Giantec Semiconductor(688123)

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中银证券:给予聚辰股份买入评级
Zheng Quan Zhi Xing· 2025-05-13 14:20
Core Viewpoint - Company maintains a "buy" rating based on strong performance in 2024 and positive trends continuing into Q1 2025, with a focus on enhancing its product lines in DDR5 memory modules and automotive electronics [1][2]. Financial Performance - In 2024, the company achieved a revenue of 1.028 billion yuan, a year-on-year increase of 46.17%, and a net profit attributable to shareholders of 290 million yuan, up 189.23% [3]. - For Q1 2025, the company reported a revenue of 261 million yuan, a year-on-year increase of 5.6%, and a net profit of 99 million yuan, up 94.71% [3]. - The gross margin for 2024 was 54.81%, an increase of 8.22 percentage points, while the net profit margin was 28.23%, up 13.96 percentage points [3]. Product Growth - The DDR5 SPD product line saw significant sales growth due to increased penetration in the market and improved inventory levels among downstream memory module manufacturers [4]. - The automotive-grade EEPROM products successfully entered multiple leading automotive electronics Tier 1 suppliers, with sales and revenue experiencing rapid growth [4]. - The company is expanding its NOR Flash product offerings, with various capacities achieving mass production and passing reliability tests [4]. Market Dynamics - Despite differentiated demand across various downstream markets in 2025, the company’s strategic positioning in storage chips has mitigated the impact of declining sales in certain product categories [5]. - The company’s R&D investment reached 41 million yuan in Q1 2025, the highest level for the same period historically, aimed at enhancing core technology and product variety [5]. Valuation and Forecast - The company is expected to achieve revenues of 1.374 billion yuan, 1.719 billion yuan, and 2.049 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 454 million yuan, 597 million yuan, and 714 million yuan [6]. - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 26.7, 20.3, and 16.9 respectively, maintaining a "buy" rating [6].
聚辰股份(688123):多元产品线持续完善,SPD及车规级产品稳健增长
Bank of China Securities· 2025-05-13 14:19
Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - The company has shown strong performance in 2024 and continued positive trends in Q1 2025, driven by the expansion of its product lines in high-value applications such as DDR5 memory modules and automotive electronics [4][9] - The revenue forecast has been adjusted, with expected revenues of RMB 1.374 billion, RMB 1.719 billion, and RMB 2.049 billion for 2025, 2026, and 2027 respectively, alongside net profits of RMB 454 million, RMB 597 million, and RMB 714 million for the same years [6][8] Financial Performance Summary - In 2024, the company achieved a revenue of RMB 1.028 billion, a year-on-year increase of 46.17%, and a net profit of RMB 290 million, up 189.23% year-on-year [9] - For Q1 2025, the company reported a revenue of RMB 261 million, a 5.6% increase year-on-year, and a net profit of RMB 99 million, reflecting a 94.71% year-on-year growth [9] - The gross margin for 2024 was 54.81%, improving by 8.22 percentage points year-on-year, while the net profit margin was 28.23%, up 13.96 percentage points year-on-year [9] Product Line and Market Position - The company is enhancing its product offerings in DDR5 SPD, automotive-grade EEPROM, and NOR Flash, with significant growth in sales driven by increased demand in the PC and server markets [9] - The automotive-grade EEPROM products have been successfully introduced to leading Tier 1 automotive suppliers, contributing to rapid revenue growth in this segment [9] - The company is also expanding its NOR Flash product line, with successful testing and validation of various capacity products [9] Valuation Metrics - The adjusted PE ratios for 2025, 2026, and 2027 are projected to be 26.7, 20.3, and 16.9 respectively, indicating a favorable valuation outlook as earnings grow [6][8] - The company’s EBITDA is expected to reach RMB 479 million, RMB 630 million, and RMB 771 million for 2025, 2026, and 2027 respectively, reflecting strong operational performance [8]
聚辰股份(688123) - 聚辰股份关于参加2025年上海辖区上市公司2024年年度报告暨2025年第一季度报告集体业绩说明会的公告
2025-05-07 08:45
证券代码:688123 证券简称:聚辰股份 公告编号:2025-026 聚辰半导体股份有限公司 关于参加 2025 年上海辖区上市公司 2024 年年度报告 暨 2025 年第一季度报告集体业绩说明会的公告 投资者可于 2025 年 5 月 8 日(星期四)至 5 月 14 日(星期三)16:00 前 通过上证路演中心"提问预征集"栏目(网址:https://roadshow.sseinfo.com/pre CallQa)或通过公司投资者关系邮箱"investors@giantec-semi.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。 聚辰半导体股份有限公司(以下简称"公司")已分别于 2025 年 3 月 25 日、 2025 年 4 月 26 日披露公司 2024 年年度报告及 2025 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的经营成果、财务状况、发展理念等,公司计划 于 2025 年 5 月 15 日 15:00-16:30 参加 2025 年上海辖区上市公司 2024 年年度报 告暨 2025 年第一季度报告集体业绩说明会,就投资者关心的问题进行交流。 一、业 ...
