Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][3] Core Views - The company reported a revenue of 4.76 billion yuan for the first half of 2024, a year-on-year decrease of 5.36%, and a net profit attributable to shareholders of 280 million yuan, down 63.96% year-on-year [2] - The semiconductor market in China is recovering, with industry inventory levels returning to reasonable levels, and downstream demand improving, leading to a full recovery of production capacity utilization [2] - The company is optimizing its product structure, with significant growth in the automotive electronics market, which now accounts for 22% of revenue [2] - The company is expanding its 12-inch wafer production capacity and packaging capabilities, with advanced packaging revenue growing by 136% year-on-year [2] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 2.644 billion yuan, a quarter-on-quarter increase of 25%, and a net profit of 247 million yuan, a quarter-on-quarter increase of 644% [2] - The company forecasts revenues of 10.93 billion yuan, 12.17 billion yuan, and 13.67 billion yuan for 2024, 2025, and 2026 respectively, with EPS of 0.64 yuan, 1.14 yuan, and 1.36 yuan [3] Market Position - The company has made significant inroads into the automotive electronics sector, with partnerships with major automotive manufacturers such as BYD and Geely [2] - The product mix includes new energy vehicles, consumer electronics, industrial equipment, and communication devices, with the new energy sector accounting for 39% of revenue [2] Capacity Expansion - The company is actively increasing its production capacity, with a new 12-inch wafer production line under construction, expected to produce approximately 40,000 wafers per month [2] - The company has achieved a high yield rate of over 98% for its advanced mask products, with the first set of 90nm high-end mask products produced and delivered [2]

上 市 公 司 证 券 研 究 报 告 电子 2024 年 09 月 12 日 华润微 (688396) ——2Q24 营收环增 25%，聚焦中高端应用 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 11 日 | | 收盘价（元） | 34.68 | | 一年内最高/最低（元） | 56.15/33.06 | | 市净率 | 2.1 | | 息率（分红/股价） | 0.32 | | 流通 A 股市值（百万元） | 45,900 | | 上证指数 / 深证成指 | 2,721.80/8,105.38 | | --- | --- | |------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 16.51 | | | | | 资产负债率 % | 17.52 | | 总股本/流通 A 股（百万） | ...

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 [2][14]. Core Views - The semiconductor industry is showing signs of recovery, with demand in consumer electronics rebounding and automotive electronics providing new growth momentum. The company's IDM and foundry model is driving stable revenue growth [2]. - The company is increasing its R&D investment to enhance product high-end transformation and expand into the new energy sector, with 39% of its product and solution business now in this area [2]. - Key projects, including two 12-inch production lines and a packaging testing base, are progressing steadily, supporting the company's long-term development [2]. - The company's revenue for 2024H1 was 4.76 billion yuan, down 5.36% year-on-year, while Q2 revenue was 2.644 billion yuan, up 24.98% quarter-on-quarter [1][2]. Financial Summary - Total revenue for 2023 is projected at 9.901 billion yuan, with a year-on-year growth rate of -1.6%. For 2024, revenue is expected to increase to 10.904 billion yuan, reflecting a growth rate of 10.1% [3]. - The net profit attributable to the parent company for 2023 is estimated at 1.479 billion yuan, with a significant decline of 43.5%. The forecast for 2024 is adjusted to 1.004 billion yuan, a decrease of 32.1% [3]. - Earnings per share (EPS) for 2024 is projected at 0.76 yuan, with a price-to-earnings (P/E) ratio of 47 [3].

华润微电子有限公司 投资者关系活动记录表 （2024 年 8 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 | 8 月 30 日 20:00-21:00 | | | | | 中泰证券 国海证券 | 华泰证券 海通证券 | 国信证券 国金证券 | | | | | | | | 平安证券 | 华鑫证券 | 国联证券 | | | 西南证券 | 长城证券 | 德邦证券 | | | | | | | | 瑞银证券 | 摩根士丹利 | 申万宏源证券 | | | | | ...

