登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688249 证券简称：晶合集成 公告编号：2025-071 本次投资者说明会以网络文字互动形式召开，公司将针对2025年第三季度的经营成果及财务指标的具体 情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、方式 合肥晶合集成电路股份有限公司 关于召开2025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： ● 投资者可在2025年11月27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2025年10月30日披露公司2025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2025年第三季度的经营成果、财务状况，公司计划于2025 年11月28日（星期五）下午15:00-16:00以网络文字互动形式召开202 ...

投资者可在 2025 年 11 月 27 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。 证券代码：688249 证券简称：晶合集成 公告编号：2025-071 合肥晶合集成电路股份有限公司 关于召开 2025 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： 合肥晶合集成电路股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日披露公司 2025 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 2025 年第三季度的经营成果、财务状况，公司计划于 2025 年 11 月 28 日（星期五）下 午 15:00-16:00 以网络文字互动形式召开 2025 年第三季度业绩说明会，欢迎广大投 资者积极参与。 一、说明会类型 本次投资者说明会以网络文字互动形式召开，公司将针对 2025 年第三季度的 经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披 ...

Group 1 - The 22nd China International Semiconductor Expo (IC China 2025) will be held from November 23 to 25 in Beijing, aligning with the start of the "14th Five-Year Plan" and emphasizing technological innovation and supply chain security [1] - The rapid development of strategic emerging industries such as digital economy, artificial intelligence, and smart connected vehicles will create unprecedented application scenarios and market space for domestic chips, driving technological upgrades and industrial cycles [1] - The semiconductor industry in China is expected to enter a new phase of high-quality development characterized by independent innovation and supply chain security under national strategic guidance during the "14th Five-Year Plan" period [1] Group 2 - The demand for AI continues to be strong, leading to a trend of supply shortages and price increases in storage chips and certain passive components [1] - The current market underestimates the scope and sustainability of demand for domestic computing and storage capabilities driven by AI, suggesting a focus on the electronics sector at this time [1] - The electronic ETF (515260) saw a peak increase of 1.57% on November 18, reflecting positive market sentiment towards the sector with a net inflow of 5.1 million yuan over two days [2] Group 3 - Key stocks in the electronic sector include Northern Huachuang, which rose over 6%, and other companies like Tuo Jing Technology and Zhongwei Company, which also saw significant gains [4][5] - The electronic ETF (515260) tracks the electronic 50 index, heavily investing in semiconductor and consumer electronics industries, and is expected to benefit from national policies supporting the semiconductor industry [6]

公司于 2025 年 10 月 30 日至 2025 年 11 月 9 日在公司内部对本激励计划预 留授予激励对象的姓名和职务进行了公示，公示期间共 11 天，公司员工可在公 1 示期限内向董事会薪酬与考核委员会提出反馈意见。 截至公示期满，公司董事会薪酬与考核委员会未收到任何公司员工对本次预 留授予激励对象提出的异议。 证券代码：688249 证券简称：晶合集成 公告编号：2025-070 合肥晶合集成电路股份有限公司 董事会薪酬与考核委员会关于公司 2025 年限制性股 票激励计划预留授予激励对象名单的公示情况说明 及核查意见 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 2025 年 10 月 29 日召开了第二届董事会第二十七次会议，审议通过了《关于向 2025 年限制性股 票激励计划激励对象授予预留部分限制性股票的议案》，根据《上市公司股权激 励管理办法》（以下简称"《管理办法》"）、《上海证券交易所科创板股票上市规则》 （以下简称"《上市规则》"）、《科创板 ...

Group 1 - The article highlights the target price increases for several listed companies, with notable gains for CITIC Securities, Tongli Co., and Ailis, showing target price increases of 44.71%, 42.53%, and 38.88% respectively, across the securities, engineering machinery, and chemical pharmaceutical industries [1][2] - On November 6, the highest target prices and their respective target price increases were reported for CITIC Securities at 42.24 CNY, Tongli Co. at 31.00 CNY, and Ailis at 141.56 CNY [2] - Other companies with significant target price increases include Zhongchong Co. at 79.52 CNY (37.58%), Yongyi Co. at 15.78 CNY (35.45%), and BYD at 132.00 CNY (35.36%) [2] Group 2 - On November 6, the number of broker recommendations was reported, with notable mentions including Teruid at 30.30 CNY with 2 broker ratings, Jinghe Integrated at 32.99 CNY with 2 ratings, and Fuyao Glass at 67.51 CNY also with 2 ratings [3] - The rating for Taisheng Wind Power was upgraded from "Hold" to "Buy" by Tianfeng Securities on November 6 [4] - Three companies received initial coverage on November 6, including Daimai Co. with a "Buy" rating, Zhongji Huan Ke with an "Increase" rating, and Hengli Hydraulic with an "Increase" rating, all from Dongbei Securities [6]

