Investment Rating - Buy (First Coverage) with a target price of 89 RMB [3] Core Views - The company is a leader in the domestic multimedia SoC chip design industry, with a diverse product portfolio including set-top box chips, smart TV chips, AI audio-video chips, WiFi chips, and automotive electronics chips [2] - The company's performance improved significantly in the first half of 2024, with operating revenue and net profit attributable to the parent company reaching 3.018 billion RMB and 362 million RMB, respectively, representing year-on-year growth of 28.33% and 96.06% [2] - The set-top box market is experiencing a trend towards high-definition and intelligent upgrades, with significant growth potential in overseas markets [2] - The company is well-positioned to benefit from the domestic substitution trend in the global TV supply chain, with opportunities to increase market share in the TV SoC market [2] - The company's AI audio-video chips and WiFi chips are expected to drive new growth, with the WiFi chip business entering a harvest period as WiFi technology upgrades from 5th to 6th generation [2] Industry Overview Set-Top Box Market - The domestic IPTV/OTT set-top box market is nearing saturation, with annual shipments stabilizing at around 50 million units, while overseas markets have significant growth potential with annual shipments of 40-50 million units [2] - The company has a strong competitive advantage in high-definition chips and holds a significant share in the procurement of major domestic telecom operators [2] - The domestic market is transitioning to 8K high-definition and intelligent set-top boxes, which will drive an increase in product value [2] Smart TV Market - The global TV market is expected to ship 223 million units in 2024, with Chinese brands occupying three of the top five spots in terms of shipments [2] - The TV SoC market is dominated by Taiwanese suppliers, but there is a growing need for mainland suppliers due to supply chain security concerns, providing opportunities for the company to increase its market share [2] - The trend towards high-end smart TVs is creating opportunities for value growth in TV SoCs [2] Smart Home and WiFi Chips - The global smart home market is growing, with AI technology becoming a key driver of development [2] - The company's AI audio-video chips, which feature AI capabilities, are gaining traction in international markets through partnerships with well-known brands [2] - The company's WiFi chips are expected to benefit from the upgrade from WiFi 5 to WiFi 6, which will significantly increase the value of the chips [2] Automotive Electronics - The smart cockpit market is expanding rapidly, and the company's automotive electronics chip business has long-term growth potential [2] Financial Performance - The company's revenue and net profit improved in the first half of 2024, with revenue reaching 3.016 billion RMB, a year-on-year increase of 28.33%, and net profit attributable to the parent company reaching 362 million RMB, a year-on-year increase of 96.06% [18] - The company's gross margin and net margin have stabilized, with gross margin at 35.4% and net margin at 12.0% in the first half of 2024 [19] - The company's R&D expenses as a percentage of revenue decreased, contributing to an expansion in net profit margin [20] Key Assumptions and Profit Forecast - The company's revenue is expected to grow from 6.495 billion RMB in 2024 to 9.210 billion RMB in 2026, with net profit attributable to the parent company increasing from 806 million RMB to 1.363 billion RMB over the same period [5] - The company's EPS is expected to grow from 1.93 RMB in 2024 to 3.26 RMB in 2026, with a corresponding PE ratio of 37x, 28x, and 22x, respectively [5] Valuation - The company is valued using a relative valuation method, with a target PE ratio of 35x for 2025, resulting in a 12-month target price of 89 RMB [5]

Investment Rating - The report maintains a "Buy" rating for the company, 晶晨股份 (688099.SH) [1] Core Views - The company is expected to achieve significant revenue and profit growth in the first three quarters of 2024, driven by market recovery and new product launches. Projected revenue is approximately 4.64 billion yuan, a year-on-year increase of about 20.3%, and net profit is expected to be around 594 million yuan, a year-on-year increase of approximately 89.3% [4][5] - The third quarter is anticipated to set a new record for revenue, with an estimated 1.62 billion yuan, reflecting a year-on-year increase of 7.7% and a stable quarter-on-quarter performance. The gross margin is expected to be around 38.2%, up approximately 2.2 percentage points year-on-year [4][5] - The company continues to invest heavily in R&D, with a focus on expanding its product matrix and achieving breakthroughs in multiple new products [5] Summary by Sections Market Performance - The company has experienced a relative performance of -43% compared to the沪深300 index as of October 2023 [3] Financial Data and Forecast - For 2024, the company forecasts revenues of 6.89 billion yuan and net profits of 797 million yuan, with a projected P/E ratio of 36 [6][7] - The gross margin is expected to improve from 36.4% in 2023 to 37.0% in 2024, with net profit margin increasing from 9.3% to 11.6% [7][9] Product Strategy - The T series products have seen over 50% year-on-year sales growth, while the W series Wi-Fi 6 chips have gained significant market share in domestic operator tenders [4][5] - The company has secured initial commercial orders for its 6nm chips based on the new ARM V9 architecture, which will be used in flagship products by several global operators [4][5] R&D Investment - The company has increased its R&D personnel by approximately 60 compared to the same period last year, with R&D expenses reaching about 1.02 billion yuan, a year-on-year increase of 0.07 billion yuan [5]

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 ...

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" ...

（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（ ...

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 ...