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 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The company has shown a return to an upward growth trajectory, with quarterly revenue improvement evident in 2023. Despite a year-over-year revenue decline of 3.14% to 5.371 billion yuan and a net profit drop of 31.46% to 498 million yuan, the fourth quarter of 2023 saw a significant revenue increase of 32.17% year-over-year and a net profit surge of 296.79% year-over-year [5][6]. - The first quarter of 2024 is projected to continue this trend, with expected revenue of 1.378 billion yuan, reflecting a year-over-year growth of 33.12%, and a net profit forecast of 125 million yuan, indicating a remarkable year-over-year increase of 310.68% [5][6]. - The company is expanding its product lines and market share, particularly with the T series chips, which have seen over 100% year-over-year sales growth due to successful certifications in mainstream ecosystems [5][6]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 5.371 billion yuan, down 3.14% year-over-year, and a net profit of 498 million yuan, down 31.46% year-over-year. The gross margin for the year was 36.41%, a decrease of 0.69 percentage points [5][6]. - The fourth quarter of 2023 reported revenue of 1.513 billion yuan, up 32.17% year-over-year and 0.39% quarter-over-quarter, with a net profit of 184 million yuan, up 296.79% year-over-year and 42.82% quarter-over-quarter. The gross margin for Q4 was 39.08%, an increase of 3.37 percentage points year-over-year [5][6]. Product Development and Market Expansion - The company is actively developing new products and expanding into overseas markets, with the S series products gaining traction among international operators. The T series chips are being applied in various smart devices, and the A series products are integrated with advanced modules for diverse applications [6]. - Research and development efforts are robust, with R&D expenses in 2023 amounting to 1.283 billion yuan, a year-over-year increase of 8.21%. The first quarter of 2024 is expected to see R&D expenses of 328 million yuan, reflecting a slight increase [6]. Future Outlook - The company is expected to maintain a steady growth trajectory, with projected net profits of 720 million yuan, 1.011 billion yuan, and 1.338 billion yuan for 2024, 2025, and 2026, respectively [6].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [5][8]. Core Insights - The company has shown a gradual recovery from the industry downturn, with a significant improvement in quarterly performance starting from Q2 2023. The Q4 2023 revenue reached 15.13 billion yuan, marking a year-on-year increase of 32.17% and a quarter-on-quarter increase of 0.39%. The net profit for Q4 2023 was 1.84 billion yuan, up 296.79% year-on-year and 42.82% quarter-on-quarter [3]. - For Q1 2024, the company is projected to achieve approximately 13.78 billion yuan in revenue, representing a year-on-year growth of about 33.12%, and a net profit of around 1.25 billion yuan, which is an increase of approximately 310.68% year-on-year [3]. - The company has maintained a high level of research and development investment, with R&D expenses amounting to 12.83 billion yuan in 2023, a year-on-year increase of 8.21%. The number of R&D personnel also increased by 99 [3]. Financial Summary - In 2023, the company reported total revenue of 53.71 billion yuan, a decrease of 3.14% year-on-year, and a net profit of 4.98 billion yuan, down 31.46% year-on-year. The projected revenues for 2024, 2025, and 2026 are 64.10 billion yuan, 78.32 billion yuan, and 94.15 billion yuan, respectively, with corresponding net profits of 7.13 billion yuan, 9.90 billion yuan, and 12.48 billion yuan [5][7]. - The company’s earnings per share (EPS) for 2023 was 1.19 yuan, with projections of 1.70 yuan for 2024, 2.37 yuan for 2025, and 2.98 yuan for 2026. The price-to-earnings (P/E) ratios for these years are expected to be 44.52, 31.10, 22.40, and 17.77, respectively [5][7].