Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved rapid growth in H1 2024, with revenue of 1.249 billion yuan, a year-on-year increase of 46.44%, and a net profit attributable to shareholders of 183 million yuan, a year-on-year increase of 636.99% [5][6] - The market conditions have significantly improved, and the company is expected to benefit from the launch of new products, maintaining a positive outlook for growth [5][6] Financial Performance Summary - In H1 2024, the company reported revenue of 1.249 billion yuan, up 46.44% year-on-year; net profit attributable to shareholders was 183 million yuan, up 636.99% year-on-year; and non-recurring net profit was 177 million yuan, up 1079.15% year-on-year [5] - The gross margin for H1 2024 was 35.91%, an increase of 1.99 percentage points year-on-year [5] - For Q2 2024, the company achieved revenue of 706 million yuan, a year-on-year increase of 34.83% and a quarter-on-quarter increase of 29.91% [5] Market and Product Development - The company is benefiting from a recovery in market conditions, with significant growth in its AIoT product line, particularly the flagship RK3588 chip [6] - New products such as the RK3576 and RK2118 chips are expected to drive growth in H2 2024, with ongoing improvements in gross margin anticipated due to product mix adjustments and supply chain support [7] - The company is positioned as a leader in AIoT SoC, with a comprehensive product matrix that includes various performance levels of CPUs, GPUs, and self-developed NPUs [7] Financial Forecasts - Revenue projections for 2024-2026 are updated to 5.06 billion yuan, 8.44 billion yuan, and 12.49 billion yuan, respectively, with corresponding P/E ratios of 42.8, 25.6, and 17.3 [5][8] - The company is expected to see a significant increase in net profit, with forecasts of 506 million yuan, 844 million yuan, and 1.249 billion yuan for 2024, 2025, and 2026, respectively [8]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 68.10 [1][5]. Core Insights - The company has shown a strong recovery in AIoT demand, with significant growth in its flagship chip RK3588. The revenue for Q2 2024 reached RMB 706 million, representing a year-over-year increase of 34.83% and a quarter-over-quarter increase of 29.91% [2][3]. - The gross margin improved to 36.86%, up 2.19 percentage points from the previous quarter, driven by product mix changes and effective cost control [2][3]. - The company is expected to benefit from the AIoT trend, with new product launches and a revamped marketing strategy aimed at enhancing product line focus [4][5]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a net profit of RMB 115 million, a year-over-year increase of 166.62% and a quarter-over-quarter increase of 70.17% [2]. - The gross margin for Q2 2024 was 36.86%, reflecting a year-over-year increase of 2.63 percentage points [3]. - The company has adjusted its net profit forecasts for 2024, 2025, and 2026 to RMB 4.05 billion, RMB 6.21 billion, and RMB 9.20 billion respectively [2][5]. Product Development - The company has launched several new products, including the RK3576 and RK2118 processors, which are expected to drive growth in the second half of the year [4]. - The company maintains a consistent R&D investment of approximately 20% of revenue, with R&D expenses for Q2 2024 amounting to RMB 141 million [3]. Market Outlook - The company is focusing on key sectors such as automotive electronics, machine vision, and industrial applications to enhance its product offerings and market presence [4]. - The marketing strategy has been restructured to be product line-oriented, aiming for better alignment with leading customers in target scenarios [4].

