Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company's profitability is under short-term pressure, but quality improvement and product optimization are expected to lead to performance recovery [1] - In Q1 2024, the company's revenue was affected by industry price adjustments, resulting in a further decline in profit margins [1] - The company is focusing on expanding its product lines, particularly in high-value sectors such as new energy and power ICs, which have shown significant revenue growth [1][11] Summary by Relevant Sections Financial Performance - In 2023, the company achieved revenue of 99 billion yuan, a year-on-year decrease of 1.59%, with a net profit of 1.227 billion yuan, down 49.97% year-on-year [1] - The gross margin for 2023 was 32.22%, a decrease of 4.49 percentage points year-on-year [1] - For Q1 2024, the company reported revenue of 21.16 billion yuan, down 9.8% year-on-year, and a net profit of 58 million yuan, down 82.8% year-on-year [1] Product and Service Segments - The product and solution segment generated revenue of 46.7 billion yuan in 2023, with a gross margin of 26.62%, down 9.51 percentage points year-on-year [1] - The manufacturing and service segment saw a revenue increase of 2.66% in 2023, with a gross margin of 37.42% [1] - The company is investing heavily in R&D, with 11.54 billion yuan allocated in 2023, focusing on GaN devices, DrMOS, and SiC MOS products [1] Future Projections - The company is expected to achieve net profits of 1.18 billion yuan, 1.35 billion yuan, and 1.51 billion yuan for 2024, 2025, and 2026, respectively [1][12] - The projected PE ratios for 2024, 2025, and 2026 are 43, 38, and 34 times, respectively [1][12] - Revenue forecasts for the product and solution segment for 2024-2026 are 59.58 billion yuan, 69.81 billion yuan, and 76.96 billion yuan [11][12]

2024年5月6日 公司研究 新能源营收占比持续提升，晶圆制造新平台客户认证顺利 ——华润微（688396.SH）跟踪报告之七 买入（维持） 要点 当前价：37.35元 华润微是国内领先的IDM半导体企业。公司是中国领先的拥有芯片设计、掩模制造、 作者 晶圆制造、封装测试等全产业链一体化经营能力的半导体企业，产品聚焦于功率半 分析师：刘凯 导体、数模混合、智能传感器与智能控制等领域，为客户提供丰富的半导体产品与 执业证书编号：S0930517100002 系统解决方案。公司产品设计自主、制造全程可控，在功率半导体领域已具备较强 021-52523849 的产品技术与制造工艺能力，形成了先进的特色工艺和系列化的产品线，公司主营 kailiu@ebscn.com 业务可分为产品与方案、制造与服务两大业务板块。公司是中国本土领先的以IDM 分析师：于文龙 模式为主经营的半导体企业，同时也是中国本土最大的功率半导体企业之一。2023 执业证书编号：S0930522100002 年，公司实现主营业务收入99.01亿元（同比-1.59%），归母净利润14.79亿元（同 021-52523587 yuwenlong@ebs ...

中国国际金融股份有限公司 关于华润微电子有限公司首次公开发行股票并上市 暨 2020 年度向特定对象发行股票的持续督导保荐总结报告书 | 保荐机构名称 | 中国国际金融股份有限公司 | | --- | --- | | 注册地址 | 北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 | | 办公地址 | 北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 | | 法定代表人 陈亮 | | | 保荐代表人 | 魏先勇、王健 | 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意华润微电子有限 公司首次公开发行股票注册的批复》（证监许可〔2020〕 144 号）核准并经上海证券交 易所同意，华润微电子有限公司（以下简称"华润微"或"发行人"或"公司"）首次 公开发行人民币普通股（A 股）股票 292,994,049 股（超额配售选择权行使前），募集资 金总额 375,032.38 万元（超额配售选择权行使前），上述款项已于 2020 年 2 月 18 日全部 到位；2020 年 3 月 27 日，保荐机构中国国际金融股份有限公司（以下简称"中金公司" 或"保荐机构 ...

电子/半导体 公 司 研 华润微（688396.SH） 2024Q1 业绩表现短期承压，加注拓展汽车电子领域 究 2024年04月29日 ——公司信息更新报告 投资评级：买入（维持） 罗通（分析师） 王宇泽（联系人） luotong@kysec.cn wangyuze@kysec.cn 日期 2024/4/26 证 书编号：S0790522070002 证书编号：S0790123120028 当前股价(元) 36.16  2024Q1业绩表现下滑，短期承压不改长期成长，维持“买入”评级 公 一年最高最低(元) 61.50/34.23 公司发布2023年年报，2023 年公司实现营收99.01亿元，同比-1.59%；归母净 司 信 总市值(亿元) 478.58 利润 14.79 亿元，同比-43.48%；扣非净利润 11.27 亿元，同比-49.97%；毛利率 息 流通市值(亿元) 478.58 32.22%，同比-4.49pcts。2024Q1实现营收21.16亿元，同比-9.82%，环比-10.75%； 更 总股本(亿股) 13.24 归母净利润0.33亿元，同比-91.27%，环比-92.15%；扣非归 ...

