Investment Rating - Buy-A (Maintained) [1] Core Views - The company's 24Q3 revenue reached a historical high for the same period, driven by market recovery, aggressive sales strategies, and improved operational efficiency [3] - 24Q3 revenue was 1,624 million yuan, up 7.73% YoY, with a gross margin of 38.22%, up 2.24 percentage points YoY [3] - The company's 2024 full-year revenue is expected to achieve YoY growth, supported by the recovery of the global consumer electronics market and the enrichment of product application scenarios [3] - The company's W-series Wi-Fi 6 chips are expected to surpass 10 million units in annual sales for the first time in 2024 [4] - The company's 6nm chip, based on ARM V9 architecture, offers a 60%+ improvement in CPU performance and a 230%+ improvement in GPU performance compared to the previous generation, with 50% lower power consumption [7] Product Performance - T-series: Revenue grew over 50% YoY in the first three quarters of 2024, making it the company's largest product line [4] - S-series: The company secured 100% of the 8K chip market share in China Telecom's 2024-2025 IPTV set-top box procurement project, marking the official entry of China's video application field into the 8K era [4] - W-series: The Wi-Fi 6 chip won a significant share in China Telecom Sichuan's 2024 procurement project, marking its first batch breakthrough in the domestic operator market [7] Financial Performance - 2024 Q1-Q3 revenue: 4,640 million yuan, up 20.28% YoY [3] - 2024 Q1-Q3 net profit attributable to shareholders: 594 million yuan, up 89.32% YoY [3] - 2024 Q1-Q3 R&D expenses: 1,019 million yuan, up 7.04% YoY [3] - 2024 Q3 net profit attributable to shareholders: 232 million yuan, up 79.68% YoY [3] Financial Forecasts - 2024E revenue: 6,714 million yuan, up 25.0% YoY [8] - 2024E net profit attributable to shareholders: 822 million yuan, up 65.0% YoY [8] - 2024E gross margin: 36.7% [8] - 2024E EPS: 1.96 yuan [8] Valuation - 2024E P/E: 34.1x [8] - 2024E P/B: 4.5x [8] - 2024E EV/EBITDA: 26.5x [10]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 87.3 yuan [4][6]. Core Views - The company's Q3 performance is largely in line with expectations, considering foreign exchange losses. The introduction of Wi-Fi 6 and 6nm new products is driving continued growth [3][4]. - The company achieved a Q3 revenue of 1.624 billion yuan, a year-on-year increase of 7.7% and a quarter-on-quarter decrease of 0.8%, marking a historical high for the third quarter. The net profit attributable to shareholders reached 231 million yuan, up 79.1% year-on-year [4][5]. - The T-series products have seen over 50% year-on-year growth in the first three quarters, continuing the growth trend in Q3, making it the company's largest product line [4]. Financial Summary - The company reported a revenue of 5,371 million yuan in 2023, with a projected increase to 6,944 million yuan in 2024, representing a growth of 29.3% [5][13]. - The net profit attributable to shareholders is expected to rise from 498 million yuan in 2023 to 812 million yuan in 2024, reflecting a growth of 62.9% [5][13]. - The earnings per share (EPS) are projected to be 1.94 yuan in 2024, increasing to 3.22 yuan by 2026 [5][13]. Product and Market Insights - The Wi-Fi 6 chips are gaining significant market share in domestic operator tenders, with expected sales to exceed 10 million units in 2024 [4]. - The 6nm chips, based on the new ARM V9 architecture, show substantial improvements in CPU and GPU performance while reducing power consumption by 50% [4]. - The company has successfully secured all shares in the first commercial batch tender for 8K chips among domestic operators [4].

