Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][16]. Core Views - The company has shown revenue growth both year-on-year and quarter-on-quarter, with a 12.74% increase in revenue for the first three quarters of 2024, reaching 476 million yuan. The gross margin improved to 25.03%, up 1.26 percentage points year-on-year. However, the net profit attributable to the parent company was a loss of 20 million yuan, a decrease of 42.15% year-on-year [1][2]. - In Q3 2024, the company achieved revenue of 173 million yuan, reflecting a year-on-year increase of 42.73% and a quarter-on-quarter increase of 2.65%. The gross margin for this quarter was 25.05%, showing improvements in both year-on-year and quarter-on-quarter comparisons [1][2]. - The demand recovery in downstream markets, combined with the launch of new products, is expected to drive continued performance recovery for the company. The semiconductor industry is entering a recovery phase, benefiting local PMIC manufacturers [2][3]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 476 million yuan, with a year-on-year growth of 12.74%. The gross margin was 25.03%, and the net profit attributable to the parent company was a loss of 20 million yuan [1][3]. - The revenue forecast for 2024-2026 has been adjusted, with net profit predictions changing from 9 million yuan in 2025 to 43 million yuan in 2026, reflecting a significant recovery trajectory [2][3]. - The company maintains a high level of R&D investment, accounting for 27.03% of revenue in the first three quarters of 2024, which is expected to open up long-term growth opportunities [2][3].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is experiencing steady operations with an expected improvement in profitability. The third quarter of 2024 saw a year-on-year revenue increase of 42.72%, reaching 173 million yuan, while the net profit attributable to shareholders was -9.77 million yuan, a year-on-year increase of 37.60% [1] - The recovery in terminal demand is gradually restoring the company's profitability, supported by the reduction of inventory in the LED driver and display DDIC chip sectors, alongside an increase in demand from downstream consumer electronics [1] - The company is continuously optimizing its product structure and expanding its application fields, with significant growth in its market share and profitability [1] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 476 million yuan, a year-on-year increase of 12.74%, while the net profit attributable to shareholders was -20 million yuan, a decrease of 42.15% year-on-year [1] - The gross profit margin improved by 1.54 percentage points to 25.05% in Q3 2024, and inventory turnover days decreased from 143.98 days in Q3 2023 to 136.71 days in Q3 2024, indicating a recovery from the industry cycle bottom [1] Product Development - The company is enhancing its research and development efforts and introducing new products to expand its market share and profitability. It has launched several products in the AC-DC chip sector and successfully entered the supply chains of major customers in the LED driver sector [1] - The company has also made strides in the battery management chip sector, supplying major brands of electric two/three-wheelers, and has completed a new layout in the motor drive chip sector [1] Future Outlook - The company is expected to see a gradual recovery in demand for consumer chips in 2024, with revenue projections for 2024-2026 set at 642 million yuan, 840 million yuan, and 1.05 billion yuan respectively, reflecting growth rates of 11.0%, 30.9%, and 25.0% [2][3] - The net profit attributable to shareholders is projected to turn positive in 2025, with estimates of 18 million yuan and 21 million yuan for 2025 and 2026 respectively [2][3]

Core Insights - The company reported a third-quarter revenue of 173 million yuan, representing a year-on-year growth of 42.72%, continuing the trend of sequential revenue growth observed since the beginning of the year [1] - The net profit attributable to the parent company was -9.77 million yuan, indicating a significant reduction in losses compared to the previous year [1] - Notably, the company incurred share-based payment expenses of 13.92 million yuan [1] - Excluding the impact of share-based payment expenses, the company achieved a profit of 3.56 million yuan, which is an increase of 11.90 million yuan year-on-year, indicating improving operational performance [1]

证券代码：688045 证券简称：必易微 公告编号：2024-064 深圳市必易微电子股份有限公司 关于聘任 2024 年度审计机构的公告 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、准确性和完整性依法承担法律责任。 变更会计师事务所的简要原因及前任会计师的异议情况：基于深圳市必 易微电子股份有限公司（以下简称"公司"）业务发展情况及整体审计的需要， 公司经综合评估及审慎研究后决定，拟聘任容诚所为公司 2024 年度财务报告和 内部控制审计机构。公司已就本次变更有关事宜与大华所进行了充分沟通，大华 所已知悉本事项并对本次变更无异议。 一、拟聘任会计师事务所的基本情况 （一）机构信息 1. 基本信息 | 事务所名称 | 容诚会计师事务所（特殊普通合伙） | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 成立日期 | 2013 年 10 日 | 12 | 月 | 组织形式 | | | 特殊普通合伙企业 | | | 注册地址 | 北京市西城区阜成门外大街 1 | ...

