杰华特（688141.SH） | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|--------|-------|--------|-------|-----------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 1,448 | 1,297 | 1,708 | 2,186 | 2,585 | 股票信息 | | | 增长率 yoy （ % ） | 39.0 | -10.4 | 31.8 | 27.9 | 18.3 | | | | 归母净利润（百万元） | 137 | -531 | -316 | -19 | 161 | 行业 | 电子 | | 增长率 yoy （ % ） | -3.4 | -487.4 | 40.5 | 94.1 | 966.7 | 2024 年 6 月 4 日收盘价（元） | 16.53 | ...

证券代码：688141 证券简称：杰华特 杰华特微电子股份有限公司投资者关系活动记录表 编号：2024-003 £特定对象调研 £分析师会议 □媒体采访 £业绩说明会 投资者关系活 □新闻发布会 R路演活动 动类别 □现场参观 □其他（请文字说明其他活动内容） 工银瑞信基金、信达澳亚基金、华泰资产、华宝基金、兴 参与单位名称 银理财、星石投资、泓澄投资、百年资产、中信证金、煜 德投资、润晖投资、中信股衍、万家基金、中信资管、德 及人员姓名 亚投资等（排名不分先后） 时间 2024年6月5日 地点 现场会议 ...

证券代码：688141 证券简称：杰华特 杰华特微电子股份有限公司投资者关系活动记录表 编号：2024-002 R特定对象调研 £分析师会议 □媒体采访 £业绩说明会 投资者关系活 □新闻发布会 £路演活动 动类别 □现场参观 □其他（请文字说明其他活动内容） 嘉实基金、易方达、鹏华基金、华安基金、南方基金、兴 业基金、太平基金、高毅资产、中信保诚基金、重阳资 产、华泰资管、华富基金、正心谷、吾同投资、圆信永丰 基金、鲁信创投、朱雀基金、上海金恩投资、杭州金投私 募基金、弈宸基金、涌贝资产、华能贵诚信托、敦和资 参与单位名称 管、睿璞投资、运海私募、巴沃基金、上海银叶投资、南 及人员姓名 土资产、杭银理财、财通电子、广发电子、中信证券、中 ...

| --- | --- | --- | |------------------------------------------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 评级 | 说明 | | | 买入 | 预期未来 6~12 个月内相对同期基准指数涨幅在 15% 以上 | | | 增持 | 预期未来 6~12 个月内相对同期基准指数涨幅在 5%~15% 之间 | | 股票评级 | 持有 | 预期未来 6~12 个月内相对同期基准指数涨幅在 -10%~+5% 之间 | | | 减持 | 预期未来 6~12 个月内相对同期基准指数跌幅在 10% 以上 | | | 增持 | 预期未来 6~12 个月内对同期基准指数涨幅在 10% 以上 | | | | ...

国信证券投资评级 上海浦东民生路 1199 弄证大五道口广场 1 号楼 12 层 邮编：200135 1Q24 收入同环比增长，毛利率环比回升。公司 2023 年全年销量增长 26.5%， 但由于价格下降，收入同比下降 10.43%至 12.97 亿元；实现归母净利润-5.31 亿元（YoY -487%），扣非归母净利润-5.54 亿元（YoY -678%）；产品售价 承压导致公司毛利率下降 12.5pct 至 27.40%；研发费率提高 17.5pct 至 38.5%，管理费率提高 3.4pct 至 8.4%，销售费率提高 2.9pct 至 7.2%。1Q24 营收3.29 亿元(YoY +9%，QoQ +13%)，归母净利润-2.09 亿元，毛利率为27.68% （YoY -5.2pct，QoQ +4.9pct）。 各产品线毛利率承压，AC-DC 芯片和电池管理芯片收入增长。2023 年公司电 源管理芯片收入 12.78 亿元(YoY -7.49%)，占比 98.5%，毛利率下降 11.16pct 至 27.49%，其中 DC-DC 芯片收入 7.00 亿元(YoY -7.68%)，占比 54%，毛利 率 ...

8 / 14 | --- | --- | --- | |------------------------|------------------|------------------| | 长期股权投资 | 16,352,882.66 | 45,052,156.31 | | 其他权益工具投资 | 286,105,619.51 | 174,102,996.75 | | 其他非流动金融资产 | | | | 投资性房地产 | | | | 固定资产 | 143,853,026.30 | 101,299,528.99 | | 在建工程 | 286,441,658.65 | 263,912,536.32 | | 生产性生物资产 | | | | 油气资产 | | | | 使用权资产 | 17,016,956.27 | 16,702,039.55 | | 无形资产 | 31,104,571.25 | 30,974,522.62 | | 其中：数据资源 | | | | | | | | 开发支出 | | | | 其中：数据资源 | | | | | | | | 商誉 | 4,938,102.36 | | | 长期待摊费用 | 3,2 ...