聚辰股份(688123):SPD及汽车EEPROM保持景气
Xin Lang Cai Jing· 2025-04-29 02:35
Core Viewpoint - The company achieved record revenue and profit in Q1 2025, driven by strong demand for DDR5 SPD, automotive-grade EEPROM, and NOR Flash products, despite a decline in smartphone-related sales [1][2] Financial Performance - Q1 2025 revenue reached 261 million yuan, a year-over-year increase of 5.60% and a quarter-over-quarter increase of 0.72% [1] - Net profit attributable to shareholders was 99 million yuan, reflecting a year-over-year growth of 94.71% and a quarter-over-quarter growth of 26.07% [1] - Non-recurring net profit was 81 million yuan, with a year-over-year increase of 22.34% and a quarter-over-quarter increase of 26.76% [1] - The company's gross margin in Q1 2025 was 60.29%, up 5.67 percentage points year-over-year and 5.62 percentage points quarter-over-quarter [2] Product Performance - The increase in revenue was primarily due to the rising penetration of DDR5 and the growing market share of automotive EEPROM, which saw significant year-over-year sales growth [2][3] - The company expects continued growth in DDR5 SPD and automotive EEPROM, with NOR Flash revenue growth dependent on market expansion [3] Investment Outlook - The target price is set at 104.7 yuan, maintaining a "buy" rating based on expected growth in DDR5 SPD and automotive/industrial EEPROM [4] - Projected net profits for 2025, 2026, and 2027 are 471 million yuan, 648 million yuan, and 870 million yuan, respectively [4]
聚辰股份一季度净利同比增长近95% 多项指标创历史同期新高
Zheng Quan Shi Bao Wang· 2025-04-25 11:30
随着全球数字化进程的持续推进,大数据、云计算、人工智能等新兴数字产业蓬勃发展,AI PC加速普 及,带动个人电脑和服务器市场回归增长轨道,DDR5内存模组渗透率持续提升,从而为聚辰的SPD业 务扩张创造更大的空间。在车规业务方面,聚辰的汽车级EEPROM产品已广泛应用于智能座舱、三电 系统、视觉感知、底盘传动与微电机等四大系统的数十个子模块,终端客户包括众多国内外主流汽车厂 商。过去一年,聚辰持续加强对欧洲、韩国、日本、美国等海外重点市场的拓展力度,产品成功导入多 家全球领先的汽车电子Tier1供应商,业务收入占公司整体营收的比例不断提升,已发展成为影响公司 收入规模扩张和盈利能力提升的重要业务。 与此同时,聚辰持续提升企业研发水平,第一季度的研发投入达0.41亿元,为历史同期最高水平,在完 善和升级现有产品的基础上,不断丰富核心技术储备和产品种类,优化产品结构,为保障企业未来的长 足发展、拓宽企业的业绩成长空间奠定了良好基础。(CIS) 校对:苏焕文 今年第一季度,在智能手机领域业务受到下游需求端波动冲击的背景下,聚辰实现归属于上市公司股东 的扣除非经常性损益的净利润0.81亿元,同比增长22.34%,综合 ...
