Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 792 million yuan for the first three quarters of 2024, a year-on-year decrease of 18.74%, and a net profit attributable to shareholders of 248 million yuan, down 37.96% year-on-year [3] - The company's performance is under short-term pressure due to overall market demand decline, customer inventory reduction, changes in tax incentive policies, and product price reductions [4] - The company has launched multiple new products that have passed user trials but have not yet generated orders, contributing to the revenue decline [4] - The profit decline is attributed to three factors: a decrease in revenue, a reduction in gross margin due to tax policy changes and price cuts, and an increase in credit impairment losses due to rising receivables [4] Financial Forecasts - The profit forecast for the company has been adjusted, with expected net profits for 2024, 2025, and 2026 being 378 million yuan, 462 million yuan, and 566 million yuan respectively, reflecting growth rates of -38.0%, 22.0%, and 22.5% [5] - Corresponding P/E ratios are projected to be 29.18, 23.91, and 19.51 for the years 2024, 2025, and 2026 [5] Key Financial Metrics - For 2024, the expected revenue is 1,091 million yuan, a year-on-year decrease of 15.9%, with a net profit of 378 million yuan, down 38.0% year-on-year [7] - The gross margin is expected to decrease to 67.9% in 2024 from 74.5% in 2023 [7] - The return on equity (ROE) is projected to decline to 7.4% in 2024 from 12.9% in 2023 [7]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its market position and product capabilities [1][3]. Core Views - The company experienced a decline in revenue and net profit in Q3 2024, with revenue of 1.82 billion yuan, down 44.52% year-on-year, and a net profit of 0.17 billion yuan, down 87.76% year-on-year. This decline is attributed to poor market conditions and customer inventory reduction [1]. - Despite the short-term pressure on performance, the company is accelerating new product development to address market challenges and has launched over 60 new products in the first half of 2024 [1]. - The company is enhancing its technical team to explore market growth opportunities, focusing on new products and customer segments to strengthen its market presence [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 7.92 billion yuan, a decrease of 18.74% year-on-year, and a net profit of 2.48 billion yuan, down 37.36% year-on-year [1]. - The gross margin for Q3 2024 was 66.98%, a decrease of 3.93 percentage points year-on-year, influenced by product price reductions [1]. - The projected net profits for 2024, 2025, and 2026 are 4.37 billion yuan, 6.40 billion yuan, and 8.64 billion yuan, respectively, with year-on-year growth rates of -28.5%, 46.6%, and 34.9% [1][4]. Product Development and Market Strategy - The company is focusing on high-reliability integrated circuits, with products used across various sectors including aerospace and automotive, meeting stringent performance requirements [1]. - New product highlights include advancements in amplifier technology and magnetic encoding chips, which are expected to enhance the company's competitive edge [1]. - The company is committed to increasing R&D investment to drive product performance upgrades and maintain its leadership in the industry [1].

Investment Rating - The report maintains a "Buy" rating for the company [1][2][19]. Core Views - The company reported a significant decline in revenue and profit for Q3 2024, with revenue of 182 million (down 44.5% year-on-year and down 30.6% quarter-on-quarter) and a net profit of 17 million (down 87.8% year-on-year and down 81.3% quarter-on-quarter) [1][8]. - The overall market demand has decreased, leading to pressure on product prices, which has adversely affected the company's performance [1][8]. - The gross margin has declined year-on-year, attributed to the pressure on product prices, with a gross margin of 67.0% in Q3 2024 (down 3.9 percentage points year-on-year) [1][10]. - The company is actively expanding its product offerings to capture market share despite the current challenges [1][2]. Summary by Sections Revenue and Profit - For the first three quarters of 2024, the company achieved a revenue of 792 million (down 18.7% year-on-year) and a net profit of 248 million (down 37.4% year-on-year) [1][8]. - The Q3 2024 revenue and net profit figures indicate a significant decline, reflecting the challenging market conditions [1][8]. Market Conditions - The report highlights a general decline in market demand, which has led to inventory destocking by customers and subsequent pressure on product pricing [1][8]. - The company is responding to these market conditions by launching multiple new products to enhance its market presence [1][2]. Financial Metrics - The gross margin for Q1-Q3 2024 was reported at 67.3% (down 4.1 percentage points year-on-year), while the net profit margin was 31.4% (down 9.3 percentage points year-on-year) [1][10]. - In Q3 2024, the gross margin was 67.0% (down 3.9 percentage points year-on-year, up 5.0 percentage points quarter-on-quarter), and the net profit margin was 9.4% (down 33.3 percentage points year-on-year, down 25.5 percentage points quarter-on-quarter) [1][10]. Capacity and Investment - The company has seen a significant increase in fixed assets and construction in progress, with fixed assets at 335 million (up 46.88% from the end of the previous year) and construction in progress at 176 million (up 993.49% from the end of the previous year) [1][11]. - The ongoing investment projects are expected to support the company's long-term capacity and growth [1][11].

（一）审议通过《2024 年第三季度报告》 监事会认为：《2024 年第三季度报告》的编制和审议程序符合法律、行政 法规及中国证监会和上海证券交易所的规定，报告内容真实、准确、完整地反映 了公司报告期内的经营情况和财务状况等事项，不存在任何虚假记载、误导性陈 述或者重大遗漏。 证券代码：688439 证券简称：振华风光 公告编号：2024-046 贵州振华风光半导体股份有限公司 第二届监事会第三次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 贵州振华风光半导体股份有限公司（以下简称"公司"）第二届监事会第三 次会议于 2024 年 10 月 29 日 14:00 以通讯方式召开。本次会议通知于 2024 年 10 月 21 日以书面及电子邮件等方式通知全体监事。会议由监事会主席唐孝成先 生主持，会议应到监事 3 人，实到监事 3 人。本次会议的召集和召开程序符合《中 华人民共和国公司法》《上海证券交易所科创板股票上市规则》等相关法律法规、 规范性文件及《贵州振华风光半导体股份有限公司 ...

