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 年年度股东大会会议资料 2025 年 5 月 | 2024 年年度股东大会会议须知 … | | --- | | 2024年年度股东大会会议议程 | | 2024 年年度股东大会会议议案 . | | 议案一:关于《2024年度董事会工作报告》的议案 | | 议案一附件:2024年度董事会工作报告 | | 议案二:关于《2024年度监事会工作报告》的议案 ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………9 | | 议案二附件:2024年度监事会工作报告 …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 10 | | 议案三:关于《2024年度财务决算报告及 2025年度财务预算报告》的议案 | | 议案三附件 ...

Core Insights - The company reported a revenue of 1.53 billion yuan for Q1 2025, representing a year-on-year increase of 10.98%, and a net profit of 188 million yuan, up 47.53% year-on-year, with a gross margin of 36.23% [1] - The smart home and Wi-Fi 6 segments are expected to maintain high growth momentum in 2025, with smart home chip sales increasing over 50% year-on-year and Wi-Fi 6 chip shipments growing by 35% [2] - The company has made significant R&D investments, totaling 1.352 billion yuan in 2024 and 359 million yuan in Q1 2025, leading to a competitive advantage across multiple product lines [3] Financial Performance - Q1 2025 revenue reached 1.53 billion yuan, a 10.98% increase year-on-year [1] - Net profit for Q1 2025 was 188 million yuan, reflecting a 47.53% year-on-year growth [1] - Gross margin stood at 36.23% [1] Product Performance - Smart home chip sales surged over 50% year-on-year, with over 10 million units shipped in a single quarter [2] - Wi-Fi 6 chip shipments increased by 35%, with 25% of shipments being Wi-Fi 6 2*2 chips, a significant rise from 1.5% in Q1 2024 [2] - The S series chips captured the largest share in domestic operator tenders, while the T series saw a 30% increase in sales [3] R&D Investment - The company invested 1.352 billion yuan in R&D in 2024 and 359 million yuan in Q1 2025 [1][3] - The focus on R&D has led to advancements in various product lines, including the S905X5 series and 8K chips, with expectations of significant sales growth [3] Investment Outlook - The company is positioned to benefit from the AI industry trend, with projected revenues of 7.408 billion yuan, 9.26 billion yuan, and 10.741 billion yuan for 2025 to 2027, respectively [4] - Expected net profits for the same period are 1.019 billion yuan, 1.394 billion yuan, and 1.815 billion yuan [4] - A target price of 97.1 yuan is set, with a 40x PE ratio for 2025, maintaining a "Buy-A" investment rating [4]

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 97.1 CNY for the next six months [4][6]. Core Views - The company has demonstrated strong profit growth in Q1 2025, with revenue reaching 1.53 billion CNY, a year-on-year increase of 10.98%, and a net profit of 188 million CNY, up 47.53% year-on-year [1][4]. - The company is expected to benefit from the growing demand in the end-side AI industry, with projected revenues of 7.41 billion CNY, 9.26 billion CNY, and 10.74 billion CNY for 2025, 2026, and 2027 respectively [4][10]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 36.23% and invested 3.59 billion CNY in R&D, reflecting its commitment to innovation [1][4]. - The company’s revenue and net profit forecasts indicate a robust growth trajectory, with net profit expected to reach 1.02 billion CNY in 2025 [10][11]. Product Lines and Market Position - The smart home chip sales increased by over 50% year-on-year in Q1 2025, with over 10 million units shipped [2]. - The company has a strong market presence in various product lines, including the S series, T series, A series, and W series, with significant sales growth reported across these categories [3][4]. R&D and Competitive Advantage - The company maintains high R&D investment, with 13.52 billion CNY allocated in 2024, which supports its competitive edge in the semiconductor industry [1][4]. - Key products such as the 6nm S905X5 series and 8K S928X chips are expected to drive sales growth, with the S905X5 series projected to exceed 10 million units in 2025 [3][4].

