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 ...

证券代码：688141 证券简称：杰华特 公告编号：2024-019 杰华特微电子股份有限公司 关于召开 2023 年度暨 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： 投资者可于 2024 年 05 月 10 日（星期五）至 05 月 16 日（星期四）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 ir@joulwatt.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。 杰华特微电子股份有限公司（以下简称"公司"）已于 2024 年 4 月 30 日发 布公司 2023 年年度报告及 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，公司计划于 2024 年 05 月 17 日（星期五）下午 16:00-17:00 举行 2023 年度暨 2024 年第一季度业 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 ...

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]

Financial Performance - Total operating revenue for Q1 2024 reached ¥329,235,593.08, an increase from ¥301,562,336.34 in Q1 2023, representing a growth of approximately 9.1%[4] - The net profit attributable to shareholders for Q1 2024 was a loss of ¥209,623,789.04, worsening from a loss of ¥57,194,086.95 in Q1 2023[4] - Total revenue for Q1 2024 was approximately ¥329.24 million, representing a year-over-year increase of 9.18%[32] - The net loss attributable to shareholders for Q1 2024 was approximately ¥209.13 million, with a basic earnings per share of -¥0.47[32] - Net loss for the period was -209,713,389.43 CNY, compared to -57,185,851.73 CNY in the previous year[43] - Total comprehensive loss amounted to -219,481,766.67 CNY, compared to -57,185,851.73 CNY in the previous year[43] Operating Costs and Expenses - Total operating costs for Q1 2024 were ¥440,442,875.90, up from ¥360,103,991.64 in Q1 2023, indicating an increase of about 22.3%[4] - Research and development expenses rose to ¥140,095,881.26 in Q1 2024, compared to ¥106,312,208.95 in Q1 2023, reflecting a growth of approximately 31.8%[4] - Research and development expenses totaled ¥31.78 million, primarily due to increases in share-based payment expenses, R&D materials, and depreciation[16] - R&D investment totaled 140,095,881.26 CNY, representing 42.55% of operating revenue, an increase of 7.30 percentage points[43] Cash Flow and Liquidity - The company's cash flow from operating activities decreased by 186.86% compared to the previous year, primarily due to the recovery of capacity guarantee deposits and government subsidies in the same period last year[13] - Cash flow from operating activities for Q1 2024 was a net outflow of approximately ¥41.65 million, a decrease of 186.86% compared to the previous year[32] - In Q1 2024, the company reported cash inflows from operating activities of CNY 360,016,540.58, a decrease of 27.8% compared to CNY 498,877,836.58 in Q1 2023[50] - The net cash outflow from operating activities was CNY -41,650,213.82, contrasting with a net inflow of CNY 47,948,694.08 in the same period last year[50] - The ending cash and cash equivalents balance was CNY 1,620,258,824.27, down from CNY 1,773,304,193.31 at the end of Q1 2023[50] - Total cash and cash equivalents decreased by CNY 174,828,556.10 during the quarter, compared to a decrease of CNY 384,352,873.26 in the same quarter last year[50] Assets and Liabilities - Total assets as of the end of the reporting period were ¥4,176,330,716.13, slightly down from ¥4,225,065,101.73 at the end of the previous period[10] - Total liabilities increased to ¥1,658,555,019.78 from ¥1,558,539,763.36, marking a rise of approximately 6.4%[10] - The company's long-term borrowings stood at ¥723,558,458.57, up from ¥682,947,622.63, indicating an increase of about 5.9%[10] - The total equity attributable to shareholders decreased to ¥2,472,870,604.17 from ¥2,666,806,127.39, a decline of approximately 7.3%[10] - Total assets at the end of the reporting period were 4,176,330,716.13 CNY, a decrease of 1.15% from the previous year[43] - Shareholders' equity attributable to the parent company decreased by 7.27% to 2,472,870,604.17 CNY[43] Shareholder Information - The company reported a total of 9,486 common shareholders at the end of the reporting period[17] - The largest shareholder, JoulWatt Technology Inc. Limited, holds 30.18% of the shares, totaling 134,857,188 shares[17] Earnings and Returns - Diluted earnings per share (EPS) is -0.47 CNY, compared to -0.13 CNY in the previous year[43] - The weighted average return on equity decreased by 6.33 percentage points to -8.16%[43] Other Financial Metrics - The company reported a significant increase in credit impairment losses, amounting to -¥1,858,093.87 in Q1 2024 compared to a gain of ¥2,306,340.39 in Q1 2023[4] - Other comprehensive income after tax was -9,768,377.24 CNY[43] - The company reported non-recurring gains and losses totaling 4,002,299.86 CNY, after tax effects[36] - The company experienced a foreign exchange impact of CNY 144,089.74 on cash and cash equivalents[50] - The company reported a significant increase in cash paid for purchasing goods and services, totaling CNY 222,012,857.05, down from CNY 280,829,422.43 in Q1 2023[50] - Cash received from other operating activities was CNY 114,119,296.34, a decrease from CNY 177,323,918.75 in the previous year[50]

