国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 -33% -24% -15% -7% 2% 11% 2023-09 2024-01 2024-05 2024-09 ——瑞芯微更新报告 本报告导读： [Table_Market] 交易数据 投资要点： [Table_PicQuote] 52周股价走势图 瑞芯微 上证指数 AIoT 芯片平台化布局，24Q2 营收同比高增 瑞芯微(603893) 电子元器件 [Table_Industry] /信息科技 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Target] 目标价格： 91.42 上次预测: 91.42 [当前价格： Table_CurPrice] 49.38 [table_Authors] 舒迪(分析师) 陈豪杰(分析师) 021-38676666 021-38038663 shudi@gtjas.com chenhaojie026733@gtjas.com 登记编号 S0880521 ...

公 司 研 究 瑞芯微（603893.SH） 2024 年 08 月 28 日 2024H1 业绩高速增长，开启新一轮成长周期 ——公司信息更新报告 投资评级：买入（维持） 罗通（分析师） 周勃宇（联系人） luotong@kysec.cn 证书编号：S0790522070002 zhouboyu@kysec.cn 证书编号：S0790124070036 | --- | --- | |--------------------|-------------| | 日期 | 2024/8/27 | | 当前股价(元) | 51.73 | | 一年最高最低(元) | 72.70/39.89 | | 总市值(亿元) | 216.39 | | 流通市值(亿元) | 216.28 | | 总股本(亿股) | 4.18 | | 流通股本(亿股) | 4.18 | | 近 3 个月换手率(%) | 67.98 | 2024H1 业绩高速增长，看好新产品放量带来的业绩增量，维持"买入"评级 2024H1 公司实现营收 12.49 亿元，同比+46.44%；归母净利润 1.83 亿元，同比 +636.99%；扣非净利润 1.77 ...

AIoT 需求恢复，RK3588 增长突出 | --- | |-----------------------------| | 华泰研究 | | 2024 年 8 月 27 日│中国内地 | 研究员 谢春生 SAC No. S0570519080006 SFC No. BQZ938 xiechunsheng@htsc.com +(86) 21 2987 2036 研究员 张皓怡 SAC No. S0570522020001 zhanghaoyi@htsc.com +(86) 21 2897 2228 研究员 陈钰 SAC No. S0570523120001 chenyu019111@htsc.com +(86) 21 2897 2228 联系人 林文富 SAC No. S0570123070167 linwenfu@htsc.com +(86) 21 2897 2228 2Q24：AIOT 需求恢复好于预期，毛利率持续改善 公司 2Q24 实现营收 7.06 亿元（yoy：+34.83%，qoq：+29.91%），归母净 利润 1.15 亿元（yoy：+166.62%，qoq：+70.17%），略高于此前预 ...

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[

[Table_MainInfo] 公司研究/信息设备/半导体产品与半导体设备 证券研究报告 瑞芯微(603893)公司跟踪报告 2024 年 07 月 24 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |---------------------------------------------|----------------| | 07[Table_StockInfo 月 23日收盘价(元)] | 65.13 | | 52 周股价波动(元) | 39.89-78.36 | | 总股本/流通 A 股(百万股) | 418/418 | | 总市值/流通市值(百万元) | 27236/27222 | | 相关研究 | | | [Table_ReportInfo] 《瑞芯微:深耕 AIoT 领域, | SoC 生态赋能》 | 2024.03.04 市场表现 [Table_QuoteInfo] [Table_AuthorInfo] 分析师:张晓飞 Email:zxf15282@haitong.com 证书:S0850523030002 分析师:华晋书 Te ...

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 ...

2024 年 07 月 11 日 公司研究●证券研究报告 瑞芯微(603893.SH) 公司快报 市场需求逐步复苏,新一轮成长周期确立 事件点评:公司发布 2024 年半年度业绩预告,公司预计 2024 年半年度实现归属于母 公司所有者的净利润 15,950 万元到 19,500 万元,与上年同期相比,将增加 13,470 万元到 17,020 万元,同比增长 543.15%到 686.29%;预计 2024 年半年度实现归属 于母公司所有者的扣除非经常性损益的净利润 15,360 万元到 18,900 万元,与上年同 期相比,增加 13,860 万元到 17,400 万元,同比增长 924.00%到 1,160.00%。 市场需求逐步复苏,Q2 业绩超预期:根据公司发布的业绩预告显示,2024 年上半 年,市场需求逐步复苏,AIoT 迎来增长。报告期内,依托 AIoT 产品布局优势,公 司在 AIoT 各产品线持续渗透,在汽车电子、机器视觉、工业应用、教育及消费电 子等领域继续突破。公司预计 2024 年半年度实现归属于母公司所有者的净利润 15,950 万元到 19,500 万元,与上年同期相比,将增加 ...

证券代码：603893 证券简称：瑞芯微 公告编号：2024-047 瑞芯微电子股份有限公司 2024 年半年度业绩预告 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： 瑞芯微电子股份有限公司（以下简称"公司"）预计 2024 年半年度实现 归属于母公司所有者的净利润 15,950 万元到 19,500 万元，与上年同期相比，将 增加 13,470 万元到 17,020 万元，同比增长 543.15%到 686.29%。 预计 2024 年半年度实现归属于母公司所有者的扣除非经常性损益的净 利润 15,360 万元到 18,900 万元，与上年同期相比，增加 13,860 万元到 17,400 万 元，同比增长 924.00%到 1,160.00%。 一、本期业绩预告情况 （一）业绩预告期间 2024 年 1 月 1 日至 2024 年 6 月 30 日。 （二）业绩预告情况 1、预计 2024 年半年度实现归属于母公司所有者的净利润 15,950 万元到 19,500 万元，与上年同期相比，将增加 13,47 ...

证券代码：603893 证券简称：瑞芯微 瑞芯微电子股份有限公司 投资者关系活动记录表 （2023 年度暨 2024 年第一季度业绩说明会） | --- | --- | --- | --- | --- | --- | |------------|-----------------------------------------------------------------------------------------|------------------------------------------------|--------------------------------------------------------|-------|---------------------------------------------------------------------------------------------------------------------------| | | | | | | | | 投资者关系 | □特定对象调研 □分析师会议 □媒体采访 | | | | 业绩说明会 | ...