Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company achieved a revenue of 7.47 billion in the first three quarters of 2024, a year-over-year decrease of 0.77%, with a net profit attributable to shareholders of 499 million, down 52.7% year-over-year [5][9]. - In Q3 2024, the company reported a revenue of 2.71 billion, an increase of 8.44% year-over-year and 2.53% quarter-over-quarter, with a net profit of 219 million, down 21.3% year-over-year and 11.4% quarter-over-quarter [5][6]. Summary by Sections Market Data - Closing price as of November 5, 2024: 51.18 yuan - Market capitalization: 67,738 million yuan - Price-to-book ratio: 3.1 - Dividend yield: 0.22 [2]. Financial Data - As of September 30, 2024, the company's net asset per share is 16.69 yuan, with a debt-to-asset ratio of 17.43% [3]. - The total share capital is 1,324 million shares [3]. Revenue and Profit Forecast - The company forecasts total revenue of 10.30 billion for 2024, with a year-over-year growth rate of 4.1%, and a net profit of 810 million, down 45.2% year-over-year [9]. - The projected net profit for 2025 is 1.28 billion, with a year-over-year growth of 57.6% [9]. Research and Development - R&D expenses accounted for over 11% of revenue, with a focus on high-end applications, and the gross margin increased by 2.09 percentage points [6][7]. - R&D investment rose from 710 million in 2021 to 1.15 billion in 2023, with Q3 2024 R&D expenses reaching 315 million [7]. Market Position - The company is increasing its market share in high-end sectors such as automotive, communication, and industrial control, with significant growth in motor drive revenue and stable growth in automotive-grade products [6][7].

Investment Rating - The investment rating for the company is maintained as "Buy" [1][2]. Core Views - The company's revenue improved quarter-on-quarter in Q3 2024, with a year-on-year increase of 8.44% and a quarter-on-quarter increase of 2.53% [2]. - Despite short-term pressures, the long-term growth potential remains strong due to capacity expansion and product development [2][3]. - The company has adjusted its net profit forecasts for 2024-2026 to 729 million, 1.107 billion, and 1.384 billion respectively, reflecting increased market competition [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 7.472 billion, a year-on-year decrease of 0.77%, and a net profit of 499 million, down 52.72% year-on-year [2]. - The gross margin for Q3 2024 was reported at 28.43%, a year-on-year decrease of 3.22 percentage points but an increase of 2.09 percentage points quarter-on-quarter [2]. - The company's total revenue projections for 2024, 2025, and 2026 are 11.109 billion, 12.205 billion, and 13.410 billion respectively, with year-on-year growth rates of 12.2%, 9.9%, and 9.9% [5]. Product and Market Development - The company is expanding its product offerings in the MOSFET and IGBT segments, achieving industry-leading performance in various product categories [3]. - The company is actively entering the automotive electronics market, with products being validated by major automotive manufacturers such as BYD and Geely [3]. - Capacity expansion is underway, with the Chongqing 12-inch production line expected to reach a capacity of 30,000 wafers per month by the end of 2024, which will support future revenue growth [3].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][18]. Core Insights - The company's revenue for the first three quarters of 2024 reached 7.472 billion yuan, a year-on-year decrease of 0.77%. The gross margin was 27.14%, down 6.28 percentage points year-on-year. The net profit attributable to shareholders was 499 million yuan, a decline of 52.72% year-on-year [1]. - In Q3 2024, the company achieved revenue of 2.711 billion yuan, an increase of 8.44% year-on-year and 2.53% quarter-on-quarter. The gross margin improved to 28.43%, although it was down 3.23 percentage points year-on-year but up 2.09 percentage points quarter-on-quarter. The net profit attributable to shareholders was 219 million yuan, down 21.31% year-on-year and 11.40% quarter-on-quarter [1][2]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported total revenue of 74.72 billion yuan, with a gross margin of 27.14% and a net profit of 4.99 billion yuan [1]. - The Q3 2024 results showed a revenue of 27.11 billion yuan, with a gross margin of 28.43% and a net profit of 2.19 billion yuan [1][2]. Market Dynamics - The semiconductor industry is experiencing a cyclical recovery, driven by market demand and policies promoting upgrades. The company's "IDM + foundry" model supports stable revenue growth, with a gross margin recovery due to optimized product structure and stable customer base [2]. - The company is increasing R&D investments to enhance product quality and expand into the new energy sector, with 39% of its product and solution business now in this area [2]. Capacity Expansion - The company is advancing key projects, including two 12-inch production lines and a packaging base, which are expected to support long-term growth. The production capacity is fully utilized, and product prices are stabilizing [3]. Future Outlook - The company is adjusting its net profit forecasts for 2024-2026 to 839 million yuan, 1.173 billion yuan, and 1.376 billion yuan, respectively, with corresponding EPS of 0.63 yuan, 0.89 yuan, and 1.04 yuan [3].