Financial Performance - Revenue for the first half of 2024 reached RMB 1,248,602,239.84, a 46.44% increase compared to the same period last year[20] - Net profit attributable to shareholders of the listed company was RMB 182,772,073.78, a significant increase of 636.99% year-over-year[20] - Net cash flow from operating activities surged to RMB 634,777,727.99, up 221.19% compared to the previous year[20] - Basic earnings per share (EPS) for the reporting period was RMB 0.44, a 633.33% increase from RMB 0.06 in the same period last year[21] - Weighted average return on equity (ROE) increased by 4.95 percentage points to 5.79%[21] - Total assets as of the end of the reporting period stood at RMB 3,799,515,966.45, an 8.33% increase from the end of the previous year[20] - The company's net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 176,853,597.59, a 1,079.15% increase year-over-year[20] - Diluted earnings per share (EPS) also rose to RMB 0.44, reflecting a 633.33% increase compared to the same period last year[21] - Revenue for the first half of 2024 reached 1.249 billion yuan, a year-on-year increase of 46.44%, with net profit surging 636.99% to 183 million yuan[47] - Gross margin increased by 1.99 percentage points to 35.91% compared to the same period in 2023, with further improvement expected through product structure adjustments and supply chain support[47] - Inventory decreased from 1.507 billion yuan in June 2023 to 1.031 billion yuan in June 2024, while operating cash flow improved significantly, reaching 635 million yuan in the first half of 2024, nearly matching the full-year 2023 level[48] - R&D expenses accounted for 20.84% of revenue, totaling 260 million yuan in the first half of 2024, maintaining a consistent 20% R&D-to-revenue ratio for the past 10 years[48] - Revenue increased by 46.44% to RMB 1,248,602,239.84, driven by growth in chip sales[59] - Operating costs rose by 42.03% to RMB 800,215,802.58, corresponding to the increase in chip sales[59] - Net cash flow from operating activities surged by 221.19% to RMB 634,777,727.99 due to increased sales and cash receipts[59] - Cash and cash equivalents grew by 45.01% to RMB 1,469,543,606.95, primarily due to higher revenue and increased collections[60] - Inventory decreased by 17.55% to RMB 1,031,377,667.76, reflecting higher chip sales and reduced stock levels[60] - R&D expenses remained stable at RMB 260,216,572.75, with a slight decrease of 0.01% compared to the previous year[59] - Accounts receivable increased by 3.25% to RMB 303,805,670.18, driven by higher sales[60] - Other receivables surged by 173.69% to RMB 28,801,144.55, mainly due to increased VAT refunds[60] - Sales expenses rose by 28.35% to RMB 26,460,236.54, attributed to increased sales personnel and employee compensation[59] - Total revenue for the first half of 2024 reached 3,170,501,350.25 RMB, with a significant increase in monetary funds to 1,469,543,606.95 RMB, up from 1,013,376,095.39 RMB at the end of 2023[141] - The company's trade receivables increased to 303,805,670.18 RMB, compared to 294,252,306.47 RMB at the end of 2023[141] - Inventory levels decreased to 1,031,377,667.76 RMB from 1,250,873,653.82 RMB at the end of 2023[141] - Other receivables saw a substantial increase to 28,801,144.55 RMB, up from 10,523,454.12 RMB at the end of 2023[141] - The company's total current assets increased to 3,170,501,350.25 RMB, up from 2,853,127,598.17 RMB at the end of 2023[141] - Non-current financial assets remained stable at 281,901,946.31 RMB[141] - Fixed assets decreased to 31,609,799.09 RMB from 40,433,289.19 RMB at the end of 2023[141] - Total assets increased to 3,799,515,966.45 RMB, up from 3,507,219,550.74 RMB in the previous period[142] - Non-current assets decreased to 629,014,616.20 RMB from 654,091,952.57 RMB[142] - Current liabilities rose to 584,014,511.88 RMB compared to 420,588,605.83 RMB[142] - Owner's equity increased to 3,184,672,367.57 RMB from 3,060,740,090.06 RMB[143] - Monetary funds grew to 1,458,219,849.45 RMB from 1,000,176,619.79 RMB[145] - Inventory decreased to 1,024,463,608.67 RMB from 1,250,085,617.23 RMB[145] - Total liabilities increased to 614,843,598.88 RMB from 446,479,460.68 RMB[143] - Retained earnings rose to 1,083,123,670.46 RMB from 983,943,666.68 