Investment Rating - The investment rating for the company is "Outperform the Market" [3][10]. Core Views - The company has shown a significant increase in revenue and net profit, with a year-on-year revenue growth of 20.28% and a net profit growth of 89.26% for the first three quarters of the year [1]. - The gross margin has improved sequentially by 1.88 percentage points, reaching 38.22% in the third quarter, indicating enhanced operational efficiency [1]. - The company is expanding its product lines, successfully introducing a new 6nm chip into the operator market, which is expected to drive future growth [1]. Financial Performance Summary - For the first three quarters, the company achieved revenue of 4.64 billion yuan and a net profit of 594 million yuan [1]. - The third quarter alone saw revenue of 1.62 billion yuan, with a year-on-year increase of 7.73% [1]. - The comprehensive gross margin for the first three quarters was 36.37%, with a net margin of 12.80% [1]. Product Development and Market Position - The T series has become the company's largest product line, growing over 50% year-on-year [1]. - The W series WiFi6 products are expected to exceed sales of 10 million units in 2024 [1]. - The new 6nm chip, based on ARM V9 architecture, has shown significant performance improvements, with CPU performance up over 60% and GPU performance up over 230% compared to previous generations [1]. Future Projections - Revenue projections for 2024-2026 are 64.33 billion yuan, 78.73 billion yuan, and 94.62 billion yuan, respectively [1]. - Net profit projections for the same period are 8.17 billion yuan, 10.52 billion yuan, and 13.19 billion yuan, respectively [1]. - The current stock price corresponds to a price-to-earnings ratio of 34.3, 26.6, and 21.3 for the years 2024, 2025, and 2026, respectively [1].

Group 1: Company Overview - Jingchen Semiconductor (Shanghai) Co., Ltd. is a leading fabless semiconductor system design company, focusing on the research, design, and sales of system-on-chip (SoC) and peripheral chips [7] - The company's main products include multimedia smart terminal SoC chips, wireless connection chips, and automotive electronic chips, widely used in various consumer electronics sectors [7] Group 2: Financial Performance - In the first three quarters of 2024, the company achieved revenue of CNY 4.64 billion, a year-on-year increase of 20.28% [8] - The net profit attributable to the parent company for the same period was CNY 594 million, reflecting a year-on-year growth of 89.26% [8] - The third quarter saw a net profit of CNY 232 million, up 79.52% year-on-year, despite a foreign exchange loss of approximately CNY 37 million [8] Group 3: Product Performance and Market Share - The T series chips experienced over 50% year-on-year revenue growth in the first three quarters, with continued growth in the third quarter [9] - The company expects to ship over 10 million units of the W series Wi-Fi 6 chips in 2024, marking a significant breakthrough in the domestic operator market [8] Group 4: Cost and Profitability - The overall gross margin for the first three quarters was 36.37%, with the third quarter showing an increase to 38.22%, up 2.24 percentage points year-on-year [10] - The company is actively implementing cost-reduction measures and enhancing operational efficiency, which is expected to further improve product competitiveness [10] Group 5: Research and Development - R&D expenses for the first three quarters of 2024 amounted to CNY 1.02 billion, an increase of CNY 68 million compared to the same period last year [10] - The company anticipates a growth rate of 15%-25% in annual R&D expenses [10] Group 6: Inventory Management - As of September 30, 2024, the company's inventory amounted to CNY 1.271 billion, with a significant portion of products having an aging period of less than 6 months [10] - The company maintains a healthy inventory structure, focusing on fast-moving products [10] Group 7: Technology and Process - The company currently utilizes various process technologies, including 28nm, 22nm, 12nm, and 6nm, with 12nm being the primary process for revenue generation [11]