证券研究报告 非金融公司|公司点评|华润微（688396） 业绩环比改善，汽车电子占比持续提升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 公司发布了 2024 年半年报，2024 年上半年实现营业收入 47.60 亿元，同比增速-5.36%；实现 归母净利润 2.80 亿元，同比增速-63.96%；实现扣非后归母净利润 2.85 亿元，同比增速61.11%。从下游领域来看，公司产品与方案板块收入中，泛新能源领域（车类及新能源）占比 39%，消费电子领域占比 36%，工业设备占比 16%，通信设备占比 9%。其中，汽车电子占比 22%， 近年来处于持续提升的态势。 |分析师及联系人 熊军 王晔 SAC：S0590522040001 SAC：S0590521070004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月04日 华润微(688396) 业绩环比改善，汽车电子占比持续提升 | --- | --- | --- | |----------------------------|--- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q2 2024 shows significant improvement in revenue and net profit compared to the previous quarter, with a revenue increase of 25% and a net profit increase of 644% [2][3] - The company is experiencing a recovery in capacity utilization, reaching full capacity, and product prices are stabilizing due to a decrease in industry inventory and a rebound in downstream demand [3] - The company is focusing on R&D, with R&D investment reaching 574 million yuan in H1 2024, a year-on-year increase of 4.89%, which supports the development of new technologies and products [3] Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 4.76 billion yuan, a year-on-year decrease of 5.36%, while Q2 revenue was 2.64 billion yuan, down 1.45% year-on-year but up 24.98% quarter-on-quarter [2] - The gross margin for H1 2024 was 26.40%, a decrease of 7.90 percentage points year-on-year, with Q2 gross margin at 26.34%, down 7.51 percentage points year-on-year and down 0.14 percentage points quarter-on-quarter [2] - The net profit attributable to shareholders for H1 2024 was 280 million yuan, down 63.96% year-on-year, with Q2 net profit at 247 million yuan, down 37.83% year-on-year but up 644.48% quarter-on-quarter [2] Market Position and Product Development - The automotive business is increasingly significant, with revenue from automotive electronics rising to 22% of the product and solution business, and successful integration of products into major automotive manufacturers [3] - The company is making strides in the power semiconductor market, with significant growth in IGBT and SiC product lines, and has achieved batch supply of automotive-grade products to major Tier 1 manufacturers [5][6] Future Outlook - The company is projected to achieve operating revenues of 10.52 billion yuan, 11.62 billion yuan, and 12.70 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.02 billion yuan, 1.38 billion yuan, and 1.76 billion yuan for the same years [7][8] - The expected EPS for 2024, 2025, and 2026 is 0.77 yuan, 1.04 yuan, and 1.33 yuan respectively, with corresponding P/E ratios of 45X, 33X, and 26X [7][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company achieved a quarter-on-quarter revenue growth in Q2 2024, driven by a recovery in downstream demand and stable product prices, despite a year-on-year revenue decline [4][5]. - The report anticipates a gradual recovery in downstream demand, leading to a positive outlook for the company's long-term growth [4][5]. Financial Performance Summary - In H1 2024, the company reported revenue of 4.76 billion yuan, a year-on-year decrease of 5.36%, and a net profit attributable to shareholders of 280 million yuan, down 63.96% year-on-year [4]. - Q2 2024 saw a revenue of 2.644 billion yuan, a year-on-year decrease of 1.45% but a quarter-on-quarter increase of 24.98% [4]. - The gross profit margin for H1 2024 was 26.40%, down 7.89 percentage points year-on-year [4]. Business Segment Analysis - The company's revenue from the products and solutions segment was 2.307 billion yuan in H1 2024, accounting for 48% of total revenue, with a year-on-year decline of 2% [5]. - The automotive electronics market is a key focus, with significant sales to major automotive manufacturers such as BYD and Geely [5]. - The manufacturing and services segment generated 2.334 billion yuan in revenue, accounting for 49.03% of total revenue, with a year-on-year decline of 9% [5]. Future Projections - The company has slightly adjusted its net profit forecasts for 2024-2026 to 1.208 billion, 1.506 billion, and 1.763 billion yuan, respectively, with corresponding P/E ratios of 38.0, 30.5, and 26.1 times [4][8].

