[Table_Page] 季报点评|半导体 证券研究报告 [晶Table_晨Title] 股份（688099.SH） [公Tab司le_I评nves级t] 买入 当前价格 57.24元 24Q1 营收同比高增，6nm 芯片流片成功 合理价值 75.24元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-05-16  公司发布2024年一季报，实现营收13.78亿元，YoY +33.16%；归母 [相Tab对le_P市icQ场uote表] 现 净利润1.28亿元，YoY +319.05%；扣非归母净利润1.18亿元，YoY +394.22%。公司多元化产品策略成果显著，多产品系列齐头并进，市 20% 场份额稳步提升。其中T系列芯片不断完成主流生态系统认证，2024 6% -8%05/23 07/23 09/23 11/23 01/24 03/24 05/24 年第一季度销售收入同比增长超过100%。公司研发人员相较去年同期 -22% 增加116人，24Q1公司研发费用3.28亿元，相较去年同期增加0.46 -36% 亿元。24Q1 因股权激励确认的股份支付费用 0.37 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨晶晨股份（ ） 688099.SH [一Ta季b度le_业T绩itle增] 长显著， 系列芯片表现亮眼 T 报告要点 [2T0a2b4leQ_1S，um公m司a实ry]现营业收入 13.78 亿元、同比+33.16%，实现归母净利润 1.28 亿元、同比 +319.05%，实现扣非归母净利润1.18亿元、同比+394.22%。一季度，公司多产品系列齐头并 进，市场份额呈稳步增长之势；其中T系列芯片不断完成主流生态系统认证，销售收入同比增 长超100%。 ...

Q1业绩稳定高增，多产品齐头并进开启新一轮增长 晶晨股份(688099.SH)/电子 证券研究报告/公司点评 2024年5月6日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：58.17元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 5,545 5,371 6,496 7,888 9,623 分析师：王芳 增长率yoy% 16% -3% 21% 21% 22% 执业证书编号：S0740521120002 净利润（百万元） 727 498 707 989 1,333 Email：wangfang02@zts.com.cn 增长率yoy% -10% -31% 42% 40% 35% 每股收益（元） 1.74 1.19 1.69 2.36 3.19 分析师：杨旭 每股现金流量 1.27 2.27 3.22 2.76 2.19 执业证书编号：S0740521120001 净资产收益率 15% 9% 12% 14% 16% Email：yangxu01@zts.com.cn P/ ...

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 2023 年年度股东大会的 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 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 2023 年年度股东大会的 l 源律师事务所 YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 法律意见书 嘉源(2024)-04-291 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 2023年年度股东大会(以下简称"本次股东大会") 进行见证,并依法出具本法律意见书。 ...

晶晨半导体（上海）股份有限公司 2023 年年度股东大会决议公告 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 （一） 股东大会召开的时间：2024 年 5 月 6 日 证券代码：688099 证券简称：晶晨股份 公告编号：2024-020 （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 | 31 | | --- | --- | | 普通股股东人数 | 31 | | 2、出席会议的股东所持有的表决权数量 | 211,911,862 | | 普通股股东所持有表决权数量 | 211,911,862 | | 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 | 50.6570 | | 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（%） | ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 78.5 CNY for the next six months [1][2]. Core Views - The company reported a significant increase in revenue and net profit for Q1 2024, with revenue reaching 1.378 billion CNY, a year-on-year increase of 33.16%, and net profit of 128 million CNY, a year-on-year increase of 319% [1]. - The company is expected to benefit from a recovery in demand and the introduction of new products, indicating a potential shift away from the industry's downturn [1]. - The company has maintained a high level of R&D investment, with R&D expenses amounting to 328 million CNY in Q1 2024, reflecting a commitment to innovation and product development [1]. Financial Performance Summary - The company’s projected revenues for 2024, 2025, and 2026 are 6.499 billion CNY, 8.384 billion CNY, and 9.893 billion CNY, respectively [2][3]. - The projected net profits for the same years are 730 million CNY, 1.081 billion CNY, and 1.493 billion CNY [2][3]. - The company’s earnings per share (EPS) is expected to be 1.75 CNY in 2024, increasing to 3.57 CNY by 2026 [3][4]. - The company’s price-to-earnings (PE) ratio is projected to be 33.3 in 2024, decreasing to 16.3 by 2026, indicating improving valuation metrics over time [3][4]. Product Development and Market Position - The company has successfully launched its first 6nm commercial chip and new Wi-Fi products, which are expected to enhance its competitive position in the market [1]. - The T series chips have seen sales revenue growth of over 100% year-on-year in Q1 2024, indicating strong market acceptance [1]. - The company is expanding its product lines, including applications in smart TVs, smart projectors, and smart home devices, which are expected to drive future growth [1].

