消费类回暖高可靠稳定增长，Q1重回增长通道 复旦微电(688385.SH)/电子 证券研究报告/公司点评 2024年5月04日 [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：32.35元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 3,539 3,536 4,087 4,854 5,826 分析师：王芳 增长率yoy% 37% 0% 16% 19% 20% 执业证书编号：S0740521120002 净利润（百万元） 1,077 719 801 999 1,211 Email：wangfang02@zts.com.cn 增长率yoy% 109% -33% 11% 25% 21% 每股收益（元） 1.31 0.88 0.98 1.22 1.48 分析师：杨旭 每股现金流量 0.39 -0.86 3.57 3.09 -1.07 执业证书编号：S0740521120001 净资产收益率 21% 12% 12% 13% 13% Email：yangxu01@zts.com.cn P/E 24.6 36.8 33 ...

复旦微电（688385.SH）2024年一季报点评 FPGA 逆势高增，高强度研发蓄力成长 2024年04月30日 ➢ 事件：复旦微电4月29日晚发布2024年一季报，公司2024年Q1实现 推荐 维持评级 收入 8.93 亿元（YoY+10.3%，QoQ+11.84%），实现归母净利润 1.61 亿元 当前价格： 32.42元 （YoY-14.35%，QoQ+132.5%），实现扣非归母净利润1.55亿元（YoY-13.93%， 环比扭亏）。 [Table_Author] ➢ 1Q24 收入和毛利率同步环比改善。2023 年公司下游需求有所分化，以消 费电子产品为代表的部分芯片需求下滑，收入和毛利率同步承压，但FPGA及应 用于高可靠场景的部分非挥发存储器收入稳定增长，综合导致公司2023年营收 略有下滑 0.07%，综合毛利率下滑 3.46pct 至 61.21%。2024 年一季度，公司 应用于消费电子和电力电子行业的部分产品下游需求企稳回升，智能电表芯片收 入在1Q24实现同比95.74%的高增长，同时公司FPGA和非挥发存储器等高可 分析师 方竞 靠产品需求稳步增长，带动公司营业收入实现同环比增长， ...

公司研 究 证 券研究 报 告 集成电路 2024年04月30日 复 旦微电（688385）2024年一季报点评 强 推 （维持） 目标价：40.9元/18.0港元 高可靠业务保持增长态势，民品业务逐步回暖 当前价：32.42元/10.54港元 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 8.93 亿元，同比/环比+10.30%/+11.84%；毛利率 电话：0755-82755859 56.65%，同比/环比-10.12pct/+6.98pct；归母净利润 1.61 亿元，同比/环比- 邮箱：gengchen@hcyjs.com 14.35%/+132.50%；扣非后归母净利润1.55亿元，同比-13.93%，环比扭亏。 执业编号：S0360517100004 评论： 证券分析师：岳阳  高可靠业务稳健+MCU业务高增长，公司1季度收入恢复正增长。公司2024Q1 邮箱：yueyang@hcyjs.com 安全与识别芯片/非挥发性存储器/智能电表芯片/FPGA 及其他产品/测试服务 执业编 号：S0360521 ...

[Table_MainInfo] 公司研究/机械工业/航空航天与国防 证券研究报告 复旦微电（688385）公司研究报告 2024年04月30日 [Table_InvestInfo] 首次 布局新制程新领域产品，积极应对行业趋 投资评级 优于大市 覆盖 势 股票数据 0[4Ta月b2le9_日S收to盘ck价I（nf元o]） 32.42 [Table_Summary] 投资要点： 52周股价波动（元） 23.18-60.38 总股本/流通A股（百万股） 819/318 总市值/流通市值（百万元） 26554/19540  进一步推进1x nm FPGA产品。公司致力于异构融合可编程器件的技术研发 和产业化，已成功突破了多项异构融合关键技术，在 PSoC 领域形成了明显 的技术集群优势。公司已形成丰富的 PSoC 产品谱系，系列产品已在通信领 市场表现 域、电力领域、工业控制领域及高可靠领域获得广泛应用。基于1x nm FinFET [Table_QuoteInfo] 复旦微电 海通综指 先进制程的新一代FPGA产品已完成了小批量试制和用户试用，产品研制进 10.55% 展顺利；进一步扩展了28nm工艺制程的 ...

