上海晶丰明源半导体股份有限公司 2024 年年度股东大会 公司代码：688368 公司简称：晶丰明源 上海晶丰明源半导体股份有限公司 2024 年年度股东大会会议资料 2025 年 4 月 1 上海晶丰明源半导体股份有限公司 2024 年年度股东大会 | | | | 上海晶丰明源半导体股份有限公司 2024 年年度股东大会会议须知 3 | | | --- | --- | | 上海晶丰明源半导体股份有限公司 2024 年年度股东大会会议议程 5 | | | 上海晶丰明源半导体股份有限公司 2024 年年度股东大会会议议案 7 | | | 议案一：关于《2024 年年度报告》及摘要的议案 | 7 | | 议案二：关于《2024 年度董事会工作报告》的议案 | 8 | | 议案三：关于《2024 年度监事会工作报告》的议案 | 9 | | 议案四：关于《2024 年度财务决算报告》的议案 | 10 | | 议案五：关于公司 年度利润分配预案的议案 2024 | 13 | | 议案六：关于续聘会计师事务所的议案 | 14 | | 议案七：关于公司董事 年度薪酬方案的议案 2025 | 15 | | 议案八：关于公司监 ...

证券代码：688368 证券简称：晶丰明源 公告编号：2025-021 上海晶丰明源半导体股份有限公司 关于筹划重大资产重组的进展公告 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、准确性和完整性依法承担法律责任。 一、本次交易基本情况 上海晶丰明源半导体股份有限公司（以下简称"公司"）拟以发行股份、可 转换公司债券及支付现金方式购买四川易冲科技有限公司（以下简称"标的公 司"）100%的股权并拟向不超过 35 名特定投资者发行股份募集配套资金（以下 简称"本次交易"）。本次交易预计构成《上市公司重大资产重组管理办法》规 定的重大资产重组，构成《上海证券交易所科创板股票上市规则》规定的关联交 易，不构成重组上市。 二、本次交易进展情况 根据上海证券交易所相关规定，经公司向上海证券交易所申请，公司股票于 2024 年 10 月 22 日（星期二）开市起停牌，并于 2024 年 10 月 29 日（星期二） 开市起继续停牌，具体情况详见公司于 2024 年 10 月 22 日发布于上海证券交易 所网站（www.sse.com.cn）上的《上海晶丰明源半导体股 ...

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 in the next six months [5][19]. Core Insights - The company achieved a revenue of 1.504 billion yuan in 2024, representing a year-on-year growth of 15.38%. Although the net profit attributable to shareholders remained negative at -33 million yuan, it marked a significant reduction in losses compared to the previous year [2][4]. - The overall gross margin improved to 37.12%, an increase of 11.45 percentage points year-on-year, primarily due to product structure optimization and cost reductions [2][3]. - The company is actively enhancing its product structure across four major product lines, with significant growth in the AC/DC power chip and motor control chip businesses [3][4]. Financial Performance Summary - Revenue projections for 2025-2027 are 1.936 billion yuan, 2.362 billion yuan, and 2.504 billion yuan, respectively, with growth rates of 28.8%, 22.0%, and 6.0% [1][9]. - The net profit attributable to shareholders is expected to turn positive in 2025, reaching 96 million yuan, with a projected EPS of 1.09 yuan [1][9]. - The company has increased its R&D expenditure to 400 million yuan in 2024, a year-on-year increase of 36.04%, reflecting its commitment to innovation [2][4]. Business Development and Strategic Moves - The company initiated a significant asset restructuring in October 2024, planning to acquire 100% of Yichong Technology, which is expected to enhance product complementarity and market collaboration [4]. - Additionally, the company signed an agreement to acquire a 19.19% stake in Lingou Chuangxin for 143 million yuan, aiming to optimize resource allocation and improve profitability [4].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [7] Core Insights - The company achieved a revenue of 1.504 billion yuan in 2024, representing a year-on-year growth of 15.38%, and turned a profit in Q4 2024 with a net profit of 21.25 million yuan [1][5] - The gross margin improved by 11.45 percentage points to 37.12% due to product structure optimization and cost reduction [1] - The company has entered the NVIDIA recommended supplier list, marking a significant milestone in its high-performance computing product line [3] Financial Performance - In Q4 2024, the company reported revenue of 416 million yuan, a year-on-year increase of 7.32% and a quarter-on-quarter increase of 17.63% [1] - The company's R&D expenses grew by 36.04% to 400 million yuan, with an R&D expense ratio of 26.58% [1] - The company expects net profits of 119 million yuan in 2025, 192 million yuan in 2026, and 257 million yuan in 2027, with corresponding P/E ratios of 71, 44, and 33 times [5][6] Product Line Performance - The revenue from LED lighting driver chips decreased by 7.82% to 869 million yuan, accounting for 58% of total revenue, while the gross margin increased by 10.04 percentage points to 31.40% [2] - The AC/DC power chip revenue increased by 39.64% to 273 million yuan, with a gross margin of 42.17% [2] - The revenue from motor control driver chips surged by 95.67% to 318 million yuan, with a gross margin of 45.17% [2] - High-performance computing power chip revenue reached 43.13 million yuan, a staggering increase of 1402%, with a gross margin of 61.19% [2] Technological Advancements - The company has upgraded its high-voltage BCD-700V process platform, achieving full-scale production of the fifth-generation high-voltage process and completing the R&D of the sixth-generation platform, which is expected to optimize costs by 20% [4] - The first-generation 0.18μm BCD process platform for high-performance computing power chips has been mass-produced, with the second generation in testing [4]

