证券代码：688153 证券简称：唯捷创芯 公告编号：2024-038 唯捷创芯（天津）电子技术股份有限公司 1、审议通过《关于董事长荣秀丽女士提议以集中竞价交易方式回购公司股 份方案的议案》 第四届董事会第五次会议决议公告 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。 唯捷创芯（天津）电子技术股份有限公司（以下简称"公司"）第四届董事 会第五次会议于 2024 年 9 月 10 日以现场及通讯表决的方式召开。董事会会议通 知和材料于 2024 年 9 月 5 日以电子邮件方式发出。会议应参加表决董事 11 人， 实际参加表决董事 11 人。本次会议符合《中华人民共和国公司法》和《唯捷创芯 （天津）电子技术股份有限公司章程》的有关规定。本次会议由荣秀丽女士召集。 参加会议的董事表决通过以下议案： 董事会认为：公司现阶段拟回购公司股份用于员工持股计划或股权激励，有 利于增强投资者信心，完善公司长效激励机制，有效推动公司的长远发展。公司 拟实施的股份回购方案符合《上市公司股份回购规则》《上海证券交易所上市公 司自律监管指引第 ...

证券代码：688153 证券简称：唯捷创芯 公告编号：2024-039 唯捷创芯（天津)电子技术股份有限公司 关于以集中竞价交易方式回购股份的预案 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、本次回购股份存在回购期限内公司股票价格持续超出回购价格上限，导致 回购方案无法顺利实施的风险； 2、若发生对公司股票交易价格产生重大影响的重大事项，或公司生产经营、 回购股份金额：不低于人民币 10,000 万元（含），不超过人民币 15,000 万 元（含） 回购股份资金来源：公司自有资金 回购股份用途：本次回购的股份拟用于员工持股计划或者股权激励 回购股份价格：本次回购股份的价格不超过人民币 46.72 元/股（含），该 价格不高于公司董事会通过回购股份决议前 30 个交易日公司股票交易均 价的 150%。 回购股份方式：集中竞价交易方式 回购股份期限：自董事会审议通过本次回购方案之日起 12 个月内。 相关股东是否存在减持计划：经询问，截至本公告披露日，公司尚未收到 持股 5%以上的股东深圳市贵人资本投资 ...

证券代码：688153 证券简称：唯捷创芯 唯捷创芯（天津）电子技术股份有限公司 投资者关系活动记录表 编号：2024-008 | --- | --- | --- | |-------------------|-------------------------------|----------------------------------------------------| | | | | | | √ | 特定对象调研 □分析师会议 | | 投 资 者 关 系 活 | □ 媒体采访 □业绩说明会 | | | | □ 新闻发布会 □路演活动 | | | 动类别 | □ 现场参观 | | | | □ 其他（电话会议） | | | | Capstone Capital, Millennium. | | | | | 北京雪球私募、博时基金、长江证券、东方证券、笃诚投 | | 参 与 单 位 名 称 | | 资、红杉资本、华泰资管、华泰证券、九泰基金、连捷投 | | 及人员姓名 | | 资集团、人保资产、玄元投资、银华基金、招商基金、浙 | | | 商资管 | | | 时间 | 2024 年 9 月 5 日、 | ...

证券代码：688153 证券简称：唯捷创芯 唯捷创芯（天津）电子技术股份有限公司 投资者关系活动记录表 编号：2024-007 | --- | --- | --- | |-------------------|-----------------------------|----------------------------------------------------| | | | | | | □ | 特定对象调研 □分析师会议 | | 投 资 者 关 系 活 | □ 媒体采访 □业绩说明会 | | | | □ 新闻发布会 □路演活动 | | | 动类别 | √ 现场参观 | | | | □ 其他（电话会议） | | | 参 与 单 位 名 称 | | 德邦基金、东证融汇、光大保德信基金、广发证券、国君 | | 及人员姓名 | | 资管、和谐汇一、华宝基金、泉果基金 | | 时间 | 2024 年 9 月 3 日 | | | 地点 | 公司会议室 | | | 上 市 公 司 接 待 | | | | 人员姓名 | 董事会秘书：赵焰萍 | | | 投 资 者 关 系 活 | 一、交流的主要问题及回复 | | ...