聚辰股份(688123) - 2025 Q1 - 季度财报
2025-04-25 10:30
Financial Performance - The company's revenue for Q1 2025 reached ¥261,066,428.63, representing a 5.60% increase compared to ¥247,223,074.39 in the same period last year[5] - Net profit attributable to shareholders was ¥99,480,803.16, a significant increase of 94.71% from ¥51,090,568.11 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥80,881,126.35, up 22.34% from ¥66,112,176.00 in the previous year[5] - Basic and diluted earnings per share both increased to ¥0.63, a rise of 96.88% from ¥0.32[5] - Operating profit surged to ¥103,893,459.76, representing an increase of 93.0% from ¥53,810,140.67 in Q1 2024[20] - Net profit for Q1 2025 was ¥97,439,500.52, a significant rise of 94.5% compared to ¥50,025,569.74 in Q1 2024[20] - Earnings per share (EPS) for Q1 2025 was ¥0.63, doubling from ¥0.32 in Q1 2024[21] Cash Flow - The net cash flow from operating activities was ¥71,257,076.37, reflecting a 24.04% growth compared to ¥57,447,792.78 in the same quarter last year[5] - Cash inflow from operating activities totaled ¥275,599,160.28, an increase from ¥248,629,402.99 in Q1 2024[23] - The total cash inflow from investment activities reached $1,405,719,357.36, significantly up from $385,258,927.07, indicating a growth of about 264.5%[24] - The net cash flow from investment activities was $240,165,341.16, a turnaround from a negative cash flow of -$1,498,526.68 in the previous period[24] - The net cash flow from financing activities was $5,130,601.15, compared to a negative cash flow of -$37,247,701.93 previously, showing a substantial improvement[25] - The total cash and cash equivalents at the end of the period amounted to $894,090,622.75, up from $612,555,206.04, representing an increase of approximately 46.0%[25] Assets and Liabilities - As of March 31, 2025, the company's total assets amounted to RMB 2,381,315,834.79, an increase from RMB 2,305,315,811.94 as of December 31, 2024, reflecting a growth of approximately 3.3%[14] - The company's current assets totaled RMB 1,986,517,014.46, compared to RMB 1,917,478,957.83 at the end of 2024, indicating an increase of about 3.7%[14] - Total liabilities decreased to ¥111,751,685.35 from ¥143,270,293.17 year-over-year, reflecting improved financial health[16] - Current liabilities decreased to RMB 101,901,448.18 from RMB 132,965,604.05, a reduction of approximately 23.3%[15] - Shareholders' equity increased to ¥2,269,564,149.44, up from ¥2,162,045,518.77, indicating a stronger balance sheet[16] Research and Development - Research and development expenses totaled ¥41,041,413.82, marking a 5.26% increase from ¥38,988,778.92 year-on-year[5] - Research and development expenses rose to ¥41,041,413.82, up from ¥38,988,778.92 in the previous year, indicating continued investment in innovation[19] Market Performance - The comprehensive gross profit margin increased by 5.67 percentage points due to higher sales in high-value markets such as DDR5 memory modules and automotive electronics[6] - The company reported significant growth in shipments of DDR5 SPD, automotive-grade EEPROM, and industrial control EEPROM products, which helped mitigate declines in other product lines[6] Shareholder Information - The total number of unrestricted circulating shares held by the top 10 shareholders was 33,414,920 shares, with Shanghai Tianhao Technology Co., Ltd. being the largest shareholder[12] - The company has not reported any significant changes in shareholder relationships or participation in margin trading activities during the reporting period[13] Other Financial Metrics - The weighted average return on equity improved to 4.41%, an increase of 1.85 percentage points from 2.56%[5] - The company reported a significant increase in investment income to ¥19,008,675.84, compared to ¥1,171,691.98 in Q1 2024[19] - The company paid $67,032,005.92 in employee compensation, which is an increase from $40,316,170.68 in the previous period[24] - The company reported tax payments of $11,511,525.31, compared to $1,737,061.06 previously, indicating a significant increase[24] - The cash outflow for investment activities was $1,165,554,016.20, up from $386,757,453.75, reflecting a growth of approximately 201.5%[24] - The cash outflow for operating activities totaled $204,342,083.91, compared to $191,181,610.21 in the previous period, showing an increase of about 6.1%[24] - The company experienced a foreign exchange impact of -$163,369.09 on cash and cash equivalents, contrasting with a positive impact of $1,031,886.64 previously[25]
聚辰股份:2025年第一季度净利润同比增长94.71%
news flash· 2025-04-25 10:06
聚辰股份公告,2025年第一季度营业收入2.61亿元,同比增长5.60%。净利润9948.08万元,同比增长 94.71%。 ...