Summary of Conference Call Records Company and Industry Overview - The conference call pertains to the semiconductor industry, specifically focusing on the company 华润威电子 (China Resources Microelectronics) and its operations in the power semiconductor sector, including products like MOSFETs, IGBTs, and silicon carbide (SiC) devices. Key Points and Arguments 1. **Financial Performance**: - The company reported a revenue of 7.472 billion yuan and a net profit of 499 million yuan for the reporting period. In Q3, revenue reached 2.71 billion yuan, showing a quarter-on-quarter increase of 2.53% and a year-on-year increase of 8.44%. The gross margin for Q3 was 28.43%, up by 2.09 percentage points from the previous quarter [1][2][3]. 2. **R&D Investment**: - R&D expenditure amounted to 889 million yuan, reflecting a year-on-year increase of 2.28%. This indicates the company's commitment to technological innovation and long-term development [1][2]. 3. **Market Recognition**: - The company received accolades for its innovation, including a second prize in the National Science and Technology Progress Award for its high-voltage integrated chip technology. Additionally, it ranked second among China's top MEMS companies [2][3]. 4. **Product Development and Market Position**: - The company has strengthened its market position in automotive, communication, and industrial control sectors, with IGBT products accounting for over 70% of sales in industrial and automotive electronics [2][3]. 5. **Sector Demand Trends**: - Demand in various sectors is mixed; consumer electronics show stable demand, while industrial control is experiencing a recovery. The automotive sector, particularly for electric vehicles (EVs), is growing rapidly, with Q3 sales exceeding 300,000 units, a 33% year-on-year increase [5][6]. 6. **Production Capacity**: - The company has robust production capacity across 6-inch, 8-inch, and 12-inch wafer lines, with utilization rates above 90%. The 12-inch line is expected to ramp up production further in the coming years [7][8][11]. 7. **Future Outlook**: - The company anticipates continued growth in the EV market and is focusing on expanding its product offerings in automotive electronics, including power ICs and smart sensors [26][27]. 8. **Pricing Trends**: - The pricing for power semiconductors is expected to remain stable, with no significant downward pressure anticipated in the near term [12][30]. 9. **Capital Expenditure**: - The projected capital expenditure for the year is around 4 billion yuan, with significant investments in the Shenzhen 12-inch line and other fixed assets [31][32]. 10. **Market Competition**: - The competitive landscape for 12-inch wafer fabs is tightening, with only a few companies capable of sustaining operations due to high investment costs and technical requirements [24][25]. Additional Important Insights - The company is actively engaging in partnerships and collaborations to enhance its production capabilities and market reach, particularly in the Greater Bay Area [19][20]. - The focus on high-value products and technology upgrades is crucial for maintaining competitive margins, especially in the context of rising production costs [30][31]. - The company is also exploring opportunities in the AI and data center markets, which are expected to drive significant demand for power semiconductors in the future [36]. This summary encapsulates the key discussions and insights from the conference call, highlighting the company's performance, strategic direction, and market dynamics within the semiconductor industry.

华润微电子有限公司 投资者关系活动记录表 （2024 年 10 月） 证券简称：华润微 证券代码：688396 | --- | --- | --- | --- | |----------------|-----------------------|---------------------------------|----------------------| | | | | | | 投资者关系活动 | | □特定对象调研 □分析师会议 | | | 类别 | □媒体采访 | 业绩说明会 | | | | □新闻发布会 □路演活动 | | | | | □现场参观 | | | | | | □其他（请文字说明其他活动内容） | | | | | | | | 参与单位名称 | 10 月 31 日 | 10:00-11:00 | | | | 申万宏源 | 国信证券 | 开源证券 | | | 华创证券 | 西部证券 | 中信证券 | | | 平安证券 | 摩根证券 | 东北证券 | | | 西南证券 | 国盛证券 | 长城证券 | | | | | | | | 华鑫证券 | 华泰证券 | 浙商证券 | | | | | | | ...