Financial Performance - Revenue for Q1 2024 reached 1.378 billion yuan, a year-on-year increase of 33.16%[4] - Net profit attributable to shareholders of the listed company surged by 319.05% to 127.55 million yuan[4] - Operating revenue for Q1 2024 was 1,378,372,649.52, up from 1,035,149,855.80 in Q1 2023[21] - Operating costs increased to 1,259,913,219.90 from 985,013,292.60 year-over-year[21] - Operating profit for Q1 2024 reached RMB 129,086,543.77, a significant increase from RMB 26,222,850.91 in Q1 2023[22] - Net profit attributable to parent company shareholders was RMB 127,546,238.12 in Q1 2024, compared to RMB 30,437,312.40 in Q1 2023[22] - Basic and diluted earnings per share for Q1 2024 were RMB 0.30, up from RMB 0.07 in Q1 2023[23] - Total comprehensive income for Q1 2024 was RMB 128,734,567.89, a substantial increase from RMB 23,586,477.59 in Q1 2023[22] R&D and Innovation - R&D expenses for Q1 2024 amounted to 328.47 million yuan, a 16.28% increase compared to the same period last year[6] - The company successfully taped out its first 6nm commercial chip and a new Wi-Fi product supporting Wi-Fi 6, BT 5.4, and 802.15.4[7] - The 8K chip has passed operator certification tests and is set for mass commercial use in the domestic operator market[7] - The number of R&D personnel increased by 116 compared to Q1 2023, with R&D expenses rising by 46 million yuan[7] - R&D expenses grew to 328,471,312.14 from 282,475,546.21 compared to the same period last year[21] Cash Flow and Financial Position - Operating cash flow surged by 1,069.25% to 297.49 million yuan[4] - Cash received from sales of goods and services in Q1 2024 was RMB 1,445,958,386.70, a 42.4% increase from RMB 1,015,260,762.28 in Q1 2023[24] - Net cash flow from operating activities in Q1 2024 was RMB 297,491,433.44, a significant rise from RMB 25,442,945.66 in Q1 2023[25] - Net cash flow from investing activities in Q1 2024 was RMB 157,508,331.38, compared to RMB 87,775,598.57 in Q1 2023[25] - Net cash flow from financing activities in Q1 2024 was RMB 15,262,167.35, down from RMB 31,625,219.31 in Q1 2023[25] - Cash and cash equivalents at the end of Q1 2024 stood at RMB 1,250,183,035.94, slightly lower than RMB 1,265,150,579.63 at the end of Q1 2023[25] - The company's monetary funds increased to 3,057,662,265.56 RMB as of March 31, 2024, up from 2,506,951,127.95 RMB at the end of 2023[17] - Trade receivables rose to 224,297,604.91 RMB in Q1 2024, compared to 218,028,597.94 RMB at the end of 2023[17] - Inventory decreased slightly to 1,230,384,179.01 RMB in Q1 2024 from 1,244,553,356.80 RMB at the end of 2023[17] - Total current assets grew to 5,440,422,728.51 RMB in Q1 2024, up from 5,147,520,533.37 RMB at the end of 2023[17] - Total assets increased by 4.46% to 6.639 billion yuan compared to the end of the previous year[6] - Total assets increased to 6,639,296,912.72 from 6,356,060,784.25 compared to the previous quarter[18] - Non-current assets totaled 1,198,874,184.21, slightly down from 1,208,540,250.88 in the previous quarter[18] - Long-term equity investments remained stable at 81,702,704.41[18] - Fixed assets decreased to 256,432,963.98 from 262,768,275.68[18] - Total liabilities increased to 964,767,604.47 from 867,003,410.77[19] - Owner's equity rose to 5,674,529,308.25 from 5,489,057,373.48[19] Shareholder Information - The top shareholder, Amlogic (Hong Kong) Limited, holds 121,350,840 shares of common stock[13] - China Merchants Bank Co., Ltd. - ChinaAMC SSE STAR Market 50 ETF holds 19,332,542 shares, representing 4.62% of total shares[13] - China Merchants Bank Co., Ltd. - Invesco Great Wall Mix Fund holds 17,669,408 shares, representing 4.22% of total shares[13] - Industrial and Commercial Bank of China - E Fund SSE STAR Market 50 ETF holds 11,967,454 shares, representing 2.86% of total shares[13] - Huayu Automotive Systems (Shanghai) Co., Ltd. holds 11,350,124 shares, representing 2.71% of total shares[13] - Hong Kong Securities Clearing Company Limited holds 10,469,841 shares, representing 2.50% of total shares[14] Market and Product Expansion - The company expects further revenue growth in Q2 2024 and the full year, driven by new market expansion and product launches[7] - The T-series chip sales revenue grew by over 100% year-on-year in Q1 2024[7] Financial Expenses and Benefits - Financial expenses showed a significant improvement, with a net benefit of -36,137,365.88 compared to a cost of 5,552,350.69 in Q1 2023[21]