公司研 究 证 券研究 报 告 集成电路 2024年04月28日 华 润微（688396）2023年报及2024 年一季报点评 强 推 （维持） 当前价：36.16元 业绩短期承压，产品结构优化助力远期成长 事项： 华创证券研究所  2024年4月25日，公司发布2023年度报告及2024年第一季度报告： 证券分析师：耿琛  1）2023年：营业收入99.01亿元，同比-1.59%；毛利率32.22%，同比-4.49pct； 电话：0755-82755859 归母净利润/扣非后归母净利润14.79/11.27亿元，同比-43.48%/-49.97%。 邮箱：gengchen@hcyjs.com  2）2024Q1：营业收入21.16亿元，同比/环比-9.82%/-10.75%；毛利率26.48%， 执业编号：S0360517100004 同比/环比-8.33pct/-1.95pct；归母净利润0.33 亿元，同比/环比-91.27%/-92.15%； 证券分析师：岳阳 扣非后归母净利润0.58亿元，同比/环比-82.83%/-72.06%。 评论： 邮箱：yueyang@hcyjs.com 执业编 号： ...

2024 年 04 月 26 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 业绩短期承压， 吋线 先进封测项目值得 Q1 12 + 证券分析师： 郑奇 S0350524030006 zhengq@ghzq.com.cn 证券分析师： 高力洋 S0350524010003 期待 gaoly01@ghzq.com.cn —华润微（688396）2023 年年报及 2024Q1 季报点评报告 最近一年走势 事件: 2024年4月25日，华润微发布2023年年报及2024Q1季报：2023年， 公司实现营业收入99.01亿元，同比下降1.59%；毛利率32.22%；归母 净利润14.79亿元，同比下降43.48%；扣非归母净利润11.27亿元，同 比下降49.97%。 分季度看，2023Q4公司实现营收23.71亿元，同比下降2.38%；毛利率 28.43%；归母净利润4.23亿元，同比下降24.45%；扣非归母净利润2.07 亿元，同比下降46.97%。 相对沪深300表现 2024/04/26 2024Q1公司实现营收21.16亿元，同比下降9.82%；毛利率26.48%； 表现 1 ...

2023 Sustainable Development Report 1 Table of contents New Journey Gather our Hearts and Minds to Draw a New Chapter 2 New Momentum Serve Customers to Share a Better Future 3 New Developments Create Sustainability Through Green Operations 4 New Vitality Empower Employees for Mutual Growth New Undertakings Dedicate to Society, Promote a Better Future 90 Ensure Safe Production New Opportunities Join Hands with Partners for Development Future Prospects Appendixes 97 98 1 6 5 About this Report 02 Message from ...

