Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.92 CNY [4][7][11] Core Views - The company's silicon wafer business is currently under pressure due to industry conditions, but it is optimizing its product structure with a notable increase in high-value products [10][11] - The company achieved a revenue of 3.09 billion CNY in 2024, a 15% increase year-on-year, but reported a net loss of 266 million CNY, a decline of 504% due to cost pressures from capacity expansion and reduced product prices [10][11] - The semiconductor power device chip sales reached 1.82 million units in 2024, a 6% increase, with a focus on high-frequency and high-voltage trends, particularly in the electric vehicle market [10][11] - The company has made significant advancements in RF technology, enhancing production capacity and entering new markets such as low-orbit satellites and smart driving [10][11] Financial Summary - Revenue projections for 2025-2027 are 4.04 billion CNY, 4.90 billion CNY, and 5.70 billion CNY, respectively, with year-on-year growth rates of 31%, 21%, and 16% [6][10] - The company is expected to achieve a net profit of 28 million CNY in 2025, 295 million CNY in 2026, and 496 million CNY in 2027, with corresponding year-on-year growth rates of 111%, 950%, and 68% [6][10] - The earnings per share (EPS) forecast for 2025-2027 is 0.04 CNY, 0.44 CNY, and 0.74 CNY, respectively [4][11]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.92 CNY [4][7][11] Core Views - The company's revenue for 2024 is projected to be 30.92 billion CNY, a 15% increase year-on-year, despite a net loss of 2.66 billion CNY, reflecting a significant decline of 504% due to cost pressures from capacity expansion and reduced product prices [10] - The silicon wafer business is currently under pressure, but the product structure is continuously optimized, with a notable increase in high-value-added products [10] - The company achieved a record sales volume of 1.82 million semiconductor power device chips in 2024, marking a 6% year-on-year growth, driven by the expanding market for electric vehicles [10] - The company has made significant advancements in RF technology, enhancing production capacity and entering new supply chains in emerging fields such as low-orbit satellites and smart driving [10] Financial Summary - Revenue projections for 2025-2027 are 40.44 billion CNY, 49 billion CNY, and 56.96 billion CNY respectively, with year-on-year growth rates of 31%, 21%, and 16% [6] - The company is expected to return to profitability in 2025 with a net profit of 0.28 billion CNY, followed by 0.30 billion CNY in 2026 and 0.50 billion CNY in 2027 [6] - The gross margin is forecasted to improve from 17.5% in 2025 to 24.7% in 2027, while the net margin is expected to rise from 0.7% to 8.7% over the same period [6]

本所律师仅依据本法律意见书出具日以前发生的事实及本所律师对该事实的 了解，并仅就本次股东大会召开程序所涉及的中国相关法律问题发表法律意见。 国浩律师（上海）事务所 关于杭州立昂微电子股份有限公司 2024 年年度股东大会的法律意见书 致：杭州立昂微电子股份有限公司 杭州立昂微电子股份有限公司（以下简称"公司"）2024 年年度股东大会（以 下简称"本次股东大会"）于 2025 年 5 月 19 日召开，国浩律师（上海）事务所（以 下简称"本所"）接受公司的委托，指派余蕾律师、张佳莹律师（以下简称"本所 律师"）对本次股东大会进行见证，并依据《中华人民共和国公司法》（以下简称 "《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、中 国证券监督管理委员会发布的《上市公司股东会规则》及其他现行有效的法律、法 规及规范性文件规定及《杭州立昂微电子股份有限公司章程》（以下简称"《公司 章程》"）出具本法律意见书。 本所律师按照中华人民共和国（以下简称"中国"，仅为本法律意见书之目的， 不包括香港特别行政区、澳门特别行政区和台湾地区）现行法律、法规的规定，列 席了本次股东大会，审查了公司提供的有关本次股 ...

证券代码：605358 证券简称：立昂微 公告编号：2025-025 杭州立昂微电子股份有限公司 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 19 日 (二)股东大会召开的地点：杭州立昂微电子股份有限公司五楼行政会议室（二） （杭州经济技术开发区 20 号大街 199 号） (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 445 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 186,353,692 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 27.7573 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，公司董事长王敏文先生主持会议，会议采用现 2024年年度股东大会决议公告 场投票和网络投票相 ...

