Investment Rating - The report maintains a "Buy-A" rating for the company, indicating strong confidence in its future performance [1][3] Core Views - The company achieved a record high revenue in Q2 2024, with a year-over-year growth of 24.51% and a quarter-over-quarter growth of 18.81% [1] - The company's diversified product strategy is showing significant results, with five major product series advancing simultaneously [1] - New products, particularly the 6nm commercial chip based on ARM V9 architecture, have gained initial commercial orders, indicating strong market potential [1] - The company's automotive electronics chips are expanding from high-end to mid-to-low-end vehicle models, with mass production and commercialization achieved in 2023 [1] Financial Performance - In H1 2024, the company is expected to achieve revenue of approximately 3.016 billion yuan, a year-over-year increase of 28.32%, and net profit attributable to the parent company of approximately 362 million yuan, a year-over-year increase of 95.98% [1] - Excluding the impact of share-based payment expenses, the adjusted net profit attributable to the parent company is approximately 431 million yuan, with a year-over-year increase of 115.29% in non-GAAP net profit [1] - R&D expenses in H1 2024 amounted to approximately 674 million yuan, reflecting the company's commitment to innovation [1] Product Performance - The S-series 8K ultra-high-definition SOC chip performed exceptionally well in the first commercial batch bidding by domestic operators, supporting global mainstream video formats and 8Kp60 video decoding [1] - The T-series chips achieved a 70% year-over-year growth in sales revenue in H1 2024, with the new generation of high-end chips supporting 8K hardware decoding and 4K144Hz output [1] - The W-series Wi-Fi 6 products gained rapid market acceptance, with shipments accounting for over 8% of the company's total shipments in Q2 2024 [1] Future Outlook - The company expects further year-over-year revenue growth in Q3 2024 and the full year of 2024, driven by the recovery of the global consumer electronics market and the successful launch of new products [1] - The report forecasts revenue for 2024-2026 to be 7.020 billion yuan, 8.733 billion yuan, and 10.479 billion yuan, respectively, with year-over-year growth rates of 30.7%, 24.4%, and 20.0% [3] - Net profit attributable to the parent company is expected to grow by 65.0%, 37.4%, and 24.1% in 2024, 2025, and 2026, respectively [3] Valuation and Ratios - The company's P/E ratio is projected to be 34.8x, 25.4x, and 20.4x for 2024, 2025, and 2026, respectively, indicating a favorable valuation [4] - The ROE is expected to improve from 13.0% in 2024 to 15.9% in 2026, reflecting strong profitability [4] - The company's gross margin is forecasted to remain stable, ranging from 36.1% to 37.2% over the next three years [4]

Investment Rating - The investment rating for the company is "Accumulate" [10][11] - The target price has been adjusted to 87.30 CNY from the previous 104.17 CNY [11] Core Insights - The company's Q2 performance exceeded expectations, indicating a potential new growth phase [10] - The market bottom was identified in Q1, with demand beginning to recover in Q2 as domestic operator tenders gradually resume [11] - The company is expanding its market share overseas, supported by the launch of new products such as T/W/V series [11] Financial Performance Summary - For H1 2024, the company achieved revenue of approximately 30.16 billion CNY, a year-on-year increase of 28.32%, and a net profit of around 3.62 billion CNY, up 95.98% year-on-year [11] - Q2 2024 revenue reached 16.38 billion CNY, representing a year-on-year growth of 24.51% and a quarter-on-quarter increase of 18.81% [11] - The net profit for Q2 2024 was 2.34 billion CNY, with a year-on-year increase of 51.97% and a quarter-on-quarter increase of 83.82% [11] Product Line and Market Dynamics - The S series has shown strong performance in the first commercial batch tender for 8K chips from domestic operators [11] - The T series has seen significant growth in overseas markets, with H1 2024 revenue increasing by approximately 70% [11] - The W series has quickly gained market recognition following the launch of its first WiFi6 product, with rapid order growth [11] - The A series is benefiting from a recovery in AIoT downstream inventory replenishment, with successful commercial orders for its new generation ARM V9 architecture chips [11] Catalysts for Growth - Anticipated recovery in tenders in Q3 and continued upward demand trends are seen as key catalysts for growth [11]

2024 4 07 月 10 日 晶晨晚份 - (688099.SH 买入 (维持评级) 公司点评 单季度收入新高,新产品助力业绩高 业绩简评 7 月 10 日,公司发布 2024 年上半年业绩预告,2024 年上半年公 司实现营收 30.16 亿元左右,同比增长 28.32%左右:实现归县净 利润 3.62 亿元左右,同比增长 95.98%左右。其中第二季度实现 苍枚 16.38 亿元左右,同比增长 24.51%左右,环比增长 18.81% 左右;实现归寻净利润 2.34 亿元左右,同比增长 51.97%左右,环比 培长 83.82%左右。 经营分析 上半年公司业绩高增,我们认为主要归因于三点:①高研发投入+ 高运营效率;②新产品效量;③积极开拓新市场。 持续被高的研发投入,并提升运营效率。2024 年上半年,公司研 发人员相较去年同期增加 108 人左右,研发费用 6.74 亿元左右, 同比增长 9.8%。为了稳定员工信心,公司持续股权激励,2024 年上半年因殷杖激励确认的殷份支付费用 0.66 亿元左右。另外, 公司确定今年为运营效率候升年,聚焦产品运营的全流程、全链 条,深入挖掘效率提升的潜力,公司 ...