Financial Performance - Revenue in 2023 decreased by 10.43% to 1,296,748,737.23 RMB compared to 2022[30] - Net profit attributable to shareholders in 2023 was -531,409,069.34 RMB, a decrease of 487.44% compared to 2022[30] - Net profit attributable to shareholders after deducting non-recurring gains and losses in 2023 was -554,133,837.85 RMB, a decrease of 677.80% compared to 2022[30] - Net cash flow from operating activities in 2023 was -291,425,072.33 RMB, compared to -823,487,045.35 RMB in 2022[30] - Total assets at the end of 2023 decreased by 3.11% to 4,225,065,101.73 RMB compared to the end of 2022[30] - Shareholders' equity attributable to the parent company at the end of 2023 decreased by 15.13% to 2,666,806,127.39 RMB compared to the end of 2022[30][32] - Revenue in Q4 2023 was 292,222,266.22 RMB, the lowest among the four quarters[34] - Net profit attributable to shareholders in Q4 2023 was -167,466,920.06 RMB, the third lowest among the four quarters[34] - Net profit attributable to shareholders after deducting non-recurring gains and losses in Q4 2023 was -174,245,428.88 RMB, the lowest among the four quarters[35] - Net cash flow from operating activities in Q4 2023 was -104,807,896.37 RMB, the second lowest among the four quarters[35] - Basic earnings per share decreased by 440.00% to -1.19 yuan per share in 2023 compared to 0.35 yuan per share in 2022[58] - Diluted earnings per share decreased by 440.00% to -1.19 yuan per share in 2023 compared to 0.35 yuan per share in 2022[58] - Net profit attributable to shareholders of the listed company decreased by 487.44% to -5.314 billion yuan in 2023[59] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses decreased by 677.80% to -5.541 billion yuan in 2023[59] - Weighted average return on equity decreased by 31.91 percentage points to -18.36% in 2023[58] - Weighted average return on equity after deducting non-recurring gains and losses decreased by 28.61 percentage points to -19.14% in 2023[58] - Company's annual sales volume increased by 26.5% year-over-year, but operating revenue decreased by 10.44% to RMB 1,296.47 million[82] - Net profit attributable to shareholders was RMB -531.41 million, a decrease of 487.44% year-over-year[82] Risk Factors and Corporate Governance - The company's annual report for 2023 has been issued, detailing the financial performance and risk factors[1][8] - The company has disclosed potential risks and countermeasures in its operations, with a focus on the reasons for the annual performance loss[4] - The report includes a detailed discussion on management analysis, risk factors, and corporate governance[17] - The company has provided a forward-looking statement risk declaration, indicating potential uncertainties in future performance[13] - The company's governance structure includes special arrangements, as indicated in the report[6] - The company has confirmed that there are no instances of non-operational fund occupation by controlling shareholders or other related parties[7] Audit and Compliance - The financial report has been audited by Tianjian Certified Public Accountants, who issued a standard unqualified opinion[11] - The annual report is subject to approval at the company's 2023 annual general meeting[12] Shareholders and Subsidiaries - The company has a diverse group of shareholders, including entities like Intel, BYD, and various investment funds[20][21] - The company's subsidiaries include JoulWatt Microelectronics (Nanjing) Co., Ltd., JoulWatt Microelectronics (Chengdu) Co., Ltd., and JoulWatt Microelectronics (Hangzhou) Co., Ltd., among others[51] - The company's subsidiaries also include JoulWatt Microelectronics (Shanghai) Co., Ltd., JoulWatt Trading Limited, and JoulWatt Microelectronics (Hong Kong) Co., Ltd[51] - The company's subsidiaries include JoulWatt Microelectronics (Shenzhen) Co., Ltd., JoulWatt Microelectronics (Zhangjiagang) Co., Ltd., and JoulWatt Microelectronics (Xiamen) Co., Ltd[51] - The company's subsidiaries include JoulWatt Microelectronics (Zhuhai) Co., Ltd., JoulWatt Microelectronics (Hangzhou) Co., Ltd., and JoulWatt Microelectronics (Shenzhen) Co., Ltd[51] - The company's subsidiaries include JoulWatt Microelectronics (Shanghai) Co., Ltd., JoulWatt Trading Limited, and JoulWatt Microelectronics (Hong Kong) Co., Ltd[51] - The company's subsidiaries include JoulWatt Microelectronics (Nanjing) Co., Ltd., JoulWatt Microelectronics (Chengdu) Co., Ltd., and JoulWatt Microelectronics (Hangzhou) Co., Ltd[51] - The company's subsidiaries include JoulWatt Microelectronics (Shanghai) Co., Ltd., JoulWatt Trading Limited, and JoulWatt Microelectronics (Hong Kong) Co., Ltd[51] - The company's subsidiaries include JoulWatt Microelectronics (Shenzhen) Co., Ltd., JoulWatt Microelectronics (Zhangjiagang) Co., Ltd., and JoulWatt Microelectronics (Xiamen) Co., Ltd[51] - The company's subsidiaries include JoulWatt Microelectronics (Zhuhai) Co., Ltd., JoulWatt Microelectronics (Hangzhou) Co., Ltd., and JoulWatt Microelectronics (Shenzhen) Co., Ltd[51] - The company's subsidiaries include JoulWatt Microelectronics (Shanghai) Co., Ltd., JoulWatt Trading Limited, and JoulWatt Microelectronics (Hong Kong) Co., Ltd[51] Research and Development - R&D investment accounted for 38.51% of operating income in 2023, an increase of 17.46 percentage points compared to 2022[60] - R&D investment reached RMB 499.37 million, an increase of 63.88% year-over-year, with 544 R&D personnel accounting for 64.08% of total employees[83] - Company added 182 new intellectual property rights, including 101 invention patents, 7 utility model patents, 18 software copyrights, and 56 integrated circuit layout design rights[83] - The company's R&D process involves five stages: new product initiation, R&D design, wafer fabrication, packaging and testing, and mass production certification, with each stage involving detailed system design, process selection, circuit design, and layout design[151] - The company's BCD process technology integrates Bipolar, CMOS, and DMOS devices on a single chip, reducing power consumption, minimizing interference between modules, and lowering costs, making it a mainstream technology in the analog IC industry[136] - The company's high-power BCD technology is widely used in automotive electronics, focusing on cost reduction and optimization of power device structures, suitable for medium voltage and high current driving scenarios[138] - The company has established three major process platforms: 0.18-micron 7-55V medium-low voltage BCD process (extended to 90nm for some voltage ranges), 0.18-micron 10-200V high voltage BCD process, and 0.35-micron 10-700V ultra-high voltage BCD process, each iterated 1-3 