Revenue and Profit - Revenue for Q3 2024 increased by 8.44% year-on-year to CNY 7,471,668,387.31, while year-to-date revenue decreased by 0.77% compared to the same period last year[1]. - Net profit attributable to shareholders decreased by 21.31% year-on-year to CNY 499,305,653.52, with a year-to-date decline of 52.72%[1]. - Basic earnings per share fell by 21.54% year-on-year to CNY 0.3776, reflecting a 52.81% decrease year-to-date[1]. - Total operating revenue for the first three quarters of 2024 was CNY 7,471,668,387.31, a decrease of 0.77% compared to CNY 7,529,983,764.65 in the same period of 2023[14]. - Net profit for the first three quarters of 2024 was CNY 406,695,455.15, a decline of 60.91% compared to CNY 1,037,353,184.73 in the same period of 2023[15]. - The total comprehensive income attributable to the parent company's owners for Q3 2024 is CNY 499,305,653.52, compared to CNY 1,055,828,911.71 in Q3 2023, indicating a decrease of about 52.8%[17]. - The company reported a total comprehensive income of CNY 406,695,455.15 for Q3 2024, compared to CNY 1,036,887,050.08 in Q3 2023, reflecting a decline of approximately 60.8%[17]. Cash Flow - The net cash flow from operating activities for the quarter was CNY 1,113,594,759.00, down by 12.48% year-to-date[1]. - Cash inflow from operating activities for the first three quarters of 2024 is CNY 6,288,898,771.32, down from CNY 7,004,767,752.20 in the same period last year, a decrease of about 10.2%[18]. - Cash outflow from operating activities for Q3 2024 totals CNY 5,175,304,012.32, compared to CNY 5,732,384,874.88 in Q3 2023, indicating a reduction of approximately 9.7%[20]. - The net cash flow from operating activities for Q3 2024 is CNY 1,113,594,759.00, down from CNY 1,272,382,877.32 in Q3 2023, a decrease of about 12.5%[20]. - The net cash flow from investing activities for Q3 2024 is -CNY 3,699,780,134.45, compared to -CNY 4,834,358,474.82 in Q3 2023, showing an improvement of approximately 23.5%[20]. - The net cash flow from financing activities for Q3 2024 is -CNY 577,351,238.27, a significant decrease from CNY 2,215,145,760.75 in Q3 2023, indicating a change of approximately 126%[20]. - The ending cash and cash equivalents balance for Q3 2024 is CNY 8,568,221,727.35, down from CNY 11,407,245,340.61 at the end of Q3 2023, a decrease of about 25.5%[20]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 29,170,724,442.61, a slight decrease of 0.15% from the end of the previous year[2]. - The total assets as of the end of Q3 2024 were CNY 29,170,724,442.61, a slight decrease from CNY 29,215,259,820.18 at the end of Q3 2023[13]. - Total liabilities decreased to CNY 5,085,181,179.40 from CNY 5,584,810,626.00 year-on-year[13]. - The company's cash and cash equivalents decreased to CNY 13,276,596,361.11 from CNY 16,107,285,716.59 in the previous year[12]. - Long-term equity investments increased significantly to CNY 6,178,228,555.36 from CNY 3,921,669,863.78 year-on-year[12]. - The company's total equity increased to CNY 24,085,543,263.21 from CNY 23,630,449,194.18 in the previous year[13]. - The company reported a significant increase in fixed assets, which rose to CNY 6,959,894,940.74 from CNY 6,541,051,411.08 year-on-year[12]. Research and Development - Research and development (R&D) expenses totaled CNY 315,043,414.89 for the quarter, accounting for 11.62% of revenue, a decrease of 1.26 percentage points year-on-year[2]. - Research and development expenses for the first three quarters of 2024 were CNY 888,708,153.84, slightly up from CNY 868,869,073.73 in 2023[14]. - The company plans to continue increasing R&D investment to support major project layouts despite current industry cyclical adjustments[5]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 45,541[6]. - The top shareholder, China Resources Microelectronics Limited, holds 878,982,146 shares, representing 66.41% of the total shares[7]. - The second-largest shareholder, National Integrated Circuit Industry Investment Fund, holds 45,597,274 shares, accounting for 3.45%[7]. - The company has no reported changes in the participation of major shareholders in margin financing and securities lending activities[9]. - No significant changes were noted in the shareholder structure or the status of shares lent through margin financing[11].