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 ...

中信证券股份有限公司 关于杰华特微电子股份有限公司向参股公司增资暨关联交易的 核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为杰华 特微电子股份有限公司（以下简称"公司"、"杰华特"或"发行人"）首次公 开发行股票并在科创板上市的保荐机构。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》《科创板上市公司持续监管办法（试行）》及《上 海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关规定，对公 司向参股公司无锡市宜欣科技有限公司（以下简称"宜欣科技"或"目标公司"） 增资暨关联交易、开展新业务的事项进行了核查，核查情况如下： 一、增资暨关联交易概述 根据公司战略发展及业务需要，公司拟以自有资金 4,000 万元认缴参股公司 宜欣科技新增的注册资本 4,000 万元，占增资后的注册资本比例为 30.77%。本次 增资后公司认缴宜欣科技出资额合计为 7,000 万元，共持有宜欣科技 53.85%股 权。自本次增资完成后，宜欣科技成为公司控股子公司，纳入公司合并报表范围。 公司目前持有宜 ...

证券代码：688141 证券简称：杰华特 公告编号：2024-002 杰华特微电子股份有限公司 关于向参股公司增资暨关联交易的公告 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. 业务整合不达预期风险 由于公司与宜欣科技在企业文化、管理制度等方面存在一定的差异，在本次 收购完成后，公司对目标公司的日常经营、业务整合、协同发展能否顺利实施以 及整合效果能否达到预期均存在一定的不确定性。公司将积极采取相关措施，在 管理团队、管理制度等各方面积极规划部署和整合，以确保本次增资完成后公司 和目标公司的业务能够保持稳步发展，发挥协同效应，降低风险。 2. 商誉减值的风险 本次收购完成后，在公司合并资产负债表中将形成一定金额商誉。根据《企 业会计准则》，本次收购形成的商誉将在每年进行减值测试。存在如果未来由于 杰华特微电子股份有限公司（以下简称"公司"）拟以自有资金 4,000 万元 认缴参股公司无锡市宜欣科技有限公司（以下简称"宜欣科技"或"目标公 司"）新增的注册资本 4,000 万元，本次增资后公司共持有宜 ...

证券代码：688141 证券简称：杰华特 公告编号：2024-003 二、监事会会议审议情况 全体监事对本次监事会会议议案进行了审议，经表决形成如下决议： 审议通过了《关于向参股公司增资暨关联交易的议案》 监事会认为：公司本次增资暨关联交易、开展新业务事项，符合公司战略 规划和未来业务发展方向，新业务有利于持续强化公司的核心竞争优势，提高 公司产业协同效应，具有必要性和合理性。审议程序符合《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》等相关法律法规和规范性文 件及《公司章程》的规定，不存在损害公司、股东利益的情形。公司监事会一 致同意本次增资暨关联交易、开展新业务事项。 表决结果：3票同意、0票反对、0票弃权。 本议案无需提交公司股东大会审议。 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 杰华特微电子股份有限公司（以下简称"公司"）于2024年2月22日以现 场结合通讯方式召开第一届监事会第十七次会议（以下简称"本次会议"）， 本次会议通知已于2024年2月18日以书面通知方式 ...

（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： 证券代码：688141 证券简称：杰华特 公告编号：2023-053 杰华特微电子股份有限公司 2023 年第三次临时股东大会决议公告 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 | 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 | 211,033,923 | | 普通股股东所持有表决权数量 | 211,033,923 | | 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 | 47.2238 | | 比例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例 | 47.2238 | | （%） | | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 （一） 股东大会召开的时间：2023 年 12 月 29 日 ...