688110.SH 买入 原评级：买入 市场价格:人民币 17.26 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (40%) (23%) (7%) 9% 26% 42% Aug-23Sep-23Oct-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 东芯股份 上证综指 绝对 (47.4) (12.3) (16.6) (41.1) 相对上证综指 (43.8) (10.2) (8.2) (33.8) | --- | --- | --- | |-------------------------------|------------|----------| | | | | | | | | | 发行股数 ( 百万 ) | | 442.25 | | 流通股 ( 百万 ) | | 256.46 | | 总市值 ( 人民币 百万 ) | | 7,633.23 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 162.80 | | 主要股东 | | | | 东方恒信集团有限公司 | | 32.38 | | 资料来源： ...

一、聚焦公司主业，优化业务布局 2024 年上半年，公司继续深耕存储芯片主业，主动适应不断变化的经营环 境，持续加大技术和产品研发的投入。同时公司以存储为核心，向"存、算、联" 一体化领域进行技术探索，拓展行业应用领域，优化业务布局，以期为客户提供 更多样化的芯片解决方案。公司注重自主知识产权，坚持长期主义下的技术创新， 致力于持续为企业、行业和社会创造价值。 （一）深耕主营业务，坚持技术创新 报告期内，公司基于 2xnm 制程，持续进行 SLC NAND Flash 产品系列的研 发，不断扩充产品线。公司坚持技术创新，努力推进公司产品制程的进一步升级， 公司先进制程的 1xnm SLC NAND Flash 产品的研发工作已取得阶段性进展，产 品已达成部分关键指标，为确保产品质量与性能稳定，目前正持续进行设计优化 和工艺调试等技术攻关工作。 公司基于 48nm、55nm 制程，持续进行 64Mb-1Gb 的中高容量 NOR Flash 产 品研发工作，根据不同容量的目标客户群进行精确定位，保证性能、功耗和性价 比的合理匹配。随着公司 NOR Flash 产品持续迭代升级，产品品类不断丰富，将 为可穿戴设备、 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 1.2 billion RMB, representing a 25% year-over-year growth[1]. - The company's revenue for the first half of 2024 was CNY 266,283,618.11, representing an increase of 11.12% compared to CNY 239,641,920.33 in the same period last year[14]. - The net profit attributable to shareholders of the listed company was a loss of CNY 91,121,081.90, compared to a loss of CNY 75,107,454.05 in the previous year[14]. - The net profit attributable to shareholders was -91.12 million yuan for the first half of 2024, a decrease compared to the same period last year[16]. - The company achieved operating revenue of 266 million yuan, an increase of 11.12% year-on-year[38]. - The net profit attributable to shareholders was -91.12 million yuan, a decrease compared to the same period last year[38]. - The total comprehensive income for the first half of 2024 was -54,867,060.34 RMB, compared to -9,404,364.64 RMB in the same period of 2023[141]. Research and Development - The company is investing heavily in R&D, with a budget increase of 30% to 150 million RMB for the development of new technologies[1]. - Research and development expenses totaled 105.77 million yuan, an increase of 26.31% year-on-year, representing 39.72% of operating revenue[16]. - The company is expanding its research team to focus on the development of WiFi 7 chips[16]. - The company has established a "research-development-innovation" technology development cycle to enhance its R&D capabilities[24]. - The company has applied for 4 invention patents and obtained 12 patents during the reporting period, bringing the total number of patents to 177 applications and 95 granted[29]. - The company has 196 R&D personnel, representing 65.99% of the total workforce, with an average salary of ¥35,000, an increase from ¥34,470 in the previous year[35]. Market Strategy and Outlook - The company has provided a positive outlook for the second half of 2024, projecting a revenue growth of 20% compared to the first half[1]. - New product launches are expected to contribute an additional 300 million RMB in revenue by the end of the fiscal year[1]. - Market expansion efforts include entering two new international markets, aiming for a 10% market share in each by the end of 2025[1]. - The company is actively optimizing its product structure and market strategy to enhance market share and profitability in the competitive semiconductor market[16]. - The company aims to explore integrated fields of "storage, computing, and