Investment Rating - The report gives a "Recommend" rating for the company, marking its first coverage [2] Core Views - The company is a leading domestic third-party wafer foundry specializing in DDIC (Display Driver IC) manufacturing, with a strong foundation in LCD DDIC and expanding into OLED DDIC and CIS (CMOS Image Sensor) [4] - The company has achieved significant breakthroughs in multiple process platforms, including CIS, PMIC (Power Management IC), and MCU (Microcontroller Unit), with rapid capacity expansion [16] - The company's revenue has shown a fluctuating growth trend, with DDIC revenue gradually decreasing while CIS revenue is rapidly increasing, indicating successful diversification [21] - The company's capacity has expanded significantly, reaching 115k wafers per month in H1 2024, with plans for further expansion in OLED and CIS [17] Industry Overview - Wafer foundry is a core segment of the semiconductor industry, characterized by high capital intensity, long cycles, and high barriers to entry, with a clear oligopoly structure [5] - The domestic wafer foundry industry is steadily advancing, supported by national policies, as China becomes a global center for display panel production, driving demand for localized production of key components like DDIC and CIS [5][26] - The global CIS market is growing steadily, with Chinese companies gaining significant market share, and domestic substitution accelerating in high-end CIS products [42][44] Company Performance and Diversification - The company's revenue grew from 1.512 billion yuan in 2020 to 7.244 billion yuan in 2023, with a temporary decline in 2023 due to a slowdown in semiconductor market demand [4][21] - DDIC remains the primary revenue source, but its share has decreased from 84.79% in 2023 to 68.53% in H1 2024, while CIS revenue share increased from 6.03% to 16.04% in the same period [4][21] - The company has made significant progress in OLED DDIC, with 40nm high-voltage OLED DDIC achieving small-scale production, and 28nm process development underway [51] - CIS has become the company's second-largest revenue driver, with products like 55nm BSI CIS and 1.8 billion-pixel full-frame CIS contributing to rapid growth [55][56] Capacity Expansion and Technological Advancements - The company's capacity has grown from 10k wafers per month in 2018 to 115k wafers per month in H1 2024, with plans to further expand OLED and CIS capacity [17] - The company has developed multiple process nodes for DDIC, including 150nm, 110nm, 90nm, and 55nm, with 40nm high-voltage OLED DDIC in small-scale production [45] - The company is also advancing in CIS technology, with 55nm BSI CIS and 1.8 billion-pixel full-frame CIS products achieving mass production [55][56] Financial Projections - The report forecasts revenue growth of 32.9%, 25.3%, and 21.3% for 2024, 2025, and 2026, respectively, with net profit expected to grow significantly [6] - The company's EPS is projected to be 0.21 yuan, 0.47 yuan, and 0.72 yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 125.8X, 55.5X, and 36.1X [64] Valuation and Investment Recommendation - The company's valuation is favorable compared to peers, with significant growth potential in DDIC and CIS businesses [62] - The report recommends the company due to its strong position in DDIC, successful diversification into CIS, and robust capacity expansion plans [64]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][3]. Core Insights - The company achieved a revenue of 6.775 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 35.05%. The net profit attributable to shareholders reached 279 million yuan, a significant increase of 771.94% year-on-year [1]. - The gross profit margin improved notably, reaching 25.56% in the first three quarters, up by 6.6 percentage points year-on-year, with the third quarter gross margin at 26.79%, reflecting a quarter-on-quarter increase of 2.93 percentage points [1]. - The company has maintained high capacity utilization and plans to expand production by 30,000 to 50,000 wafers per month, focusing on mid-to-high-end CIS products [1][2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 6.775 billion yuan, a 35% increase year-on-year. The net profit attributable to shareholders was 279 million yuan, up 771.94% year-on-year, while the net profit excluding non-recurring items was 179 million yuan, reflecting a 243.91% increase [1]. - The gross profit margin for the first three quarters was 25.56%, an increase of 6.6 percentage points year-on-year, with the third quarter margin at 26.79%, up 2.93 percentage points from the previous quarter [1]. Production and Market Position - The company has achieved mass production across various process nodes from 150nm to 55nm, with significant contributions from 55nm, 90nm, 110nm, and 150nm processes to its main business revenue [1]. - The company successfully trialed the industry's first 1.8 billion pixel full-frame CIS in collaboration with a partner, enhancing its product offerings in the high-end camera sensor market [2]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 9.623 billion yuan, 12.522 billion yuan, and 14.888 billion yuan, respectively, with corresponding EPS estimates of 0.22 yuan, 0.35 yuan, and 0.50 yuan [3].