RMB[143] - Accounts payable increased to 327,497,908.20 RMB from 274,767,114.79 RMB[142] - Long-term equity investments increased to 128,439,410.00 RMB from 126,705,900.00 RMB[146] - Total operating revenue for the first half of 2024 reached 1,248,602,239.84 RMB, a significant increase from 852,643,448.14 RMB in the same period of 2023[149] - Operating profit for the first half of 2024 was 181,619,273.58 RMB, compared to a loss of 13,345,491.23 RMB in the first half of 2023[150] - Net profit for the first half of 2024 was 182,772,073.78 RMB, a substantial improvement from 24,799,813.66 RMB in the same period of 2023[150] - R&D expenses for the first half of 2024 were 260,216,572.75 RMB, slightly lower than 260,251,287.57 RMB in the first half of 2023[149] - Interest income for the first half of 2024 was 21,023,507.35 RMB, more than double the 8,196,920.41 RMB recorded in the first half of 2023[149] - Other income for the first half of 2024 was 37,037,771.29 RMB, compared to 17,137,557.68 RMB in the same period of 2023[149] - Basic earnings per share for the first half of 2024 were 0.44 RMB, up from 0.06 RMB in the first half of 2023[150] - Total comprehensive income for the first half of 2024 was 182,789,111.42 RMB, a significant increase from 24,965,643.15 RMB in the same period of 2023[150] - Sales expenses for the first half of 2024 were 26,460,236.54 RMB, up from 20,615,439.91 RMB in the first half of 2023[149] - Management expenses for the first half of 2024 were 44,080,839.64 RMB, a decrease from 49,624,854.71 RMB in the same period of 2023[149] - Sales of goods and services received cash of 1.325 billion yuan, a 43.5% increase from 923.5 million yuan in the same period last year[154] - Net cash flow from operating activities increased by 221.2% to 634.8 million yuan compared to 197.6 million yuan in the previous year[154] - Cash received from tax refunds decreased by 26.2% to 65.9 million yuan from 89.2 million yuan in the same period last year[154] - Net cash flow from investing activities was -182.3 million yuan, a significant decrease from -75.3 million yuan in the previous year[155] - Cash received from other investing activities dropped by 55.4% to 267 million yuan from 598 million yuan in the same period last year[155] - Net cash flow from financing activities was -6.4 million yuan, a sharp decline from 13.2 million yuan in the previous year[155] - Cash and cash equivalents at the end of the period increased by 75.2% to 1.448 billion yuan from 826.7 million yuan in the same period last year[155] - Parent company's net cash flow from operating activities rose by 233.3% to 644.6 million yuan compared to 193.4 million yuan in the previous year[157] - Parent company's net cash flow from investing activities was -192 million yuan, a significant decrease from -76 million yuan in the same period last year[158] - Parent company's cash and cash equivalents at the end of the period increased by 77.3% to 1.437 billion yuan from 810.9 million yuan in the previous year[158] - Total owner's equity at the end of the period increased to 3,184,672,367.57, up from 3,060,740,090.06 at the beginning of the period[161] - Comprehensive income for the period amounted to 182,789,111.42[161] - Owner's equity increased by 123,932,277.51 during the period, driven by a 15,140,775.09 increase in capital reserve and a 99,180,003.78 increase in undistributed profits[161] - Total owner's equity at the end of the period decreased to 2,920,354,658.28, down from 2,920,354,658.28 at the beginning of the period[162] - Comprehensive income for the period amounted to 24,965,643.15[162] - Owner's equity decreased by 30,361,647.73 during the period, driven by a 7,315,912.00 decrease in treasury stock and a 79,571,461.34 decrease in undistributed profits[162] - Total owner's equity at the end of the period is RMB 2,889,993,010.55[163] - Owner's investment in ordinary shares amounts to RMB 28,036,777.64[163] - Share-based payment included in owner's equity is RMB 18,687,100.00[163] - Profit distribution to owners (or shareholders) is RMB -104,394,525.00[163] - Comprehensive income for the period totals RMB 202,052,127.73[166] - Owner's investment and capital reduction amount to RMB 24,735,236.09[166] - Profit distribution to owners (or shareholders) is RMB -83,620,420.00[166] - Total