Financial Performance - The company's operating revenue for Q1 2025 was ¥2,567,682,999.65, representing a year-on-year increase of 15.25% compared to ¥2,227,893,274.41 in the same period last year[4] - Net profit attributable to shareholders was ¥135,472,184.74, a significant increase of 70.92% from ¥79,258,819.88 in the previous year[4] - The net profit after deducting non-recurring gains and losses reached ¥122,598,689.06, marking a 113.92% increase from ¥57,309,730.50 year-on-year[4] - Basic and diluted earnings per share were both ¥0.07, reflecting a 75.00% increase from ¥0.04 in the previous year[4] - Net profit for Q1 2025 was ¥85,828,122.69, compared to ¥81,851,707.70 in Q1 2024, reflecting a growth of approximately 4.0%[21] - Earnings per share for Q1 2025 were ¥0.07, an increase from ¥0.04 in Q1 2024[22] Cash Flow and Liquidity - The net cash flow from operating activities was ¥586,407,326.79, up 48.50% from ¥394,884,867.30 in the same period last year[4] - Cash inflow from operating activities in Q1 2025 totaled ¥2,435,990,421.80, compared to ¥2,223,743,938.85 in Q1 2024, marking an increase of about 9.5%[24] - The ending balance of cash and cash equivalents decreased to 2,852,372,302.26 from 6,645,849,022.59, indicating a significant reduction in liquidity[27] - The company reported a total cash inflow from financing activities of 169,000,000.00, down from 6,798,710,582.66, highlighting a decrease in new borrowings[25] - The cash outflow for employee compensation was 382,480,519.22, slightly lower than 385,030,250.77 in the previous period, showing stable payroll expenses[25] - The cash paid for taxes was 9,291,873.01, down from 10,273,871.34, indicating a potential decrease in tax liabilities[25] Research and Development - Total R&D investment amounted to ¥337,999,455.77, which is a 13.53% increase compared to ¥297,716,502.67 in the same period last year[5] - The proportion of R&D investment to operating revenue decreased slightly to 13.16% from 13.36% year-on-year[5] - Research and development expenses for Q1 2025 amounted to ¥337,999,455.77, up from ¥297,716,502.67 in Q1 2024, indicating a rise of approximately 13.5%[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥49,197,619,010.94, a decrease of 2.38% from ¥50,398,579,443.20 at the end of the previous year[5] - The company's total assets amounted to RMB 49.20 billion, a decrease from RMB 50.40 billion as of December 31, 2024, reflecting a decline of approximately 2.4%[15] - The total current liabilities decreased from RMB 7.43 billion to RMB 6.40 billion, a reduction of approximately 14%[18] - The company reported a significant increase in other non-current financial assets from RMB 607.39 million to RMB 809.31 million, an increase of about 33%[17] - The company reported a decrease in minority shareholders' equity from ¥5,218,656,470.54 in the previous year to ¥5,169,012,408.49[19] - The company’s total liabilities decreased from RMB 24.31 billion to RMB 23.00 billion, a decline of approximately 5.4%[18] Shareholder Actions - The company repurchased a total of 62,088,500 shares, accounting for 3.09% of the total share capital, with an average repurchase price of RMB 14.36 per share, totaling RMB 891.68 million[13] - The company plans to implement a restricted stock incentive plan for 2025, proposing to grant 62,088,500 shares to incentive targets, pending shareholder approval[13] Strategic Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[20]

Financial Performance - The company reported a basic earnings per share of 0.0700 yuan for Q1 2025, a 75% increase compared to 0.0400 yuan in Q1 2024, and a significant improvement from -0.2200 yuan in Q1 2023 [1] - Net profit for Q1 2025 was 1.35 billion yuan, representing a 70.89% increase from 0.79 billion yuan in Q1 2024, and a recovery from a loss of 3.31 billion yuan in Q1 2023 [1] - Operating revenue reached 25.68 billion yuan in Q1 2025, up 15.26% from 22.28 billion yuan in Q1 2024, and a substantial increase from 10.9 billion yuan in Q1 2023 [1] - The return on equity (ROE) improved to 0.65% in Q1 2025, an 80.56% increase from 0.36% in Q1 2024, and a recovery from -2.55% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 61,456.66 million shares, accounting for 52.23% of the circulating shares, with a decrease of 899.35 million shares compared to the previous period [1] - The largest shareholder, Lichin Innovation Investment Holdings Co., Ltd., holds 38,273.22 million shares, representing 32.53% of the total share capital, with no change in holdings [2] - Midea Innovation Investment Co., Ltd. reduced its holdings by 1,173.70 million shares, now holding 5,102.21 million shares, which is 4.34% of the total share capital [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