关于贵州振华风光半导体股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 中信证券股份有限公司 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"公司"或"振华风光"）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》《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》《上市公司监管指引第 2 号——上市公司募集资金管 理和使用的监管要求（2022 修订）》等有关规定，对公司使用部分暂时闲置募集 资金进行现金管理的事项进行了核查，核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《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）同意注册，并经上海 证券交易所同意，振华风光首次向社会公众发行人民币普通股（A 股）股票 5,000 万股，每股面值人民币 1.00 元，每股发行价格为人民币 66.99 元。募集资金总额 为人民币 3,349,500,000.00 元，扣除全部发行费用（不含税）后实际募 ...

证券代码：688439 证券简称：振华风光 公告编号：2024-040 贵州振华风光半导体股份有限公司 关于使用部分超募资金永久补充流动资金的公告 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。 一、公司首次公开发行募集资金基本情况 重要提示： 1.公司超募资金永久补充流动资金额度：不超过人民币 50,000.00 万元，占 超募资金总额的比例为不超过 24.28%。 2.公司承诺：每 12 个月内累计使用超募资金用于永久性补充流动资金或者 归还银行贷款的金额将不超过超募资金总额的 30%；本次使用超募资金永久补充 流动资金不会影响募集资金投资计划的正常进行；在补充流动资金后的十二个月 内不进行高风险投资以及为控股子公司以外的对象提供财务资助。 3.本事项尚需提交公司股东大会审议。 贵州振华风光半导体股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召开第二届董事会第三次会议、第二届监事会第三次会议，审议通过了《关于 使用部分超募资金永久补充流动资金的议案》，同意公司使用不超过人民币 50,000.00 ...

中信证券股份有限公司 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"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》《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》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监 管要求（2022 修订）》等有关规定，对公司使用部分超募资金永久补充流动资金 的事项进行了核查，核查情况如下： 一、公司首次公开发行募集资金基本情况 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《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），同意公司首次向社会公众发行人民币普通股（A 股）股票 5,000 万股，每股面值人民币 1.00 元，每股发行价格为人民币 66.99 元。 募集资金总额为人民币 334,950.00 万元，扣除全部发行费用后实际募集资金净额 为 325,992.36 万元(不含增值税金额)，上述募集资金已 ...

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。 贵州振华风光半导体股份有限公司（以下简称"公司"）于2024年10月29日 召开第二届董事会第三次会议，审议通过了《关于2024年前三季度计提资产减值 准备的议案》，现将有关事项公告如下： 一、本次计提资产减值准备情况概述 根据《企业会计准则》《上海证券交易所科创板股票上市规则》和公司会计 政策、会计估计的相关规定，为客观、公允地反映公司截至2024年9月30日的财 务状况及经营成果，基于谨慎性原则，公司对合并报表范围内的各类资产进行了 减值测试，对其中存在减值迹象的资产相应计提减值损失。 2024年前三季度，公司确认信用减值损失和资产减值损失共计为6,933.56万 元，其中计提信用减值损失5,992.96万元，计提资产减值损失940.60万元。具体 情况如下表所示： | 项 目 | 2024年1-9月发生金额（元） | | --- | --- | | 信用减值损失（损失以"-"号填列） | -59,929,599.45 | | 其中：应收票据坏账准备 | 10,646,4 ...

证券代码：688439 证券简称：振华风光 公告编号：2024-042 贵州振华风光半导体股份有限公司 关于使用承兑汇票、信用证等方式支付募投项目 所需资金并以募集资金等额置换的公告 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。 贵州振华风光半导体股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召开第二届董事会第三次会议及第二届监事会第三次会议，会议审议通过了 《关于使用承兑汇票、信用证等方式支付募投项目所需资金并以募集资金等额置 换的议案》。保荐人中信证券股份有限公司（以下简称"保荐机构"）对本事项出 具了明确同意的核查意见。上述议案无需提交股东大会审议。本次使用承兑汇票、 信用证等方式先行支付募投项目所需资金，之后定期按月以募集资金等额置换， 并从募集资金专户划转等额资金至公司一般账户，该部分等额置换资金视同募投 项目已使用资金。具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会《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） ...

证券代码：688439 证券简称：振华风光 公告编号：2024-041 贵州振华风光半导体股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的公告 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： 贵州振华风光半导体股份有限公司（以下简称"公司"或"振华风光"）于 2024年10月29日召开第二届董事会第三次会议和第二届监事会第三次会议，审议 通过《关于使用部分暂时闲置募集资金进行现金管理的议案》，同意公司使用不 超过人民币160,000万元（包含本数）部分暂时闲置募集资金进行现金管理，用于 购买安全性高、流动性好、满足保本要求的投资产品（包括但不限于保本型理财 产品、结构性存款、通知存款、定期存款、大额存单、协定存款等）或中国证券 监督管理委员会认可的其他投资品种等，本次现金管理决议的有效期限自公司董 事会审议通过之日起的12个月内（含12个月）有效，在上述额度和期限范围内， 资金可以循环滚动使用。董事会授权总经理或董事长授权人员在上述额度和决议 有效期内全权行使现金管理决策权及签署相关文件，具体事项由 ...