Core Insights - The company maintains a high capacity utilization rate, actively expanding both domestic and international markets, resulting in stable revenue growth and a significant increase in net profit [1][2] Financial Performance - In the first three quarters of 2025, the company achieved revenue of 8.13 billion yuan, a year-on-year increase of 19.99% - In Q3 2025, revenue reached 2.93 billion yuan, up 23.30% year-on-year - The net profit attributable to shareholders in Q3 2025 was 218 million yuan, a substantial increase of 137.18%, primarily due to increased sales and the transfer of photomask-related technology, which generated 152 million yuan in revenue - The non-recurring net profit attributable to shareholders in Q3 2025 was 24 million yuan, down 71.68% year-on-year, mainly due to increased R&D investment and higher management costs, with management and R&D expenses of 108 million and 384 million yuan, respectively, reflecting year-on-year growth of 31.76% and 20.91% [1] Product Structure Optimization - In H1 2025, the revenue proportions by process node were 10.38% for 55nm, 43.14% for 90nm, 26.74% for 110nm, and 19.67% for 150nm, with the 55nm revenue share continuing to rise - The revenue share for 55nm and below increased from 0.4% in 2022 to 10.4% in H1 2025 - In H1 2025, the revenue proportions by application product were 60.61% for DDIC, 20.51% for CIS, 12.07% for PMIC, 2.14% for MCU, and 4.09% for Logic, indicating ongoing product structure optimization - The company has achieved full-process production of 55nm stack-type CIS chips and small-batch production of 55nm logic chips, with mass production of 40nm high-voltage OLED display driver chips and ongoing wafer production for 28nm logic chips - Future plans include further miniaturization and performance enhancement of chips based on the 28nm logic chip platform, aiming to establish a self-developed 22nm technology platform to capture market opportunities [2] Investment Outlook - The company is projected to achieve revenues of 11.1 billion yuan, 12.6 billion yuan, and 14.3 billion yuan in 2025, 2026, and 2027, respectively, with net profits attributable to shareholders of 820 million yuan, 1.14 billion yuan, and 1.43 billion yuan for the same years - The investment rating is maintained at "Buy" [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [5][13]. Core Insights - The company has a high capacity utilization rate, actively expanding both domestic and international markets, leading to a steady increase in revenue. For the first three quarters of 2025, the company achieved a revenue of 8.13 billion yuan, a year-on-year increase of 19.99%. In Q3 2025, revenue reached 2.93 billion yuan, up 23.30% year-on-year [3][4]. - The company's net profit attributable to shareholders for Q3 2025 was 218 million yuan, a significant increase of 137.18%, primarily due to increased sales and the transfer of photomask-related technology, which generated 152 million yuan in revenue [3]. - The product structure is continuously optimized, with the revenue share of 55nm and below increasing from 0.4% in 2022 to 10.4% in H1 2025. The company has achieved full-process production of 55nm stack CIS chips and is actively developing 90nm PMICs [4]. Financial Projections - The company is projected to achieve revenues of 11.1 billion yuan, 12.6 billion yuan, and 14.3 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 820 million yuan, 1.14 billion yuan, and 1.43 billion yuan for the same years [5][9]. - The report indicates a growth rate of 27.69% for 2024, followed by 19.96% in 2025, and a gradual decline to 13.37% by 2027 [9][12]. Key Financial Metrics - The company’s earnings per share (EPS) is projected to increase from 0.27 yuan in 2024 to 0.71 yuan in 2027, reflecting a strong growth trajectory [9][12]. - The price-to-earnings (P/E) ratio is expected to decrease from 121.87 in 2024 to 45.55 by 2027, indicating improving valuation as earnings grow [9][12]. Market Position - The company is positioned within a unique industrial ecosystem in Hefei, benefiting from the local government's "chip-screen-car integration" initiative, which supports its strategic development and customer-oriented approach [4].