聚辰股份(688123) - 聚辰股份2024年年度权益分派实施公告
2025-04-23 11:57
证券代码:688123 证券简称:聚辰股份 公告编号:2025-025 聚辰半导体股份有限公司 2024年年度权益分派实施公告 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: 每股现金红利0.30元(含税) 相关日期 | 股权登记日 | 除权(息)日 | 现金红利发放日 | | --- | --- | --- | | 2025/4/29 | 2025/4/30 | 2025/4/30 | 一、通过分配方案的股东大会届次和日期 本次利润分配方案业经公司于2025 年 4 月 15 日召开的2024年年度股东大会审 议通过。 二、分配方案 1、发放年度:2024年年度 三、相关日期 | 股权登记日 | 除权(息)日 | 现金红利发放日 | | --- | --- | --- | | 2025/4/29 | 2025/4/30 | 2025/4/30 | 四、分配实施办法 1、实施办法 2、分派对象: 截至股权登记日下午上海证券交易所收市后,在中国证券登记结算有限责任 公司上海分公司(以下简称"中国结算上海分公司" ...
聚辰股份(688123):产品结构持续改善,公司盈利能力显著增强
Shanxi Securities· 2025-04-16 13:11
Investment Rating - The report maintains a "Buy-A" rating for the company [2][7] Core Views - The company has shown significant growth in revenue and net profit, with a 46.17% year-on-year increase in revenue to 1.028 billion yuan and a 189.23% increase in net profit to 290 million yuan for the year 2024 [3][4] - The growth is attributed to the rapid increase in shipments of SPD products and automotive-grade EEPROM, driven by strong downstream demand [4][5] - The company's gross margin improved to 54.81%, up 8.22 percentage points year-on-year, while the net margin reached 26.84%, an increase of 15.08 percentage points [5] Financial Performance - For 2024, the company achieved a revenue of 1.028 billion yuan, a 46.17% increase from the previous year, and a net profit of 290 million yuan, up 189.23% [3][4] - The fourth quarter of 2024 saw a revenue of 259 million yuan, a 28.45% year-on-year increase, and a net profit of 79 million yuan, reflecting a 339.79% increase [3][4] - The company’s gross margin for 2024 was 54.81%, and the net margin was 26.84%, indicating improved profitability [5] Product Development - The company is expanding its product lines, focusing on high-value markets such as SPD products for DDR5 memory modules, automotive-grade EEPROM, and NOR Flash for various applications [6] - The successful introduction of automotive-grade EEPROM to leading Tier 1 suppliers has significantly boosted sales [4][6] Future Projections - The company is projected to achieve earnings per share (EPS) of 2.74 yuan in 2025, 3.83 yuan in 2026, and 4.81 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 26.5, 19.0, and 15.1 [7][9] - Revenue is expected to grow to 1.497 billion yuan in 2025, 2.010 billion yuan in 2026, and 2.476 billion yuan in 2027, reflecting a strong growth trajectory [9][13]
聚辰股份(688123) - 聚辰股份2024年年度股东大会决议公告
2025-04-15 14:12
证券代码:688123 证券简称:聚辰股份 公告编号:2025-024 聚辰半导体股份有限公司 2024 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:2025 年 4 月 15 日 2、公司在任监事 3 人,出席 3 人; 3、公司董事会秘书现场出席会议,其他高级管理人员列席会议。 部分董事、监事及高级管理人员以通讯(视频接入)方式出席或列席会议。 (二)股东大会召开的地点:上海市浦东新区张东路 1761 号 10 幢 (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 | 229 | | --- | --- | | 普通股股东人数 | 229 | | 2、出席会议的股东所持有的表决权数量 | 96,530,054 | | 普通股股东所持有表决权数量 | 96,530,054 | | 3、出席会议的股东所持有表决权数量占公司 ...