Investment Rating - The report maintains a "Buy-A" rating for Nexchip (688249 SH) [1] Core Views - Nexchip achieved rapid growth in Q1 2024 with revenue of 2 228 billion yuan up 104 44% YoY and net profit attributable to shareholders of 792 59 million yuan up 123 98% YoY [1] - The growth is attributed to the recovery of the semiconductor industry improved product competitiveness and high capacity utilization [1] - CIS and 55nm process revenue increased significantly with CIS becoming the second major product line [1] - The company is expected to benefit from the recovery of the display panel industry and the mass production of its OLED platform [1] Business Performance - In Q1 2024 Nexchip's revenue breakdown by product was DDIC (71 82%) CIS (13 27%) PMIC (8 69%) Logic (3 48%) and MCU (2 66%) [1] - By process node 55nm accounted for 10 23% of revenue 90nm for 44 69% 110nm for 30 88% and 150nm for 14 21% [1] - The 55nm process saw rapid growth due to mass production and high market demand [1] Future Outlook - Nexchip is expected to achieve revenue of 10 069 billion yuan in 2024 12 890 billion yuan in 2025 and 15 210 billion yuan in 2026 with YoY growth rates of 39 0% 28 0% and 18 0% respectively [3] - Net profit attributable to shareholders is forecasted to be 817 million yuan in 2024 1 213 billion yuan in 2025 and 1 515 billion yuan in 2026 [3] - The company is advancing its OLED platform with 40nm high-voltage OLED display driver chips expected to achieve small-scale mass production in Q2 2024 [1] Industry Context - The display panel industry is expected to recover in 2024 with display panel sales projected to grow by 7% YoY [1] - DDIC demand is expected to rebound to 8 2 billion units a 4% YoY increase [1] - Chinese panel manufacturers like BOE Visionox and Tianma are expanding OLED production which is expected to drive demand for OLED panel driver chips [1]

证券代码：688249 证券简称：晶合集成 公告编号：2024-031 重要内容提示： 投资者可在 2024 年 5 月 16 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 4 月 15 日、 2024 年 4 月 30 日发布公司 2023 年年度报告、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 年度和 2024 年第一季度的经营成果、财务状况 以及发展理念，公司参与了由上海证券交易所主办的 2023 年度科创板半导体材料 集体业绩说明会，此次活动将以线上文字互动的方式举行，投资者可登录上海证券 交易所上证路演中心（http://roadshow.sseinfo.com/）参与线上文字互动交流。 一、说明会类型 本次投资者说明会以线上文字互动形式召开，公司将针对 2023 年度及 2024 年第一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，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 ...

[Table_StockInfo] 买入 2024年 05月 06日 （维持） 证券研究报告•2024年一季报点评 当前价： 14.45元 晶合集成（688249） 电子 目标价： 17.60元（6个月） 24Q1 业绩超预期，55nm 收入占比大幅增长 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司ma发ry布] 23年年报及24Q1季报，全年实现收入72.4亿元（-27.9%）； 归母净利润2.1亿元（-93.1%）。其中，Q4实现收入 22.3亿元（+42.9%），环 [分Ta析bl师e_：Au王th谋or ] 比+8.8%；归母净利润1.8亿元（+154.2%），环比+137.6%。24Q1，公司实现 执业证号：S1250521050001 营收 22.3亿元（+104.4%），归母净利润0.8亿元（+124.0%），经营逐季向好。 电话：0755-23617478 邮箱：wangmou@swsc.com.cn  业绩逐季向好，24Q1 现金流改善显著。23 年，受到电脑、智能手机等市场疲 软的影响，公司出货量较22年有减少；叠加销售单价回落，公司收入及利润承 压。1）单季度来看 ...

证券代码：688249 证券简称：晶合集成 公告编号：2024-030 合肥晶合集成电路股份有限公司 三、 其他事项 | 回购方案首次披露日 | 2023/12/25 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 3 月 日~2025 | 15 | 年 | 3 | 14 | 月 | 日 | | 预计回购金额 | 元~1,000,000,000 500,000,000 | | | | | 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 | 股 28,427,887 | | | | | | | | 累计已回购股数占总股本比例 | 1.42% | | | | | | | | 累计已回购金额 | 395,715,131.95 元 | | | | | | | | 实际回购价格区间 | 元/股~14.76 元/股 12.97 | | | | ...

