证 券 研 究 报 告 晶晨股份（688099）2024 年中报点评 强推（维持） 24Q2 营收创单季历史新高，产品结构持续优 化升级 事项： 1）公司 2024H1 实现营收 30.16 亿元（yoy+28.33%），归母净利润 3.62 亿元 （yoy+96.06%），扣非后归母净利润 3.40 亿元（yoy+115.19%）。 2）公司 24Q2 实现营业收入 16.38 亿元（yoy+24.53%，qoq+18.82%），归母净 利润 2.35 亿元（yoy+52.07%，qoq+83.94%），扣非后归母净利润 2.22 亿元 （yoy+65.60%，qoq+88.55%）。 评论： 24Q2 营收创单季历史新高，指引 24H2 业绩趋势持续向好。24H1 公司实现营 收 30.16 亿元，同比增长 28%；实现归母净利 3.62 亿元，同比增长 96 %。其 中第二季度实现营收 16.38 亿元，同比增长 25%，环比增长 19%；实现归母净 利 2.35 亿元，同比增长 52%，环比增长 84%。2024 年第二季度公司销售收入 创单季度历史新高，公司开启新一轮增长的趋势明显。2024 年上半 ...

公司点评报告 · 电子行业 -60% -50% -40% -30% -20% -10% 0% 10% 晶晨股份 沪深300 资料来源：中国银河证券研究院 资料来源：Wind,中国银河证券研究院 相对沪深 300 表现图 2024-08-14** 晶晨股份(688099.SH) 推荐 维持评级 | --- | --- | |---------------------|-----------| | 市场数据 2024-08-14 | | | 股票代码 | 688099.SH | | A 股收盘价(元) | 57.35 | | 上证指数 | 2,850.65 | | 总股本（万股） | 41,833 | | 实际流通 A 股(万股) | 41,833 | | 流通 A 股市值(亿元) | 240 | 主要财务指标预测 营业收入(亿元) 53.71 68.32 84.63 101.40 收入增长率% -3.14 27.20 23.87 19.82 归母净利润（亿元） 4.98 8.26 11.68 14.91 利润增速% -31.46 65.92 41.30 27.69 毛利率% 36.41 36.75 38.15 ...

2024 年 8 月 15 日 公司研究 新品销售持续向好，需求恢复带动业绩大幅增长 ——晶晨股份（688099.SH）跟踪报告之九 要点 事件： 公司发布 2024 年中报，上半年实现营业收入 30.16 亿元，同比增长 28.33%； 归母净利润 3.62 亿元，同比增长 96.06%；扣非归母净利润 3.40 亿元，同比增 长 115.19%。 公司2024年Q2实现营业收入16.38 亿元，同比增长24.53%，环比增长18.82%； 归母净利润 2.35 亿元，同比增长 52.07%，环比增长 83.94%；扣非归母净利润 2.22 亿元，同比增长 65.60%，环比增长 88.55%。 点评： 24 年第二季度营收创历史新高，预计下半年营收同比将进一步增长：2024 年以 来，公司所处领域市场逐步恢复，公司抓住市场的有利因素，采取积极的销售策 略，公司销售收入和利润保持了较高速度的增长。2024 年第二季度公司销售收 入创单季度历史新高，公司开启新一轮增长的趋势明显。随着全球消费电子整体 市场的积极因素不断显现,公司积极销售策略和内部挖潜措施的持续发力，新产 品的不断上市及销量不断扩大，新增市场不 ...