Financial Performance - The company's revenue for Q1 2024 was approximately 892.74 million RMB, representing a year-on-year increase of 10.30%[6] - The net profit attributable to shareholders for Q1 2024 was approximately 161.25 million RMB, a decrease of 14.35% compared to the same period last year[6] - The gross margin for the product lines in Q1 2024 was 56.65%, down from 66.77% in the same period last year, but up by 6.98 percentage points from Q4 2023[7] - The company reported a diluted earnings per share of 0.20 RMB, a decrease of 13.04% compared to the same period last year[6] - The company's operating profit for Q1 2024 was approximately ¥174.99 million, a decrease from ¥208.31 million in Q1 2023, representing a decline of about 16.0%[21] - Net profit for Q1 2024 was approximately ¥158.35 million, down from ¥194.53 million in Q1 2023, reflecting a decrease of around 18.6%[21] - Basic and diluted earnings per share for Q1 2024 were both ¥0.20, compared to ¥0.23 in Q1 2023, indicating a decline of approximately 13.0%[23] - The company reported a total comprehensive income attributable to the parent company of approximately ¥161.28 million in Q1 2024, down from ¥188.27 million in Q1 2023, reflecting a decrease of about 14.4%[21] Research and Development - The R&D expenditure for Q1 2024 totaled approximately 288.20 million RMB, accounting for 32.28% of the revenue, a decrease of 3.17 percentage points year-on-year[6] - The company plans to continue investing in R&D to enhance product offerings and meet diverse application needs, with R&D expenses increasing by approximately 25.96 million RMB year-on-year[7] - Research and development expenses increased to ¥245,299,852.18 in Q1 2024, compared to ¥219,344,606.32 in Q1 2023, reflecting a growth of 11.8%[20] Assets and Liabilities - The total assets at the end of Q1 2024 were approximately 8.50 billion RMB, an increase of 1.01% from the end of the previous year[6] - Non-current assets totaled ¥2,599,423,185.88, an increase from ¥2,474,067,215.53 in the previous year[19] - Total liabilities amounted to ¥2,360,948,827.13, down from ¥2,449,649,077.25 in the previous year, indicating a decrease of 3.6%[19] - The company's total assets increased to ¥8,495,933,812.48 from ¥8,411,350,886.39, representing a growth of 1.0%[19] - The company’s total equity increased to ¥6,134,984,985.35 from ¥5,961,701,809.14, reflecting a growth of 2.9%[19] Cash Flow - The cash flow from operating activities for Q1 2024 was approximately 10.58 million RMB, with no year-on-year comparison available[4] - Cash flow from operating activities for Q1 2024 was ¥10.58 million, a significant improvement from a negative cash flow of ¥524.98 million in Q1 2023[25] - Total cash inflow from operating activities in Q1 2024 was approximately ¥775.99 million, compared to ¥641.00 million in Q1 2023, marking an increase of about 20.9%[24] - Cash outflow from operating activities in Q1 2024 was approximately ¥765.41 million, down from ¥1.17 billion in Q1 2023, showing a reduction of about 34.3%[25] - Cash flow from investing activities in Q1 2024 was negative at approximately -¥236.55 million, an improvement from -¥294.34 million in Q1 2023[25] - Cash flow from financing activities in Q1 2024 was negative at approximately -¥24.29 million, compared to a positive cash flow of ¥323.23 million in Q1 2023[25] - The ending cash and cash equivalents balance for Q1 2024 was approximately ¥740.56 million, an increase from ¥622.26 million at the end of Q1 2023[25] Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders is 27,057, with the largest shareholder holding 34.7% of shares[11] - The top ten shareholders hold a combined total of 55.5% of the shares, indicating a significant concentration of ownership[12] - The total number of A-share shareholders is 27,043, while H-share shareholders number 14[13] - The company has 39,182,011 shares under judicial freeze, which may impact liquidity and shareholder rights[13] Inventory and Receivables - The company’s inventory stands at approximately ¥3.21 billion, showing a slight increase from ¥3.18 billion[17] - Accounts receivable increased to approximately ¥1.19 billion, up from ¥929.62 million, reflecting a growth of about 27.8% year-over-year[17] - The total current assets amount to approximately ¥5.90 billion, slightly down from ¥5.94 billion, indicating a decrease of about 0.7%[17] Market and Future Plans - The company experienced a significant increase in revenue from smart meter chips, which grew by 95.74% year-on-year, totaling approximately 92 million RMB[7] - Revenue from the FPGA and other products increased by 23.25% year-on-year, reaching approximately 281 million RMB[7] - The company plans to expand its market presence and invest in new technologies, although specific figures were not disclosed in this report[20] - The company is in the process of applying for the issuance of convertible bonds, pending approval from the China Securities Regulatory Commission[16] Operating Costs - Total operating costs for Q1 2024 were ¥739,701,625.41, up 26.7% from ¥583,615,423.54 in Q1 2023[20]