Core Viewpoint - The company reported strong financial performance for 2024, with significant revenue and profit growth driven by a recovering semiconductor market and improved operational efficiency [1][2]. Financial Performance - In 2024, the company achieved revenue of 9.25 billion yuan, a year-on-year increase of 27.7%, and a net profit attributable to shareholders of 530 million yuan, up 151.8% year-on-year [1]. - For Q4 2024, revenue was 2.47 billion yuan, reflecting an 11.1% year-on-year growth and a 4.1% quarter-on-quarter increase; net profit for the same period was 254 million yuan, up 41.3% year-on-year and 176.2% quarter-on-quarter [1]. Market and Product Development - The recovery in the global semiconductor market has led to increased sales and high capacity utilization for the company [2]. - The company has diversified its product offerings, with new platforms achieving mass production, including 40nm OLED display driver chips and 55nm mid-to-high-end CIS image sensor chips [2]. - The revenue contribution from the CIS platform increased significantly from 6% in 2023 to 17% in 2024, making it the second-largest revenue source for the company [2]. Future Outlook - The company plans to continue optimizing its product lines and accelerate the development and mass production of OLED, high-end CIS, and power management chips (PMIC) [3]. - Key developments include the large-scale production of 55nm mid-to-high-end BSI and stacked CIS chips, and the successful lighting of 110nm Micro OLED chips [3]. - The company aims to enhance its product structure and improve gross margins through ongoing R&D investments [3]. Valuation and Rating - The target price is set at 27.10 yuan, maintaining a "buy" rating based on diversified product structure supporting long-term growth [4]. - The net profit forecasts for 2025 and 2026 have been adjusted upward by 6% and 3% to 870 million yuan and 1.12 billion yuan, respectively [4]. - The estimated EPS for 2025, 2026, and 2027 are projected to be 0.44, 0.56, and 0.65 yuan, respectively [4].

证券代码：688249 证券简称：晶合集成 公告编号：2025-022 合肥晶合集成电路股份有限公司 首次公开发行部分战略配售限售股上市流通公告 本次股票上市类型为首发战略配售股份（限售期 24 月）；股票认购方式为网 下，上市股数为10,030,676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。 本次股票上市流通总数为10,030,676股。 本次股票上市流通日期为2025 年 5 月 6 日。（因 2025 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，其中有限售 条件流通股 1,657,372,031 股 ...

合肥晶合集成电路股份有限公司 关于 2025 年限制性股票激励计划获得 合肥市国资委批复的公告 证券代码：688249 证券简称：晶合集成 公告编号：2025-021 特此公告。 合肥晶合集成电路股份有限公司董事会 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。 2025 年 4 月 23 日 合肥晶合集成电路股份有限公司（以下简称"公司"）于 2025 年 3 月 14 日 召开第二届董事会第十七次会议、第二届监事会第十次会议，审议通过了《关于 公司<2025 年限制性股票激励计划（草案）>及其摘要的议案》等相关议案，具 体内容详见公司于 2025 年 3 月 15 日在上海证券交易所网站（www.sse.com.cn） 披露的相关公告及文件。 1 近日，公司收到合肥市人民政府国有资产监督管理委员会（以下简称"合肥 市国资委"）出具的《关于合肥晶合集成电路股份有限公司限制性股票激励计划 的批复》（合国资分配〔2025〕50 号），合肥市国资委原则同意《合肥晶合集成 电路股份有限公司 2025 年限制性股票激励计划（草案） ...