Investment Rating - The report maintains a "Buy" rating for the company [1][2][6] Core Views - The company achieved a record high revenue in Q3, with a year-on-year increase of 20.28%, reaching 4.64 billion yuan, and a net profit of 0.594 billion yuan, up 89.26% year-on-year [1] - The report highlights the successful progress of multiple product lines, including significant shipments of SoC and advancements in the W series and 8K chips, indicating a strong market position and growth potential [1][3] - The company is expected to leverage its platform advantages to gradually increase market share, with a projected net profit of 0.857 billion yuan in 2024, representing a 72% year-on-year growth [1][3] Financial Summary - Revenue projections for the company are as follows: 5,371 million yuan in 2023, 6,764 million yuan in 2024, 8,349 million yuan in 2025, and 10,102 million yuan in 2026, indicating a compound annual growth rate of approximately 26% from 2023 to 2024 [1][3] - The net profit is forecasted to grow from 498 million yuan in 2023 to 1,397 million yuan in 2026, reflecting a strong upward trend in profitability [1][3] - The report provides a detailed financial outlook, including earnings per share (EPS) projected to rise from 1.19 yuan in 2023 to 3.34 yuan in 2026 [1][3] Product Development and Market Position - The company has successfully launched multiple products, including a new generation of AI-enabled chips and has gained significant market share in domestic operator tenders [1][3] - The report emphasizes the importance of the company's platform strategy, which is expected to enhance its competitive edge in the semiconductor industry [1][3] - The anticipated growth in AI and smart home applications is expected to drive long-term demand for the company's products, positioning it favorably in the evolving market landscape [1][3]

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company has shown continuous improvement in profitability, with a revenue of 4.64 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 20.28%. The net profit attributable to shareholders reached 594 million yuan, up 89.26% year-on-year [1]. - The company has successfully penetrated new markets and launched new products, with the T series chips becoming the largest product line, achieving over 50% year-on-year revenue growth [1]. - The company is focusing on enhancing operational efficiency while increasing R&D investment, with R&D expenses totaling 1.02 billion yuan, a 7.1% increase year-on-year [1]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 1.624 billion yuan, a year-on-year increase of 7.73%, and a net profit of 232 million yuan, up 79.52% year-on-year [1]. - The gross profit margin for the first three quarters of 2024 was 36.37%, an increase of 1.01 percentage points year-on-year, while the Q3 gross profit margin was 38.22%, up 2.24 percentage points year-on-year [1]. - The company forecasts net profits of 843 million yuan, 1.154 billion yuan, and 1.534 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 69.3%, 36.8%, and 32.9% [1][4]. Product and Market Strategy - The company has adopted a multi-product line strategy, with significant breakthroughs in new products and markets, including the successful bidding of WiFi6 chips and the launch of the first 6nm chip integrating 4K and AI functionalities [1]. - The company aims to expand its overseas market presence and continues to see strong demand for its new products, with expectations of selling over 10 million W series chips in 2024 [1]. Research and Development - The company has increased its R&D personnel by 60 compared to the same period last year, indicating a strong commitment to innovation and product development [1]. - The R&D expenses reflect the company's strategy to enhance its product offerings and maintain competitive advantages in the market [1].

《科创板日报》10月28日讯（记者 郭辉）今日（10月28日）晚间，晶晨股份发布2024年第三季度财 报。 公告显示，今年前三季度该公司实现营收46.40亿元，同比增长20.28%；归母净利润为5.94亿元，同比 增长89.26%。 单季度来看，晶晨股份第三季度营收为16.24亿元，同比增长7.73%，创历史同期新高；归母净利润为 2.32亿元，同比增长79.52%。 晶晨股份方面表示，今年以来公司所处领域市场逐步恢复，通过对外采用积极销售策略、对内持续提升 运营效率，销售收入和净利润得以保持较高速度增长。 分产品来看，今年前三季度T系列销售收入同比增长超过50%，第三季度延续增长趋势，成为当前该公 司第一大产品线。 对于下半年T系列产品需求是否会转淡的问题，晶晨股份在今年第三季度接受机构调研时表示，**从TV 市场的整体来看，上半年存在赛事因素，市场整体需求比较好，但是其T系列芯片近几年来的增长并非 建立在TV市场整体扩张的逻辑上，而是建立在产品竞争力提升、份额相应提升的逻辑。 "从近几年公司T系列增长的速度与TV整体市场的对比，可以得到印证，公司T系列增长的速度远远大于 TV市场整体增长速度。从当前公司的 ...

