中信证券股份有限公司 关于贵州振华风光半导体股份有限公司股东 向特定机构投资者询价转让股份 相关资格的核查意见 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 1 中信证券股份有限公司（以下简称"中信证券"）受贵州振华风光半导体股 份有限公司（以下简称"振华风光"）股东嘉兴捷岚创业投资合伙企业（有限合 伙）委托，组织实施本次振华风光首发前股东向特定机构投资者询价转让（以下 简称"本次询价转让"）。 根据《关于在上海证券交易所设立科创板并试点注册制的实施意见》《科创 板上市公司持续监管办法（试行）》《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 4 号——询价转让和配售》（以下 简称"《询价转让和配售指引》"）等相关规定，中信证券对参与本次询价转让 股东的相关资格进行核查，并出具本核查意见。 一、本次询价转让的委托 2024 年 5 月 31 日，中信证券收到出让方关于本次询价转让的委托，委托中 信证券组织实施本次询价转让。 二、关于参与本次询价转让股东相关资格的核查情况 （一）核查过程 根据相关法规要求，中信证券对出让方的相关资格进行了核查。出让方已出 具《关于 ...

中信证券股份有限公司 关于贵州振华风光半导体股份有限公司 首次公开发行部分限售股上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为贵州 振华风光半导体股份有限公司（以下简称"振华风光"或"公司"）首次公开发 行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》以及《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》等有关规定，对公司首次公开发行部分限售股上 市流通事项进行了核查，核查情况如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2022 年 6 月 23 日出具的《关于同意贵州振华风光半导体股份有限公司首次公开发行股票注册的 批复》（证监许可〔2022〕1334 号），同意公司首次公开发行股票的注册申请。公 司首次向社会公众公开发行人民币普通股（A 股）股票 50,000,000 股，并于 2022 年 8 月 26 日在上海证券交易所科创板上市，发行完成后总股本为 200,000,000 股，其中有限售条件流通股 157,219,262 股，无限售条件流通 ...

本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 17,250,002 股。 本次股票上市流通总数为 17,250,002 股。 本次股票上市流通日期为 2024 年 6 月 5 日。 证券代码：688439 证券简称：振华风光 公告编号：2024-020 贵州振华风光半导体股份有限公司 首次公开发行部分限售股上市流通公告 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： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2022 年 6 月 23 日出具的《关于同意贵州振华风光半导体股份有限公司首次公开发行股票注册的 批复》（证监许可〔2022〕1334 号），同意公司首次公开发行股票的注册申请。公 司首次向社会公众公开发行人民币普通股（A 股）股票 50,000,000 股，并于 2022 年8月26日在上海证券交易所科创板上市，发行完成后总股本为200,000,000股， 其中有限售条件流通股 157,219,262 股，无限售条件流通股 42,780, ...

Group 1: Revenue and Profit Growth - In 2023, the company achieved significant revenue and profit growth, driven by market demand and technological innovation [2] - The revenue distribution shows that amplifiers are the core revenue products, with integrated circuits and angle converters experiencing rapid growth [2] - New product orders reached nearly 60, with revenue from new products doubling year-on-year [3] Group 2: Research and Development Investment - The company has maintained R&D expenses at over 10% of revenue annually, with 2022 R&D investment at 88 million CNY (11.31% of revenue) and 2023 investment at 153 million CNY (11.80% of revenue), a year-on-year increase of 73.75% [3][4] - R&D focuses on enhancing product functionality and aligning with customer needs, as well as improving production efficiency and product quality [4] Group 3: Cost Control and Efficiency Improvement - The company plans to implement cost control strategies and optimize product structure in 2024, adapting to industry cycles [4] - Strategies include enhancing collaboration across production, supply, sales, and research, improving inventory turnover, and reducing operational costs [4] Group 4: Market Position and Competitive Advantage - The company aims to maintain product pricing at industry levels while leveraging core technology and product quality to create differentiated advantages [3] - The establishment of a support team for signal transmission and RF fields is expected to enhance market competitiveness in response to growing demand in digitalization and IoT [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating a potential return of over 20% within the next six months [9][28]. Core Insights - The company achieved a revenue of 348 million yuan in Q1 2024, representing a year-on-year growth of 7.63%, and a net profit of 140 million yuan, up 8.57% year-on-year [3]. - The significant increase in accounts receivable, which reached 1.736 billion yuan, up 76.47% year-on-year, suggests a robust growth potential driven by increasing downstream orders [3]. - The company is focusing on technological innovation and enhancing its core competitiveness by developing new product systems and increasing R&D investments [3]. - The net profit margin for Q1 2024 was 39.93%, with a gross margin of 71.57%, indicating stable profitability despite slight declines in margins [3]. Financial Performance Summary - The company reported a revenue of 1,297.12 million yuan in 2023, with a growth rate of 66.54% [4]. - The projected revenues for 2024, 2025, and 2026 are 1,957.47 million yuan, 2,808.63 million yuan, and 3,905.15 million yuan, respectively, with growth rates of 50.91%, 43.48%, and 39.04% [4]. - The net profit attributable to the parent company is expected to be 682.39 million yuan in 2024, with a growth rate of 11.76% [4]. - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 19.39, 15.66, and 12.79, respectively [4]. Strategic Developments - The company is actively enhancing its product offerings in the fields of RF microwave, clock circuits, and isolators, aiming for breakthroughs in these new areas [3]. - The company has launched nearly 100 new products and is exploring deep integration of production, education, and research through collaborations with universities [3]. - The progress of the high-reliability analog integrated circuit wafer manufacturing and advanced packaging project has reached 2.94%, indicating ongoing investment in R&D [3].

