证 券 2024 年 10 月 23 日 研 报 公 司 研 | --- | --- | --- | |-------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - In Q3 2024, the company achieved operating revenue of 353 million CNY, an increase of 17.51% compared to the same period last year [1][2] - The net profit attributable to shareholders was -24 million CNY, a decline of 143.82% year-on-year [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -5 million CNY, down 108.68% from the previous year [2] - For the year-to-date until Q3 2024, the company reported operating revenue of 1.088 billion CNY, up 18.78% year-on-year [2] - The net profit attributable to shareholders for the same period was -54 million CNY, an increase in loss of 55.32% compared to last year [2] Profitability Metrics - The comprehensive gross profit margin for Q3 2024 was 37.52%, an increase of 13.58 percentage points year-on-year [4] - The company managed to reduce losses in net profit attributable to shareholders by 87.48% when excluding share-based payment impacts [2][3] Business Developments - The company is currently planning a major asset restructuring involving the acquisition of control over Sichuan Yichong Technology Co., Ltd. through a combination of share issuance, convertible bonds, and cash payments [3] - The DC/DC power chip product line is in the market promotion stage, achieving sales revenue of 14 million CNY in Q3 2024 [5][6] - The LED lighting power management chip remains the primary revenue source, generating sales of 199 million CNY in Q3 2024 [5][6] Market Trends and Challenges - The overall price trend for lighting products is declining due to market conditions and competitive dynamics [4] - The company is focused on continuous R&D investment to reduce production costs and improve gross margins [4]

参会者内部使用 不得公开发布金峰明媛未授权任何媒体转发本次会议相关内容未经允许和授权的转载转发军属侵权金峰明媛将保留追究其法律责任的权利金峰明媛不承担因转载转发而产生的任何损失和责任市场有风险 投资需谨慎提醒广大投资者谨慎做出投资决策 在会议开始前我们提示各位投资者在主讲嘉宾发言结束后将留有提问时间今天参会的嘉宾有清风明媛战略投资总经理胡晓波先生清风明媛财务负责人徐文女士以及清风明媛董事会秘书张一萌女士接下来有请财务负责人徐总对2024年第三季度业绩情况进行介绍谢谢好的 谢谢主持人 各位投资者大家上午好我是上海金峰民园半导体股份有限公司财务负责人徐文首先感谢各位投资人监管机构各平台等相关方对金峰民园一直以来的关注支持理解和信任下面我针对公司2024年第三季度以及年初至报告期末的经营业绩进行整体的说明 第一部分业绩概览本报告期内公司实现销售收入3.53亿元较上年同期上升17.51%实现归属于上市公司股东的净利润-0.24亿元 较上年同期下降143.82%归属于上市公司股东的扣除非经常性损益的净利润为-0.05亿元较上年同期下降108.68% 年初至报告期末公司实现销售收入10.88亿元较上年同期上升18.78% ...

| --- | --- | |----------------------------|-------------------------| | 投资评级 : 增持 \n基本数据 | ( 维持 ) \n2024-10-22 | | 收盘价 ( 元 ) | 104.82 | | 流通股本 ( 亿股 ) | 0.88 | | 每股净资产 ( 元 ) | 14.86 | | 总股本 ( 亿股 ) | 0.88 | | 最近 12 月市场表现 | | -43% -26% -8% 10% 28% 46% 晶丰明源 沪深300 上证指数 半导体 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 王矗 SAC 证书编号：S0160524090001 wangchu01@ctsec.com 相关报告 1. 《50 系显卡或 1Q2025 发布，产业链 备货有望开启》 2024-10-18 2. 《电源管理细分龙头，内生+外延打 开新成长曲线》 2024-09-01 晶丰明源(688368) / 半导体 / 公司点评 / 2024.10.22 新产品占比持续提升，拟 ...

晶丰明源（688368.SH） 优于大市 前三季度收入同比增长 19%，筹划重大资产重组 前三季度收入同比增长 19%，剔除股份支付费用后同比减亏。公司 2024 年前 三季度实现收入 10.88 亿元(YoY +18.78%)，归母净利润-5430 万元，扣非归 母净利润-2313 万元，去年同期扣非归母净利润为-7891 万元，剔除股份支 付影响，实现归母净利润-0.16 亿元，较上年同期减亏 85.10%，实现扣非归 母净利润-0.13 亿元，较上年同期减亏 91.10%。其中 3Q24 实现收入 3.53 亿 元(YoY +17.5%，QoQ -15.1%)，归母净利润-2379 万元，扣非归母净利润-530 万元，剔除股份支付费用影响，实现归母净利润-0.10 亿元，较上年同期减 亏 87.48%，实现扣非归母净利润-0.20 亿元，较上年同期减亏 72.46%。 三季度毛利率同环比提高，LED 照明电源管理芯片收入占比下降。公司 2024 年前三季度毛利率为36.11%，同比提高11.7pct，其中3Q24毛利率为37.52%， 同比提高 13.6pct，环比提高 0.8pct。三季度毛利率提高主 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------|------------------|-------------------------------------------------|-------------------------|----------------| | 2024 年 10 月 22 日 \n晶丰明源（ 688368.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 电子 \| | 集成电路Ⅲ | | 24Q3 毛利率稳中有升，自主研发&外延并购并举 | 投资评级 | | 买入-A(维持 | ) | | 投资要点 | 股价 | (2024-10-21) | | 104.82 元 | | 2024 年 10 月 21 日，公司发布 2024 年第三季度报告和关于筹划重大资产重组的停牌 | 交易数据 | | | | | 公告。 ...