财联社财经通讯社打开APP18:53:50【晶晨股份：第三季度净利润2.32亿元 同比增长79.52%】《科创板 日报》28日讯，晶晨股份发布2024年第三季度报告，公司前三季度实现营业收入46.40亿元，同比增长 20.28%；归属于上市公司股东的净利润5.94亿元，同比增长89.26%。 第三季度实现营业收入16.24亿元，同比增长7.73%；归属于上市公司股东的净利润2.32亿元，同比增长 79.52%。 公司表示，市场逐步恢复，公司积极的销售策略和运营效率提升，推动了业绩增长。 同时，多个新产品的研发和市场表现取得突破。 预计2024年全年营收将同比增长。 晶晨股份-0.62%A股公告速递晶晨股份查看公告原文财联社声明：文章内容仅供参考，不构成投资建 议。 投资者据此操作，风险自担。 2024-10-28 18:53:5034933 阅读商务合作发送 ...

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 2021 年限制性股票激励计划首次授予部分 第三个归属期及预留授予部分第二批次第二个归属期 归属条件成就及部分限制性股票作废事项的 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 原作主要 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 2021 年限制性股票激励计划首次授予部分 第三个归属期及预留授予部分第二批次第二个归属期 归属条件成就及部分限制性股票作废事项的 法律意见书 嘉源(2024)-01-542 敬启者: 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"晶晨股份"或"公司")的委托,担任晶晨股份的专项法律顾问, 依据《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》")、《上市公司股权激励管理办法》(以下简称 ...

证券代码：688099 证券简称：晶晨股份 公告编号：2024-042 晶晨半导体（上海）股份有限公司 2021 年限制性股票激励计划首次授予部分 第三个归属期符合归属条件的公告 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： 一、本次股权激励计划批准及实施情况 （一）本次股权激励计划方案及履行的程序 1、本次股权激励计划主要内容 （1）股权激励方式：第二类限制性股票。 （2）授予数量：授予的限制性股票总量为 800 万股，约占公司《2021 年限 制性股票激励计划（草案）》（以下简称"激励计划"）公告时公司股本总额 41,112 万股的 1.946%。其中首次授予 640 万股（第一类激励对象 379.33 万股，第二类 激励对象 260.67 万股），约占激励计划草案公告时公司股本总额的 1.557%；预 留 160 万股（第一类激励对象 148.50 万股，第二类激励对象 11.50 万股），约占 激励计划草案公告时公司股本总额的 0.389%。 （3）授予价格：64.58 元/股（第一类激励对象，调 ...

本次拟归属的 34 名激励对象（其中，预留授予部分第二批次激励对象 23 名，预留授予部分第三批次激励对象 12 名，重复授予激励对象 1 名）符合《公 司法》、《证券法》等法律、法规和规范性文件以及《公司章程》规定的任职资格， 符合《管理办法》、《上市规则》等法律、法规和规范性文件规定的激励对象条件， 符合《2019 年限制性股票激励计划（草案）》规定的激励对象范围，其作为公司 本次激励计划激励对象的主体资格合法、有效，激励对象获授限制性股票的归属 条件已成就。 综上，监事会同意本次符合条件的 34 名激励对象办理归属，限制性股票的 归属数量为 78,800 股。上述事项符合相关法律、法规及规范性文件所规定的条 件，不存在损害公司及股东利益的情形。 晶晨半导体（上海）股份有限公司监事会 2024 年 10 月 28 日 晶晨半导体（上海）股份有限公司监事会 关于 2019 年限制性股票激励计划预留授予归属名单的核查意见 晶晨半导体（上海）股份有限公司（以下简称"公司"）监事会依据《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》"）、《上市公司股权激励管理 ...

证券代码：688099 证券简称：晶晨股份 公告编号：2024-043 晶晨半导体（上海）股份有限公司 2021 年限制性股票激励计划预留授予部分 第二批次第二个归属期符合归属条件的公告 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： 一、本次股权激励计划批准及实施情况 （一）本次股权激励计划方案及履行的程序 1、本次股权激励计划主要内容 （1）股权激励方式：第二类限制性股票。 （2）预留授予数量：预留授予的限制性股票总量为 160 万股（分别于 2021 年 8 月 27 日授予 52.15 万股，其中第一类激励对象 40.65 万股，第二类激励对象 11.50 万股；于 2021 年 12 月 30 日授予 107.85 万股，约占公司《2021 年限制性 股票激励计划（草案）》（以下简称"激励计划"）公告时公司股本总额的 0.389%。 （3）授予价格：64.58 元/股（第一类激励对象，调整后，下同）、77.59 元/ 股（第二类激励对象），即满足授予条件和归属条件后，第一类激励对象可以每 股 64 ...