Financial Performance - The company reported a significant increase in revenue, reaching $1.2 billion, representing a 15% year-over-year growth[12]. - The company's operating revenue for 2023 was CNY 9,900,603,859, a decrease of 1.59% compared to the previous year[18]. - Net profit attributable to shareholders for 2023 was CNY 1,479,265,748.53, down 43.48% year-on-year[18]. - The net cash flow from operating activities was CNY 1,737,665,674.14, a decline of 43.18% compared to 2022[18]. - The basic earnings per share for 2023 was CNY 1.1206, representing a decrease of 43.48% from the previous year[19]. - The company's total assets at the end of 2023 were CNY 29,215,259,820.18, an increase of 10.42% year-on-year[18]. - The total net assets attributable to shareholders at the end of 2023 were CNY 21,558,056,748.30, reflecting a year-on-year increase of 7.89%[18]. - The company's operating cash flow net amount was 1.738 billion RMB, a decrease of 43.18% compared to the previous year[95]. - The company achieved operating revenue of 9.9 billion RMB, a decrease of 1.59% compared to the previous year[94]. - The net profit attributable to the parent company was 1.479 billion RMB, down 43.48% year-on-year[94]. Dividend Policy - The company plans to distribute a cash dividend of 1.118 RMB per 10 shares, totaling approximately 147.97 million RMB, which represents 10% of the net profit attributable to shareholders for the year 2023[3]. - The company has not proposed any capital reserve transfers to increase share capital or stock dividends for the year 2023, focusing instead on cash dividends[3]. - The company has not proposed any cash profit distribution plan despite having a positive profit available for distribution to shareholders[175]. Research and Development - The company is investing in R&D, with a budget increase of 20% to enhance technology development and innovation[12]. - R&D expenditure accounted for 11.66% of operating revenue, an increase of 2.50 percentage points compared to 2022[20]. - Research and development investment reached 1.154 billion RMB, an increase of 25.30%, accounting for 11.66% of operating revenue[94]. - The company has established a robust R&D framework for GaN devices, achieving high yield and excellent breakdown voltage performance[55]. - The total number of R&D personnel increased to 1,597, representing 15.58% of the company's total workforce[68]. - The average salary of R&D personnel rose to 31.70 thousand RMB, up from 29.33 thousand RMB in the previous period[68]. - The company has received 158 new invention patents during the reporting period, bringing the total to 4,731[61]. Market Expansion and Strategy - The company is exploring strategic acquisitions to bolster its product portfolio, with a target of $300 million in potential acquisitions[12]. - Market expansion efforts include entering two new international markets, aiming for a 5% market share within the first year[12]. - The company is actively expanding into the automotive electronics market, with products entering major automotive manufacturers such as BYD and Geely[27]. - The company aims to enhance its core technology and product offerings in power semiconductors and smart sensors, focusing on new economic applications[129]. - The company is focusing on the industrial control and automotive electronics sectors to achieve greater market penetration and business growth[130]. Governance and Compliance - The company has received a standard unqualified audit report from its accounting firm, ensuring the accuracy of its financial statements[2]. - The company has not engaged in any non-operational fund occupation by controlling shareholders or related parties, indicating strong governance practices[2]. - The company has established governance systems that clarify the rights and responsibilities of shareholders in decision-making processes, ensuring no significant differences from A-share companies[150]. - The company is governed under the Cayman Islands Company Law, which allows for the distribution of remaining assets to shareholders after settling employee compensation, taxes, and debts[151]. - The company has implemented a comprehensive quality management system, achieving multiple certifications including ISO/IATF16949 and ISO9001[76]. Environmental Responsibility - The company reported a total greenhouse gas emissions of 556,800 tons in 2023, with a per unit output emission of 0.4237 tons per ten thousand yuan[196]. - The comprehensive energy consumption for 2023 was 86,056 tons of standard coal, with a per unit output energy consumption of 0.0655 tons per ten thousand yuan, representing a 4.20% decrease from 2022[197]. - The company invested 47.51 million yuan in environmental protection during the reporting period[186]. - The company has established environmental protection mechanisms and has been recognized as a key pollutant discharge unit by the environmental protection department[187]. - The company has conducted environmental impact assessments and applied for environmental protection permits in accordance with regulations[190]. Operational Efficiency - The company reported a decrease in operating expenses by 8%, reflecting improved operational efficiency[12]. - The gross margin improved to 40%, up from 35% in the previous year, indicating better cost management[12]. - The company's gross margin for integrated circuits decreased by 4.62 percentage points to 32.25% due to the increase in costs[97]. - The company's gross margin for the product and solution segment decreased by 9.51 percentage points to 26.62%[97]. Talent Development - The company has established a talent development system focusing on leadership and professional skills, with specific training programs for different management levels[173]. - A total of 162 middle-level managers are currently undergoing training programs aimed at enhancing their political awareness and professional capabilities[173]. - The company has trained 81 master's degree holders and 7 doctoral candidates through its in-house educational programs[173]. - The company emphasizes performance-oriented evaluations for senior management, linking their incentives to overall company performance and individual assessments[181]. Strategic Initiatives - The company is implementing a "four-chain integration" framework to drive business development, aiming for significant growth in the next two years[133]. - The company plans to achieve a twofold increase in sales of wide bandgap semiconductors in 2024, focusing on SiC MOSFET and GaN technologies[135]. - The company is pushing for a major increase in revenue from its advanced packaging sector in 2024, driven by the expansion of its advanced power packaging base[137].

证券简称： 华润微 证券代码：688396 华润微电子 2024 华 润 微 电 子 有 限 公 司 China Resources Microelectronics Limited | 坚持全产业链IDM商业模式 | 01 | | 06 | | --- | --- | --- | --- | | | | 以高质量发展铸就价值投资基础 | | | | | 加快发展新质生产力 | | | | 02 | 聚焦技术和产品创新 | 09 | | | 目 | | | | | | 以奋斗者为本 | | | 深入实施人才强企战略 | 录 03 | | 12 | | | | 以投资者为本 | | | 与投资者共享发展成果 | 04 | | 15 | | | | 完善公司治理结构 | | | 以卓越董事会实现高效管理 | 05 | | 17 | | 合规严谨做好投关管理 | | | | | 多措并举提高上市公司质量 | 06 | | 21 | | | | 全面贯彻"ESG"理念 | | | 坚定执行"双碳"战略 | 07 | | 23 | 坚持全产业链IDM商业模式 以高质量发展铸就价值投资基础 01 华润微电子有限公司是中国 ...

经核查公司独立董事夏正曙、杨旸、张志高、庄巍的兼职、任职情况 以及其签署的独立性自查情况报告，上述人员除在公司担任独立董事外， 不存在在公司任职以及在公司主要股东单位任职的情形，与公司以及主要 股东之间不存在利害关系、重大业务往来或其他可能妨碍其独立性的关系。 因此，董事会认为公司独立董事符合《上市公司独立董事管理办法》《上 海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》中对独 立董事独立性的相关要求。 华润微电子有限公司董事会 2024 年 4 月 25 日 华润微电子有限公司董事会 2023 年度对独立董事独立性自查情况的专项报告 根据证监会《上市公司独立董事管理办法》《上海证券交易所科创板 股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号— —规范运作》等相关要求，华润微电子有限公司（以下简称"公司"或"华 润微"）董事会，就公司独立董事夏正曙、杨旸、张志高、庄巍的独立性 情况进行评估并出具如下专项意见： ...