Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance forecast for the first three quarters of 2024 is expected to grow by +48.50%, with projected net profit attributable to shareholders ranging from 340 to 360 million yuan, and non-recurring net profit expected between 330 to 350 million yuan. The revenue for Q3 2024 is anticipated to reach 911 million yuan, representing a year-on-year increase of +51.42% and a quarter-on-quarter increase of +29.18% [1] - The growth is driven by the demand for AIoT products, supported by the company's advantages in AIoT chip matrix layout and technology in AI algorithms. New products such as RK3576, RK2118, and RV1103B are successfully being introduced to leading customers in various downstream sectors [1] - The company has adjusted its profit forecasts for 2024-2026, now estimating net profits of 548 million, 855 million, and 1.25 billion yuan respectively, with corresponding P/E ratios of 51.9, 33.3, and 22.8 times [1] Financial Summary - For 2024, the company expects revenue of 3.273 billion yuan, a year-on-year increase of +53.3%. The net profit attributable to shareholders is projected at 548 million yuan, reflecting a significant year-on-year growth of +306.1% [4] - The gross margin is expected to be 36.1% in 2024, with a net margin of 16.7% and a return on equity (ROE) of 15.5% [4][8] - The company's total assets are projected to reach 4.282 billion yuan by 2024, with total liabilities of 757 million yuan, indicating a healthy balance sheet [7][8]

Revenue Projections - The company expects to achieve approximately CNY 2.16 billion in revenue for the first three quarters of 2024, an increase of about CNY 705.46 million, representing a year-on-year growth of approximately 48.50%[2] - For Q3 2024, the company anticipates revenue of approximately CNY 911.40 million, reflecting a year-on-year increase of approximately 51.42% and a quarter-on-quarter increase of approximately 29.18%[2] Profit Projections - The projected net profit attributable to the parent company for the first three quarters of 2024 is between CNY 340 million and CNY 360 million, an increase of CNY 262.68 million to CNY 282.68 million, translating to a year-on-year growth of 339.75% to 365.62%[4] - In Q3 2024, the expected net profit attributable to the parent company is between CNY 157.23 million and CNY 177.23 million, showing a year-on-year increase of 199.39% to 237.47% and a quarter-on-quarter increase of 36.57% to 53.95%[4] - The net profit after deducting non-recurring gains and losses for the first three quarters of 2024 is projected to be between CNY 330 million and CNY 350 million, an increase of CNY 263.58 million to CNY 283.58 million, representing a year-on-year growth of 396.86% to 426.98%[4] - The company reported a net profit of CNY 77.32 million in the same period last year, indicating substantial growth in profitability this year[5] Product Development and Market Demand - The company has introduced new products such as RK3576, RK2118, and RV1103B, which are rapidly entering target markets and contributing to new revenue growth[6] - The company has seen significant demand growth across its AIoT product lines, leveraging its RK3588 series as a flagship product to enhance market share[6] Seasonal Trends and Risks - The third quarter is traditionally a peak season for the industry, contributing to record quarterly revenue and profit figures for the company[6] - The company emphasizes that the performance forecast is based on preliminary estimates and has not been audited by registered accountants, urging investors to be aware of investment risks[7]

证券代码：603893 证券简称：瑞芯微 公告编号：2024-060 瑞芯微电子股份有限公司 股票交易异常波动公告 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： 瑞芯微电子股份有限公司（以下简称"公司"或"本公司"）股票于 2024 年 9 月 30 日、10 月 8 日、10 月 9 日连续 3 个交易日内日收盘价格涨幅偏离值累 计超过 20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异常 波动情形。 请广大投资者理性投资，注意二级市场交易风险。 一、股票交易异常波动的具体情况 公司股票于 2024 年 9 月 30 日、10 月 8 日、10 月 9 日连续 3 个交易日内日 收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规 定，属于股票交易异常波动情形。 二、公司关注并核实的相关情况 针对公司股票交易异常波动的情况，公司对有关事项进行了核查，并发函问 询了公司控股股东、实际控制人，现将有关情况说明如下： （一）生产经营情况 经公司自查，公司目前经营活动正常， ...