Company Overview and Governance - The company's semi-annual report for 2024 has been released, with the company code 688099 and the abbreviation "晶晨股份" [1] - The company's board of directors, supervisors, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report, and bear individual and joint legal responsibilities [2] - The company has detailed various risks and countermeasures in the report, and the entire board of directors attended the board meeting [3] - The semi-annual report has not been audited, and the company's responsible persons have declared the financial report to be true, accurate, and complete [3] - The company has no profit distribution plan or capital reserve to share capital plan for this reporting period [3] - The company has no special arrangements for corporate governance and no non-operational fund occupation by controlling shareholders or other related parties [4] - The company has no violations of decision-making procedures for external guarantees, and no more than half of the directors cannot guarantee the authenticity, accuracy, and completeness of the semi-annual report [4] - The report includes forward-looking statements about the company's future plans and development strategies, which do not constitute a substantive commitment to investors [4] - The company's subsidiaries include Amlogic (Hong Kong) Limited, Amlogic Holdings Ltd., and various other entities in different regions [9] - The company collaborates with global partners such as ARM, Google, Amazon, and Xiaomi [9] - The company's registered address is located at No. 350 Chunxiao Road, South Building, Room 406, China (Shanghai) Pilot Free Trade Zone [11] - The company's office address is at No. 2555 Xiupu Road, Pudong New Area, Shanghai, in the Caobeijing Kangqiao Business Oasis E5 building [13] - The company's website is accessible at http://www.Amlogic.cn and http://www.Amlogic.com [13] - The company's stock is listed on the Shanghai Stock Exchange's STAR Market under the ticker symbol 688099 [16] - The company's legal representative is John Zhong [11] - The company's A-share stock is traded under the name "晶晨股份" (Jingcheng Shares) on the Shanghai Stock Exchange [16] - The company's electronic mail for investor relations is IR@Amlogic.com [13] - The company's semi-annual report is available on the website www.sse.com.cn [15] - The company's designated newspapers for information disclosure include "Shanghai Securities News," "China Securities Journal," "Securities Times," and "Securities Daily" [15] - The company's contact phone number is 021-38165066, and the fax number is 021-50275100 [14] Financial Performance - Revenue for the first half of 2024 reached 3.016 billion yuan, a year-on-year increase of 28.33% [18] - Net profit attributable to shareholders of the listed company was 362.15 million yuan, a year-on-year increase of 96.06% [18] - R&D expenses for the first half of 2024 were 674 million yuan, an increase of 66 million yuan compared to the same period last year [19] - T-series product sales revenue increased by approximately 70% year-on-year in the first half of 2024 [19] - W-series products accounted for over 8% of the company's total shipments in Q2 2024 [19] - The company successfully taped out a 6nm commercial chip based on the new ARM V9 architecture and self-developed edge AI capabilities, securing initial commercial orders [19] - Basic earnings per share for the first half of 2024 were 0.87 yuan, a year-on-year increase of 93.33% [21] - Weighted average return on equity (ROE) for the first half of 2024 was 6.37%, an increase of 2.72 percentage points year-on-year [21] - R&D investment as a percentage of revenue decreased by 3.51 percentage points to 22.35% in the first half of 2024 [21] - The company expects further year-on-year revenue growth in Q3 2024 and the full year of 2024, though specific performance remains uncertain [19] - Q2 2024 global semiconductor industry sales reached $149.9 billion, a YoY increase of 18.3% and a QoQ increase of 6.5% [26] - Q2 2024 company revenue reached 1.638 billion RMB, a YoY increase of 24.53% and a QoQ increase of 18.82% [26] - Wi-Fi 6 2×2 chip launched in 2023, with W series products accounting for over 8% of total shipments in Q2 2024 [30] - Company plans to launch a tri-mode combo product (Wi-Fi 6 + BT 5.4 + 802.15.4) in 2024, supporting Thread/Zigbee and enabling Matter controller and IoT gateway applications [30] - 6nm commercial chip based on ARM V9 architecture and in-house edge AI capabilities successfully taped out, with initial commercial orders secured [31] - 8K chip performed well in the first domestic operator commercial batch tender [31] - Company's S-series SoC