generations, forming a systematic self-developed process system[156] - The company has built a product supply system with over 1,800 chip product models available for sale, with several products reaching international advanced levels[172] - In 2023, the company's R&D expenses reached 499.37 million yuan, a 63.88% increase from 304.72 million yuan in the previous year, with R&D expenses accounting for 38.51% of revenue, up 17.46 percentage points[179] - The company added 108 patents in 2023, including 101 invention patents and 7 utility model patents. As of December 31, 2023, the company has applied for 1,127 patents, with 800 invention patents and 524 valid patents, including 285 invention patents[178] - The company's R&D team increased by 137 people in 2023, a 33.66% year-on-year growth, with 112 additional master's degree holders and 35 bachelor's degree holders, enhancing the company's innovation capabilities[190] - The company has developed a stable supply chain system and downstream customer base, collaborating with domestic mainstream wafer fabs for BCD process development, and its products are used in automotive electronics, communication electronics, computing and storage, industrial applications, and consumer electronics[168] - The company focuses on improving the integration of analog chip products, optimizing chip design from process, circuit, and system perspectives, and has developed high-power-density boost and buck converters, AC-DC regulators, and isolated DC-DC products[173] - The company is committed to intelligent analog chip development, successfully creating products such as load switches with fast short-circuit response and AC-DC synchronous rectifiers supporting multi-mode switching, achieving breakthroughs in control algorithms and adaptive technologies[175] - The company emphasizes system-level optimization of analog chips and other components to improve efficiency and reduce power consumption, developing ultra-low standby power DC-DC products to meet market demands[174] - The company has developed three major process platforms: 90nm, 0.18μm 10-200V high-voltage BCD, and 0.35μm 10-700V ultra-high-voltage BCD, each iterated 1-3 generations, forming a comprehensive self-developed process system[192] - The core R&D team consists of experienced professionals with backgrounds from top universities and leading international analog IC companies, focusing on power management and signal chain ICs[193] - The company has established a multi-level R&D system and a diverse product matrix, including four major power management product lines (AC-DC, DC-DC, linear power, battery management) and five signal chain product lines (detection, interface, converter, clock, linear)[194] - High-voltage BCD technology integrates devices with voltage resistance ranging from 100-700V, widely used in electronic lighting and industrial control scenarios[196] - The company has formed a process R&D team to develop targeted BCD processes based on downstream demand, enhancing product performance efficiency[197] - The company has achieved comprehensive layout in power management product lines[198] - The company is working to fill gaps in other product lines[199] - Analog ICs are evolving towards differentiation, integration, efficiency, and intelligence, with expanding application fields[200] Market and Industry Trends - Global semiconductor market size is expected to decrease by 9.4% to $520.1 billion in 2023[82] - The global semiconductor market size increased from $338.93 billion in 2016 to $574.08 billion in 2022, with a CAGR of 9.18%. WSTS forecasts a decline to $515.10 billion in 2023, later adjusted to $520.13 billion, still a year-on-year decrease[159] Product Development and Innovation - The company released multiple new products including 100V DC-DC, buck-boost DC-DC, amplifiers, comparators, and analog switches in 2023[71] - The company's product matrix includes power management chips and signal chain chips, covering major categories of analog chips in various application fields[69] - Launched a leading 50A power tube integrated product and developed multiple automotive-grade LDOs for smart cockpits and ADAS applications[85] - The company has developed a complete DC-DC product matrix for the automotive sector, meeting AECQ100 standards with a voltage range of 5~100V, and has successfully integrated into the supply chains of well-known car manufacturers and Tier 1 suppliers[115] - The company's linear power supply chips feature low static power consumption, high performance, and high applicability, with a leading 50A power tube integrated product offering small conduction power loss, high start-up current capability, and strong protection performance under harsh conditions[117] - The company's power management product line includes AC-DC, DC-DC, linear power supply, and battery management chips, catering to various downstream applications such as consumer electronics, industrial control, computing, automotive electronics, and new energy[140] - The company's virtual IDM model allows for the development and optimization of wafer manufacturing processes, leveraging wafer fab resources without owning the production lines, resulting in core outputs like process flow documents, application documents, and process design kits[122] - The company's market strategy includes both internal development and external investments to enrich and complete its product lines, aiming to maintain a leading position in the analog IC industry and provide continuous value growth for customers[140] ESG and Corporate Responsibility - The report outlines the company's commitment to environmental, social responsibility, and corporate governance (ESG) practices[17] Strategic Investments and Collaborations - Strategic investments and collaborations were made to expand business boundaries and industry chain layout[108] - The company adopted a virtual IDM model and developed its own BCD process platform for chip design and manufacturing[110] Financial Assets and Liabilities - The company's financial report highlights an increase in fixed assets due to business expansion and equipment additions, as well as an increase in construction in progress due to ongoing investments in fundraising projects[145] - The company's restricted assets include RMB 26,150,000 in monetary funds, primarily used for issuing bank acceptance bills and bank asset pool business pledges[147] Human Resources and Incentives - Total number of employees increased by 31.22% to 849, with 544 R&D personnel, of which 340 hold master's degrees or higher[104] - Company completed its first post-IPO restricted stock incentive plan, covering 409 employees with 11.7084 million shares[104]