关于瑞芯微电子股份有限公司 公司于2024年10月9日送达的《关于瑞芯微电子股份有限公司股票 交易异常波动问询函》已收悉。经认真核查,现就问询函中的相关事项 回复如下: 截至目前,本人作为公司的控股股东、实际控制人,不存在涉及公 司应披露而未披露的重大信息,未筹划与公司有关的重大资产重组、股份 发行、重大交易类事项、业务重组、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。在本次公司股票交易异常波动期间, 本人不存在买卖公司股票的情形。 特此回复。 (以下无正文) (此页无正文,为《关于瑞芯微电子股份有限公司股票交易异常波动 问询函的回复》之签署页) 控股股东、实际控制人:_ 励民 2024年 10月 9 日 股票交易异常波动问询函的回复 瑞芯微电子股份有限公司: ...

证券代码：603893 证券简称：瑞芯微 公告编号：2024-059 瑞芯微电子股份有限公司 关于 2020 年股票期权与限制性股票激励计划 2024 年第三季度自主行权结果暨股份变动的公告 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： 2、2020 年 6 月 18 日，公司分别召开第二届董事会第十二次会议及第二届 监事会第八次会议，审议通过《关于<瑞芯微电子股份有限公司 2020 年股票期权 与限制性股票激励计划（草案修订稿）>及其摘要的议案》及相关事项的议案。 1、2020 年 5 月 21 日，公司分别召开第二届董事会第十次会议及第二届监 事会第六次会议，审议通过《关于<福州瑞芯微电子股份有限公司 2020 年股票期 权与限制性股票激励计划（草案）>及其摘要的议案》《关于<福州瑞芯微电子 股份有限公司 2020 年股票期权与限制性股票激励计划实施考核管理办法>的议 案》等相关议案。公司独立董事对本次股权激励计划相关事项发表了独立意见。 监事会对本次股权激励计划相关事项进行核实并出具了相关核查意见。 1 ...