Financial Performance - The company's operating revenue for Q1 2024 was approximately RMB 892.74 million, representing a year-on-year increase of 10.30%[8] - Net profit attributable to shareholders was approximately RMB 161.25 million, a decrease of 14.35% compared to the same period last year[8] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately RMB 154.99 million, down 13.93% year-on-year[8] - The overall gross profit margin for products decreased from 66.77% in the same period last year to 56.65%[8] - The basic earnings per share for the reporting period was RMB 0.20, a decrease of 13.04% year-on-year[5] - Net profit for Q1 2024 was RMB 158.35 million, a decrease of 18.6% from RMB 194.53 million in Q1 2023[20] Research and Development - Research and development expenses totaled approximately RMB 245.30 million, an increase of about RMB 25.96 million compared to the same period last year[10] - Research and development expenses were not reported for Q1 2024, compared to RMB 219.34 million in Q1 2023[20] Assets and Equity - Total assets at the end of the reporting period were RMB 849,593.38 million, an increase of 1.01% from the end of the previous year[7] - Equity attributable to shareholders at the end of the reporting period was RMB 547,916.09 million, up 3.32% from the end of the previous year[7] - The company’s total equity increased to RMB 6.13 billion from RMB 5.96 billion, reflecting a growth of 2.9%[19] Shareholder Information - The total number of common shareholders at the end of the reporting period was 27,057, with the top ten shareholders holding a combined 34.70% of shares[13] - Hong Kong Central Clearing (Agent) Limited holds 284,196,830 shares, representing 34.70% of total shares[14] - Shanghai Fudan Fuxin Technology Holdings Limited and Shanghai Zhengben Enterprise Management Consulting Partnership hold 13.38% and 13.03% of shares, respectively[13] - The number of A-share shareholders was 27,043, while H-share shareholders totaled 14[15] - The top ten shareholders include various institutional investors, with the largest being Hong Kong Central Clearing[14] - The total shares held by the top ten unrestricted shareholders amount to 284,196,830[14] - The report indicates that 39,182,011 shares held by Shanghai Zhengben are under judicial freeze[15] - The company has seen changes in the lending of shares due to margin trading activities among major shareholders[16] - The total number of shares held by the top ten unrestricted shareholders represents a significant portion of the company's equity structure[14] Cash Flow and Investments - In Q1 2024, cash inflow from operating activities was RMB 775,994,096.96, an increase of 21% compared to RMB 641,002,729.28 in Q1 2023[22] - The net cash flow from operating activities was RMB 10,580,615.27, a significant improvement from a net outflow of RMB 524,983,561.92 in the same period last year[22] - Cash outflow for purchasing fixed assets and other long-term assets was RMB 132,650,890.15, down 48% from RMB 253,469,972.83 in Q1 2023[23] - Cash inflow from investment activities totaled RMB 161,100,016.13, compared to RMB 225,683,029.78 in Q1 2023, reflecting a decrease of 29%[23] - The net cash flow from investment activities was negative at RMB -236,550,874.02, an improvement from RMB -294,342,943.05 in the previous year[23] - Cash inflow from financing activities was RMB 445,717,254.60, up 35% from RMB 330,563,472.36 in Q1 2023[23] - The net cash flow from financing activities was negative at RMB -24,290,369.20, contrasting with a positive net flow of RMB 323,231,185.34 in Q1 2023[23] - The ending cash and cash equivalents balance was RMB 740,560,120.10, an increase from RMB 622,264,887.86 at the end of Q1 2023[23] - The company received RMB 10,683,118.07 in tax refunds, slightly up from RMB 9,696,496.64 in Q1 2023[22] - The total cash outflow for operating activities was RMB 765,413,481.69, down 34% from RMB 1,165,986,291.20 in Q1 2023[22] Segment Performance - The revenue from the smart meter chip segment increased by 95.74% year-on-year, reaching approximately RMB 92 million[8] Liabilities - The total liabilities decreased to RMB 2.36 billion from RMB 2.45 billion, a reduction of 3.6%[19]