证券代码：688045 证券简称：必易微 公告编号：2024-066 重要内容提示： 一、 召开会议的基本情况 深圳市必易微电子股份有限公司 关于召开 2024 年第四次临时股东大会的通知 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 （一） 股东大会类型和届次 2024 年第四次临时股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2024 年 11 月 14 日 14 点 30 分 召开地点：深圳市南山区西丽街道云科技大厦 33 楼公司培训室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 14 日 股东大会召开日期：2024 年 11 月 14 日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 至 2024 年 11 月 14 日 采用上海证券交易所网络投票系统，通过交易系统 ...

证券代码：688045 证券简称：必易微 公告编号：2024-062 深圳市必易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、准确性和完整性依法承担法律责任。 一、2024 年前三季度计提资产减值准备的情况概述 结合深圳市必易微电子股份有限公司（以下简称"公司"）的实际经营情况 及市场变化等因素的影响，根据《企业会计准则第 1 号——存货》《企业会计准 则第 22 号——金融工具确认和计量》等相关会计政策的规定，为客观、公允地 反映公司合并报表范围内的截至 2024 年 9 月 30 日的财务状况及 2024 年前三季 度的经营成果，经公司及下属子公司对各项金融资产、存货和长期资产等进行全 面充分的评估和分析，认为上述资产中部分资产存在一定的减值迹象。根据谨慎 性原则，公司 2024 年前三季度计提的减值准备合计为 852.15 万元。具体情况如 下： 单位：人民币万元 | 项目 | 本期金额 | 备注 | | --- | --- | --- | | 信用减值损失（损失 以"-"号填列） | -9.65 | 应收账款、其他应收款 | ...

证券代码：688045 证券简称：必易微 公告编号：2024-063 深圳市必易微电子股份有限公司 第二届监事会第十二次会议决议公告 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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 深圳市必易微电子股份有限公司（以下简称"公司"）第二届监事会第十二 次会议（以下简称"本次会议"或"会议"）于 2024 年 10 月 28 日以现场结合 通讯会议方式在公司会议室召开，本次会议已于 2024 年 10 月 17 日以邮件方式 发出会议通知，由监事会主席王晓佳先生召集和主持，应出席监事 3 人，实际出 席监事 3 人。本次会议的召集和召开符合《中华人民共和国公司法》和《深圳市 必易微电子股份有限公司章程》的有关规定。 二、监事会会议审议情况 本次会议以书面表决方式进行表决。经与会监事认真审议，一致通过了以下 议案： 具体内容详见公司同日于上海证券交易所网站（www.sse.com.cn）披露的《深 圳市必易微电子股份有限公司 2024 年第三季度报告》。 （二）关于聘任 2024 年度审计机构的议案 全体 ...