Product Performance - RK3588 and RK3576 have distinct market positions, with RK3588 targeting high-end applications and RK3576 focusing on mid-range products, enhancing the company's competitive edge in AIoT [2][3] - RK3576 has gained significant traction with numerous design-ins from key clients in sectors like tablets and interactive displays, entering mass production [3] - The company reported a revenue of CNY 12.49 billion in the first half of 2024, a year-on-year increase of 46.44%, with a net profit of CNY 1.83 billion, reflecting a substantial growth of 636.99% [6][7] Market Strategy - The company emphasizes a diverse product lineup in the AIoT sector, catering to various market needs and ensuring a broad customer base [3][4] - The AIoT market is characterized by fragmentation, making it challenging to achieve large-scale sales in a single segment, yet the company maintains a strong presence across multiple applications [3][4] - The company plans to introduce next-generation flagship chips with advanced processes to enhance performance in the AIoT general computing platform [4][6] Competitive Landscape - The company utilizes an 8nm process for RK3588 and RK3576, which provides a competitive advantage in power consumption compared to competitors using 6nm technology [3][4] - Despite potential tariff increases in the U.S. market, the company reports that over 95% of its sales are through distribution channels, minimizing direct impact [5][6] - The company is focused on maintaining high R&D investment to continuously innovate and improve its AIoT chip matrix [6][7] Future Outlook - The company anticipates continued growth in the second half of 2024, driven by seasonal demand in the electronics industry and the ongoing rollout of new products [5][6] - The introduction of new products like RK3576 and RK2118 is expected to create additional growth points in the latter half of the year [5][6] - The company has not provided specific performance guidance for the second half of 2024 but remains optimistic about maintaining growth trends [7][8]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The AIoT sector is experiencing a recovery in market conditions, with new products expected to ramp up in the second half of the year. The company reported a revenue of 1.249 billion yuan for the first half of 2024, representing a year-on-year growth of 46.44%, and a net profit of 183 million yuan, showing a significant year-on-year increase of 636.99% [5] - The company is enhancing its AIoT chip platform layout and focusing on market promotion in key areas. It aims to provide a series of AIoT SoC chips for various scenarios, with a particular emphasis on machine vision and automotive electronics as core industries [5] - Earnings forecasts suggest that the company's EPS for 2024, 2025, and 2026 will be 0.92 yuan, 1.33 yuan, and 1.67 yuan per share, respectively. Based on comparable company valuation levels, a PS valuation range of 9-10 times is suggested for 2024, corresponding to a fair value range of 58.22-64.69 yuan [5] Financial Summary - The company's projected revenue for 2024 is 2.706 billion yuan, with a year-on-year growth of 26.8%. The net profit is expected to reach 383 million yuan, reflecting a year-on-year growth of 183.8% [6][8] - The gross margin is forecasted to be 35.2% in 2024, with a net asset return rate of 11.0% [6][8] - The company’s total assets are projected to be 4.038 billion yuan by 2024, with a debt-to-asset ratio of 14.1% [9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 91.42 CNY [4][6]. Core Insights - The company's flagship chip continues to gain traction, with significant growth across various AIoT product lines. The AIoT chip platform strategy is showing sustained penetration [4]. - For the first half of 2024, the company achieved revenue of 1.249 billion CNY, a year-on-year increase of 46.44%, and a net profit attributable to shareholders of 183 million CNY, a year-on-year increase of 636.99% [4]. - The company is one of the few domestic players advancing into 8nm technology, justifying a valuation premium with a projected 2024 PE of 86 times, compared to an average of 55 times for comparable companies [4]. Financial Summary - Revenue for 2024 is projected to be 3.275 billion CNY, reflecting a growth of 53.4% from 2023 [5]. - The net profit attributable to shareholders is expected to reach 444 million CNY in 2024, a significant increase of 228.8% compared to 2023 [5]. - The earnings per share (EPS) forecast for 2024 is 1.06 CNY, with projections of 1.62 CNY and 2.16 CNY for 2025 and 2026, respectively [4][5]. Business Segments - The chip sales business generated revenue of 1.239 billion CNY in 2024H1, with the smart application processor chips contributing 1.105 billion CNY and mixed-signal chips contributing 112 million CNY [4]. - The automotive electronics segment has made significant progress, with increased market recognition for the RK3588M chip in smart cockpit applications [4]. - The company is expanding its product lines in various sectors, including machine vision, operator services, audio, and industrial applications, enhancing its AIoT platform capabilities [4].

一、说明会类型 本次投资者说明会以网络文字互动形式召开，公司将针对 2024 年半年度的 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，在信息披露允许 的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 证券代码：603893 证券简称：瑞芯微 公告编号：2024-058 瑞芯微电子股份有限公司 关于召开 2024 年半年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个别及连带责任。 重要内容提示： 投资者可于 2024 年 9 月 19 日（星期四）下午 16:00 前登录业绩说明会 问题征集专题页面（网址：https://ir.p5w.net/zj/）或通过公司邮箱 ir@rock-chips.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。 瑞芯微电子股份有限公司（以下简称"公司"）已于 2024 年 8 月 27 日披露 《2024 年半年度报告》，为便于广大投资者更全面深入地了解公司 2024 年半年 度的经营成果和财务状况，公司计划于 2024 年 9 月 2 ...

证券代码：603893 证券简称：瑞芯微 公告编号：2024-057 瑞芯微电子股份有限公司 股东减持股份计划时间届满暨减持股份结果公告 本公司董事会、全体董事及相关股东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： 大股东持股的基本情况 本次减持计划实施前，瑞芯微电子股份有限公司（以下简称"公司"）股东、 董事、副总经理黄旭先生持有公司股份 66,600,108 股，占当时公司总股本的 15.93%。 截至 2024 年 9 月 5 日，本次减持计划的时间届满，黄旭先生于 2024 年 6 月28日-2024年9月5日通过集中竞价交易方式累计减持公司股份4,170,108股， 占目前公司总股本的 0.9969%，本次减持计划已完成。减持后，黄旭先生持有公 司股份 62,430,000 股，占目前公司总股本的 14.9247%。 | 股东名称 | 股东身份 | 持股数量 （股） | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | | 5%以上非第一大 | | | | | 黄旭 ...