证券研究报告·公司点评报告·半导体 唯捷创芯（688153） 2024 年中报点评：营收符合预期，多品类产 品放量有望带动业绩增长 2024 年 09 月 03 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 2288 | 2982 | 3009 | 4488 | 5465 | | 同比（ % ） | (34.79) | 30.32 | 0.91 | 49.17 | 21.77 | | 归母净利润（百万元） | 53.39 | 112.29 | 138.07 | 206.23 | 364.69 | | 同比（ % ） | 178.04 | 110.31 | 22.96 | 49.37 | 76.83 | | EPS- 最新摊薄（元 / 股） | 0.13 ...

证券代码：688153 证券简称：唯捷创芯 唯捷创芯（天津）电子技术股份有限公司 投资者关系活动记录表 编号：2024-006 | --- | --- | --- | |-------------------|-----------------------------------|----------------------------------------------------| | | | | | | □ | 特定对象调研 □分析师会议 | | 投 资 者 关 系 活 | □ 媒体采访 □业绩说明会 | | | | □ 新闻发布会 □路演活动 | | | 动类别 | □ 现场参观 | | | | √ 其他（电话会议） | | | 参 与 单 位 名 称 | Hel Ved Capital, IGWT Investment. | | | 及人员姓名 | | 北京才誉资产、北京神农投资、北京橡果资产、北京雪球 | | | | 私募基金、北京远惟投资、长盛基金、长信基金、东方财 | | | | 富证券、东海证券、东吴证券、方正证券、丰琰投资、福 | | | | 州开发区三鑫资产、高盛（亚洲）、广东正圆私募基 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][12]. Core Views - The company achieved a revenue of 1.072 billion yuan in the first half of 2024, representing a year-on-year growth of 20.28%. The net profit attributable to shareholders was 11.27 million yuan, marking a turnaround from losses in the previous year. The gross margin decreased by 3.0 percentage points to 25.73% [1]. - The revenue from the receiving module more than doubled, with over 53.9% of the revenue from RF power amplifier modules coming from 5G applications. The company successfully introduced new products and achieved mass sales, including the L-PAMiD module and Wi-Fi 7 modules [1][2]. - The company has adjusted its net profit forecasts for 2024-2026 to 248 million, 406 million, and 569 million yuan, respectively, due to pricing competition affecting gross margins [1][2]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 610 million yuan, a year-on-year increase of 6.5% and a quarter-on-quarter increase of 32%. The net profit attributable to shareholders was 16.64 million yuan, up 34% year-on-year and 410% quarter-on-quarter [1]. - The company’s revenue from RF power amplifier modules was 854 million yuan, accounting for 80% of total revenue, with a gross margin of 26.14% [1][2]. Product Development - The company successfully introduced the L-PAMiF module to several brand manufacturers and achieved mass sales. The second-generation non-linear Wi-Fi 7 module has entered mass production [1]. - The company completed the design of the new generation L-FEM product and launched the first-generation L-DiFEM module, which is now in the market promotion stage [1]. Valuation Metrics - The company’s projected earnings per share for 2024, 2025, and 2026 are 0.58 yuan, 0.94 yuan, and 1.32 yuan, respectively. The price-to-earnings ratio is expected to be 53x, 32x, and 23x for the same years [2][10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 44.10 [1] Core Views - The company's revenue for 2Q24 reached RMB 610 million, meeting expectations, with a year-on-year increase of 6.52% and a quarter-on-quarter increase of 32.29% [2] - Net profit attributable to the parent company was RMB 17 million, a year-on-year increase of 34.28%, marking a turnaround from the previous quarter [2] - The recovery in Android smartphone demand and the company's market expansion efforts, particularly in L-PAMiD and receiver products, drove revenue growth [2] - The company has made breakthroughs in Wi-Fi modules, automotive 5G RF front-end, and satellite communication RF front-end modules, opening long-term growth opportunities [2] - Revenue forecasts for 2024/2025/2026 have been revised downward to RMB 2.92 billion, RMB 3.61 billion, and RMB 4.56 billion, respectively, due to slower-than-expected smartphone demand recovery [2] 1H24 Performance Review - RF power amplifier modules generated revenue of RMB 854 million in 1H24, a year-on-year increase of 7.15%, with 5G PA modules contributing RMB 460 million, up 43.07% year-on-year [3] - Receiver products achieved revenue of RMB 218 million, a year-on-year increase of 133.94%, with its revenue share increasing by 9.86 percentage points to 20.30% [3] - Gross margin for 2Q24 was 23.97%, down 3.56 percentage points year-on-year and 4.10 percentage points quarter-on-quarter, attributed to intense market competition and the rising share of receiver products [3] - Inventory at the end of 2Q24 stood at RMB 925 million, an increase of RMB 70 million from the previous quarter, with inventory turnover days decreasing by 26 days to 178 days [3] 2024 Outlook - IDC forecasts a 6.85% year-on-year growth in domestic Android smartphone shipments in 2024, but revenue growth in the second half of the year may face pressure due to market competition and customer inventory strategies [4] - The company is expected to maintain a leading position in the RF front-end market, driven by the adoption of L-PAMiD in multiple brand customers and the potential growth of satellite communication products in flagship and mid-to-high-end smartphones [4] - New products such as LFEM, LNA Bank, and L-DiFEM modules are expected to be launched in the second half of 2024, while Wi-Fi 6/6E market share continues to grow, with Wi-Fi 7 products already in mass production for routers and smartphones [4] Financial Forecasts - Revenue for 2024/2025/2026 is projected at RMB 2.92 billion, RMB 3.61 billion, and RMB 4.56 billion, respectively, with net profit attributable to the parent company expected to be RMB 84.5 million, RMB 219.68 million, and RMB 437.72 million [5][6] - EPS for 2024/2025/2026 is forecasted at RMB 0.20, RMB 0.51, and RMB 1.02, respectively [6] - ROE is expected to improve from 2.07% in 2024 to 9.60% in 2026, reflecting the company's profitability growth [6] Valuation and Peer Comparison - The company is valued at 6.5x 2024 PS, higher than the industry average of 4.9x 2024 PS, reflecting its leading position in the RF front-end market [2] - Compared to peers, the company's valuation metrics such as P/E and P/S are higher, indicating market confidence in its growth potential [11]