Financial Performance - The company reported a total revenue of RMB 1.5 billion for the first half of 2024, representing a year-on-year increase of 20%[1]. - The company's revenue for the first half of 2024 was approximately CNY 4.76 billion, a decrease of 5.36% compared to CNY 5.03 billion in the same period last year[21]. - Net profit attributable to shareholders for the first half of 2024 was CNY 280.33 million, down 63.96% from CNY 777.88 million year-on-year[21]. - Basic earnings per share for the first half of 2024 were CNY 0.2121, a decline of 64.01% compared to CNY 0.5893 in the previous year[21]. - The company achieved operating revenue of 4.76 billion CNY and a net profit attributable to shareholders of 280 million CNY during the reporting period, with Q2 revenue reaching 2.644 billion CNY, a quarter-on-quarter increase of 25%[67]. - Operating revenue decreased by 5.36% to CNY 4,760,334,438.06 compared to CNY 5,029,775,789.25 in the same period last year[96]. - Operating costs increased by 6.01% to CNY 3,503,474,732.21, attributed to higher sales volume and production costs at the testing base[96]. - Net cash flow from operating activities for the first half of 2024 was CNY 654.76 million, a decrease of 16.41% compared to CNY 783.29 million in the same period last year[21]. Research and Development - Research and development expenses increased by 30%, totaling RMB 300 million, to support innovation in GaN and SiC technologies[1]. - The company's R&D expenditure as a percentage of revenue increased to 12.05%, up from 10.87% in the same period last year, reflecting a focus on major project investments[21]. - The company is actively increasing its investment in R&D to adapt to industry cyclical adjustments and enhance its competitive position[21]. - The company achieved a total R&D investment of ¥573,664,738.95, representing a 4.89% increase compared to the previous year[48]. - R&D investment accounted for 12.05% of total revenue, up from 10.87% in the same period last year, an increase of 1.18 percentage points[48]. - The number of R&D personnel increased to 1,624, representing 15.55% of the total workforce, up from 15.25% last year[52]. - The company filed for 130 invention patents during the reporting period, with a total of 4,895 invention patents filed to date[47]. Market and Industry Trends - Future guidance estimates revenue growth of 25% for the full year 2024, driven by increased demand in the automotive and consumer electronics sectors[1]. - The global semiconductor sales are projected to reach $611.2 billion in 2024, representing a year-on-year growth of 16%[30]. - The global power semiconductor market is expected to grow to $78.1 billion in 2024, with China accounting for approximately 37% of the global market[32]. - The automotive electronics sector is experiencing rapid growth, with the semiconductor content in new energy vehicles expected to drive significant market expansion[36]. - The power semiconductor market is experiencing steady growth, with applications expanding into new energy, rail transit, and smart grids[32]. Strategic Initiatives - The company plans to launch two new product lines in Q3 2024, focusing on advanced semiconductor technologies[1]. - A new strategic partnership was announced with a leading tech firm to enhance product offerings and market reach[1]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[1]. - The company has no plans for mergers or acquisitions in the near term, focusing instead on organic growth strategies[1]. Risks and Challenges - The company has identified potential risks related to supply chain disruptions and is actively working on mitigation strategies[1]. - There is a risk of technological gap with international leading manufacturers, which may affect the company's competitive position and profitability if not addressed through sustained R&D investment[81]. - The company is exposed to supply risks due to high concentration among major raw material suppliers, which could impact production stability[84]. - The company is facing management risks due to rapid expansion in asset scale, business scale, and employee numbers, which complicates organizational structure and management[80]. Environmental and Social Responsibility - The company invested 16.93 million RMB in environmental protection during the reporting period[117]. - The wastewater discharge from Wuxi operations met all standards, with maximum concentrations for COD at 114 mg/L (standard 500 mg/L) and ammonia nitrogen at 8.89 mg/L (standard 45 mg/L)[118]. - The company achieved a reduction of 520.34 tons of CO2 equivalent emissions through the installation of solar photovoltaic equipment, generating 912,400 kWh of electricity from January to June 2024[127]. - The company received the "Energy Saving and Emission Reduction Cash Enterprise" honor from Wuxi New District and the "Environmental Contribution Award" for 2023-2024[126]. Corporate Governance and Compliance - The company guarantees to fulfill its information disclosure obligations according to laws and regulations[143]. - The company commits to ensuring that the public offering of shares does not involve any fraudulent issuance[135]. - The company will ensure compliance with relevant laws and regulations regarding the management of raised funds and will not change the use of these funds for dividend distribution[149]. - The company will publicly apologize and compensate for any losses caused by violations of commitments[136].

华 润 微 电 子 有 限 公 司 China Resources Microelectronics Limited 1 / 11 华润微电子 2024 关于华润微 2024 年度提质增效重回报专项行动方案 半年度评估报告 为践行"以投资者为本"的上市公司发展理念，维护华润微电子 有限公司（以下简称"公司"）全体股东利益，基于对公司发展前景 的坚定信心、对公司长期投资价值的认可和切实履行社会责任，公司 全面评估《2024 年度提质增效重回报行动方案》执行情况，发布半年 度评估报告。 一、坚持 IDM 商业模式以高质量发展铸就价值投资基础 证券简称：华润微 证券代码：688396 1.2024 年半年度发展回顾 2024 年以来，半导体行业展现复苏态势，前沿科技如人工智 能、物联网等正加速产业化，为消费电子、工业控制及汽车电子等 领域带来产业升级与转型坚实支撑。特别在汽车电子领域，随着新 能源汽车渗透率持续攀升，为行业发展注入了新的增长动力，未来 需求预期稳固。 公司充分发挥 IDM 商业模式优势，锚定行业高质量发展方向， 稳步推进市场拓展。报告期内，公司实现营业收入 47.60 亿元，归 属于上市公司股东的净 ...

华润微电子有限公司 投资者关系活动记录表 （2024 年 7 月） 证券简称：华润微 证券代码：688396 投资者关系活动 类别 □特定对象调研 □分析师会议 □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 7 月 9 日 09:00-10:00,10:00-11:00，14:00-15:00， 15:00-16:00 申万宏源证券、信达澳亚基金、国泰综合证券、银桦投资、 国金证券、惠升基金、南土资产、华创自营、固禾投资、华 诺投资、海通资管、申万自营、东方证券、中略投资、杭州 金投 7 月 12 日 10:00-11:00，14:00-15:00，15:00-16:00， 16:00-17:00 国信证券、恒越基金、兴橙资本、中金证券、国信证券、交 银施罗德基金、国盛证券 7 月 25 日 10:00-11:00，13:00-14:00，16:00-17:00 富国基金、大成基金、易方达基金、成都嘉瑞投资 7 月 9 日 09:00-10:00,10:00-11:00，14:00-15:00，15:00- 时间 16:00 7 月 12 日 1 ...