华润微电子有限公司 关于公司董事调整暨聘任高级管理人员的公告 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。 证券代码：688396 证券简称：华润微 公告编号：2024-021 特此公告。 华润微电子有限公司董事会 一、公司董事调整暨聘任高级管理人员的情况 华润微电子有限公司（以下简称"华润微"或"公司"）董事会于近日收到董事 窦健先生提交的书面辞职报告，窦健先生因工作调动原因申请辞去公司董事、董 事会战略与可持续发展委员会委员，辞职后将担任公司副总裁。根据相关法律法 规及公司《经第八次修订及重列的组织章程大纲和章程细则》（以下简称"公司 《章程》"）等有关规定，窦健先生的辞职不会导致公司董事会成员人数低于法定 最低人数，不影响公司董事会的正常运行，亦不会对公司的日常运营产生不利影 响。窦健先生的辞职报告自送达公司董事会之日起生效。 根据公司注册地开曼群岛所在地法律、《中华人民共和国证券法》《上海证券 交易所科创板股票上市规则》《章程》《董事会提名委员会实施细则》等相关法律 法规和制度的规定，为满足公司发展需要，经公司董 ...

2025 年 1 月 公司代码：688396 公司简称：华润微 华润微电子有限公司 2025 年第一次临时股东大会会议资料 华润微电子有限公司 2025 年第一次临时股东大会会议资料 华润微电子有限公司 2025 年第一次临时股东大会会议须知 为了维护全体股东的合法权益，确保华润微电子有限公司（以下简称"华润微"或"公司"） 股东大会的正常秩序和议事效率，保证会议的顺利进行，根据公司注册地开曼群岛的法律、 《中华人民共和国证券法》《上市公司股东大会规则》以及公司《经第八次修订及重列的组 织章程大纲和章程细则》（以下简称"《章程》"）、《股东大会议事规则》等相关法律法规的 规定，特制定本须知。 一、为确认出席会议的股东或其代理人或其他出席者的出席资格，会议工作人员将对 出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、出席会议的股东及股东代理人须在会议召开前半小时到会议现场办理签到手续， 并按规定出示证券账户卡、身份证明文件或营业执照/注册证书复印件（加盖公章）、授权委 托书等，上述登记材料均需提供复印件一份，个人登记材料复印件须个人签字，法定代表 人证明文件复印件须加盖公司公章，经验证后领取会议资 ...

证券代码：688396 证券简称：华润微 公告编号：2024-018 华润微电子有限公司 近日，公司收到立信会计师事务所（特殊普通合伙）出具的《关于变更华润 微电子有限公司签字会计师与质量控制复核人的函》。 一、本次变更签字注册会计师与质量控制复核人的基本情况 立信会计师事务所（特殊普通合伙）作为公司 2024 年度的财务和内部控制 审计机构，原委派郭兆刚先生、田伟先生作为签字注册会计师，肖常和先生作为 质量控制复核人为公司提供审计服务。由于工作安排变动，立信会计师事务所（特 殊普通合伙）委派代洪勇先生接替田伟先生作为签字注册会计师，于建松先生接 替肖常和先生作为质量控制复核人。变更后，公司 2024 年度审计项目的签字注 册会计师为郭兆刚先生、代洪勇先生，质量控制复核人为于建松先生。 二、本次变更人员的基本信息、诚信记录和独立性情况 1 （一）基本情况 签字注册会计师：代洪勇先生 代洪勇先生，2016 年成为中国注册会计师，2008 年开始从事审计业务，2012 年开始在立信会计师事务所（特殊普通合伙）执业，2023 年开始为本公司提供 审计服务。 关于变更签字注册会计师与质量控制复核人的公告 本公司董事会 ...

华润微电子有限公司 投资者关系活动记录表 （2024 年 11 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 | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 64.93 yuan, based on a valuation of 3.87 times the average price-to-book ratio of comparable companies for 2024 [2][4][7]. Core Insights - The company reported a revenue of 2.71 billion yuan in Q3, with year-on-year and quarter-on-quarter growth of 8% and 3% respectively. Gross profit reached 770 million yuan, reflecting an 11% quarter-on-quarter increase, and the gross margin improved by 2.09 percentage points to 28.43%. However, the net profit attributable to the parent company decreased by 21% year-on-year, primarily due to industry conditions [1][7]. - The company is experiencing positive developments across its product lines, particularly in the automotive and AI sectors, which are expected to drive demand growth. The automotive business aims to increase its market share in core applications such as motor control and power devices [1][7]. - The foundry business is benefiting from its unique BCD process technology and a stable customer base, with a steady increase in the sales proportion of high-grade products. The company anticipates improved industry conditions and increased market demand in the coming year [1][7]. Financial Summary - The company's financial performance shows a projected revenue of 10.985 billion yuan for 2024, with an expected growth rate of 11%. The net profit attributable to the parent company is forecasted to be 783 million yuan, reflecting a 47% decline year-on-year. The gross margin is expected to be 27.4% in 2024, with a gradual improvement to 28.8% by 2026 [3][7]. - The earnings per share are projected to be 0.59 yuan in 2024, increasing to 1.02 yuan by 2026. The return on equity is expected to rise from 3.6% in 2024 to 5.7% in 2026 [3][7].

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 | | | | | | | ...