[Table_Main] 证券研究报告 | 公司点评 晶晨股份(688099.SH) 2024 年 07 月 11 日 买入(维持) 所属行业:电子/半导体 当前价格(元):66.77 邮箱:chenrf@tebon.com.cn 陈瑜熙 资格编号:S0120524010003 邮箱:chenyx5@tebon.com.cn 证券分析师 陈蓉芳 资格编号:S0120522060001 投资要点 市场表现 晶晨股份 沪深300 -57% -46% -34% -23% -11% 0% 11% 2023-07 2023-11 2024-03 沪深300对比 1M 2M 3M 绝对涨幅(%) 22.07 13.21 48.41 相对涨幅(%) 25.03 18.61 49.45 资料来源:德邦研究所,聚源数据 相关研究 1.《晶晨股份(688099.SH):业绩高速 增长,逆周期加大研发,扩张产品矩 阵》,2024.4.16 2.《晶晨股份(688099.SH):Q2 业绩 环比大幅提升,多产品线助力公司重 回上行通道》,2023.8.16 Q2 收入创季度新高,前期投入收获期或至 晶晨股份 2024H1 业绩预告点 ...

Financial Performance - For the first half of 2024, the company expects to achieve revenue of approximately CNY 3,016 million, representing a year-on-year increase of 28.32% compared to CNY 2,350 million in the same period of 2023[1][2]. - The projected net profit attributable to the parent company for the first half of 2024 is approximately CNY 362 million, reflecting a year-on-year growth of 95.98% from CNY 184.71 million in the previous year[1][2]. - The company anticipates a net profit of approximately CNY 340 million after deducting non-recurring gains and losses, which is an increase of 115.29% compared to CNY 157.93 million in the same period last year[1][2]. - In Q2 2024, the company expects revenue of approximately CNY 1,638 million, a year-on-year increase of 24.51% and a quarter-on-quarter increase of 18.81%[3]. - The net profit for Q2 2024 is projected to be around CNY 234 million, showing a year-on-year growth of 51.97% and a quarter-on-quarter growth of 83.82%[3]. Research and Development - The company increased its R&D personnel by approximately 108 people in the first half of 2024, with R&D expenses amounting to around CNY 674 million, an increase of CNY 66 million compared to the same period last year[3]. Product Performance - The T series products achieved a sales revenue growth of approximately 70% year-on-year in the first half of 2024[3]. - The W series Wi-Fi 6 product has rapidly gained market recognition, with over 8% of the company's total shipments in Q2 2024 coming from this series[3]. Operational Strategy - The company is focusing on operational efficiency improvements and has identified a series of action items to enhance product competitiveness[4]. - The company expects continued positive growth in revenue for Q3 2024 and the full year, although specific performance remains uncertain[4].

中信证券股份有限公司 关于晶晨半导体（上海）股份有限公司 股东向特定机构投资者询价转让股份的核查报告 上海证券交易所： 中信证券股份有限公司（以下简称"中信证券"或"组织券商"）受委托担任 Amlogic (Hong Kong) Limited（以下简称"转让方"）以向特定机构投资者询价转让（以下简称 "询价转让"）方式减持所持有的晶晨半导体（上海）股份有限公司（以下简称"公司" 或"晶晨股份"）首次公开发行前已发行股份的组织券商。 经核查，中信证券就本次询价转让的股东、受让方是否符合《上海证券交易所科创 板上市公司自律监管指引第 4 号——询价转让和配售》（以下简称"《询价转让和配售指 引》"）要求，本次询价转让的询价、转让过程与结果是否公平、公正，是否符合《询价 转让和配售指引》的规定作出如下报告说明。 一、本次询价转让概况 （一）本次询价转让转让方 截至 2024 年 6 月 28 日转让方所持公司首发前股份的数量及占公司总股本比例情 况如下： （四）本次询价转让价格下限确定原则 股东与组织券商综合考虑股东自身资金需求等因素，协商确定本次询价转让的价格 下限。本次询价转让价格下限不低于中信证券向投资者发 ...

证券代码：688099 证券简称：晶晨股份 公告编号：2024-023 晶晨半导体（上海）股份有限公司 股东询价转让结果报告书暨持股 5%以上股东减持股份 比例超过 1%的提示性公告 Amlogic (Hong Kong) Limited（以下简称"转让方"）保证向晶晨半导体（上 海）股份有限公司（以下简称"晶晨股份"或"公司"）提供的信息内容不存在任 何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性和完整性依法承担 法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示: 一、 转让方情况 (一)转让方基本情况 本次询价转让的价格为 54.01 元/股，转让的股票数量为 12,479,096 股。 公司控股股东 Amlogic (Hong Kong) Limited 参与本次询价转让，公司实际 控制人不参与本次询价转让。 本次权益变动为股份减持及被动稀释，不触及要约收购，本次转让不会 导致公司控股股东、实际控制人发生变化。 转让方 Amlogic (Hong Kong) Limited 持有公司股份比例由占公司总股本的 29.16%减少至 26.03%，权益变动 ...