chips are widely adopted by major manufacturers like ZTE, Xiaomi, Google, and Amazon, and used in domestic and international operator equipment [31] - Company has 11 key core technologies, including ultra-high-definition multimedia codec, global digital TV demodulation, and ultra-low-power technology [27] - Company is a leader in smart set-top box chips, a pioneer in smart TV chips, and an innovator in smart audio-visual system terminal chips [27] - Company's products are applied in various fields, including smart home, automotive, education, and industrial applications [30] - T series SoC chip sales revenue increased by approximately 70% year-over-year in the first half of 2024 [32] - W series Wi-Fi 6 product accounted for over 8% of the company's total shipments in Q2 2024 [34] - The company achieved revenue of 3.016 billion yuan in the first half of 2024, a year-over-year increase of 28.33% [37] - Net profit attributable to the parent company in the first half of 2024 was 362 million yuan, a year-over-year increase of 96.06% [37] - Q2 2024 revenue reached 1.638 billion yuan, a year-over-year increase of 24.53% and a quarter-over-quarter increase of 18.82% [37] - Q2 2024 net profit attributable to the parent company was 235 million yuan, a year-over-year increase of 52.07% and a quarter-over-quarter increase of 83.94% [37] - R&D expenses in the first half of 2024 were 674 million yuan, an increase of 66 million yuan compared to the same period last year [37] - The number of R&D personnel increased by 108 compared to the same period last year [37] - The company's automotive electronics chips have been successfully mass-produced and commercialized in several well-known domestic and international car manufacturers [35] - The company plans to launch a new tri-mode combination product (Wi-Fi 6 + BT 5.4 + 802.15.4) in 2024 [34] - W series products accounted for over 8% of the company's total shipments in Q2 2024, with sales expected to further increase due to rapid product iteration and series expansion [38] - The company's 6nm commercial chip based on ARM V9 architecture and self-developed edge AI capabilities has secured initial commercial orders after successful tape-out [38] - The company's 8K chip performed exceptionally well in the first batch of commercial bidding by domestic operators [38] - The company expects Q3 2024 and full-year 2024 revenue to grow year-over-year, though specific performance remains uncertain [38] - The company applied for 24 new patents in the reporting period, all of which were invention patents, and was granted 14 invention patents [40][41] - Total R&D investment in the reporting period was 674.07 million yuan, a 10.91% increase year-over-year, with R&D expenses accounting for 22.35% of revenue [42] - The company is upgrading its S series SoC chips with a total planned investment of 270 million yuan, aiming to reduce production costs and enhance performance [44] - The global version of the high-performance, low-power S series SoC chip project has invested 101.8 million yuan in the current period, with a total investment of 158.76 million yuan [44] - The company's T series SoC chip upgrade project has invested 60.87 million yuan in the current period, with a total investment of 140.57 million yuan, targeting the global smart display market [44] - The high-end smart terminal SoC chip upgrade project has invested 29.46 million yuan in the current period, with a total investment of 61.25 million yuan, focusing on high-end smart display applications [44] - Global version of Smart T-series SoC chip upgrade achieved phased results, with R&D and trial production ongoing, supporting global TV market standards and new image quality technologies [45] - Machine vision intelligent chip is in trial production phase, targeting high-performance edge-side visual computing for robotics [45] - Wireless connectivity chip upgrade and next-gen wireless connectivity chip achieved phased results, supporting Wi-Fi and Bluetooth integration for smart displays and devices [45] - Next-gen intelligent voice SoC chip is in trial production, supporting ultra-low power standby and voice wake-up interaction [45] - SoC chip R&D for new smart terminal applications is in progress, targeting high-performance, low-power solutions for smart home and robotics [45] - High-frame-rate color video signal display processing chip R&D is ongoing, targeting smart TVs and home devices [46] - Total R&D investment for the period reached 194,800.00 million, with 143,431.11 million already utilized [46] - R&D personnel increased to 1,588, accounting for 85.74% of total employees, with average salary rising to 32.55 thousand [47] - R&D team consists