connectivity" while maintaining a focus on independent research and development[19]. Financial Position - The company has maintained a strong balance sheet, with total assets reported at 3 billion RMB and a debt-to-equity ratio of 0.5[1]. - The total assets at the end of the reporting period decreased by 2.48% to CNY 3,751,696,549.92 from CNY 3,847,165,529.16 at the end of the previous year[14]. - The net assets attributable to shareholders of the listed company decreased by 3.44% to CNY 3,384,294,407.78 from CNY 3,504,910,863.13 at the end of the previous year[14]. - The company's inventory at the end of the reporting period was valued at 897.37 million yuan, representing 23.92% of total assets, with a provision for inventory impairment of 294.61 million yuan[44]. Risks and Challenges - The management has identified potential risks, including supply chain disruptions, which could impact production capacity by up to 15%[1]. - The company faced pricing pressure in the storage product market, which has not fully recovered to last year's levels[16]. - The company is exposed to macroeconomic fluctuations and trade environment uncertainties, which could adversely affect its business performance[46]. - Future performance may be at risk due to potential market recovery not meeting expectations, ongoing high R&D investments, and inventory management challenges[41]. Corporate Governance and Compliance - The company has implemented a new equity incentive plan to enhance employee motivation and align interests among shareholders, the company, and core team members[39]. - The company emphasizes strict compliance with environmental laws and regulations, actively fulfilling its environmental responsibilities in energy conservation and pollution prevention[71]. - The company will ensure that all share transfer actions comply with the Shanghai Stock Exchange's rules and regulations[81]. - The company will publicly disclose reasons for any failure to fulfill commitments and apologize to shareholders and investors[94]. Shareholder Information - The company completed a share buyback of 3,218,219 shares, accounting for 0.7277% of the total share capital, with a total expenditure of RMB 100.06 million[118]. - The largest shareholder, Dongfang Hengxin Group Co., Ltd., held 143,213,025 shares, representing 32.38% of the total shares[119]. - The company plans to use between RMB 100 million and RMB 200 million for future share buybacks, with a maximum buyback price of RMB 27 per share[118]. Cash Flow and Liquidity - The net cash flow from operating activities was a negative CNY 173,050,008.84, worsening from a negative CNY 117,723,896.87 in the same period last year[14]. - Cash inflow from operating activities was 375,634,177.85 RMB, down 20.8% from 474,759,523.66 RMB in the first half of 2023[142]. - The ending balance of cash and cash equivalents was 1,453,953,233.06 RMB, down from 2,104,990,912.59 RMB at the end of the first half of 2023[143]. Investment and Projects - The company is investing a total of 750 million yuan in projects including "1xnm flash memory product R&D and industrialization" and "automotive-grade flash memory product R&D and industrialization" to enhance core competitiveness[47]. - The "1xnm flash memory product R&D and industrialization project" has made partial progress, but due to its complex manufacturing process, further time is needed for design optimization and process debugging[111]. - The company has established stable partnerships with well-known wafer foundries and packaging factories to ensure supply chain stability[39].