北京市朝阳区金和东路 20 号院正大中心 3 号南塔 22-31 层 邮编：100020 22-31/F, South Tower of CP Center, 20 Jin He East Avenue, Chaoyang District, Beijing l00020, P.R. China 电话/Tel : +86 10 5957 2288 传真/Fax : +86 10 6568 1022/1838 www.zhonglun.com 2023 年年度股东大会的 法律意见书 致：贵州振华风光半导体股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受贵州振华风光半导体股份 有限公司（以下简称"公司"）委托，指派律师见证公司 2023 年年度股东大会 （以下简称"本次股东大会"）。本所律师根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东大会规则》（以下简称"《股东大会规则》"）、《律师事务所 从事证券法律业务管理办法》等相关法律、行政法规及《贵州振华风光半导体股 份有限公司章程》（以下简称"《公司章程》"）的规定，对本次股东 ...

证券代码：688439 证券简称：振华风光 公告编号：2024-019 贵州振华风光半导体股份有限公司 2023 年年度股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 5 月 10 日 （二） 股东大会召开的地点：贵州省贵阳市乌当区新添大道北段 238 号公司三 楼会议室 3、 董事会秘书的出席情况；其他高管的列席情况。 董事会秘书、副总经理胡锐先生出席了本次会议;公司其他高级管理人员列 席会议。 二、 议案审议情况 （一） 非累积投票议案 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 24 | | --- | --- | | 普通股股东人数 | 24 | | 2、出席会议的股东所持有的表决权数量 | 152,343,549 | | 普通股股东所持有表决权数量 | 152,343,549 | | 3、出席 ...

中信证券股份有限公司 关于贵州振华风光半导体股份有限公司 2023 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对贵州振华风光半导体股份有限公司（以下简称"振华风光""公 司""上市公司"）进行持续督导工作的保荐人，对 2023 年度（以下简称"本持续 督导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如 下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 马峥、王彬 （三）现场检查人员 马峥、江肃伟、石家峥 （四）现场检查时间 马峥：2024 年 4 月 10 日-4 月 11 日；2024 年 4 月 24 日 江肃伟、石家峥：2024 年 4 月 10 日-4 月 11 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 1 进 ...

Investment Rating - The report assigns a "Buy" rating based on the company's breakthroughs in new product areas such as RF microwave, clock circuits, and isolators, with projected revenues for 2024, 2025, and 2026 estimated at 18.2 billion, 24.5 billion, and 31.9 billion respectively [6]. Core Insights - The company has experienced significant revenue and profit growth, with 2023 revenue reaching 1.297 billion, a year-on-year increase of 66.54%, and a net profit of 610 million, up 101.51% from the previous year [1][6]. - The company is focusing on enhancing its core competitiveness through product innovation and has launched nearly 100 new products, aiming to penetrate new markets [1]. - Production efficiency has improved with the completion of the first phase of packaging testing, leading to a wide range of packaging types and enhanced production capabilities [1]. Financial Performance - In 2023, the company's gross margin was 74.5%, slightly down by 2.89 percentage points, while the operating expenses showed significant improvement [1]. - The projected financials indicate continued growth, with expected net profits of 859.4 million, 1.135 billion, and 1.441 billion for 2024, 2025, and 2026 respectively, reflecting growth rates of 40.75%, 32.08%, and 26.95% [7][18]. - The company has a total market capitalization of 13.338 billion, with a circulating market value of 6.393 billion [2]. Product and Market Position - The company's core products include signal chain products and power management devices, with over 160 models widely used in various military applications [14]. - The company has established a strong customer base of over 400 clients, including major military and aerospace groups, and has been recognized as a qualified supplier for various aerospace projects [14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown continuous growth in revenue and profit, with multiple technological advancements achieved [2] - In Q1 2024, the company reported a revenue of 348 million yuan, representing a year-on-year increase of 7.63%, and a net profit attributable to the parent company of 140 million yuan, up 8.57% year-on-year [2] - The company has made breakthroughs in several technologies in 2023, including high-voltage isolation design technology and bipolar modulation technology, addressing key challenges in signal transmission and power amplifier miniaturization [2][2] Financial Performance Summary - The company's revenue for 2023 is projected at 1,297 million yuan, with a year-on-year growth of 66.5% [5] - The net profit attributable to the parent company for 2023 is expected to be 611 million yuan, reflecting a year-on-year increase of 101.5% [5] - The gross margin is expected to remain stable at around 74.5% for the forecast period [5] - The projected net profits for 2024, 2025, and 2026 are 661 million yuan, 832 million yuan, and 1,013 million yuan, respectively, with corresponding growth rates of 8.3%, 25.8%, and 21.7% [5] - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 19.97, 15.87, and 13.03, respectively [5]