of 45.09% master's degree holders and 48.87% bachelor's degree holders, with 43.01% aged 30-40 [48] - Core R&D team has over 20 years of industry experience, with stable and high-quality talent structure [52] - Revenue for the first half of 2024 reached 3.016 billion yuan, a year-on-year increase of 28.33% [54] - Net profit attributable to the parent company in the first half of 2024 was 362 million yuan, a year-on-year increase of 96.06% [54] - Q2 2024 revenue reached 1.638 billion yuan, a year-on-year increase of 24.53% and a quarter-on-quarter increase of 18.82% [54] - Q2 2024 net profit attributable to the parent company was 235 million yuan, a year-on-year increase of 52.07% and a quarter-on-quarter increase of 83.94% [54] - R&D expenses in the first half of 2024 were 674 million yuan, an increase of 66 million yuan compared to the same period last year [54] - T-series product sales revenue increased by approximately 70% year-on-year in the first half of 2024 [54] - W-series products accounted for over 8% of the company's total shipments in Q2 2024 [54] - The company has 1,588 R&D personnel as of June 30, 2024, an increase of 108 compared to the same period last year [54] - The company confirmed share-based payment expenses of 66 million yuan in the first half of 2024, impacting net profit attributable to the parent company by 69 million yuan [54] - The company's 6nm commercial chip based on ARM V9 architecture and self-developed edge AI capabilities has received its first batch of commercial orders [54] - Revenue for the reporting period reached 3,016.21 million yuan, a year-on-year increase of 28.33% [65] - Net profit attributable to the parent company was 362.15 million yuan [65] - Total assets as of June 30, 2024, amounted to 7,083.64 million yuan [65] - Net cash flow from operating activities increased by 12.46% to 622.39 million yuan [65] - R&D expenses rose by 10.91% to 674.07 million yuan [65] - Gross profit margin faced potential fluctuations due to market competition and product iteration [60] - Inventory turnover rate may decline, increasing the risk of inventory impairment [60] - The company faces risks from supplier concentration, particularly in wafer foundry services [59] - Potential risks from changes in tax优惠政策 could impact profitability [64] - Exchange rate fluctuations may affect performance due to significant overseas sales and procurement [64] - Operating revenue increased by 665.83 million yuan, up 28.33% year-on-year, driven by market recovery and proactive sales strategies [66] - Operating costs rose by 420.89 million yuan, up 27.54% year-on-year, primarily due to increased sales [66] - R&D expenses increased by 66.32 million yuan, up 10.91% year-on-year, mainly due to higher personnel costs [66] - Net cash flow from operating activities increased by 68.96 million yuan, up 12.46% year-on-year, due to improved sales collections [66] - Other receivables increased by 54.74% to 41.28 million yuan, mainly due to unclaimed export tax rebates [68] - Other current assets surged by 987.82% to 235.72 million yuan, driven by increased input tax credits and short-term debt investments [68] - Contract liabilities increased by 184.95% to 157.44 million yuan, reflecting higher advance payments from customers [68] - Overseas assets totaled 1,427.79 million yuan, accounting for 20.16% of total assets [69] - Total financial assets measured at fair value reached 1,334.52 million yuan, with a fair value change of 7.90 million yuan during the period [71] - Investment in the Shanghai Guoce Green Technology Manufacturing Private Equity Fund totaled 90 million yuan, with a cumulative profit impact of 21.39 million yuan [74] - Jingcheng Hong Kong's total assets amounted to 158,554.35 million yuan, with a net profit of 5,886.63 million yuan [75] - Jingcheng Shenzhen's total assets were 22,993.58 million yuan, with a net profit of 1,229.02 million yuan [75] - Jingcheng California reported a net loss of 554.34 million yuan [75] - Jingcheng Beijing's total assets were 3,828.56 million yuan, with a net profit of 282.45 million yuan [75] - Shanghai Jingyi's total assets were 10,528.92 million yuan, with a net profit of 2.06 million yuan [75] - Shanghai Jingmin's total assets were 28,653.70 million yuan, with a net profit of 192.62 million yuan [75] - Jingcheng Chengdu's total assets were 5,136.95 million yuan, with a net profit of 411.14 million yuan [75] - Jingcheng Xi'an's total assets were 4,137.34 million yuan, with a net profit of 500.11 million yuan [75] - Jingcheng Nanjing's total assets were 686.61 million yuan, with a net profit of 27.68 million yuan [75] - Jingcheng Hefei's total assets were 1,866.20 million yuan, with