证券代码：688249 证券简称：晶合集成 公告编号：2024-064 合肥晶合集成电路股份有限公司 第二届监事会第八次会议决议公告 本公司监事会及全体监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。 本次会议召开符合《中华人民共和国公司法》《上海证券交易所科创板股票 上市规则》等有关法律、行政法规、部门规章、规范性文件和《合肥晶合集成电 路股份有限公司章程》的规定，会议决议合法、有效。 特此公告。 二、监事会会议审议情况 （一）审议通过《关于受让大额存单产品暨关联交易的议案》 监事会认为：本次公司受让大额存单产品暨关联交易事项有利于提高资金使 用效率，增加资金收益，关联交易遵循了"公平、公正、公允"的原则。公司履 行了必要的程序，不存在利益输送等损害公司及全体股东特别是中小股东利益的 情形。因此，监事会同意公司受让大额存单产品暨关联交易事项。 关联监事杨国庆女士回避表决。 表决结果：2 票赞成；0 票弃权；0 票反对。 具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn)的《晶合集 成关于受让大额存单产品暨关联交易的公告 ...

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 为进一步提高资金使用效率，增加资金收益，在不影响公司正常生产经营的 前提下，公司拟以闲置自有资金受让合肥城建投资控股有限公司（以下简称"合 肥城投"）转让的大额存单产品，产品本金为人民币 2.40 亿元。 合肥城投为公司控股股东合肥市建设投资控股（集团）有限公司（以下简称 "合肥建投"）控制的企业。根据《上海证券交易所科创板股票上市规则》等相 关规定，合肥城投为公司的关联方，本次交易构成关联交易。本次关联交易遵循 公允、合理的原则，不存在损害公司和股东特别是中小股东利益的情形，未影响 公司独立性。 （二）审议情况 2024 年 11 月 13 日，公司第二届董事会独立董事专门会议第三次会议、第 二届董事会第十二次会议、第二届监事会第八次会议审议通过了《关于受让大额 存单产品暨关联交易的议案》，关联董事陆勤航先生、陈小蓓女士、郭兆志先生 及关联监事杨国庆女士已回避表决。本次关联交易的金额未达到股东会审议标准， 无需提交公司股东会审议。 受让大额存单产品暨关联交易的核查意见 中国国际金融股份有限公司（以下简称"保荐机构"）作为合肥晶合集成电路 股份有限公 ...

证券代码：688249 证券简称：晶合集成 公告编号：2024-063 合肥晶合集成电路股份有限公司 关于受让大额存单产品暨关联交易的公告 重要内容提示： 本次关联交易遵循公允、合理的原则，不存在损害公司和股东特别是中小 股东利益的情形，未影响公司独立性。 一、关联交易概述 （一）关联交易基本情况 为进一步提高资金使用效率，增加资金收益，在不影响公司正常生产经营的前 提下，公司拟以闲置自有资金受让合肥城投转让的大额存单产品，产品本金为人民 币 2.40 亿元。 1 合肥城投为公司控股股东合肥建投控制的企业。根据《上海证券交易所科创板 股票上市规则》等相关规定，合肥城投为公司的关联方，本次交易构成关联交易。 本次关联交易遵循公允、合理的原则，不存在损害公司和股东特别是中小股东利益 的情形，未影响公司独立性。 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。 为进一步提高资金使用效率，增加资金收益，在不影响公司正常生产经营 的前提下，合肥晶合集成电路股份有限公司（以下简称"公司"）拟以闲置自有资 金受让合肥城建投资控股有限公司（ ...

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]

证 研 究 报 告 公 司 研 究 2024 年 11 月 11 日 | --- | --- | --- | |-------------------------------------------------------------------------|-------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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]

4-6 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|--------------------------------------------------------------|---------|----------------------------------| | 2024 年 11 月 06 日 \n晶合集成(688249.SH) | | | | 公司研究·证券研究报告 \n公司快报 | | | | | | 电子 \| 集成电路III | | 营收和毛利稳步提升, 28nm OLED 驱动芯片预计 | 投资评级 | | | 增持-A(下调) | | 25H1 放量 | 股价(2024-11-06) 交易數据 | | | 20.65 元 ...

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 ...