开 源 证 券 证 券 研 究 报 告 公司信息更新报告 电子/半导体 公 司 研 究 晶丰明源（688368.SH） 2024 年 10 月 22 日 2024Q3 毛利率持续改善，拟外延并购打开远期空间 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|--------------| | 日期 | 2024/10/21 | | 当前股价 ( 元 ) | 104.82 | | 一年最高最低 ( 元 ) | 121.88/47.50 | | 总市值 ( 亿元 ) | 92.06 | | 流通市值 ( 亿元 ) | 92.06 | | 总股本 ( 亿股 ) | 0.88 | | 流通股本 ( 亿股 ) | 0.88 | | 近 3 个月换手率 (%) | 71.73 | 股价走势图 -60% -30% 0% 30% 60% 2023-10 2024-02 2024-06 晶丰明源 沪深300 数据来源：聚源 相关研究报告 《2024Q2 业绩同环比双增，各业务板 块进展顺利—公司信息更新报告》 -2024.8.30 《2023Q4 毛 ...

Revenue and Sales Performance - Revenue for Q3 2024 reached RMB 353.31 million, a 17.51% increase year-over-year[2] - LED lighting power supply chip sales for Q3 2024 were RMB 199 million, contributing significantly to overall revenue[4] - Total operating revenue for the first three quarters of 2024 reached 1,088,020,033.15 yuan, an increase from 915,979,711.90 yuan in the same period of 2023[17] - Revenue for the first three quarters of 2024 was 890,033,389.93 yuan, up from 849,672,900.60 yuan in the same period last year[26] - Sales revenue from goods and services for the first nine months of 2024 was 914,133,285.04 RMB, a slight decrease from 941,112,266.92 RMB in the same period last year[28] Profit and Loss - Net profit attributable to shareholders for Q3 2024 was RMB -23.79 million, a 143.82% decrease year-over-year[2] - Net profit attributable to shareholders decreased by 143.82% due to equity incentive plan adjustments and increased share-based payment expenses[8] - Net profit for the first three quarters of 2024 was -29,583,101.21 yuan, slightly better than -30,064,424.43 yuan in 2023[18] - Net profit for the third quarter of 2024 was -3,167,640.94 RMB, compared to -14,830,790.74 RMB in the same period last year[27] - Total comprehensive income for the first three quarters of 2024 was -29,480,327.59 yuan, compared to -30,085,421.23 yuan in 2023[19] - Total comprehensive income for the third quarter of 2024 was -3,167,640.94 RMB, compared to -14,830,790.74 RMB in the same period last year[28] R&D Investment - R&D investment for Q3 2024 totaled RMB 108.74 million, a 61.15% increase year-over-year[2] - R&D investment increased by 61.15% year-to-date, driven by continuous R&D efforts[9] - R&D investment as a percentage of revenue increased by 7.08 percentage points year-to-date[9] - R&D expenses for the first three quarters of 2024 surged to 292,632,983.99 yuan, compared to 181,589,135.13 yuan in 2023[18] - R&D expenses increased to 170,264,805.85 yuan in the first three quarters of 2024 from 110,511,951.13 yuan in the same period last year[26] Assets and Liabilities - Total assets as of September 30, 2024, were RMB 2.21 billion, a 7.07% decrease compared to the end of 2023[3] - Total assets decreased to 2,205,238,415.37 RMB from 2,373,077,954.72 RMB compared to the end of 2023[16] - Current assets decreased to 1,112,904,061.19 RMB from 1,142,761,589.98 RMB compared to the end of 2023[14] - Non-current assets decreased to 1,092,334,354.18 RMB from 1,230,316,364.74 RMB compared to the end of 2023[15] - Total liabilities decreased to 791,936,938.66 RMB from 901,614,707.89 RMB compared to the end of 2023[16] - Current liabilities decreased to 670,947,200.97 RMB from 683,430,548.27 RMB compared to the end of 2023[15] - Non-current liabilities decreased to 120,989,737.69 RMB from 218,184,159.62 RMB compared to the end of 2023[15] - Shareholders' equity decreased to 1,413,301,476.71 RMB from 1,471,463,246.83 RMB compared to the end of 2023[16] - Total assets decreased to 2,521,242,705.27 yuan in Q3 2024 from 2,664,777,655.02 yuan in Q3 2023[24] - Long-term equity investments increased to 908,022,617.47 yuan in Q3 2024 from 860,864,408.61 yuan in Q3 2023[24] - Total liabilities decreased to 917,151,663.82 yuan in Q3 2024 from 1,036,514,760.61 yuan in Q3 2023[25] Cash Flow - Operating cash flow for Q3 2024 was RMB 53 million, driven by supplier prepayment returns and tax benefits[5] - Net cash flow from operating activities for the first three quarters of 2024 was 261,473,899.53 yuan, slightly higher than 259,060,884.31 yuan in 2023[21] - Net cash flow from investing activities for