owner's equity at the beginning of the period is RMB 3,032,844,119.29[166] - Changes in owner's equity during the period amount to RMB 143,195,293.82[166] - Other comprehensive income transferred to retained earnings is RMB -941,886.00[166] - The company's total owner's equity at the end of the period was RMB 2,839,173,983.43, a decrease of RMB 20,409,903.43 compared to the beginning of the period[169] - Comprehensive income for the period was RMB 34,917,387.45[167] - Owner's capital contribution and reduction amounted to RMB 49,043,984.12, including RMB 28,036,777.64 from ordinary shares and RMB 18,687,100.00 from equity-settled share-based payments[167] - Profit distribution to owners (or shareholders) was RMB -104,394,525.00[167] Market and Industry Trends - Global semiconductor market growth forecast for 2024 revised upward to 16.0%, with an expected market size of 6,112 billion USD[27] - China's integrated circuit production in H1 2024 reached 207.1 billion units, a year-on-year increase of 28.9%[27] - China's integrated circuit imports in H1 2024 totaled 258.9 billion units, valued at 179.1 billion USD, up 14.1% and 10.8% YoY respectively[27] - China's integrated circuit exports in H1 2024 reached 139.3 billion units, valued at 76.4 billion USD, up 9.5% and 21.6% YoY respectively[27] - Key policies in 2024 include tax incentives for IC design and software enterprises, and initiatives to promote equipment updates and consumer goods replacement[28][29] Product and Technology - The company is a leading AIoT SoC chip designer in China, focusing on "big audio, big video, big sensing, and big software" technological directions[31] - Main products include AI application processors (e.g., RK3588, RK3576 series) with NPU capabilities ranging from 0.2TOPs to 6TOPs[34] - The company operates under a Fabless model, focusing on chip design and outsourcing manufacturing and testing[30] - The company launched specialized versions of products such as RK3588J and RK3568J for industrial and automotive applications, with features like high reliability and strong anti-interference capabilities[35] - The RK3588M chip, widely used in automotive smart cockpits, supports "one chip driving seven screens" and AVM (Around View Monitor) functions, winning the "2023 Automotive Electronics Science and Technology Award" and "Excellence in Innovation Product Award"[35] - The company's traditional smart application processor chips, including RK3399, RK3288, RK3368, RK3326, and RK3528 series, cater to diverse downstream product needs with varying CPU and GPU performance levels[35] - The company's mixed-signal chips, including power management, interface conversion, and wireless connectivity chips, enhance the competitiveness of its overall hardware solutions[36] - The company's AI algorithms, such as video super-resolution (SR), AI picture quality enhancement (AI PQ), and AI ISP, significantly improve video and visual processing capabilities[40][41] - The company's product lines cover automotive electronics, machine vision, industrial applications, education, smart home, and consumer electronics, making it one of the most diversified AIoT product providers in China[42] - The company launched the RK3576, a mid-to-high-end AIoT processor with 6TOPs NPU, supporting 4K@120Hz display and 8K decoding, targeting applications like smart cockpits, tablets, and industrial devices[49] - RK2118, a new AI audio processor, integrates multi-core DSP and AI audio algorithms, targeting applications such as car audio, smart speakers, and conference systems[50] - The company is advancing the development of AI co-processors to meet the growing demand for edge and device-side AI computing power[51] - In the automotive electronics sector, the RK3588M gained further market recognition, with increased customer engagements and project numbers, while RK2118M is undergoing vehicle testing[53] - The company expanded its machine vision product lineup with the RK3576 and RV1103B/C, targeting applications like IPC, smart doorbells, and industrial cameras[54] - In the audio sector, the company released the RK2118 and is developing audio CODEC and amplifier chips, enhancing AI noise reduction and voice interaction technologies[55] Intellectual Property and Innovation - The company