证券研究报告 | 2025年03月14日 晶丰明源（688368.SH） 优于大市 四季度归母净利润扭亏为盈，进入英伟达推荐供应商名单 2024 年收入同比增长 15%，4Q24 归母净利润扭亏为盈。公司 2024 年实现收 入 15.04 亿元(YoY +15.38%)，归母净利润-3305 万元，扣非归母净利润-901 万元，亏损收窄，毛利率由于产品结构优化和成本下降提高 11.45pct 至 37.12%，研发费用增长36.04%至 4.00 亿元，研发费率提高 4.0pct 至 26.58%。 其中 4Q24 营收 4.16 亿元(YoY +7.32%, QoQ +17.63%)，归母净利润 2125 万 元，扣非归母净利润 1412 万元，毛利率 39.77%（YoY +11.2pct，QoQ +2.2pct）。 各产品线毛利率均提高，LED 照明驱动芯片收入占比下降。分产品线看，2024 年公司 LED 照明驱动芯片收入 8.69 亿元(YoY -7.82%)，占比 58%，毛利率提 高 10.04pct 至 31.40%；AC/DC 电源芯片收入 2.73 亿元(YoY +39.64%)，占 比 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a sales revenue of 1.504 billion yuan in 2024, representing a year-on-year growth of 15.38%. The net profit attributable to the parent company was -33 million yuan, but after excluding share-based payment expenses, the adjusted net profit was 9 million yuan [4][5] - The gross margin improved significantly to 37.12%, an increase of 11.45 percentage points year-on-year [5] - The high-performance computing power supply product line has entered mass production, with sales revenue reaching 43 million yuan in 2024, a staggering year-on-year increase of 1,402.25% [6] - The motor control driver chip segment generated revenue of 318 million yuan, with a notable year-on-year growth of 69.32% [7] - The AC/DC power chip segment saw sales revenue of 273 million yuan, up 39.64% year-on-year, with significant growth in household appliances [8] Financial Summary - The company is projected to achieve revenues of 1.942 billion yuan, 3.629 billion yuan, and 4.742 billion yuan in 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is expected to be 82 million yuan, 133 million yuan, and 204 million yuan for the same years [10][12] - The earnings per share (EPS) is forecasted to improve from -0.38 yuan in 2024 to 2.32 yuan in 2027 [12][15] - The company’s asset-liability ratio is projected to remain stable, around 38.7% in 2024, increasing slightly to 44.7% by 2027 [15]