公司研 究 证 券研究 报 告 集成电路 2024年04月30日 晶 合集成（688249）2024年一季报点评 强 推 （维持） 目标价：19.4元 业绩保持高增长，盈利能力持续恢复 当前价：14.84元 事项： 华创证券研究所  2024年4月29日，公司发布2024年第一季度报告： 证券分析师：耿琛  公司 2024Q1实现营业收入 22.28亿元，同比/环比+104.44%/+0.06%；毛利率 电话：0755-82755859 24.99%，同比/环比+16.96pct/-3.36pct；归母净利润0.79亿元，同比扭亏，环比 邮箱：gengchen@hcyjs.com -55.88%；扣非后归母净利润0.57亿元，同比扭亏，环比-66.64%。 执业编号：S0360517100004 评论： 证券分析师：岳阳  公司季度业绩持续改善，稼动率提升带动盈利能力恢复显著。公司持续优化产 邮箱：yueyang@hcyjs.com 品结构，强化技术实力，产品市场竞争力提升，同时半导体行业景气度回升， 执业编 号：S0360521120002 市场整体需求有所回暖，2024Q1 营业收入同比+104.4 ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥2,227,893,274.41, representing a year-on-year increase of 104.44%[4] - Net profit attributable to shareholders was ¥79,258,819.88, up 123.98% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥57,309,730.50, reflecting a 114.87% increase year-on-year[4] - The gross profit margin for the reporting period was 24.99%, an increase of 16.97 percentage points from the previous year[7] - The company reported a net profit margin improvement, with net profit for Q1 2024 reflecting a positive trend compared to the previous year, although specific figures were not disclosed[23] - In Q1 2024, the company reported a net profit of ¥81,851,707.70, a significant recovery from a net loss of ¥376,183,403.33 in Q1 2023[25] - Operating profit for Q1 2024 was ¥81,831,322.79, compared to an operating loss of ¥377,049,773.30 in the same period last year[25] - The total comprehensive income for Q1 2024 was ¥58,274,024.07, a recovery from a loss of ¥368,365,223.97 in Q1 2023[26] - The company reported a basic earnings per share of ¥0.04, recovering from a loss per share of ¥0.22 in Q1 2023[26] Cash Flow and Assets - The net cash flow from operating activities was ¥394,884,867.30, a significant increase of 197.22% year-on-year[5] - Cash flow from operating activities generated ¥394,884,867.30, a turnaround from a negative cash flow of ¥406,170,449.04 in Q1 2023[29] - The company's cash and cash equivalents as of March 31, 2024, amount to ¥6,657,547,598.54, an increase from ¥6,526,227,588.45 at the end of 2023[19] - Cash and cash equivalents in current assets totaled ¥11,016,346,629.04, down from ¥11,945,325,034.37, a decline of 7.8%[21] - The company’s cash and cash equivalents at the end of Q1 2024 stood at ¥6,645,849,022.59, an increase from ¥5,863,998,702.12 at the end of Q1 2023[30] - The total assets at the end of the reporting period were ¥48,060,609,752.13, a slight decrease of 0.20% compared to the end of the previous year[5] - The company's total assets amounted to ¥48,060,609,752.13, slightly down from ¥48,156,279,600.77 at the end of the previous period[22] - Total liabilities decreased to ¥25,853,698,686.95 from ¥26,018,114,392.43, indicating a reduction of 0.6%[21] - The equity attributable to shareholders increased to ¥21,475,957,690.11, up from ¥21,409,804,721.09, showing a growth of 0.3%[22] Research and Development - Research and development expenses totaled ¥297,716,502.67, accounting for 13.36% of operating revenue, a decrease of 9.56 percentage points from the previous year[5] - Research and development expenses increased to ¥297,716,502.67 in Q1 2024, compared to ¥249,790,931.30 in Q1 2023, reflecting a growth of 19.2%[23] - The company plans to commence small-scale production of its self-developed 40nm high-voltage OLED display driver chip in Q2 2024[6] Shareholder Information - Total number of common shareholders at the end of the reporting period is 86,102[11] - The top 10 shareholders hold a total of 1,418,000,000 shares, representing 70.00% of total shares[11] - The largest shareholder, Hefei Construction Investment Holding Group Co., Ltd., owns 468,474,592 shares, accounting for 23.35%[11] Future Plans and Strategies - The company plans to repurchase shares with a total amount not less than ¥500 million and not exceeding ¥1 billion, at a price not exceeding ¥25.26 per share[17] - The repurchase period is set for 12 months from the approval date by the shareholders' meeting[17] - The company plans to expand its market presence and invest in new technologies, although detailed strategies were not specified in the report[23] Financial Reporting and Compliance - The company has adopted new accounting standards starting from 2024, which may affect the financial statements for the year[31] - The financial report is presented by the company's leadership team, including the head of accounting and the accounting institution head[31] - The announcement was made on April 29, 2024, indicating the company's commitment to transparency in financial reporting[31] - The report does not specify any financial performance metrics or user data for the first quarter of 2024[31] - There are no details provided regarding future outlook, performance guidance, new product development, or market expansion strategies[31] - The document does not mention any mergers or acquisitions planned by the company[31] - No specific revenue figures or percentage changes are included in the report[31] - The company has not disclosed any new strategies or technological advancements in this report[31] - The report is structured to comply with the latest accounting regulations, ensuring accuracy in financial reporting[31] - The document serves as a formal announcement from the board of directors of Hefei Jinghe Integrated Circuit Co., Ltd.[31]