has applied for 1,233 patents (1,175 invention patents, 41 utility model patents, and 17 design patents) and obtained 702 authorized patents (644 invention patents, 41 utility model patents, and 17 design patents) as of June 30, 2024[38] - The flagship chip RK3588 leads the company's "goose formation" strategy, driving breakthroughs in AIoT fields with its high performance and rich IP integration[39] Partnerships and Market Presence - The company has established long-term partnerships with thousands of terminal clients, including Alibaba, BYD, Baidu, and Xiaomi, enhancing its market insights and solution competitiveness[43] Workforce and R&D - The company has 956 employees, with 740 (77.41%) in R&D, and 883 (92.36%) holding bachelor's degrees or higher, reflecting a highly educated and young workforce[45] Risks and Challenges - The company faces risks from intensified market competition, which may lead to a decline in average industry profit margins and reduced market share[68] - Rising labor costs and potential talent loss pose risks to the company's competitive position and profitability[69] - The company's Fabless business model exposes it to supply chain risks, including potential disruptions from natural disasters, geopolitical tensions, and trade conflicts[70][71] - The company is at risk of trade secret leaks, which could result in loss of competitive advantage and market share[72] - Legal compliance risks are increasing due to global economic uncertainties and evolving regulations[73] - The company faces potential intellectual property disputes and infringement risks as it expands its product applications and technology scope[74] - The company is exposed to risks from unforeseen events such as natural disasters, wars, and epidemics, which could adversely affect its operations and profitability[75] Stock and Equity - The company granted 4.797 million stock options to 284 incentive recipients, with an exercise price of 44.82 yuan per share[84] - The company canceled a total of 1.3916 million stock options and repurchased and canceled 465,000 restricted shares due to unmet exercise conditions and employee departures[84] - The company granted 120,000 restricted shares to 5 incentive recipients at a grant price of 34.27 yuan per share[84] - The company completed the registration of the first grant of stock options under the 2024 incentive plan, issuing 4.797 million options[

上述股票期权注销相关议案已经公司第三届董事会第三十二次会议和第三 届监事会第三十次会议审议通过。具体内容详见公司于《上海证券报》《证券日 报》《中国证券报》《证券时报》及上海证券交易所网站（www.sse.com.cn）披 露的《瑞芯微电子股份有限公司关于注销部分股票期权的公告》（公告编号：2024- 054）。 瑞芯微电子股份有限公司 关于部分股票期权注销完成的公告 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。 瑞芯微电子股份有限公司（以下简称"公司"）于近日在中国证券登记结算 有限责任公司上海分公司办理完毕 58,000 份股票期权注销事宜。 证券代码：603893 证券简称：瑞芯微 公告编号：2024-055 本次注销股票期权事项不影响公司股本结构，不会对公司的财务状况和经营 成果产生实质性影响，且不影响公司 2020 年股票期权与限制性股票激励计划、 2022 年股票期权与限制性股票激励计划、2022 年第二期股票期权与限制性股票 激励计划及 2024 年股票期权与限制性股票激励计划的继续实施。 特此公告。 瑞 ...

证券代码：603893 证券简称：瑞芯微 公告编号：2024-049 上述 2023 年度利润分配预案中现金分红的数额暂按 2023 年 12 月 31 日公司 总股本 418,102,100 股计算，实际派发现金红利总额将以 2023 年度利润分配预案 实施股权登记日的总股本计算为准。 在实施权益分派的股权登记日前若公司总股本发生变动的，拟维持每股分配 比例不变，相应调整分配总额。 具体内容详见公司 2024 年 4 月 15 日刊登于《上海证券报》《证券日报》《中 国证券报》《证券时报》及上海证券交易所网站（www.sse.com.cn）的《瑞芯微 电子股份有限公司 2023 年度利润分配预案公告》（公告编号：2024-019）。 二、调整利润分配现金分红总额的说明 瑞芯微电子股份有限公司 关于调整 2023 年度利润分配现金分红总额的公告 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。 一、2023 年度利润分配预案概述 瑞芯微电子股份有限公司（以下简称"公司"）分别于 2024 年 4 月 12 日、 2024 年 6 ...

证券代码：603893 证券简称：瑞芯微 公告编号：2024-050 瑞芯微电子股份有限公司 2023 年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.20 元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/8/6 | － | 2024/8/7 | 2024/8/7 | 1 1. 发放年度：2023 年年度 2. 分派对象： 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 6 月 28 日的 2023 年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股 东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本 418,30 ...

关于董事会、监事会延期换届选举的提示性公告 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。 瑞芯微电子股份有限公司（以下简称"公司"）第三届董事会、监事会任期 于 2024 年 7 月 25 日届满。鉴于公司新一届董事会、监事会的候选人提名工作尚 未完成，公司董事会、监事会换届选举工作将延期进行，公司董事会专门委员会 及高级管理人员的任期亦相应顺延。 在公司董事会、监事会换届选举工作完成前，公司第三届董事会及全体董事、 第三届监事会及全体监事、高级管理人员将继续依照法律、行政法规和《公司章 程》等相关规定继续履行相应的职责和义务。 公司董事会、监事会延期换届选举不会对公司的正常生产经营产生影响。公 司将积极推进董事会、监事会的换届选举工作，并按照相关规定及时履行信息披 露义务。 特此公告。 瑞芯微电子股份有限公司董事会 2024 年 7 月 26 日 证券代码：603893 证券简称：瑞芯微 公告编号：2024-048 瑞芯微电子股份有限公司 1 ...