Core Insights - The Anhui state-owned enterprise reform sector experienced a decline of 0.45% on November 5, with Hefei Urban Construction leading the drop [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance Summary - Anhui Heli (600761) saw a closing price of 21.26, with an increase of 3.91% and a trading volume of 185,200 shares, totaling 388 million yuan [1] - Hefei Urban Construction (002208) closed at 11.80, down 5.07%, with a trading volume of 1,006,700 shares, amounting to 1.202 billion yuan [2] - Other notable performers include Jianghuai Automobile (600418) with a closing price of 47.70, down 2.15%, and Gujing Gongjiu (000596) at 155.21, down 1.77% [2] Capital Flow Analysis - The Anhui state-owned enterprise reform sector saw a net outflow of 460 million yuan from institutional investors, while retail investors had a net inflow of 558 million yuan [2] - Key stocks with significant capital flow include Tongling Nonferrous Metals (000630) with a net inflow of 88.02 million yuan from institutional investors [3] - Copper Crown Copper Foil (301217) experienced a net inflow of 50.64 million yuan from institutional investors, while retail investors had a net outflow of 76.89 million yuan [3]

Market Overview - On November 4, the Anhui state-owned enterprise reform sector declined by 1.0%, with Jinghe Integrated leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Notable gainers in the Anhui state-owned enterprise reform sector included: - Huaihe Energy (600575) with a closing price of 3.87, up 2.93% on a trading volume of 1.1622 million shares and a turnover of 446 million yuan [1] - Anhui Expressway (600012) closed at 15.68, up 2.82% with a trading volume of 115,600 shares and a turnover of 180 million yuan [1] - Great Wall Military Industry (601606) closed at 52.51, up 2.34% with a trading volume of 586,100 shares and a turnover of 3.07 billion yuan [1] Capital Flow - The Anhui state-owned enterprise reform sector experienced a net outflow of 886 million yuan from institutional investors, while retail investors saw a net inflow of 513 million yuan [2] - The capital flow for specific stocks showed: - Great Wall Military Industry (601606) had a net inflow of 88.34 million yuan from institutional investors [3] - Hefei Urban Construction (002208) saw a net inflow of 59.27 million yuan from institutional investors [3] - Huaihe Energy (600575) had a net inflow of 29.67 million yuan from institutional investors [3]

Investment Rating - The storage industry is expected to enter a "prosperity cycle" with a recommendation to focus on specific companies such as Demingli, Jiangbolong, and Zhaoyi Innovation [4][72][74]. Core Insights - The demand for storage is driven by AI, with a significant shift from HDD to SSD/DRAM due to the increasing data volume and the need for faster access [2][18][72]. - The supply side is innovating with CBA and HBF technologies to overcome the limitations of traditional memory, enhancing storage density and performance [3][40][52]. - The semiconductor equipment market is projected to benefit from increased capital expenditure by storage manufacturers, with NAND equipment market size expected to reach $13.7 billion in 2025 [4][61][72]. Summary by Sections Storage Cycle - The storage industry exhibits clear cyclical characteristics, with the current cycle driven by AI demand and supply optimization from major manufacturers [9][12]. Demand Side - The transition from cold data to warm data is accelerating the replacement of HDDs with SSDs, as AI applications require more frequent data access [2.2][28]. - The data generated by AI applications is expected to grow exponentially, with projections indicating a shift from megabytes to exabytes and zettabytes [2.1][21]. Supply Side - CBA technology is crucial for achieving high density and performance in storage solutions, with applications in next-generation DRAM and NAND technologies [3.1][40]. - HBF technology offers significant advantages in capacity and energy efficiency, positioning it as a key solution for AI applications [3.2][52]. Semiconductor Equipment - The semiconductor equipment market is anticipated to grow significantly, with NAND equipment sales projected to increase by 42.5% in 2025 [4.1][61]. - Innovations in etching and deposition equipment are essential for advancing storage density and performance [4.2][68]. Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from the storage industry's growth, including Demingli, Jiangbolong, and Zhaoyi Innovation [4][72][74].