a net profit of 148.03 million yuan [75] - The company's controlling shareholders and actual controllers, including John Zhong and Yeeping Chen Zhong, will repurchase shares issued in the initial public offering within a specified period [89] - The company confirms that its prospectus contains no false statements or material omissions, and it will compensate investors if losses occur due to such issues [89] - The company will repurchase all newly issued shares at the offering price plus bank deposit interest if any false statements or material omissions are found before trading begins [89] - If false statements or material omissions are found after trading begins, the company will propose a share repurchase plan within 5 working days and submit it to the shareholders' meeting for approval [89] - The company will strengthen R&D, expand business, and improve profitability to mitigate the impact of diluted earnings per share and return on equity after the IPO [90] - The company will optimize product processes, improve production efficiency, and reduce operating costs to enhance profitability [90] - The company has established a "Fund Management System" to ensure efficient use of raised funds and accelerate the construction of investment projects [90] - The company will strictly supervise the use of raised funds to ensure they are used for specified projects, aiming to enhance profitability and operational performance [92] - The company has established a profit distribution mechanism and shareholder return plan to protect the interests of shareholders, especially minority shareholders [92] - The controlling shareholders and actual controllers have committed not to interfere with the company's management and to compensate for any losses caused by their actions [92] - Directors and senior management have pledged to avoid unfair benefits and to link their compensation with the company's performance and return measures [92] - The company guarantees to fulfill all public commitments disclosed in the IPO prospectus and will compensate investors for any losses due to unfulfilled commitments [93] - The controlling shareholders and actual controllers have committed to extend the lock-up period of their shares if they fail to fulfill their commitments [93] - The company expects daily related-party transactions with Amlogic Holdings Ltd. to amount to RMB 170 million in 2024 [99] - The company has no significant litigation or arbitration matters during the reporting period [98] - The company has no non-operational fund occupation by controlling shareholders or other related parties [97] - The company has no illegal guarantees or bankruptcy restructuring matters [97][98] - The company's controlling shareholders and related parties have committed to avoiding competitive business activities with the company [96] - The company's directors and senior management have pledged to fulfill all public commitments made during the IPO [94] - The company's controlling shareholders have extended the lock-up period for their shares until all adverse effects from unfulfilled commitments are resolved [94] - The company's controlling shareholders will not receive dividends or bonus shares until all adverse effects from unfulfilled commitments are resolved [94] - The company's controlling shareholders will compensate investors for losses if commitments are not fulfilled [94] - The company's controlling shareholders will transfer or terminate any competitive business activities if they arise [96] - Total raised funds amount to 1.583 billion yuan, with net funds after deducting issuance costs reaching 1.503 billion yuan [103] - Cumulative

[Table_MainInfo] 公司研究/信息设备/半导体产品与半导体设备 证券研究报告 晶晨股份(688099)公司研究报告 2024 年 07 月 24 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |-------------------------------------------------------------------|-------------| | 07[Table_StockInfo 月 23日收盘价(元)] | 64.33 | | 52 周股价波动(元) | 39.90-95.50 | | 总股本/流通 A 股(百万股) | 418/418 | | 总市值/流通市值(百万元) | 26911/26911 | | 相关研究 | | | [Table_ReportInfo] 《 环 比 改 善 明 显 , 三 季 度 有 望 维 持 》 | | 2023.08.24 市场表现 [Table_QuoteInfo] 晶晨股份 海通综指 -52.56% -41.56% -30.56% -19.56% -8.56% 2023/7 2 ...

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 编号:2024-004 投 资√特定对象调研 □分析师会议 □媒体采访 □业绩说明会 者 关 □新闻发布会 □路演活动 系 活 □现场参观 动 类 □其他 (请文字说明其他活动内容) 别 Cephei Capital Management (Hong Kong) Limited 参 与 EASTSPRING INVESTMENTS (SINGAPORE) LIMITED Elevation Advisors Limited 单 位 Fullerton IKARIA GROUP (HK) LIMITED 名称 IVY CAPITAL LIMITED Leadhorse LyGH Capital Oberweis Asset Management (Hong Kong) Limited POWER PACIFIC INVESTMENT MANAGEMENT INC. Rockhampton Management Limited SEQUOIA CAPITAL LLP Shiva Capital Group Limite ...