Financial Performance - For the first three quarters of 2024, the company expects to achieve revenue of approximately 4.64 billion yuan, an increase of about 782.3 million yuan, representing a year-on-year growth of 20.28%[1] - The net profit attributable to the parent company for the same period is expected to be around 594 million yuan, an increase of approximately 280.3 million yuan, reflecting a year-on-year growth of 89.32%[1] - The net profit attributable to the parent company after deducting non-recurring gains and losses is projected to be about 550 million yuan, up approximately 283.3 million yuan, indicating a year-on-year increase of 106.26%[1] - The net profit attributable to the parent company in Q3 was approximately 232 million yuan, an increase of about 103 million yuan, reflecting a year-on-year growth of around 80%[5] Product Performance - The T series sales revenue grew by over 50% year-on-year, continuing its trend as the company's largest product line[3] - The W series Wi-Fi 6 chips have gained significant market share in domestic operator tenders, with expected annual sales to exceed 10 million units in 2024[3] - The company has developed a 6nm chip based on the new ARM V9 architecture, which improves CPU performance by over 60% and GPU performance by over 230% compared to previous generations[3] Operational Strategy - The company plans to continue expanding its sales scale and enhancing R&D investment, with a focus on improving operational efficiency in 2024[4] - The company achieved a comprehensive gross margin of approximately 38.22% in Q3, an increase of about 2.24 percentage points year-on-year[5] - The company anticipates that the overall global consumer electronics market will continue to recover, contributing to revenue growth in 2024, although specific performance remains uncertain[5]

证券研究报告：电子 | 公司点评报告 2024 年 9 月 9 日 股票投资评级 买入|维持 个股表现 晶晨股份 电子 -39% -34% -29% -24% -19% -14% -9% -4% 1% 6% 资料来源：聚源，中邮证券研究所 公司基本情况 | --- | --- | |---------------------------|---------------------| | | | | 最新收盘价（元） | 51.65 | | 总股本 / 流通股本（亿股） | 4.18 / 4.18 | | 总市值 / 流通市值（亿元） | 216 / 216 | | 52 周内最高 / 最低价 | 71.09 / 43.45 | | 资产负债率 (%) | 13.6% | | 市盈率 | 43.04 | | | Amlogic (Hong Kong) | | 第一大股东 | Limited | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 晶晨股份(688099) 份额稳步提升 ⚫ 事件 8 月 15 日，公司披露 2024 年半年度报 ...

（一） 股东大会召开的时间：2024 年 9 月 2 日 证券代码：688099 证券简称：晶晨股份 公告编号：2024-036 晶晨半导体（上海）股份有限公司 2024 年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （二） 股东大会召开的地点：上海市浦东新区秀浦路 2555 号漕河泾康桥商务绿 洲 E5 栋一楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 125 | | --- | --- | | 普通股股东人数 | 125 | | 2、出席会议的股东所持有的表决权数量 | 202,145,117 | | 普通股股东所持有表决权数量 | 202,145,117 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 48.3029 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（ ...

北京市嘉源律师事务所 关于晶晨半导体（上海）股份有限公司 2024 年第一次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 RYE United Same of YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:晶晨半导体(上海)股份有限公司 北京市嘉源律师事务所 关于晶晨半导体(上海)股份有限公司 2024 年第一次临时股东大会的 法律意见书 嘉源(2024)-04-643 北京市嘉源律师事务所(以下简称"本所")接受晶晨半导体(上海)股份 有限公司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简 称"《公司法》")《上市公司股东大会规则》(以下简称"《股东大会规则》")等现 行有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以 及《晶晨半导体(上海)股份有限公司章程》(以下简称"《公司章程》")的有关 规定,指派本所律师对公司 2024年第一次临时股东大会(以下简称"本次股东 大会" ...

证券代码：688099 证券简称：晶晨股份 晶晨半导体（上海）股份有限公司投资者关系活动记录表 | --- | --- | --- | |----------|-----------------------|---------------------------------| | | | | | 投 资 | √ | 特定对象调研 □分析师会议 | | 者 关 | □媒体采访 √业绩说明会 | | | 系 活 | □ | 新闻发布会 □路演活动 | | | □现场参观 | | | 动 类 别 | □ | 其他 （请文字说明其他活动内容） | | | | | | 参 与 | | 长江证券 | | 单 位 | | 顶天投资 | | 名称 | | 东北证券 | | | | 东方红 | | | | 敦和资产 | | | | 富国基金 | | | | 工银瑞信 | 编号：2024-005 | --- | --- | |-------|------------| | | | | | 光大保德信 | | | 光大证券 | | | 光证资管 | | | 国金资管 | | | 国君资管 | | | 国泰基金 | | | 国投瑞银 ...