公司首次公开发行股票募集资金投资项目为"1xnm 闪存产品研发及产业化 项目"、"车规级闪存产品研发及产业化项目""研发中心建设项目"和"补充流 动资金项目"。根据《东芯半导体股份有限公司首次公开发行股票并在科创板上 市招股说明书》、《关于部分募投项目延期的公告》（公告编号：2024-018）披露， 相关募集资金投资项目投入计划如下： 海通证券股份有限公司关于东芯半导体股份有限公司 首次公开发行股票部分募投项目结项并将节余募集资金 永久补充流动资金的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为东芯 半导体股份有限公司（以下简称"东芯股份"或"公司"）首次公开发行股票并 在科创板上市持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管 指引第1号——规范运作》《上市公司监管指引第2号——上市公司募集资金管理 和使用的监管要求》等有关规定，对公司首次公开发行股票募投项目结项并将节 余募集资金永久补充流动资金的事项进行了核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意东芯半导体股份 ...

证券代码：688110 证券简称：东芯股份 公告编号：2024-054 根据中国证券监督管理委员会作出的《关于同意东芯半导体股份有限公司首 次公开发行股票注册的批复》（证监许可[2021]3558号），并经上海证券交易所 同意，公司获准向社会公开发行人民币普通股11,056.244万股，每股面值人民币 1.00元，每股发行价为人民币30.18元，募集资金总额为人民币333,677.44万元， 扣除发行费用后的募集资金净额为人民币306,358.16万元。 海通证券股份有限公司（以下简称"海通证券"、"保荐机构"）于2021年12月7 日将扣除保荐承销费后的募集资金合计306,358.16万元汇入公司募集资金专户， 立信会计师事务所（特殊普通合伙）对前述事项进行了审验，并出具了信会师报 字[2021]第ZB11526号《验资报告》。前述募集资金全部存放于募集资金专户集 中管理，公司已与保荐机构海通证券、存放募集资金的商业银行签署了《募集资 金专户存储三方监管协议》，详见公司于2021年12月9日披露《东芯股份首次公开 发行股票科创板上市公告书》。 二、募集资金投资项目基本情况 公司首次公开发行股票募集资金投资项 ...

2024 年半年度募集资金存放与实际使用情况的 专项报告 证券代码：688110 证券简称：东芯股份 公告编号：2024-053 东芯半导体股份有限公司 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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）、 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等相关规 定，东芯半导体股份有限公司（以下简称"公司"）董事会就 2024 年半年度募集 资金存放与实际使用情况作出如下说明： 一、 募集资金基本情况 （一）实际募集资金金额和到账时间 经中国证券监督管理委员会《关于同意东芯半导体股份有限公司首次公开发 行股票注册的批复》（证监许可[2021]3558 号），并经上海证券交易所同意，公 司于 2021 年 12 月向社会公开发行人民币普通股 11,056.244 万股，每股面值人民 币 1.00 元，每股发行价为人民币 30.18 元，募集资金总额为人民币 ...

证券代码：688110 证券简称：东芯股份 公告编号：2024-055 东芯半导体股份有限公司 关于召开 2024 年半年度业绩说明会的公告 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 08 月 28 日（星期三）至 09 月 03 日（星期二）16:00 前登 录上证路演中心网站首页点击 " 提问预征集 " 栏目或通过公司邮箱 contact@dosilicon.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 东芯半导体股份有限公司（以下简称"公司"）已于 2024 年 8 月 24 日发布 公司《2024 年半年度报告》《2024 年半年度报告摘要》，为便于广大投资者更全 面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 09 月 04 日上午 10:00-11:00 举行 2024 年半年度业绩说明会，就投资者关心的问题 进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二 ...

证券代码：688110 证券简称：东芯股份 公告编号：2024-052 东芯半导体股份有限公司 第二届监事会第十四次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 东芯半导体股份有限公司（以下简称"公司"）于 2024 年 8 月 22 日以现 场与通讯相结合的方式召开了第二届监事会第十四次会议（以下简称"本次会 议"）。本次会议的通知已于 2024 年 8 月 12 日以电子邮件或电话的方式送达 全体监事。本次会议由公司监事会主席王亲强先生召集并主持，会议应出席 监事 3 名，实际出席监事 3 名，本次会议的召集、召开程序和方式符合《公 司法》等法律法规以及《东芯半导体股份有限公司章程》的有关规定，会议 决议合法、有效。 二、监事会会议审议情况 会议经与会监事认真审议并书面表决通过了如下议案： （一）审议通过《关于 2024 年半年度报告及其摘要的议案》 经核查，监事会认为：（1）公司 2024 年半年度报告及其摘要的编制和审议 程序规范合法，符合法律、法规、公司章程及监管机构的规定 ...