证券代码：688099 证券简称：晶晨股份 公告编号：2024-022 晶晨半导体（上海）股份有限公司 股东询价转让定价情况提示性公告 Amlogic (Hong Kong) Limited（以下简称"出让方"）保证向晶晨半导体（上 海）股份有限公司（以下简称"晶晨股份"、"公司"）提供的信息内容不存在任 何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性和完整性依法承 担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 重要内容提示： 根据 2024 年 7 月 1 日询价申购情况，初步确定的本次询价转让价格为 54.01 元/股。 一、本次询价转让初步定价 （一）经向机构投资者询价后，初步确定的转让价格为 54.01 元/股，为晶晨 股份询价转让定价日（即 2024 年 7 月 1 日）收盘价 56.58 元/股的 95.46%。 （二）参与本次询价转让报价的机构投资者家数为 19 家，涵盖了基金管理 公司、合格境外投资者、私募基金管理人等专业机构投资者。参与本次询价转让 报价的机构投资者合计有效认购股份数量为 2,212.00 万股，对应的有效认购倍数 为 1.77 ...

Investment Rating - Strong Buy (首次覆盖) [1][8] Core Views - The company is a leading domestic smart audio-video SoC enterprise with a diversified product portfolio including smart set-top box SoC, smart TV SoC, AI audio-video terminal SoC, Wi-Fi chips, and automotive electronics [1] - The company's performance is rebounding with Q1 2024 revenue reaching 1.378 billion yuan, up 33% YoY, and net profit attributable to shareholders reaching 128 million yuan, up 319% YoY [1] - The company is expected to achieve net profits of 738 million yuan, 1.004 billion yuan, and 1.304 billion yuan in 2024-2026, with a target price of 79.42 yuan based on a 45x PE ratio for 2024 [1][8] Business Segments Smart Set-Top Box SoC - The company dominates the domestic market and is expanding overseas, with significant growth potential driven by IPTV/OTT penetration and policy-driven ultra-HD upgrades [1][7] - Overseas competition is optimizing, and the company's market share is expected to increase [1][7] Smart TV SoC - Domestic smart TV penetration is increasing, and 8K adoption is expected to open up demand for ultra-HD TV chips [1][7] - Overseas smart TV penetration still has room for growth, and the company is expected to expand its market share alongside domestic TV manufacturers [1][7] AI Audio-Video SoC - AI-driven growth is opening new opportunities, with AIGC expected to drive growth in set-top boxes and smart speakers [1][7] - The company is focusing on smart speakers and expanding its product matrix [7][59] Wi-Fi Chips - Wi-Fi 6 performance is significantly improved, and the company has launched Wi-Fi 6 chips, with plans to introduce new tri-mode combo products in 2024 [1][7] Automotive Electronics - The company's automotive entertainment chips have been adopted by several well-known car manufacturers, with mass production and commercialization achieved in 2023 [1][7] Financial Projections - Revenue is expected to grow from 5.371 billion yuan in 2023 to 9.482 billion yuan in 2026, with a CAGR of 18.4% [2] - Net profit attributable to shareholders is expected to grow from 498 million yuan in 2023 to 1.304 billion yuan in 2026, with a CAGR of 29.9% [2] Industry Trends - The global smart TV market is growing, with significant penetration opportunities in overseas markets [7][47] - The smart speaker market is under pressure due to macroeconomic factors, but AIGC is expected to drive future growth [7][59] - The Wi-Fi chip market is transitioning to Wi-Fi 6, with significant growth potential [7][23] - The automotive electronics market is expanding, with increasing demand for smart cockpit SoC chips [7][24]

证券代码：688099 证券简称：晶晨股份 公告编号：2024-021 晶晨半导体（上海）股份有限公司 股东询价转让计划书 Amlogic (Hong Kong) Limited（以下简称"出让方"）保证向晶晨半导体（上 海）股份有限公司（以下简称"晶晨股份"）提供的信息内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其真实性、准确性和完整性依法承担法律责 任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 一、拟参与转让的股东情况 （一）出让方的名称、持股数量、持股比例 出让方委托中信证券股份有限公司（以下简称"中信证券"）组织实施本次 询价转让。截至 2024 年 6 月 28 日出让方所持首发前股份的数量、占总股本比例 情况如下： 1 拟参与晶晨股份首发前股东询价转让（以下简称"本次询价转让"）股 东为 Amlogic (Hong Kong) Limited； 公司实际控制人直接或间接持有的股份不参与本次询价转让； 出让方拟转让股份的总数为 12,479,096 股，占晶晨股份总股本的比例 为 2.98%； 本次询价转让不通过集中竞价交易或大宗交易方式进行，不 ...