Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is focusing on continuous R&D investment to seize opportunities in the automotive and industrial markets. The domestic substitution trend is seen as a significant opportunity for manufacturers in these sectors. The automotive business is expected to grow by 179% in 2024, with revenue contribution exceeding 3% [4][6] - The company has launched multiple new products in the automotive and industrial sectors, leveraging its advantages in consumer electronics. It aims to expand its customer base both domestically and internationally [4] - High R&D investment is driving product innovation, with R&D expenses expected to reach 437 million yuan in 2024, a 49.25% increase year-on-year, accounting for 17.01% of revenue [5] Financial Projections - Revenue projections for the company are 3.34 billion yuan in 2025, 4.37 billion yuan in 2026, and 5.68 billion yuan in 2027, with corresponding net profits of 331.99 million yuan, 452.43 million yuan, and 602.85 million yuan respectively [6][8] - The company is expected to maintain a strong growth rate, with revenue growth rates of 44.19% in 2024, 30.22% in 2025, and around 30% in the following years [8][10] - The company's earnings per share (EPS) is projected to increase from 0.72 yuan in 2024 to 1.42 yuan in 2027 [8][10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is focusing on continuous R&D investment to seize opportunities in the automotive and industrial markets. The domestic substitution trend is seen as a significant opportunity for manufacturers in these sectors. The automotive business is expected to grow by 179% in 2024, contributing over 3% to revenue, with further growth anticipated in 2025 [4][6] - The company has increased its R&D expenditure significantly, with a 49.25% year-on-year increase in 2024, amounting to 437 million yuan, which represents 17.01% of revenue. This investment supports the launch of new products and the expansion of customer bases [5][6] Company Overview - Latest closing price: 32.33 yuan - Total shares: 4.25 billion, circulating shares: 2.93 billion - Total market capitalization: 138 billion yuan, circulating market capitalization: 95 billion yuan - 52-week high/low: 41.90/25.52 yuan - Debt-to-asset ratio: 15.3% - Price-to-earnings ratio: 44.90 - Largest shareholder: 阮晨杰 [3] Financial Forecast and Key Metrics - Revenue projections for 2025, 2026, and 2027 are 33.4 billion yuan, 43.7 billion yuan, and 56.8 billion yuan respectively, with net profits of 3.3 billion yuan, 4.5 billion yuan, and 6.0 billion yuan [6][8] - The company is expected to maintain a revenue growth rate of 44.19% in 2024, followed by 30.22% in 2025, and similar growth rates in subsequent years [8] - The EBITDA for 2025 is projected at 428.55 million yuan, with a net profit margin of approximately 9.9% [8]