证券代码：688141 证券简称：杰华特 杰华特微电子股份有限公司投资者关系活动记录表 编号：2024-001 £特定对象调研 R分析师会议 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 £路演活动 类别 □现场参观 □其他 （请文字说明其他活动内容） 嘉实基金、博时基金、大成基金、鹏华基金、国泰基金、银 华基金、汇添富基金、景顺长城基金、易方达基金、富国基 参与单位名称及 金、广发基金、混沌投资、东方资管、宝盈基金、兴证全球 基金、建信基金、汇丰晋信、睿远基金、创金合信基金、华 人员姓名 美国际、聚鸣投资、百年保险资管、太平洋保险、融通基 金、银河基金、中银基金（排名不分先后） 时间 2024年3月7日-8日 ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------|--------------|-------|-------|-------|-----------------------|-------|---------|--------|--------| | [Table_ValuationModels 资产负债表 \n单位：百万元 | 2] \n2022A | 2023E | 2024E | 2025E | 利润表 \n单位：百万元 | 2022A | 2023E | 2024E | 2025E | | 货币资金 | 2,186 | 1,774 | 1,689 | 1,915 | 营业总收入 | 1,448 | 1,331 | 1,718 | 2,169 | | 应收票据 | 13 | 4 | 5 | 8 | 营业成本 | 870 | 968 | 1,163 | 1,377 | | 应收账款 | 312 | 319 | 327 | 3 ...

证券代码：688141 证券简称：杰华特 杰华特微电子股份有限公司投资者关系活动记录表 编号：2023-010 R特定对象调研 £分析师会议 投资者关系活动 □媒体采访 □业绩说明会 □新闻发布会 £路演活动 类别 □现场参观 □其他 （请文字说明其他活动内容） 银华基金、兴业基金、嘉实基金、汇添富基金、博时基金、 招商基金、交银施罗德基金、大家资产、长城基金、财通基 金、五地投资、中海基金、翼融投资、敦和资产、星石投 资、光证资管、鑫元基金、康盛基金、合远基金、丰熙资 参与单位名称及 产、大筝资管、康盛基金、白犀投资、才誉资产、物产中大 人员姓名 投资、广发电子、方正电子、天风证券、华泰证券、长江证 券、浙商证券、中邮证券、瑞银证券、华西证券、国金证 ...