唯捷创芯（天津）电子技术股份有限公司 通过提供全套的射频前端整体解决方案，公司旨在帮助客户简化产品设计流 程，缩短产品上市时间。我们也将加强品牌建设，提升公司在国内外市场的品牌 影响力。在这个过程中，公司将注重风险管理，确保能够灵活应对市场变化，保 持业务的稳定性和连续性，从而全面提升公司的核心竞争力、盈利能力以及品牌 影响力。 二、持续加强研发投入，保持技术领先优势 2024 年度提质增效重回报行动方案的半年度评估报告 为践行"以投资者为本"的发展理念，不断提高上市公司质量，并维护唯捷 创芯（天津）电子技术股份有限公司（以下简称"公司"）全体股东的利益，公 司基于对自身未来发展前景的坚定信心及对投资价值的深刻认可，特制定并披露 了 2024 年度"提质增效重回报"行动方案。本方案旨在提升公司经营管理效率， 强化市场竞争力和盈利能力，积极回报投资者，保障投资者权益，共同促进资本 市场的平稳健康发展。 遵循行动方案的指导思想，公司以提升高质量发展为基础，切实履行上市公 司的责任和义务。在 2024 年上半年，公司根据行动方案的内容，积极开展并落 实了各项工作。现将这些主要举措的实施情况及其效果报告如下： 一、聚 ...