证券代码：688110 证券简称：东芯股份 公告编号：2024-051 东芯半导体股份有限公司 关于对外投资的公告 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： 1、本次投资完成的不确定性风险 公司已与标的公司及创始股东签署了投资协议，约定在投资的先决条件均满 足后方进行增资款的支付。如果后续相关先决条件无法按期满足，则存在本次对 外投资无法完成的风险。 2、投后管理风险 本次投资完成后，标的公司将成为公司的参股公司，公司与标的公司的业务 协同合作是否可以顺利实施存在一定的不确定性，公司对标的公司的投后管理是 否达到预期存在一定的不确定性。 1 投资标的名称、投资金额：东芯半导体股份有限公司（以下简称"公司"、"东 芯股份"）拟通过自有资金人民币 20,000 万元向砺算科技（上海）有限公司 （以下简称"上海砺算"或"标的公司"）增资，认购其新增注册资本 500 万元， 本次增资后公司持有上海砺算约 37.88%的股权。 本次投资已经公司第二届董事会第十六次会议审议通过，根据《公司章程》 等规定，本次投资 ...

Investment Rating - Buy (First Coverage) [1] Core Views - The company is a leading domestic storage chip design company, focusing on the R&D, design, and sales of niche NAND/NOR/DRAM chips. It has achieved steady growth from 2017 to 2022, with 2023 revenue and net profit at 531 million yuan and -306 million yuan, respectively. The storage industry's downturn cycle ended in late 2023, and prices for niche storage products have bottomed out in Q2 2024, with DRAM products leading the price increase [2] - The company is advancing the development of SLC NAND Flash advanced processes, with significant advantages in domestic substitution. The global SLC NAND Flash market is expected to reach $2.32 billion in 2024, with a CAGR of 6.8% from 2019 to 2024. The company's global market share in SLC NAND is estimated at 1.4% in 2023 [2] - The niche DRAM market is seeing overseas manufacturers gradually exit, opening growth opportunities. The global niche DRAM market was approximately $9 billion in 2021, accounting for 9.5% of the total DRAM market. Overseas manufacturers have announced their exit from the DDR3 market, creating space for domestic substitution. The company has stable supply chain cooperation in the niche market and is developing LPDDR series products [2] Financial Forecasts and Valuation - Revenue is expected to grow from 711.9 million yuan in 2024E to 1,215.86 million yuan in 2026E, with a CAGR of 25.9% [1] - Net profit is projected to recover from 4.17 million yuan in 2024E to 245 million yuan in 2026E, with a significant turnaround from the -306.25 million yuan loss in 2023 [1] - EPS is forecasted to increase from 0.01 yuan in 2024E to 0.55 yuan in 2026E [1] Product and Market Analysis - The company focuses on small and medium-capacity storage chips, with a diversified product layout including DRAM, NAND, NOR, and MCP. It is one of the few domestic companies capable of providing complete solutions for major storage chips [29] - The company's SLC NAND Flash products cover capacities from 512Mb to 32Gb, with ongoing development of 1xnm processes. It is a strong competitor in the domestic market, with potential to gain market share through domestic substitution [2] - The niche DRAM market is expected to benefit from the exit of overseas manufacturers, with the company well-positioned to capitalize on this trend through its stable supply chain and ongoing development of LPDDR products [2] Industry Trends - The global SLC NAND Flash market is projected to grow at a CAGR of 6.8% from 2019 to 2024, driven by increasing demand from emerging applications such as IoT, consumer electronics, and automotive electronics [2] - The niche DRAM market is expected to see price increases due to reduced supply from major manufacturers exiting the DDR3 market, with the company poised to benefit from this trend [2] - The NOR Flash market is also expanding, with the company focusing on medium and large-capacity products, which are expected to benefit from growing demand in 5G base stations, automotive electronics, and other applications [2] Competitive Advantages - The company has a stable and reliable supply chain, with close cooperation with international leading manufacturers such as Intel, Samsung, and SK Hynix [52] - It has a strong R&D focus, with significant investments in developing advanced processes for SLC NAND, NOR Flash, and DRAM products. The company's R&D expenses accounted for 46% of revenue in Q1 2024 [47] - The company's products have passed AEC-Q100 certification, making them suitable for automotive applications, which is a growing market for storage chips [49] Future Outlook - The company is expected to benefit from the recovery in the storage industry, with improving profitability and market share gains in both domestic and international markets [2] - Continued investment in R&D and process innovation will help the company maintain its competitive edge in the rapidly evolving storage chip market [47] - The company's focus on niche markets and domestic substitution positions it well to capitalize on the ongoing shifts in the global storage industry [2]