Core Viewpoint - The company is experiencing strong demand for its 6 and 8-inch silicon wafer products, with prices stabilizing and recovering in Q1 [1] Group 1: Product Performance - Orders for 6 and 8-inch silicon wafer products are fully booked [1] - Prices for 6 and 8-inch silicon wafers have stabilized and begun to recover in Q1 [1] Group 2: Production Capacity - The company's 12-inch silicon wafer factories in Chuzhou and Jiaxing are in the ramp-up phase, with utilization rates exceeding 50% but not yet reaching breakeven [1] - The Haining Lian Micro East Chip is expected to complete production line debugging in the second half of 2025 [1] Group 3: Future Growth Drivers - Future profit growth will primarily come from the turnaround of the 12-inch silicon wafer factory, the profitability scale effect of medium and small-sized wafers, and the turnaround of RF chips [1]

Group 1 - The semiconductor materials ETF (562590) has seen a decline of 1.20%, with a latest price of 1.07 yuan, while it has increased by 30.22% over the past year [3][4] - The liquidity of the semiconductor materials ETF shows a turnover rate of 0.95% with a transaction volume of 302.02 million yuan, and an average daily transaction volume of 16.30 million yuan over the past year, ranking it among the top two comparable funds [3] - The ETF's scale has grown significantly, with an increase of 609.55 million yuan over the past week, placing it second among comparable funds [3] Group 2 - The semiconductor materials ETF has reached a new high of 296 million shares, marking a peak in the last month [3] - The ETF has experienced continuous net inflows over the past four days, with a maximum single-day net inflow of 542.63 million yuan, totaling 1.30 billion yuan, and an average daily net inflow of 325.99 million yuan [3] - As of May 14, 2025, the tracking error of the semiconductor materials ETF over the past two months is 0.013%, the highest among comparable funds [4] Group 3 - The semiconductor sector is expected to see a recovery in overall performance in 2024, with the first quarter of this year showing a continued recovery trend [4] - The integrated circuit manufacturing and analog sub-sectors have returned to profitability, while other sub-sectors have achieved double-digit year-on-year growth in net profit, driven by terminal recovery, AI computing power construction, and demand in materials and advanced packaging [4] - The index tracks 40 listed companies involved in semiconductor materials and equipment, reflecting the overall performance of these securities [4] Group 4 - The top ten weighted stocks in the semiconductor materials equipment index account for 62% of the index, with notable companies including Northern Huachuang (002371) and Zhongwei Company (688012) [4][6] - The weightings of the top stocks include Northern Huachuang at 16.44%, Zhongwei Company at 13.55%, and Hu Silicon Industry at 5.61% [6]

杭州立昂微电子股份有限公司 2024 年年度股东大会 证券代码：605358 证券简称：立昂微 债券代码：111010 债券简称：立昂转债 杭州立昂微电子股份有限公司 2024 年年度股东大会 会议资料 2025 年 5 月 19 日 0 杭州立昂微电子股份有限公司 2024 年年度股东大会 目 录 | 杭州立昂微电子股份有限公司 | 2024 年年度股东大会会议须知 2 | | | --- | --- | --- | | 杭州立昂微电子股份有限公司 | 2024 年年度股东大会会议议程 | 4 | | 一、关于 2024 | 年度董事会工作报告的议案 6 | | | 二、关于 2024 | 年度监事会工作报告的议案 13 | | | 三、关于 2024 | 年度公司独立董事述职报告的议案 16 | | | 四、关于《公司 | 2024 年年度报告》及其摘要的议案 | 17 | | 五、关于公司 | 年度财务决算报告的议案 2024 | 18 | | 六、关于公司 | 2024 年度募集资金存放与使用情况的专项报告的议案 22 | | | 七、关于公司 | 2024 年度利润分配预案的议案 | 23 | | ...

Group 1: Market Performance - As of May 9, 2025, the CSI Semiconductor Industry Index (931865) decreased by 2.42% [3] - Major component stocks such as SMIC (688981) and Huahai Chengke (688535) saw declines of 4.26% and 4.16% respectively [3] - The Semiconductor Industry ETF (159582) fell by 2.32%, with the latest price at 1.43 yuan [3] Group 2: Industry Trends - The semiconductor industry has entered a recovery cycle since the second half of 2023, driven by AI demand and domestic substitution trends [4] - Revenue and net profit are expected to maintain growth in Q1 2024 and Q1 2025, with profitability gradually recovering from the second half of 2024 [4] Group 3: ETF Performance - The Semiconductor Industry ETF has seen a net value increase of 42.67% over the past year, ranking 113 out of 2785 index equity funds [5] - The ETF's highest monthly return since inception was 20.82%, with a historical one-year profit probability of 100% [5] - The ETF's management fee is 0.50%, and the custody fee is 0.10%, which are among the lowest in comparable funds [5] Group 4: Top Holdings - As of April 30, 2025, the top ten weighted stocks in the CSI Semiconductor Industry Index accounted for 76.35% of the index [6] - The top stocks include Northern Huachuang (002371) and Zhongwei Company (688012), with respective weights of 15.51% and 12.80% [8]

关于杭州立昂微电子股份有限公司 2024 年度营业收入扣除情况的专项审核说明 中国杭州市钱江新城新业路 8号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road, Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhcpa.cn 目 景 | | 页 次 | | --- | --- | | 一、2024年度营业收入扣除情况的专项审核说明 | 1-3 | 二、2024 年度营业收入扣除情况表 4 中国杭州市钱江新城新业路 8号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhcpa.cn 关于杭州立昂微电子股份有限公司 2024年度营 ...