证券代码：688099 证券简称：晶晨股份 公告编号：2024-035 晶晨半导体（上海）股份有限公司 2019 年限制性股票激励计划预留授予部分第一批次第 三个归属期及 2021 年限制性股票激励计划预留授予部 分第一批次第二个归属期归属结果暨股份上市的公告 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。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 167,640 股。 本次股票上市流通总数为 167,640 股。 本次股票上市流通日期为 2024 年 8 月 28 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司有关业务规则的规定，晶晨半导体（上海）股份有限公司（以 下简称"晶晨股份"或"公司"）于近日收到中国证券登记结算有限责任公司上 海分公司出具的《证券变更登记证明》，公司完成了 2019 年限制性股票激励计划 预留授予部分第一批次第三个归属期及 2021 年限制性股票激励计划预留授予部分 第一批次第二个归属期的股份登记工作。现将有关情况 ...

证券代码：688099 证券简称：晶晨股份 晶晨半导体（上海）股份有限公司 2024 年第一次临时股东大会会议资料 2024 年 9 月 | | | | 2024 年第一次临时股东大会会议须知 1 | | --- | | 2024 年第一次临时股东大会会议议程 3 | | 2024 年第一次临时股东大会会议议案 4 | | 议案一：关于补选公司第三届董事会独立董事的议案 4 | | 议案一附件：第三届董事会独立董事候选人简历 6 | 晶晨半导体（上海）股份有限公司 2024 年第一次临时股东大会会议资料 晶晨半导体（上海）股份有限公司 2024 年第一次临时股东大会会议须知 为维护全体股东的合法权益，确保股东大会会议秩序和议事效率，保证股东大会的顺利 召开，根据《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》"）、《上市公司股东大会规则》以及《晶晨半导体（上海）股份有限 公司章程》（以下简称"《公司章程》"）和晶晨半导体（上海）股份有限公司（以下简称"公 司"）《股东大会议事规则》等有关规定，特制定 2024 年第一次临时股东大会会议须知： 一、为确认出席大 ...

Investment Rating - The report maintains a "Buy-A" rating for Amlogic (688099 SH) [1] Core Views - Amlogic is a leading domestic multimedia SoC company with diversified product lines catering to downstream multimedia needs The company has expanded into WiFi and automotive electronics chips forming a platform-based chip ecosystem [2] - The demand for audio and video SoC business is recovering with the company expanding overseas markets and increasing its market share in TV SoC chips [2] - New business segments such as WiFi chips and automotive electronics chips are progressing rapidly with AI accelerating downstream demand expansion [2] - The company is expected to achieve significant revenue and net profit growth from 2024 to 2026 with a CAGR of 32 2% and 65 5% respectively [2] Financial Data and Valuation - The company's revenue is projected to grow from 7 099 billion yuan in 2024 to 10 489 billion yuan in 2026 with net profit increasing from 824 million yuan to 1 421 billion yuan during the same period [4] - The PE ratio is expected to decrease from 27 5x in 2024 to 16 0x in 2026 indicating a favorable valuation [4] Multimedia SoC Leadership - Amlogic has been a leader in multimedia SoC chip development since 1995 with a strong presence in global markets including China the US and Europe [8] - The company's product lines include S series (set-top boxes) T series (smart TVs) and A series (smart home) with applications in various multimedia and IoT fields [10][12][14] - The company has a stable management team with deep technical expertise and strong customer relationships including partnerships with global brands like Google Amazon and TCL [9] Market Expansion and New Business - The set-top box market is recovering with the company's S series chips gaining traction in both domestic and overseas markets [21][25] - The smart TV market is saturated but the company's T series chips are leading in domestic TV brands and expanding overseas [26][33] - The smart home market is growing rapidly with the company's A series chips widely used in various IoT applications [35][37] - The company is also making strides in the automotive electronics market with its chips being adopted by major car manufacturers like BMW and Volvo [44][45] Financial Performance and R&D - The company's revenue has shown steady growth with a significant increase in R&D investment reaching 23 9% of revenue in 2023 [16][17] - The company's gross margin and expense ratios have stabilized with a focus on maintaining high R&D intensity to drive new product development [16][17] Future Outlook - The company is expected to benefit from the recovery in the set-top box market expansion in the smart TV market and growth in the smart home and automotive electronics sectors [46][47] - The company's strategic focus on R&D and new product development is expected to drive future growth and maintain its competitive edge in the SoC industry [46][47]