Company Highlights - Jinghe Integrated's stock price reached a historical high, increasing by 13.52% to 24.10 yuan, with a trading volume of 14.60 million shares and a transaction amount of 344 million yuan [1] - The latest total market capitalization of Jinghe Integrated in A-shares is 48.35 billion yuan, while the circulating market capitalization is 28.36 billion yuan [1] Industry Overview - The electronic industry, to which Jinghe Integrated belongs, has an overall increase of 1.42%, with 358 stocks rising in price, including 8 stocks hitting the daily limit [1] - Among the stocks that declined, 107 experienced a drop, with the largest declines being Huaying Technology, Landai Technology, and Bodao Shares, which fell by 10.05%, 10.01%, and 9.79% respectively [1] Margin Trading Data - As of November 8, the latest margin trading balance for Jinghe Integrated is 757 million yuan, with a financing balance of 757 million yuan, reflecting an increase of 51.79 million yuan over the past 10 days, representing a growth of 7.35% [1]

证券研究报告：电子 | 公司点评报告 2024 年 11 月 8 日 公司基本情况 最新收盘价（元） 21.11 总股本/流通股本（亿股）20.06 / 11.77 总市值/流通市值（亿元）423 / 248 52 周内最高/最低价 21.83 / 11.96 资产负债率(%) 54.0% 市盈率 175.92 第一大股东合肥市建设投资控股 (集团)有限公司 研究所 股票投资评级 晶合集成(688249) 买入|维持 个股表现 -33% -27% -21% -15% -9% -3% 3% 9% 15% 21% 2023-11 2024-01 2024-04 2024-06 2024-08 2024-11 晶合集成 电子 资料来源：聚源，中邮证券研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 产能持续满载，中高阶 CIS 快速放量 ⚫ 事件 公司发布 2024 年第三季度报告,24 年前三季度公司实现营业收 入 67.75 亿元，同比+35%；实现净利润 2.96 亿元，较上年同期的亏 损有显著改善；实现综合毛利率 25.26%，同比+6 ...

Investment Rating - Buy (First Coverage) [2] Core Views - The company is a global leader in DDIC (Display Driver IC) wafer foundry, ranking among the top nine globally and third in mainland China. It has a strong position in the LCD panel foundry market and has capabilities in CIS (CMOS Image Sensor), PMIC (Power Management IC), MCU (Microcontroller Unit), and Logic chip foundry [2][16] - The company's revenue in H1 2024 reached 4.398 billion yuan, a YoY increase of 48.09%, with a net profit of 187 million yuan, turning from a loss to a profit. CIS has become the company's second-largest product line, accounting for 16.04% of revenue in H1 2024 [2][16] - The company is expected to benefit from the shift of the LCD industry to mainland China, with the local DDIC industry chain accelerating its development. The company has a dual advantage of being a "scarce foundry target" and being close to the "Chip-Screen-Auto-AI" industrial cluster in Hefei [3][16] - The company is actively expanding its OLED foundry capabilities, with 40nm high-voltage OLED DDIC achieving small-scale production in H1 2024, and 28nm OLED DDIC R&D progressing steadily [4][16] - The company's capacity has been fully utilized since March 2024, with a production line load of around 110% in June 2024. The company plans to expand its capacity by 30,000 to 50,000 wafers per month, focusing on 55nm and 40nm products [5][16] Industry Analysis DDIC Industry - DDIC is a key component of display panels, with applications in LCD and OLED panels. In 2022, large-size DDIC accounted for 69% of the market, while small and medium-size DDIC accounted for 31%, with smartphones making up about 18% of the small and medium-size DDIC market [3][37] - The LCD industry is shifting to mainland China, with Statista predicting that by 2025, mainland China will account for 69% of global LCD panel production capacity. Local DDIC design companies have made breakthroughs in large-size DDIC, with a global market share of 18.9% in Q2 2023 [3][37] - OLED DDIC is expected to become a major growth driver, with global OLED smartphone penetration reaching 51% in 2023. In Q1 2024, Chinese panel manufacturers surpassed South Korea in OLED shipments, accounting for 49.7% of the global market [4][37] CIS Industry - CIS is a core component of camera modules, with applications in smartphones, automotive electronics, and more. The company has a deep collaboration with local CIS manufacturer SmartSens, and in August 2024, they jointly launched a 180-megapixel full-frame CIS chip, pushing the development of full-frame CIS to a new stage [5][16] - In H1 2024, the company achieved mass production of 55nm BSI CIS, with product pixels reaching 50MP. The company plans to expand its CIS production capacity by 30,000 to 50,000 wafers per month, focusing on high-end CIS products [5][16] Financial Projections - The company is expected to achieve revenues of 9.476 billion yuan, 12.822 billion yuan, and 15.327 billion yuan in 2024, 2025, and 2026, respectively, with net profits of 643 million yuan, 1.321 billion yuan, and 1.719 billion yuan [6][7] - The company's gross margin is expected to improve as more advanced process nodes are released, with a gross margin of 24.43% in H1 2024, up from 21.61% in 2023 [26][27]