证券代码：688099 证券简称：晶晨股份 公告编号：2025-035 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/4/11，由董事长暨实控人提议 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 2025 4 9 | 4 | 月 | 10 | 日~2026 | 年 | 月 | 日 | | 预计回购金额 | 5,000万元~10,000万元 | | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | | | □用于转换公司可转债 □为维护公司价值及股东权益 | | | | | | | | | 累计已回购股数 | 15.3万股 | | | | | | | | | 累计已回购股数占总股本比例 | 0.036% | | | | | | | | | 累计已回购金额 | 1,067.16万元 ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering the recovery in downstream demand and the excellent performance of new products [4][6]. Core Insights - The company achieved steady growth in revenue and profit, with a 10.98% year-on-year increase in revenue to 1.53 billion yuan in Q1 2025 and a 47.53% increase in net profit to 188 million yuan [1]. - In 2024, the company reported a total revenue of 5.93 billion yuan, a 10.34% increase year-on-year, and a net profit of 822 million yuan, reflecting a 65.03% growth [1][2]. - The demand for smart home technology is driving revenue and profit growth, with Q1 2025 revenue and net profit maintaining high growth rates, particularly in smart home chip sales, which increased by over 50% year-on-year [2][3]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 1.53 billion yuan, up 10.98% year-on-year and 18.93% quarter-on-quarter, with a net profit of 188 million yuan, up 47.53% year-on-year but down 17.52% quarter-on-quarter [1]. - For the full year 2024, the company achieved revenue of 5.93 billion yuan, a 10.34% increase, and a net profit of 822 million yuan, a 65.03% increase [1][5]. Market Expansion and Product Development - The company has invested over 10 billion yuan in R&D for three consecutive years, totaling 3.82 billion yuan, leading to successful market performance of several strategic new products [3]. - The S series chips have gained significant market share in domestic and international markets, while the T series saw a year-on-year sales increase of over 30% [3]. Future Outlook - The company expects continued growth in Q2 2025 and throughout 2025, driven by the launch of new products and improved operational efficiency [2][4]. - Profit forecasts for 2025-2027 are adjusted to 1.05 billion yuan, 1.43 billion yuan, and 1.77 billion yuan, respectively, with corresponding PE ratios of 27, 20, and 16 [4][5].

Investment Rating - The report maintains a "Recommended" rating for the company, considering the recovery in downstream demand and the excellent performance of new products [4][6]. Core Insights - The company achieved steady growth in revenue and profit, with Q1 2025 revenue reaching 1.53 billion yuan, a year-on-year increase of 10.98%, and a net profit of 188 million yuan, up 47.53% year-on-year [1][2]. - The company has been actively expanding its market presence and improving operational efficiency, leading to record-high revenue and net profit in 2024 [2][3]. - The company has invested over 10 billion yuan in R&D for three consecutive years, totaling 3.82 billion yuan, resulting in strong market performance for several strategic new products [3]. Revenue and Profit Forecast - The forecast for the company's net profit for 2025-2027 is 1.05 billion, 1.43 billion, and 1.77 billion yuan, respectively, with corresponding PE ratios of 27, 20, and 16 [4][5]. - The company expects continued growth in revenue, with projected figures of 7.60 billion, 9.38 billion, and 10.84 billion yuan for 2025-2027, reflecting growth rates of 28.3%, 23.3%, and 15.6% [5][10]. Product Performance and Market Expansion - The company has seen significant sales growth in its smart home chip segment, with Q1 2025 sales increasing by over 50% year-on-year, and a shipment of nearly 4 million self-developed edge computing chips [2][3]. - Various product lines have made progress, with the S series capturing the largest share in domestic tenders and expanding globally, while the T series saw a year-on-year sales increase of over 30% [3].

Core Viewpoint - The performance of the CSI 500 Quality Growth Index and its constituent stocks has shown significant upward movement, indicating a positive market sentiment and potential investment opportunities in the sector [1][2]. Group 1: Index Performance - As of April 21, 2025, the CSI 500 Quality Growth Index rose by 1.15%, with notable increases in constituent stocks such as Chifeng Jilong Gold Mining (up 7.35%) and Hunan Gold (up 6.56%) [1]. - The CSI 500 Quality Growth ETF experienced a 0.87% increase, reaching a latest price of 0.92 yuan [1]. Group 2: Fund Growth Metrics - The CSI 500 Quality Growth ETF saw a significant scale increase of 7.91 million yuan over the past week, ranking in the top third among comparable funds [1]. - The latest share count for the CSI 500 Quality Growth ETF reached 575 million, marking a one-month high and also placing it in the top third among comparable funds [1]. - The ETF recorded a net inflow of 913,900 yuan, with a total of 14.67 million yuan net inflow over the last five trading days, averaging 2.93 million yuan per day [1]. Group 3: Market Outlook - According to Huaxi Securities, the Chinese equity market is expected to benefit from a valuation advantage compared to major global indices, with supportive policies anticipated from the upcoming political bureau meeting [2]. - The central government has emphasized its commitment to stabilizing the stock market, which is expected to bolster investor confidence [2]. Group 4: Index Composition - As of March 31, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index accounted for 24.26% of the index, with Chifeng Jilong Gold Mining being the highest at 3.13% [3][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 88.90 RMB [7][4]. Core Views - The company achieved a revenue of 1.53 billion RMB in Q1 2025, representing a year-over-year increase of 10.98% and a quarter-over-quarter increase of 18.93%. The net profit attributable to the parent company was 188 million RMB, up 47.53% year-over-year but down 17.52% quarter-over-quarter [1]. - The company expects revenue growth to continue in Q2 2025 and maintains its full-year revenue growth guidance, driven by the launch of new products in the 6nm and 8K segments, as well as the rapid growth of WiFi 6 [1][3]. Summary by Sections Q1 2025 Review - The company's revenue growth in Q1 2025 was primarily due to the rapid increase in smart home demand and the penetration of edge AI technology, with A series shipments exceeding 10 million units and revenue growth over 50% year-over-year. WiFi chip shipments also saw a year-over-year increase of over 35%, with WiFi 6 2*2 shipments reaching 25% of total shipments [2]. 2025 Outlook - The company has launched a restricted stock incentive plan for 2025, aiming for significant growth in wireless connection and visual system chip shipments, with targets set for 2,392 million units in 2025, reflecting a growth rate of approximately 50% per year. The S series is expected to benefit from a recovering domestic set-top box market, while the T series aims to increase its market share in international TV ecosystems [3]. Financial Projections - The company forecasts net profits attributable to the parent company of 1.07 billion RMB, 1.38 billion RMB, and 1.74 billion RMB for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 29.83%, 29.24%, and 26.46% [6][4]. The expected revenue for 2025 is 7.19 billion RMB, reflecting a year-over-year growth of 21.30% [6]. Valuation Metrics - The report assigns a 35x price-to-earnings (P/E) ratio for 2025, compared to a peer average of 42.5x, leading to a target price of 88.90 RMB, down from a previous target of 99.8 RMB [4][8]. The company's market capitalization is approximately 28.73 billion RMB [8].