the first three quarters of 2024 was 15,727,937.98 yuan, a significant improvement from -165,057,395.19 yuan in 2023[21] - The company's cash and cash equivalents increased by 45,705,172.90 yuan in Q3 2024, compared to a decrease of 72,804,225.02 yuan in the same period last year[22] - The company's cash flow from financing activities was negative 231,856,994.26 yuan in Q3 2024, compared to negative 169,748,196.42 yuan in Q3 2023[22] - Operating cash flow for the first nine months of 2024 was 176,175,511.66 RMB, a decrease from 327,078,515.83 RMB in the same period last year[28] - Investment cash flow for the first nine months of 2024 was -8,631,522.52 RMB, an improvement from -228,735,973.67 RMB in the same period last year[28] - Financing cash flow for the first nine months of 2024 was -185,848,179.78 RMB, compared to -183,453,396.48 RMB in the same period last year[29] - Cash and cash equivalents at the end of the third quarter of 2024 were 155,695,386.60 RMB, a decrease from 174,740,391.06 RMB at the beginning of the year[29] Shareholder Information - The top shareholder, Hu Liqiang, holds 21,428,995 shares, representing 24.40% of the total shares[10] - The second-largest shareholder, Xia Feng, holds 19,630,184 shares, representing 22.35% of the total shares[10] - Hainan Jingzherui Venture Capital Partnership holds 14,253,830 shares, representing 16.23% of the total shares[10] - Shanghai Xuanding Private Fund Management holds 1,761,305 shares, representing 2.01% of the total shares[10] Earnings Per Share and Return on Equity - Basic earnings per share decreased by 144.13% compared to the same period last year[9] - Weighted average return on equity decreased by 5.32 percentage points in the reporting period[9] - Basic earnings per share for the first three quarters of 2024 were -0.62 yuan, down from -0.40 yuan in 2023[19] - Basic and diluted earnings per share for the third quarter of 2024 were both -0.04 RMB, compared to -0.17 RMB in the same period last year[28] Non-Recurring Items - Non-recurring gains for Q3 2024 included RMB 3.32 million in government subsidies and RMB 6.71 million in financial asset gains[6] - Non-recurring losses amounted to -18,498,206.99 RMB, primarily due to equity incentive plan adjustments and one-time expenses[7] - Investment income for the third quarter of 2024 was 14,790,940.39 RMB, compared to 13,784,577.97 RMB in the same period last year[27] - Fair value change loss for the third quarter of 2024 was -14,810,436.54 RMB, compared to a gain of 27,029,536.62 RMB in the same period last year[27] Operating Costs and Expenses - Gross margin for Q3 2024 improved to 37.52%, up 13.58 percentage points year-over-year[4] - Operating costs for the first three quarters of 2024 were 695,153,365.96 yuan, slightly up from 692,168,445.17 yuan in 2023[17] - Sales expenses for the first three quarters of 2024 increased to 45,125,790.84 yuan from 25,768,228.81 yuan in 2023[18] - Management expenses for the first three quarters of 2024 rose to 100,625,914.82 yuan from 68,571,253.64 yuan in 2023[18] - Share-based compensation expenses for Q3 2024 were RMB 14 million, impacting net profit and other financial metrics[5] Monetary Funds and Receivables - Monetary funds increased to 289,300,690.09 RMB from 245,096,454.37 RMB compared to the end of 2023[13] - Accounts receivable increased to 216,997,238.53 RMB from 208,057,531.09 RMB compared to the end of 2023[14] - Inventory increased to 250,164,788.22 RMB from 246,640,084.28 RMB compared to the end of 2023[14]

证券时报e公司讯，晶丰明源(688368)10月21日晚间公告，公司正在筹划以发行股份、发行定向可转换 公司债券及支付现金方式购买四川易冲科技有限公司（简称"四川易冲"）控制权，同时拟募集配套资 金。 本次交易预计构成重大资产重组，公司股票将于2024年10月22日（星期二）开市起停牌，预计停牌时间 不超过5个交易日。 ...

因筹划重大资产重组事项,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 688368 | 晶丰明源 | 股 A | 停牌 | 2024/10/22 | | | | 一、停牌原因及工作安排 证券代码：688368 证券简称：晶丰明源 公告编号：2024-067 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停牌公告 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： 证券停复牌情况：适用 本次交易对方主要为广州市玮峻思投资企业(有限合伙)、上海锦聚礼合企业 管理中心(有限合伙)、成都市智合聚信企业管理中心(有限合伙)、成都市智合聚 成企业管理中心(有限合伙)、智合聚德有限公司等四川易冲股东。鉴于本次交易 事项尚在协商过程中，最终交易对方请以公司后续披露的公告信息为准。 上述交易对方的基本信息如下： （1）广州市 ...