267.64, an increase of 12.03% from the end of the previous year[3] - Non-current assets totaled CNY 5,686,643,012.43, an increase of 38.2% from CNY 4,117,404,195.80 year-over-year[16] - Total assets reached CNY 9,504,081,267.64, up 12.0% from CNY 8,483,526,496.78 in the previous year[16] - Current liabilities increased to CNY 1,065,830,486.10, a rise of 54.1% from CNY 691,403,801.54 year-over-year[16] - Total liabilities amounted to CNY 2,849,211,203.28, up 43.3% from CNY 1,988,754,051.58 in the previous year[16] - Shareholders' equity increased to CNY 6,654,870,064.36, a rise of 2.5% from CNY 6,494,772,445.20 year-over-year[16] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥652,810,389.22, an increase of 199.33% compared to the same period last year[3] - Cash flow from operating activities for the first three quarters of 2024 was ¥652,810,389.22, an increase from ¥218,093,145.59 in the same period of 2023[21] - Cash inflow from investment activities for the first three quarters of 2024 was ¥2,691,800,052.08, compared to ¥1,269,134,438.37 in the same period of 2023, showing a significant increase[22] - The net cash flow from investment activities for the first three quarters of 2024 was -¥1,715,951,188.89, compared to -¥681,561,479.81 in the same period of 2023, indicating a worsening position[22] - The net cash flow from financing activities for the first three quarters of 2024 was ¥293,726,391.29, compared to ¥233,051,491.20 in the same period of 2023, showing an improvement[22] - The cash and cash equivalents at the end of Q3 2024 were ¥1,141,927,335.01, down from ¥2,635,678,424.69 at the end of Q3 2023[22] Shareholder Information - The total number of common shareholders at the end of the reporting period was 50,480[8] - The largest shareholder, Hong Kong Sida Holdings Limited, holds 99,773,520 shares, representing 41.68% of the total shares[9] - The company reported a total of 1,229,197 shares held by China Bank Co., Ltd. - Guotai CES Semiconductor Chip Industry ETF, accounting for 0.51% of total shares[10] - The company has no known related party relationships among the top ten shareholders[10] - The total number of shares held by the top ten shareholders remains unchanged from the previous period[11] Operational Challenges - The company reported a decrease in gross profit margin due to significant price reductions in some products, impacting revenue year-on-year[6] - The company reported a decrease in gross profit margin, reflecting challenges in maintaining profitability amid rising costs[18] - The company increased its R&D investment during the reporting period, contributing to the decline in net profit[6] - The company reported a decrease in sales revenue from ¥2,460,467,652.53 in the first three quarters of 2023 to ¥2,005,505,397.57 in the same period of 2024, a decline of approximately 18.5%[21] - The company did not execute any mergers or acquisitions during the reporting period[21] Cost Analysis - Total operating revenue for the first three quarters of 2024 was CNY 2,414,561,229.35, a decrease of 7.8% compared to CNY 2,618,693,664.16 in the same period of 2023[16] - Total operating costs increased to CNY 1,974,197,168.66, up 4.5% from CNY 1,888,685,658.93 year-over-year[18] - Research and development expenses rose to CNY 227,343,325.46, an increase of 24.6% compared to CNY 182,416,473.68 in the same period last year[18]

证券代码：603290 证券简称：斯达半导 公告编号：2024-045 斯达半导体股份有限公司 关于召开 2024 年第三季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： 投资者可于 2024 年 11 月 04 日(星期一) 至 11 月 08 日(星期五)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"）已于 2024 年 10 月 30 日发布 公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第 三季度经营成果、财务状况，公司计划于 2024 年 11 月 11 日 上午 11:00-12:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 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 年第三季度的经 营成 ...

证券代码：603290 证券简称：斯达半导 公告编号：2024-044 斯达半导体股份有限公司 第五届监事会第七次会议决议公告 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 年第三季度报 告》。 表决结果：3 票同意、0 票反对、0 票弃权。 特此公告。 斯达半导体股份有限公司监事会 2024 年 10 月 29 日 1 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"）第五届监事会第七次会议于 2024 年 10 月 21 日以书面、邮件、电话等方式发出通知，并于 2024 年 10 月 29 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 20 ...

斯达半导体股份有限公司（以下简称"公司"）第五届董事会第七次会议于 2024 年 10 月 21 日以书面、邮件、电话等方式发出通知，并于 2024 年 10 月 29 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 年第三季度报告的议案》。 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 年第三季度报 告》。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 证券代码：603290 证券简称：斯达半导 公告编号：2024-043 斯达半导体股份有限公司 第五届董事会第七次会议决议公告 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。 本议案已经公司第五届董事会审计委员会 ...

证券代码：603290 证券简称：斯达半导 公告编号：2024-042 斯达半导体股份有限公司 关于 2021 年非公开发行募投项目结项并将节余募集资金 永久补充流动资金的公告 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。 重要内容提示： 本次拟结项的募集资金投资项目：高压特色工艺功率芯片研发及产业 化项目、SiC 芯片研发及产业化项目、功率半导体模块生产线自动化改造项目、 补充流动资金项目。 结项后节余募集资金安排：节余募集资金 1,593.60 万元（实际节余募 集资金以划转资金日的银行专户资金余额为准）用以永久补充流动资金。 根据《上海证券交易所股票市规则》、《上海证券交易所上市公司自 律监管指引第 1 号——规范运作》、《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》等相关法律的规定，本次事项无需提交公司董 会会和股东大会审议。 一、 募集资金基本情况 三、 本次募投项目结项及资金节余情况 （一）本次结项募投项目的基本情况 公司非公开发行股票募集资金项目已全部完成建设并达到预定可使用状态 ...

特此回函。 香港斯达控股 2024 年 10月 09 日 关于斯达半导体股份有限公司 股价异常波动回复函 关于斯达半导体股份有限公司 股价异常波动回复函 斯达半导体股份有限公司 公司于 2024 年 10月 09 日送达的《关于斯达半导股票交易异常波 动有关事项的问询函》已收悉。本公司作为贵公司控股股东,经认真 核查,现就问询函中的相关事项回复如下: 截至本回函签署之日,不存在影响贵公司股票交易异常波动的重 大事项,不存在涉及贵公司应披露而未披露的重大信息,包括但不限 于正在筹划涉及公司的重大资产重组、股份发行、收购、债务重组、 业务重组、资产剥离、资产注入、股份回购、股权激励、破产重整、 重大业务合作、引进战略投资者等重大事项。在股票交易异常波动期 间不存在买卖贵公司股票的情形。 斯达半导体股份有限公司 公司于 2024年10月09日送达的《关于斯达半导股票交易异常波 动有关事项的问询函》已收悉。本人作为贵公司的实际控制人,经认 真核查,现就问询函中的相关事项回复如下: 截至本回函签署之日,本人不存在影响贵公司股票交易异常波动 的重大事项,不存在涉及贵公司应披露而未披露的重大信息,包括但 不限于正在筹划涉及 ...