中国国际金融股份有限公司 关于合肥晶合集成电路股份有限公司 首次公开发行部分战略配售限售股上市流通的核查意见 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"晶合集成"或"公司"）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》等有关规定，对首次公开发行部分战略配售限售 股上市流通事项情况进行了核查，具体情况如下： 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 股， 其中有限售条件流通股 1,65 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 9.246 billion yuan in 2024, representing a year-on-year increase of 27.69%, and a net profit of 533 million yuan, up 151.78% year-on-year [4] - The company has diversified its product offerings and is expanding its high-end wafer production capacity, with significant advancements in various technology nodes [7] - The company has successfully implemented cash dividends for the first time since its listing, indicating strong financial performance [4] Financial Data and Profit Forecast - The total revenue forecast for 2023 is 7.244 billion yuan, with a projected growth rate of -27.9%, followed by 9.249 billion yuan in 2024 with a growth rate of 27.7% [6] - The net profit for 2024 is expected to be 533 million yuan, with a significant increase of 151.8% compared to the previous year [6] - The company anticipates a net profit of 892 million yuan in 2025, reflecting a growth rate of 67.3% [6] - The gross margin is projected to be 25.5% in 2024, an increase of 3.89 percentage points year-on-year [7] Product and Market Development - The company is focusing on high-value-added areas, with R&D expenses projected at 1.284 billion yuan in 2024, accounting for 13.88% of revenue [7] - The company has made significant progress in various product lines, including the mass production of 40nm HV OLED DDIC and advancements in CIS technology [7] - A strategic partnership with a key client aims to overcome domestic technology bottlenecks and enhance the supply capacity of high-end CIS chips [7] Adjusted Profit Forecast - The profit forecast for 2025 has been adjusted to 892 million yuan from a previous estimate of 1.737 billion yuan, with new projections for 2026 and 2027 set at 1.197 billion yuan and 1.769 billion yuan, respectively [7]

Company Performance - Company achieved operating revenue of 9.249 billion, a year-on-year increase of 27.69% [2] - Net profit attributable to shareholders reached 533 million, up 151.78% year-on-year [2] - Net profit excluding non-recurring gains and losses was 394 million, a significant increase of 736.77% year-on-year [2] Product Segmentation - Display driver chips (DDIC) remained the primary revenue source, accounting for 67.50% of main business income [2] - Image sensor chips (CIS) increased their share to 17.26%, becoming the second-largest product [2] Research and Development - Company invested 1.284 billion in R&D, a 21.41% increase year-on-year, representing 13.88% of operating revenue [2] - Achievements in R&D include mass production of 55nm mid-to-high-end BSI and stacked CIS chips, small batch production of 40nm high-voltage OLED display driver chips, and successful functionality verification of 28nm logic chips [3] Industry Outlook - According to WSTS, the global semiconductor market is projected to reach 628 billion in 2024, a 19.1% increase from 2023 [3] - Anticipated growth in the semiconductor market is supported by emerging fields such as AI, electric vehicles, smart manufacturing, and the Internet of Things [3] Shareholder Returns - Company plans to distribute a cash dividend of 1.00 per 10 shares, totaling 194 million (including tax) [4] - Dividend distribution is expected to signal operational stability and strong profitability, enhancing investor confidence [5]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][9][13] Core Views - The semiconductor industry is experiencing favorable conditions, with the company's CIS (CMOS Image Sensor) segment rapidly increasing its share of revenue [1][8] - In 2024, the company achieved revenue of 9.249 billion yuan, a year-on-year increase of 27.69%, and a net profit attributable to shareholders of 533 million yuan, up 151.78% year-on-year [5][8] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares to all shareholders [5] Financial Performance Summary - Revenue and profit growth: The company reported a significant increase in revenue and net profit, with a gross margin of 25.50%, up 3.89 percentage points year-on-year [8] - Product mix improvement: The revenue contribution from CIS increased by 11.23 percentage points year-on-year, making it the second-largest product segment [8] - Future projections: The company expects net profits of 1.017 billion yuan in 2025, 1.551 billion yuan in 2026, and 2.176 billion yuan in 2027, with corresponding P/E ratios of 41.1X, 26.9X, and 19.2X [9][11] Revenue Breakdown - Revenue composition for 2024: DDIC (67.50%), CIS (17.26%), PMIC (8.80%), MCU (2.47%), Logic (3.76%) [8] - Process technology: Revenue contributions from various process nodes include 9.85% from 55nm, 47.84% from 90nm, 26.84% from 110nm, and 15.46% from 150nm [8] Financial Ratios - Key financial ratios for 2024 include a gross margin of 25.5%, a net margin of 5.8%, and a return on equity (ROE) of 2.6% [11] - The company maintains a debt-to-asset ratio of 48.2% and a current ratio of 1.3 for 2024 [11] Cash Flow Overview - The company expects operating cash flow of 2.754 billion yuan in 2024, with significant capital expenditures planned [12]