上海南芯半导体科技股份有限公司 2024 年年度股东会会议资料 证券代码：688484 证券简称：南芯科技 上海南芯半导体科技股份有限公司 2024 年年度股东会会议资料 二〇二五年五月 1 上海南芯半导体科技股份有限公司 2024 年年度股东会会议资料 目录 | 上海南芯半导体科技股份有限公司 | | 2024 年年度股东会会议须知 3 | | --- | --- | --- | | 上海南芯半导体科技股份有限公司 | | 2024 年年度股东会会议议程 5 | | 上海南芯半导体科技股份有限公司 | | 2024 年年度股东会会议议案 7 | | 议案一： | 关于《2024 | 年度董事会工作报告》的议案 7 | | 议案二： | 关于《2024 | 年度监事会工作报告》的议案 8 | | 议案三： | 关于公司 | 年年度报告及摘要的议案 9 2024 | | 议案四： | 关于《2024 | 年度财务决算报告》的议案 10 | | 议案五： | 关于公司 | 2024 年度利润分配预案的议案 11 | | 议案六： | 关于 2025 | 年度公司董事薪酬方案的议案 12 | | 议案七： | 关于 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved a revenue of 700 million yuan in Q1 2025, representing a year-on-year increase of 14% and a quarter-on-quarter increase of 3%. The net profit attributable to the parent company was 63.49 million yuan, a year-on-year decrease of 37% but a quarter-on-quarter increase of 81% [4][5] - In 2024, the company realized a total revenue of 2.6 billion yuan, a year-on-year increase of 44%, with a net profit of 300 million yuan, up 17% year-on-year [4][5] - The company has seen rapid growth across various downstream sectors, particularly in automotive power management, which achieved a revenue of 85.51 million yuan, a year-on-year increase of 179% [5][6] Financial Performance - The company’s revenue is projected to grow significantly from 2.57 billion yuan in 2024 to 5.34 billion yuan in 2027, with corresponding net profits increasing from 307 million yuan to 704 million yuan over the same period [9] - The gross margin is expected to remain stable around 40% from 2024 to 2027, indicating consistent profitability [9] - The earnings per share (EPS) are forecasted to rise from 0.72 yuan in 2024 to 1.65 yuan in 2027, reflecting strong growth potential [9] Market Position and Competitive Advantage - The company has successfully expanded its product applications from mobile device power management to new fields, including automotive electronics, where it has made significant inroads with major automotive manufacturers [6] - The automotive electronics business is entering a new phase of rapid development, driven by increasing market demand and domestic substitution trends [6][7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 700 million yuan in Q1 2025, representing a year-on-year increase of 14% and a quarter-on-quarter increase of 3%. However, the net profit attributable to the parent company decreased by 37% year-on-year to 63.49 million yuan, but increased by 81% quarter-on-quarter [6] - In 2024, the company reported a total revenue of 2.6 billion yuan, a year-on-year increase of 44%, with a net profit of 300 million yuan, up 17% year-on-year [6] - The company has seen rapid growth across various downstream sectors, particularly in automotive power management, which grew by 179% year-on-year to 85.51 million yuan [7][8] Financial Performance Summary - The company’s revenue is projected to grow significantly from 2.57 billion yuan in 2024 to 5.34 billion yuan in 2027, with year-on-year growth rates of 44.2%, 31.3%, 25.4%, and 26.4% respectively [11] - The net profit attributable to the parent company is expected to increase from 307 million yuan in 2024 to 704 million yuan in 2027, with corresponding year-on-year growth rates of 17.4%, 26.3%, 29.1%, and 40.6% [11] - The company’s gross margin is projected to remain stable around 40% over the forecast period [11] Investment Recommendations - The forecasted net profits for 2025, 2026, and 2027 are 387 million yuan, 500 million yuan, and 704 million yuan respectively, with corresponding earnings per share (EPS) of 0.91 yuan, 1.18 yuan, and 1.65 yuan. The latest closing price corresponds to price-to-earnings (PE) ratios of 36x, 28x, and 20x for the respective years [9]

Fundraising Overview - The company, Shanghai Nanchip Semiconductor Technology Co., Ltd., was approved to publicly issue 63.53 million shares at a price of RMB 39.99 per share, raising a total of RMB 2.54 billion [1] - The funds raised have been deposited into designated special accounts as per the regulations and agreements with the underwriter and commercial banks [1] Fund Management and Usage - The company has established a fundraising management system in compliance with relevant laws and regulations, ensuring that the funds are stored in special accounts [2] - A tripartite supervision agreement has been signed between the company, the underwriter, and the banks holding the funds [2] - As of the announcement date, multiple special accounts have been opened at various banks for the management of the raised funds [2] Account Cancellation - The company has recently canceled a special account at the Bank of Communications Shanghai Zhangjiang Branch, as the funds in that account have been fully utilized [3] - The cancellation of this account also leads to the termination of the tripartite supervision agreement related to that account [3]