Financial Performance - The company achieved operating revenue of CNY 172,671,788.27 in Q3 2024, representing a year-on-year increase of 42.72%[3] - The cumulative operating revenue from the beginning of the year to the end of the reporting period was CNY 476,490,150.47, an increase of 12.74% year-on-year[4] - Total operating revenue for the first three quarters of 2024 reached ¥476,490,150.47, an increase from ¥422,639,295.57 in the same period of 2023, representing a growth of approximately 12.7%[20] - The net loss for the third quarter of 2024 was ¥34,692,175.19, compared to a net loss of ¥26,209,080.31 in the same quarter of 2023, indicating a worsening of approximately 32.4%[21] - The total comprehensive income attributable to the parent company was -20,379,269.68 RMB, compared to -14,336,183.94 RMB in the previous year, reflecting a decline of approximately 42.5%[23] Profitability and Earnings - The net profit attributable to shareholders was a loss of CNY 9,769,880.26, a decrease in loss of 37.60% compared to the same period last year[3] - The company reported a basic earnings per share of -CNY 0.14 for Q3 2024, compared to -CNY 0.30 for the same period last year[3] - The basic and diluted earnings per share were both -0.30 RMB, compared to -0.21 RMB in the same period last year, indicating a worsening performance[23] Research and Development - The total R&D investment amounted to CNY 44,033,706.92, accounting for 25.50% of operating revenue, a decrease of 9.81 percentage points year-on-year[3] - Research and development expenses rose to ¥128,814,456.30, compared to ¥111,855,160.63 in the previous year, marking an increase of approximately 15.2%[20] - The company is focused on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[12] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was -CNY 14,852,243.57, indicating ongoing cash flow challenges[3] - Cash inflows from operating activities for the first three quarters of 2024 amounted to 393,616,166.39 RMB, up from 312,840,683.69 RMB in the previous year, representing an increase of about 25.8%[25] - Cash outflows from operating activities totaled 408,468,409.96 RMB, compared to 368,777,795.18 RMB in the previous year, resulting in a net cash flow from operating activities of -14,852,243.57 RMB, an improvement from -55,937,111.49 RMB[25] - The ending cash and cash equivalents balance was 144,199,540.39 RMB, down from 278,759,636.56 RMB in the previous year, reflecting a decrease of about 48.1%[26] Assets and Liabilities - The total assets at the end of the reporting period were CNY 1,441,647,139.43, a slight decrease of 0.01% compared to the end of the previous year[3] - Total liabilities decreased to ¥125,458,295.92 from ¥133,798,638.92, showing a reduction of about 6.3%[18] - The equity attributable to shareholders of the parent company increased to ¥1,348,598,578.00 from ¥1,326,035,275.03, reflecting a growth of approximately 1.7%[18] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 4,579, with the largest shareholder holding 18.49% of the shares[10] - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest shareholder owning 12,766,050 shares[10] - The company approved a share repurchase plan with a total amount not less than RMB 42 million and not exceeding RMB 84 million, with a maximum repurchase price of RMB 78.00 per share[12] - The company completed the repurchase of 1,129,955 shares, accounting for 1.64% of the total share capital, at an average price of RMB 41.91 per share[13] - The company has initiated a new employee stock ownership plan, which includes 1,040,000 shares allocated for this purpose[10] Inventory and Accounts - Inventory rose to RMB 201,632,904.64 compared to RMB 160,120,426.87 at the end of 2023, reflecting an increase of about 25.9%[15] - The company reported an increase in accounts receivable to RMB 83,538,508.65 from RMB 79,832,441.03, indicating a growth of approximately 9%[15] - The company reported a significant increase in accounts payable, which rose to ¥90,430,631.27 from ¥57,238,882.37, representing an increase of approximately 57.9%[17]

申万宏源证券承销保荐有限责任公司 根据公司披露的《首次公开发行股票并在科创板上市招股说明书》，公司首 次公开发行股票募集资金投资项目（以下简称"募投项目"）及募集资金使用计 划如下： 1 关于深圳市必易微电子股份有限公司 使用剩余超募资金永久补充流动资金的核查意见 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、 "保荐人"）作为深圳市必易微电子股份有限公司（以下简称"必易微"或"公 司"）首次公开发行股票并在科创板上市的保荐人，根据《上海证券交易所科创 板股票上市规则》《上海证券交易所科创板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》等有关规定，对必易微使用剩余超募资金永久补充流动资金的事项进行了审 慎核查，具体核查情况和意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意深圳市必易微电子股份有限公司首 次公开发行股票注册的批复》（证监许可〔2022〕819 号），同意公司首次公开发 行股票的注册申请。并经上海证券交易所同意，公司首次向社会公众公开发行人 民币普通股（A 股）股票 1,726.23 万 ...

证券代码：688045 证券简称：必易微 公告编号：2024-065 深圳市必易微电子股份有限公司 关于使用剩余超募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、准确性和完整性依法承担法律责任。 深圳市必易微电子股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开了第二届董事会第十四次会议、第二届监事会第十二次会议，审议通过了 《关于使用剩余超募资金永久补充流动资金的议案》，同意公司使用剩余超募资 金人民币 4,237.02 万元（含利息及现金管理收益等，实际金额以募集资金转出当 日专户余额为准）用于永久补充流动资金。公司监事会对该事项发表了明确同意 意见，保荐人申万宏源证券承销保荐有限责任公司（以下简称"保荐人"）出具 了无异议的核查意见。本次使用剩余超募资金永久补充流动资金的事项尚需提交 公司股东大会审议。现将相关情况公告如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意深圳市必易微电子股份有限公司首 次公开发行股票注册的批复》（证监许可〔2022〕819 号），同意公司首次公开 发行股 ...