证券代码：688249 证券简称：晶合集成 公告编号：2024-027 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达到 1% 暨回购进展公告 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。 重要内容提示： 2023 年 12 月 22 日，公司召开了第一届董事会第二十三次会议，审议通过了 《关于以集中竞价交易方式回购股份方案的议案》，同意公司使用超募资金、自有 及自筹资金以集中竞价交易方式回购公司股份用于股权激励。回购资金总额不低 于人民币 50,000 万元（含），不超过人民币 100,000 万元（含）。回购价格不超过 人民币 25.26 元/股（含），回购期限为自公司股东大会审议通过本次回购方案之日 起 12 个月内。独立董事对本事项发表了明确同意的独立意见。具体内容详见公司 于 2023 年 12 月 29 日、2024 年 3 月 30 日在上海证券交易所网站（www.sse.com.cn） 披露的《晶合集成关于以集中竞价交易方式回购股份方案的公告（更正后）》（公 告编号：2023-042）、《 ...

证券代码：688249 证券简称：晶合集成 公告编号：2024-026 本次股票上市类型为首发战略配售股份（限售期 12 月）；股票认购方式为 网下，上市股数为 115,958,149 股。本公司确认，上市流通数量等于该限售期的全 部战略配售股份数量。 除首发战略配售股份外，本次股票上市类型为首发限售股份；股票认购方 式为网下，上市股数为 685,227,907 股。 本次股票上市流通总数为 801,186,056 股。 本次股票上市流通日期为 2024 年 5 月 6 日（因 2024 年 5 月 5 日为非交易 日，故顺延至下一交易日）。 一、本次上市流通的限售股类型 经中国证券监督管理委员会于 2022 年 5 月 9 日出具的《关于同意合肥晶合集 成电路股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕954 号） 同意，公司首次向社会公开发行人民币普通股（A 股）501,533,789 股。公司于 2023 年 5 月 5 日在上海证券交易所科创板挂牌上市，公司首次公开发行 A 股前总股本 为 1,504,601,368 股，首次公开发行 A 股后总股本为 2,006,135,157 股 ...

关于合肥晶合集成电路股份有限公司 首次公开发行部分限售股及战略配售限售股股票 上市流通的核查意见 中国国际金融股份有限公司 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为合肥 晶合集成电路股份有限公司（以下简称"公司"或"晶合集成"）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》和《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》等有关规定的要求，对公司首次公开发行部分限售股及 战略配售限售股股票上市流通事项进行了核查，发表核查意见如下： 一、本次上市流通的限售股类型 经中国证券监督管理委员会于 2022 年 5 月 9 日出具的《关于同意合肥晶合 集成电路股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕954号） 同意，公司首次向社会公开发行人民币普通股（A 股）501,533,789 股。公司于 2023 年 5 月 5 日在上海证券交易所科创板挂牌上市，公司首次公开发行 A 股前 总股本为 1,504,601,368 股，首次公开发行 A 股后总股本为 2,006,135,157 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 17.7 CNY, compared to the current price of 13.87 CNY [1]. Core Insights - The company's quarterly performance shows continuous improvement, with revenue and profitability recovering significantly. The revenue for Q4 2023 reached 22.27 billion CNY, marking a year-on-year increase of 42.87% and a quarter-on-quarter increase of 8.77% [2][1]. - The company benefits from the ongoing recovery in the industry cycle, with increasing capacity utilization and a gradual completion of inventory destocking for its key products [2]. - The company is expanding its high-end processes and diversifying its product platforms, which is expected to drive future revenue growth [2]. Financial Summary - In 2023, the total revenue was 72.44 billion CNY, a year-on-year decrease of 27.93%. The net profit attributable to the parent company was 2.12 million CNY, down 93.05% year-on-year [1][3]. - The projected revenue for 2024 is 100.54 billion CNY, with a growth rate of 38.8%, and the net profit is expected to rise to 800 million CNY, reflecting a growth rate of 277.9% [3]. - The earnings per share (EPS) for 2024 is forecasted to be 0.40 CNY, with a price-to-earnings (P/E) ratio of 35 [3].