Investment Rating - The report maintains an "Outperform" rating for Rockchip Microelectronics [2] Core Views - Rockchip Microelectronics is expected to achieve significant growth in net profit attributable to the parent company in the first half of 2024, with a projected increase of 543.15% to 686.29% YoY, reaching between 159.5 million yuan and 195 million yuan [4] - The company continues to penetrate various product lines in the AIoT sector, with breakthroughs in automotive electronics, machine vision, industrial applications, education, and consumer electronics [4] - Rockchip maintains a high R&D investment, with approximately 20% of revenue allocated to R&D for 10 consecutive years, focusing on edge and end-side AIoT chips in 2024 [4] Financial Performance and Forecast - Revenue is expected to grow by 26.8% YoY in 2024, reaching 2.706 billion yuan, with further growth of 26.8% and 26.9% projected for 2025 and 2026, respectively [6] - Net profit is forecasted to increase by 170.9% YoY in 2024, reaching 365 million yuan, with continued growth of 51.9% and 26.0% in 2025 and 2026 [6] - Gross margin is expected to stabilize at around 35.2% to 35.3% from 2024 to 2026 [6] Valuation and EPS Forecast - The report forecasts EPS for Rockchip Microelectronics at 0.87 yuan, 1.33 yuan, and 1.67 yuan for 2024, 2025, and 2026, respectively [5] - A PS valuation range of 12-13x is applied for 2024, corresponding to a reasonable value range of 77.65-84.12 yuan [5] Market Performance - Rockchip's stock has shown strong performance with absolute gains of 8.7%, 19.0%, and 22.2% over the past 1, 2, and 3 months, respectively [3] - Relative gains compared to the CSI 300 index were 10.3%, 24.6%, and 24.0% over the same periods [3] Industry Comparison - Comparable companies in the industry, such as Cambricon and ASR Microelectronics, show varying PS ratios, with Cambricon at 72.4x and ASR at 4.6x for 2023 [7] - The average PS ratio for comparable companies is 27.0x for 2023 and 16.6x for 2024 [7]

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 AIoT 市场复苏,公司 H1 业绩超预期 ——瑞芯微半年报业绩预告点评 [table_Authors 舒迪](分析师) 陈豪杰(研究助理) 021-38676666 021-38038663 shudi@gtjas.com chenhaojie026733@gtjas.com 登记编号 S0880521070002 S0880122080153 本报告导读: 公司 2024H1 业绩预计同比高增,AIoT 渗透助力业绩增长。公司为 AIoT SoC 芯片 领先供应商,持续发力端侧 AIoT 芯片。 投资要点: [Table_Summary 维持"增持"]评级,维持目标价至 91.74 元。24 年 Q1 需求开始逐步向 上,进入强补库周期,Q2 无论是营收还是利润均超预期恢复,故上调 24-25 年 EPS 为 1.06/1.62 元,并新增 26 年 EPS 为 2.16 元(原值 24- 25 年 EPS 为 0.98/1.37 元)。公司 AIoT 全面布局,下游各领域持续增 长,考虑到数字 SoC 行业中可比公司 2024 年平均估值为 ...

电子/半导体 瑞芯微(603893.SH) 2024 年 07 月 12 日 投资评级:买入(维持) | --- | --- | |--------------------|-------------| | 日期 | 2024/7/12 | | 当前股价(元) | 67.63 | | 一年最高最低(元) | 83.00/39.89 | | 总市值(亿元) | 282.81 | | 流通市值(亿元) | 282.67 | | 总股本(亿股) | 4.18 | | 流通股本(亿股) | 4.18 | | 近 3 个月换手率(%) | 65.97 | 股价走势图 瑞芯微 沪深300 -48% -32% -16% 0% 16% 2023-07 2023-11 2024-03 2024-07 数据来源:聚源 相关研究报告 《2023Q4 业绩同比高增,端侧 AI 落 地驱动成长—公司信息更新报告》 -2024.4.16 《2023Q4 业绩同比高增,端侧 AI 落 地成长动力充足—公司信息更新报 告》-2024.1.24 《2023Q3 业绩同比高增,智能座舱领 域放量前景可期—公司信息更新报 告》-2023.10.2 ...