1 人民币元 上海复旦微电子集团股份有限公司 已审财务报表 2021年度 上海复旦微电子集团股份有限公司 上海复旦微电子集团股份有限公司 目 录 | | | 页 次 | | | --- | --- | --- | --- | | 审计报告 | 1 - | 6 | | | 已审财务报表 | | | | | 合并资产负债表 | 7 - | 8 | | | 合并利润表 | 9 - | | 10 | | 合并股东权益变动表 | | 11 | | | 合并现金流量表 | 12 | - | 13 | | 公司资产负债表 | 14 | - | 15 | | 公司利润表 | | 16 | | | 公司股东权益变动表 | | 17 | | | 公司现金流量表 | 18 | - | 19 | | 财务报表附注 | 20 | - | 119 | | 补充资料 | | | | | 1. 非经常性损益明细表 | | 1 | | 2. 净资产收益率和每股收益 1 审计报告 上海复旦微电子集团股份有限公司 上海复旦微电子集团股份有限公司全体股东： 一、审计意见 我们审计了上海复旦微电子集团股份有限公司的财务报表，包括2021年12月31日 ...

上海市锦天城律师事务所 关于上海复旦微电子集团股份有限公司 向不特定对象发行 A 股可转换公司债券的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 | 录 | | --- | | 目 | | 声明事项 | 3 | | --- | --- | | 释 | 义 5 | | 正 | 文 8 | | 一、本次发行的批准和授权 8 | | | 二、发行人本次发行的主体资格 9 | | | 三、本次发行的实质条件 9 | | | 四、发行人的设立 16 | | | 五、发行人的独立性 16 | | | 六、发行人的发起人、股东及实际控制人 17 | | | 七、发行人的股本及其演变 19 | | | 八、发行人的业务 19 | | | 九、关联交易及同业竞争 20 | | | 十、发行人的主要财产 21 | | | 十一、发行人的重大债权债务 22 | | | 十二、发行人的重大资产变化及收购兼并 22 | | | 十三、发行人章程的制定与修改 23 | | | 十四、发行人股东大会、董事会、监事会议事 ...

中信建投证券股份有限公司 关于 上海复旦微电子集团股份有限公司 向不特定对象发行 A 股可转换公司债券 之 3-1-1 保荐人出具的证券发行保荐书 发行保荐书 保荐人 二〇二四年四月 保荐人出具的证券发行保荐书 保荐人及保荐代表人声明 中信建投证券股份有限公司及本项目保荐代表人赵凤滨、逯金才根据《中华 人民共和国公司法》《中华人民共和国证券法》等有关法律、法规和中国证监会 的有关规定以及上海证券交易所的有关业务规则，诚实守信，勤勉尽责，严格按 照依法制订的业务规则、行业执业规范和道德准则出具本发行保荐书，并保证发 行保荐书的真实性、准确性和完整性。 目 录 | 释 X | | --- | | 第一节 本次证券发行基本情况 | | 一、本次证券发行具体负责推荐的保荐代表人 … | | 二、本次证券发行项目协办人及项目组其他成员 | | 三、发行人基本情况 | | 四、保荐人与发行人关联关系的说明 | | 五、保荐人内部审核程序和内核意见 … | | 六、保荐人对私募投资基金备案情况的核查 | | 第二节 保荐人承诺事项 ………………………………………………………………………………………………………………………… ...

| A 股证券代码：688385 | 证券简称：复旦微电 | 公告编号：2024-030 | | --- | --- | --- | | 港股证券代码：01385 | 证券简称：上海复旦 | | 上海复旦微电子集团股份有限公司 关于向不特定对象发行可转换公司债券募集说明书 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。 上海复旦微电子集团股份有限公司（以下简称"公司"）申请向不特定 对象发行可转换公司债券（以下简称"本次发行"）的申请已于 2024 年 1 月 26 日获得上海证券交易所上市审核委员会审核通过。 上海复旦微电子集团股份有限公司董事会 2024 年 4 月 27 日 等申请文件提交注册稿的提示性公告 1 根据本次发行项目进展和公司实际情况，公司会同相关中介机构对申请 文件内容进行了更新和修订，形成了《上海复旦微电子集团股份有限公司向 不特定对象发行 A 股可转换公司债券募集说明书（注册稿）》等相关文件， 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的相 关文件。 公司本次向不特 ...