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The report highlights the growth potential in the medical beauty and cosmetics sectors, driven by innovative products and changing consumer preferences towards self-care and emotional consumption [6][7][36][50] - The medical beauty segment is expected to benefit from the approval of new products, particularly in the recombinant collagen market, which is gaining traction as a substitute for animal-derived collagen [6][31][49] - The cosmetics industry is witnessing a rise in domestic brands, with a focus on high-quality products and emotional connections with consumers, suggesting a shift towards "self-care" trends [7][36][50] Summary by Sections Market Review - The beauty and personal care index rose by 3.41% in March, outperforming the broader market [15][18] - Notable stock performances in the medical beauty sector included Jinbo Biological (+32.2%), Furuier Medical Technology (+22.8%), and Kedi-B (+9.5%) [19] - In the cosmetics sector, Shangmei Co. (+31.8%), Maogeping (+31.6%), and Runben Co. (+16.4%) led the gains [25] Medical Beauty - Jinbo Biological received approval for its recombinant type III human collagen gel, marking a significant advancement in the medical beauty field [6][31] - The product offers dual benefits of filling and repairing, positioning Jinbo as a leader in the recombinant collagen market [31][33] - The report emphasizes the importance of differentiated strategies in the recombinant collagen industry, including technological advancements and diverse product offerings [33] Cosmetics - The report identifies the "self-care" trend as a key driver in the cosmetics market, with consumers increasingly seeking products that enhance their emotional well-being [7][36] - It suggests focusing on domestic brands that are adapting to market trends and consumer preferences, particularly in high-growth segments [37][50] - The report highlights the rise of high-end domestic brands, with Maogeping being a notable example, leveraging its unique brand identity and product quality [42][50] Investment Recommendations - The report recommends focusing on leading domestic beauty brands that are expected to gain market share, including Maogeping, Shangmei Co., and Runben Co. [49][50][53] - It suggests that the medical beauty sector will see growth driven by new product launches and the increasing acceptance of domestic brands [49][51] - The report anticipates that the emotional consumption trend will continue to shape the cosmetics market, creating opportunities for brands that can connect with consumers on a deeper level [50][51]

● 回购股份金额：回购资金总额不低于人民币 5,000 万元（含），不超过人民币 10,000 万元（含），具体回购资金总额以实际使用的资金总额为准。 ● 回购股份资金来源：本次回购股份的资金来源为晶晨半导体(上海)股份有限公 司（以下简称"公司"）自有资金。 ● 回购股份用途：本次回购的股份拟在未来合适时机用于实施员工持股计划或股 权激励，若公司未能在股份回购实施结果暨股份变动公告日后 3 年内使用完毕已 回购股份，尚未使用的已回购股份将予以注销。如国家对相关政策作调整，则回 购方案按调整后的政策实行。 ● 回购股份价格：不超过人民币 121.58 元/股（含），该价格不高于公司董事会通 过回购决议前 30 个交易日公司股票交易均价的 150%。 ● 回购股份方式：通过上海证券交易所交易系统以集中竞价交易方式回购。 ● 回购股份期限：自公司董事会审议通过本次回购股份方案之日起 12 个月内。 ● 相关股东是否存在减持计划：公司的董事、监事、高级管理人员、控股股东、 实际控制人及一致行动人、回购股份提议人，在未来 3 个月、未来 6 个月及回购 期间暂无明确减持公司股份的计划，如后续有相关减持股份计划，公司将 ...