证券代码：688396 证券简称：华润微 公告编号：2024-017 华润微电子有限公司 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： 投资者可于 2024 年 10 月 31 日（星期四）10:00 前扫描文中问题征集二维 码进行会前提问。公司将通过本次业绩说明会，在信息披露允许范围内就投资者 普遍关注的问题进行回答，详见"三、投资者参加方式"。 华润微电子有限公司（以下简称"公司"）将于 2024 年 10 月 31 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 年前三季 度经营成果、财务状况，公司计划于 2024 年 10 月 31 日（星期四）10:00-11:00 召开 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络及电话会议方式召开，公司将针对 2024 年前三季度 经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许 1 会议时间：20 ...

Investment Rating - The report maintains a "Buy" rating for China Resources Microelectronics (688396.CH) with a target price of RMB 56.4, indicating a potential upside of 16% from the current price of RMB 48.6 [2][3]. Core Views - China Resources Microelectronics is recovering from the bottom of the power semiconductor cycle, with capacity utilization expected to remain at full capacity starting June 2024. Although IGBT prices remain unstable, MOS product prices have stabilized. Revenue is expected to grow in the second half of the year, driven by a recovery in the new energy sector and sustained growth in the automotive sector [2][3]. - The company's business drivers for the upcoming year are anticipated to come from three main areas: 1) Increased volume of MOS products, including medium and low voltage products, 2) Rapid growth in five categories of products: MOS, IGBT, TMBS, IPM, and SiC modules, and 3) Growth in power ICs due to domestic trends and new production lines [2][3]. - The report expresses optimism about the continuous improvement of the company's fundamentals, with three main product categories expected to drive performance growth [2][3]. Financial Summary - Revenue projections for 2024 are set at RMB 10,208 million, reflecting a 3% year-on-year growth, while net profit is expected to decline by 38% to RMB 921 million. The gross margin is projected to decrease to 26.7% in 2024, with a slight recovery to 27.1% in 2025 and 27.3% in 2026 [3][9]. - The company’s capacity expansion includes a 12-inch line in Chongqing, which is expected to increase from 20,000 wafers per month to 35,000 by the end of the year, and a new 12-inch line in Shenzhen, which will primarily produce power IC products with a planned capacity of 40,000 wafers per month [2][3]. - The report uses a DCF valuation method with a WACC of 11.1% and a long-term growth rate of 3%, leading to a target price adjustment to RMB 56.4 [2][3]. Market Performance - The stock has a 52-week price range of RMB 33.1 to 65.0, with a market capitalization of RMB 66,308 million and an average trading volume of RMB 151 million over the past 90 days [3][4].

华润微电子有限公司 投资者关系活动记录表 （2024 年 9 月） 证券简称：华润微 证券代码：688396 | --- | --- | --- | |----------------|--------------------|------------------------------------------------------| | | | | | 投资者关系活动 | □特定对象调研 | 分析师会议 | | 类别 | | □媒体采访 □业绩说明会 | | | □新闻发布会 | 路演活动 | | | 现场参观 | | | | | □其他（请文字说明其他活动内容） | | | | | | 参与单位名称 | 9 月 2 日 | 东方证券、国盛证券、瑞银证券、平安养老、招商基金、人 | | | | 保资产、华泰保兴、中欧基金、太平基金、交银施罗德、长 | | | 江养老、 | China Asset Management 、 Foresight Fund 、 HCHP | | | Management 、 | Harbourview Investment 、 Perseverance Asset | | | ...

证 券 2024 年 09 月 13 日 研 究 报 公 司 研 | --- | --- | --- | |-----------------------------------------------------------------------|------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | 产品结构持续升级， | 12 吋线建设扩充产能 —华润微（ 688396.SH ）公司事件点评报告 | | 增持(维持 | ) | 事件 | | 分析师：毛正 maozheng@cfsc.com. ...