今年的一季度国内的占比是在30%多海外的占比在60%多那收入里面一季度S系列占到30%多其中在30%多里面40%多是来自于国内市场50%多是来自于海外市场 T系列在一季度的收入是占到40%多这其中30%多是来自于海外市场30%多来自于国内市场60%多来自于海外市场这是T系列的我们再来看一下A系列A系列我们一季度的收入占比也是在20%出头一点 这其中也是10%出头一点是来自于国内市场80%多来自于海外市场WiFi系列一季度的收入占比占1点几同样也是90%多是来自于海外市场10%以下是来自于国内市场剩下的0点几是我们机械电子收入的占比 其实电子的这台产品线里面呢也是80%多来自于海外市场百分之十几来自于国内市场这是一季度其实一季度的这个收入占比情况当时在一季度的交流的时候应该跟大家讲过那今天之所以再讲一遍的第一个是可能他大概时间久了会 数据记忆没那么清晰了第二个也是希望通过分享一季度和二季度我们来看一下环比的产品线的占比的趋势变化以及国内外的占比的趋势变化我们刚刚讲了一季度再来讲一下二季度二季度我们国内的收入在20%多也就是一季度国内是30%多那二季度是加上到 20多相应的海外的二季度的收入占比就提升到了70%多 ...

2024 年 07 月 14 日 公司研究●证券研究报告 24Q2 营收创历史新高,新品发力开启新一轮增 势 投资要点 2024 年 7 月 10 日,公司发布 2024 年半年度业绩预告的自愿性披露公告。 24Q2 营收创历史新高,经营业绩有望持续向好 24H1 公司预计实现营收约 30.16 亿元,同比增长约 28.32%;归母净利润约 3.62 亿元,同比增长约 95.98%;因股权激励确认的股份支付费用约 0.66 亿元,剔除股 份支付费用影响后,归母净利润约 4.31 亿元;扣非归母净利润约 3.40 亿元,同比 增长约 115.29%;研发费用约 6.74 亿元。 单季度看,24Q2 公司预计实现营收约 16.38 亿元,同比增长约 24.51%,环比增 长约 18.81%,单季营收创历史新高;归母净利润约 2.34 亿元,同比增长约 51.97%, 环比增长约 83.82%;扣非归母净利润约 2.22 亿元,同比增长约 65.72%,环比增 长约 88.68%。 随着全球消费电子整体市场的积极因素不断显现,公司积极销售策略和内部挖潜措 施的持续发力,新品的陆续上市及销量不断扩大,新增市场不断开拓 ...

①公司三大业务"数据存储设备+AIoT终端+服务器再制造"打开成长空间，实控人曾任职富士康，专业 实力过硬； ②AIoT行业龙头，公司产品已成为物联网应用的首选，芯片出货量超10亿颗； ③公司Q2 业绩亮眼，或得益于大客户放量带动汽零业务向上+装备业务订单释放； ④策略分析师认为，TMT和核 心科技在内的科技股将是下半年的重要主线。 【券商策略最新观点】 中泰证券策略徐驰：TMT和核心科技在内的科技股将是下半年的重要主线 中泰证券策略徐驰最新周观点认为，硬科技的发展离不开金融资本的支持，而科创板成功设立的作用之 一即为：鼓励硬科技的初创企业快速发展。2019年以来，诸多专精特新企业纷纷登陆科创板获得更多 的直接融资支持。科创板上市公司群体代表未来技术和产业发展方向，具有较好的改革引领和示范意 义。 A股新一轮大国竞争下的全球科技革命，在政策突破"卡脖子"的战略目标下，包括TMT和核心科技在内 的科技股将是下半年的重要主线，看好在投资配置中甄选具有关键环节、核心研发能力强的国产替代科 技企业。 本次的"科创板八条"指出：要进一步丰富支付工具，鼓励综合运用股份、现金、定向可转债等方式实施 并购重组，开展股份对价分 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 | --- | --- | --- | --- | |----------------------------------------|----------------------------|------------|-------------| | | | 电子元器件 | /信息科技 | | | [Table_Invest] 评级: | | 增持 | | 业绩超预期,有望开启新一轮增长 | [Table_Target] 目标价格: | 上次评级: | 增持87.30 | | | [当前价格: Table_CurPrice] | 上次预测: | 104.1768.44 | | 陈豪杰(研究助理) | | | | | 021-38038663chenhaojie026733@gtjas.com | [Table_Date] | | 2024.07.13 | 登记编号 S0880521070002 S0880122080153 本报告导读: | --- | |--------------------------------------------- ...