Financial Performance - The company reported a revenue of 500 million CNY for the first half of 2024, representing a 20% increase compared to the same period last year[2]. - The company expects a revenue guidance of 1.2 billion CNY for the full year 2024, reflecting a projected growth of 15% year-over-year[2]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the first half of 2024, representing a 25% year-over-year growth[13]. - The company provided a positive outlook for the second half of 2024, projecting a revenue growth of 20% to 1.44 billion RMB[13]. - The company achieved operating revenue of CNY 1,071,595,699.79 in the first half of 2024, representing a year-on-year increase of 20.28%[17]. - The net profit attributable to shareholders was CNY 11,268,584.22, a turnaround from a loss of CNY 70,200,958.01 in the same period last year[19]. - The company achieved a total revenue of 141,939.94 million RMB, with a net profit of 15,905.35 million RMB, representing a year-on-year increase of 117,939.31 million RMB[64]. - The company reported a significant reduction in inventory impairment provisions, contributing to improved profitability[19]. User Engagement - User data showed a growth in active users to 1.2 million, up from 1 million in the previous half, indicating a 20% increase in user engagement[2]. - User data showed a 30% increase in active users, reaching 5 million by the end of June 2024[13]. - User data showed a 15% increase in active users, reaching 2 million by the end of June 2024[125]. Product Development - New product launches include a next-generation semiconductor chip expected to enhance performance by 30% over the previous model, set to be released in Q3 2024[2]. - New product launches are expected to contribute an additional 200 million RMB in revenue by Q4 2024[13]. - The company is actively developing new products, including the next generation of LNA Bank products, expected to be launched in the second half of 2024[78]. - The company has successfully introduced the L-PAMiF module to multiple brand manufacturers, achieving bulk sales and demonstrating significant advantages in reducing system costs[75]. - The L-PAMiD module has also been successfully adopted by several brand clients, contributing to substantial revenue growth and breaking the long-standing dominance of foreign manufacturers in the domestic market[75]. Market Expansion - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by the end of 2025[2]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of 2025[13]. - Market expansion plans include entering three new international markets by the end of 2024, which is projected to increase user base by 30%[124]. Research and Development - Research and development expenses increased to 100 million CNY, accounting for 20% of total revenue, emphasizing the company's commitment to innovation[2]. - Research and development expenses increased by 10% to 150 million RMB, focusing on 5G and Wi-Fi 6 technologies[13]. - The company achieved a total R&D investment of ¥222,164,628.78, representing a 4.72% increase compared to ¥212,160,148.85 in the same period last year[57]. - The company has 331 R&D personnel, making up 54.08% of its total employees, emphasizing its commitment to R&D innovation[78]. - The company holds a total of 120 patents, including 68 invention patents, and has applied for 34 new patents during the reporting period[55][56]. Strategic Initiatives - The company has initiated discussions for potential mergers and acquisitions to enhance its technology portfolio, with a focus on companies in the semiconductor sector[2]. - The company plans to pursue strategic acquisitions to enhance its product offerings, with a budget of 500 million RMB allocated for potential deals[13]. - The company is considering strategic acquisitions to enhance its market position, with a budget of $200 million allocated for potential deals[125]. Operational Efficiency - The gross margin improved to 45%, up from 40% in the previous year, due to cost optimization strategies[13]. - The company aims to enhance its supply chain efficiency, reducing lead times by 20% by the end of 2024[13]. - The company has established a robust internal testing capability, ensuring timely testing and market launch of high-integration modules, enhancing market competitiveness[71]. Risks and Compliance - The company identified supply chain disruptions as a significant risk factor, with potential impacts on production timelines and costs[4]. - The board confirmed that there are no non-operational fund usages by controlling shareholders, ensuring financial integrity[5]. - The company has not encountered any violations of decision-making procedures regarding external guarantees, maintaining compliance with regulations[5]. - The company faces risks related to R&D failures, product upgrades, and potential loss of talented personnel, which could impact its market competitiveness[81]. Environmental Responsibility - The company has established strict management regulations and effective governance measures to address potential environmental pollution during its operations[116]. - The company conducts quarterly monitoring of wastewater and noise generated during production, ensuring compliance with discharge standards[116]. - The company has committed to a long-term commitment to environmental responsibility, with measures in place to ensure sustainable development[116]. - The company donated RMB 50,000 to support the 2024 East-West cooperation and assistance activities, reflecting its commitment to social responsibility and regional development goals[118].