证券代码：688484 证券简称：南芯科技 公告编号：2025-038 上海南芯半导体科技股份有限公司 关于签订募集资金专户存储三方监管协议的公告 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、募集资金基本情况 根据中国证券监督管理委员会于 2023 年 2 月 21 日出具的《关于同意上海南 芯半导体科技股份有限公司（以下简称"公司"或"南芯科技"）首次公开发行 股票注册的批复》 （证监许可〔2023〕365 号），公司获准向社会公开发行人民币 普通股 6,353 万股，每股发行价格为人民币 39.99 元，募集资金总额为人民币 公司本次公开发行新股的资金到位情况进行了审验，并出具了《上海南芯半导体 科技股份有限公司验资报告》（容诚验字2023230Z0068 号）。募集资金到账后， 已全部存放于经公司董事会批准开设的募集资金专项账户内，公司与保荐机构、 存放募集资金的商业银行已经签署了《募集资金专户存储三方监管协议》，具体 情况详见公司于 2023 年 4 月 6 日在上海证券交易所网站（www.sse.com. ...

证券代码：688484 证券简称：南芯科技 公告编号：2025-039 上海南芯半导体科技股份有限公司 资子公司已与保荐人中信建投证券股份有限公司及存放募集资金的商业银行签 订了募集资金专户存储三方监管协议。 截至本公告披露日，公司及募投项目实施主体的公司子公司募集资金专项账 户开立情况如下： | 账户名称 | 开户银行 | 募集资金专户账户 | 状态 | | --- | --- | --- | --- | | 上海南芯半导体科技股 | 上海浦东发展银行股份 | 97160078801300004414 | 存续 | | 份有限公司 | 有限公司张江科技支行 | | | | 上海南芯半导体科技股 | 中信银行股份有限公司 | 8110201013501588062 | 存续 | | 份有限公司 | 上海分行营业部 | | | | 上海南芯半导体科技股 | 招商银行股份有限公司 | 121936870310608 | 存续 | | 份有限公司 | 上海分行营业部 | | | | 上海南芯半导体科技股 | 上海浦东发展银行股份 | 97160078801100004415 | 存续 | | 份有限公司 | 有限公 ...

证券代码：688484 证券简称：南芯科技 公告编号：2025-038 上海南芯半导体科技股份有限公司 关于签订募集资金专户存储三方监管协议的公告 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、募集资金基本情况 根据中国证券监督管理委员会于 2023 年 2 月 21 日出具的《关于同意上海南 芯半导体科技股份有限公司（以下简称"公司"或"南芯科技"）首次公开发行 股票注册的批复》（证监许可〔2023〕365 号），公司获准向社会公开发行人民币 普通股 6,353 万股，每股发行价格为人民币 39.99 元，募集资金总额为人民币 254,056.47 万元，扣除不含税的发行费用 16,572.76 万元，实际募集资金净额为 237,483.71 万元，上述资金已全部到位。容诚会计师事务所（特殊普通合伙）对 公司本次公开发行新股的资金到位情况进行了审验，并出具了《上海南芯半导体 科技股份有限公司验资报告》（容诚验字[2023]230Z0068 号）。募集资金到账后， 已全部存放于经公司董事会批准开设的募集资金专项账户内 ...

证券代码：688484 证券简称：南芯科技 公告编号：2025-037 上海南芯半导体科技股份有限公司 第二届监事会第六次会议决议公告 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 上海南芯半导体科技股份有限公司（以下简称"公司"）第二届监事会第六 次会议（以下简称"本次会议"）于 2025 年 5 月 15 日以现场结合通讯方式召开， 本次会议通知于 5 月 7 日以书面和电子邮件的方式发出。本次会议由监事会主席 韩颖杰先生召集和主持，会议应到监事 3 名、实际出席监事 3 名。本次会议的召 集和召开符合有关法律、行政法规、部门规章、规范性文件和《上海南芯半导体 科技股份有限公司章程》 （以下简称" 《公司章程》"）的规定，会议决议合法、有 效。 （以 下简称"《激励计划》"拟首次授予的激励对象中，有 7 名激励对象因个人原因自 愿放弃参与本激励计划，根据公司 2025 年第二次临时股东会的授权，董事会对 公司 2025 年限制性股票激励计划首次授予激励对象名单及授予数量进行调整。 本次调整后， ...