Investment Rating - The investment rating for the company is upgraded to "Accumulate-A" [1][3]. Core Views - The company has shown steady growth in revenue and gross profit, with a year-on-year revenue increase of 16.12% and a gross profit margin improvement of 7.59 percentage points [1]. - The company is expected to ramp up production of 28nm OLED driver chips in the first half of 2025, with capacity reaching 70,000 to 80,000 units per month by 2025 [1]. - The company plans to expand its production capacity by 30,000 to 50,000 units per month in 2024, focusing on 40/55nm processes primarily for CIS [1]. Financial Performance - In Q3 2024, the company achieved revenue of 2.377 billion yuan, with a net profit attributable to shareholders of 92 million yuan, reflecting a year-on-year growth of 21.60% [1]. - The gross profit margin for Q3 2024 was 26.79%, up from the previous year [1]. - The company forecasts revenues of 9.351 billion yuan, 12.157 billion yuan, and 14.831 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 29.1%, 30.0%, and 22.0% [3][4]. Production and Market Position - The company has maintained full capacity utilization since March 2024, benefiting from the recovery in industry demand [1]. - The company is actively collaborating with leading chip design firms in the OLED driver chip foundry sector, with products currently in the tape-out phase [1]. - The company has successfully produced its first 180 million pixel full-frame CIS, marking a significant advancement in large-format sensor technology [1].

证券代码：688249 证券简称：晶合集成 公告编号：2024-062 合肥晶合集成电路股份有限公司 关于召开 2024 年第三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： 会议召开时间：2024 年 11 月 15 日（星期五）下午 15:00-16:00 会议召开方式：上证路演中心网络文字互动 会议召开地点：上证路演中心（http://roadshow.sseinfo.com/） （三）会议召开地点：上证路演中心（http://roadshow.sseinfo.com/） 投资者可在 2024 年 11 月 14 日（星期四）16:00 前通过邮件、电话等形式 将需要了解和关注的问题提前提供给公司。公司将在业绩说明会文字互动环节对投 资者普遍关注的问题进行回答。 合肥晶合集成电路股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日披露公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度的经营成果、财务状况，公司计划于 202 ...

证券代码：688249 证券简称：晶合集成 公告编号：2024-061 合肥晶合集成电路股份有限公司 关于变更项目合伙人及签字注册会计师的公告 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。 合肥晶合集成电路股份有限公司（以下简称"公司"）于 2024 年 5 月 31 日 召开第二届董事会第五次会议，审议通过了《关于续聘会计师事务所的议案》， 同意公司续聘容诚会计师事务所（特殊普通合伙）（以下简称"容诚会计师事务 所"）为公司 2024 年度的财务报告和内部控制审计机构。该议案已于 2024 年 6 月 27 日经公司 2023 年年度股东大会审议通过。具体内容详见公司分别于 2024 年 6 月 1 日、2024 年 6 月 28 日在上海证券交易所网站（www.sse.com.cn）披露 的《晶合集成关于续聘会计师事务所的公告》（公告编号：2024-033）和《晶合集 成 2023 年年度股东大会决议公告》（公告编号：2024-043）。 近日，公司收到容诚会计师事务所出具的《关于变更公司项目合伙人及签字 注册会计师 ...

二、 回购股份的进展情况 证券代码：688249 证券简称：晶合集成 公告编号：2024-060 合肥晶合集成电路股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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、准确性和完整性承担法律责任。 | 回购方案首次披露日 | 2023/12/25 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 月 年 月 | 3 | 15 | 日~2025 | 3 | 14 | 日 | | 预计回购金额 | 500,000,000 元~1,000,000,000 | | | | | 元 | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | 累计已回购股数 | 62,088,500 股 | | | | | | | | 累计已回购股数占总股本比例 | 3.09% | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [13]. Core Insights - The company reported significant year-on-year improvements in its financial performance for the first three quarters of 2024, with operating revenue reaching 6.775 billion yuan, a 35.05% increase, and net profit attributable to shareholders amounting to 279 million yuan, a remarkable growth of 771.94% [1]. - The company's capacity utilization remains high, with continuous full-load operations since March 2024, contributing to steady revenue and gross margin growth [2]. - The demand for the company's CIS products is robust, driven by the recovery in the smartphone and semiconductor markets, with CIS becoming the second-largest revenue contributor [3]. Financial Performance Summary - For 2024, the company expects operating revenue to be 9.235 billion yuan, with a year-on-year growth rate of 27.5% [1]. - The gross margin for the first three quarters of 2024 was 25.26%, an increase of 6.64 percentage points year-on-year, while the net profit margin improved to 4.37%, up by 5.67 percentage points [2]. - The company anticipates net profits of 504 million yuan, 858 million yuan, and 1.476 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.25 yuan, 0.43 yuan, and 0.74 yuan [6].