证券代码：688099 证券简称：晶晨股份 公告编号：2024-019 晶晨半导体（上海）股份有限公司 关于参加2023年度芯片设计专场 集体业绩说明会暨2024年第一季度业绩说明会的公告 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： 会议召开时间：2024 年 5 月 13 日（星期一）下午 15:00-17:00 本次业绩说明会以线上文字互动形式召开，公司将针对2023年度及2024年第 http://roadshow.sseinfo.com/） 投资者可于 2024 年 5 月 10 日（星期五）16:00 前通过邮件、电话等形 式将需要了解和关注的问题提前提供给公司。公司将在说明会上对投资者普遍 关注的问题进行回答。 晶晨半导体（上海）股份有限公司（以下简称"公司"）已于2024年4月12日 发布公司2023年年度报告，于2024年4月30日发布公司2024年第一季度报告。为 便于广大投资者更全面深入地了解公司2023年度及2024年第一季度经营成果、财 务状况等情况，公司参与了由上海证券交易所主 ...

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：2024-002 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 参 与 国信证券 太平基金 单 位 野村资管 名称 ...

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 2023 年年度股东大会会议资料 2024 年 5 月 | | 2023 年年度股东大会会议须知 1 | | --- | --- | | | 2023 年年度股东大会会议议程 3 | | | 2023 年年度股东大会会议议案 5 | | 议案一： | 关于《2023 年度董事会工作报告》的议案 5 | | 议案一附件： | 2023 年度董事会工作报告 6 | | 议案二： | 关于《2023 年度监事会工作报告》的议案 9 | | 议案二附件： | 2023 年度监事会工作报告 10 | | 议案三： | 年度财务决算报告及 关于《2023 2024 年度财务预算报告》的议案 16 | | 议案三附件： | 2023 年度财务决算报告 17 | | 议案三附件： | 2024 年度财务预算报告 21 | | 议案四： | 关于《2023 年年度报告》及其摘要的议案 23 | | 议案五： | 关于《2023 年年度利润分配预案》的议案 24 | | 议案六： | 关于聘任 2024 年度审计机构的议案 26 | | 议案七： 关于 ...