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-03 2024-05 2024-08 2024-10 2024-12 2025-03 -25% -10% 5% 20% 35% 50% 65% 80% 95% 110% 125% 晶丰明源 电子 资料来源：聚源，中邮证券研究所 公司基本情况 整体营收持续增长，毛利率显著提升。2024 年，公司在稳固 LED 照明驱动芯片业务的同时，积极拓展 AC/DC 电源芯片及电机控制驱动 芯片业务，并推动高性能计算电源芯片进入规模量产阶段。通过优化 产品结构、加强供应链管理、提升工艺技术等方式，公司实现销售收 入 15.04 亿元，同比增长 15.38%；实现归母净利润-0.33 亿元，剔 除股份支付费用影响，实现归母净利润 0.09 亿元，毛利率 37.12%， 同比提升 11.45pct。 | 最新收盘价（元） | 93.50 | | --- | --- | | 总股本/流通股本（亿股）0.88 | / 0.88 | | 总市值/流通市值（亿元）82 | / 82 | | 周内最高/最低价 52 | 125.78 / 47.83 | ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a sales revenue of 1.504 billion yuan in 2024, representing a year-on-year growth of 15.38%. The net profit attributable to the parent company was -33 million yuan, but after excluding share-based payment expenses, the net profit was 9 million yuan [4][5] - The gross margin improved significantly to 37.12%, an increase of 11.45 percentage points year-on-year [5] - The high-performance computing product line has entered large-scale sales, with revenue from high-performance computing power chips reaching 43 million yuan, a year-on-year increase of 1,402.25% [6] - The motor control driver chip business saw revenue of 318 million yuan, with a subsidiary achieving a revenue increase of 69.32% [7] - The AC/DC power chip segment generated revenue of 273 million yuan, growing by 39.64% year-on-year, with significant contributions from home appliance applications [8] Financial Projections - The company is expected to achieve revenues of 1.942 billion yuan, 3.629 billion yuan, and 4.742 billion yuan in 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is projected to be 82 million yuan, 133 million yuan, and 204 million yuan for the same years [10][12]

证券代码：688368 证券简称：晶丰明源 公告编号：2025-016 上海晶丰明源半导体股份有限公司 关于调整部分限制性股票激励计划股票来源的公告 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。 上海晶丰明源半导体股份有限公司（以下简称"公司"）于 2025 年 3 月 10 日召开了第三届董事会第二十二次会议和第三届监事会第十九次会议，审议通 过了《关于调整部分限制性股票激励计划股票来源的议案》，同意公司根据《上 市公司股权激励管理办法》（以下简称"《管理办法》"）、《上海晶丰明源半导体 股份有限公司 2021 年限制性股票激励计划（草案）》（以下简称"《2021 年激励 计划（草案）》"）、《上海晶丰明源半导体股份有限公司 2021 年第二期限制性股 票激励计划（草案）》（以下简称"《2021 年第二期激励计划（草案）》"）的有关 规定，对公司 2021 年限制性股票激励计划（以下简称"2021 年激励计划"）、 2021 年第二期限制性股票激励计划（以下简称"2021 年第二期激励计划"）的 股票来源进行调整。该事 ...

上海君澜律师事务所 关于 上海晶丰明源半导体股份有限公司 调整 2021 年及 2021 年第二期限制性股票激励计划 之 法律意见书 二〇二五年三月 上海君澜律师事务所 法律意见书 上海君澜律师事务所 股票来源相关事项 关于上海晶丰明源半导体股份有限公司 调整 2021 年及 2021 年第二期限制性股票激励计划 股票来源相关事项之 致：上海晶丰明源半导体股份有限公司 上海君澜律师事务所（以下简称"本所"）接受上海晶丰明源半导体股份有限公司 （以下简称"公司"或"晶丰明源"）的委托，根据《中华人民共和国公司法》（以下简 称"《公司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《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》"）《科创板上市公司自律监管指南第 4 号—股权激 励信息披露》（以下简称"《监管指南》"）《上海晶丰明源半导体股份有限公司 2021 年限制性股票激励计划》（以下简称"《2021 年激励计划》"）及《上海晶丰明源半导 体股份有限公司 2021 年第二期限制性股票激励计划》（以下简称"《2021 年第二期激 ...