南芯科技（688484.SH） | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|-------|------------------------------------------|-----------| | | | | | | | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | | 2025E | 2026E | 买入（上调评级） | | | 营业收入（百万元） | 1,301 | 1,780 | 2,350 | | 3,060 | 3,981 | | | | 增长率 yoy （ % ） | 32.2 | 36.9 | 32.0 | | 30.2 | 30.1 | 股票信息 | | | 归母净利润（百万元） | 246 | 261 | 350 | | 478 | 598 | 行业 | 电子 | | 增长率 ...

Investment Rating - The report maintains a "Buy" rating for the company [19][26]. Core Views - The company achieved impressive performance in 2023, with revenue of 1.78 billion yuan, a year-on-year increase of 36.87%, and a net profit attributable to shareholders of 261 million yuan, up 6.16% year-on-year [2]. - The company has strong competitiveness in certain product segments, maintaining a stable gross margin of 42.30% in 2023, with a net margin of 14.68%, which increased by 4.25 percentage points year-on-year [2]. - The company is actively expanding its product layout around smartphone applications, with significant growth in automotive electronics revenue, which reached 30.64 million yuan in 2023, a year-on-year increase of 89.02% [2]. - The company is expected to see steady growth in revenue from charge pump chips due to the increasing charging power trends in smartphones [2]. - Profit forecasts for the company indicate net profits of 331 million yuan, 505 million yuan, and 637 million yuan for 2024, 2025, and 2026, respectively, corresponding to price-to-earnings ratios of 40, 26, and 21 times based on the stock price as of March 25 [2]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.78 billion yuan, with a quarterly revenue of 575 million yuan in Q4, reflecting a year-on-year increase of 124.78% [2]. - The gross margin for 2023 was 42.30%, with a net margin of 14.68% [2]. - R&D investment reached 293 million yuan, up 57.02% year-on-year, with the number of R&D personnel increasing to 378, a growth of 32.17% [2]. Product Development - The company has established deep collaborations with major domestic smartphone manufacturers, expanding its product offerings to include wired and wireless charging chips, display driver chips, and lithium battery protection chips [2]. - The automotive electronics segment is experiencing rapid growth, with significant advancements in product sampling and project design phases for new products [2]. Market Outlook - The report anticipates continued growth in the company's revenue and profitability, driven by the increasing demand for high-power charging solutions in consumer electronics [2]. - The company is well-positioned to benefit from the ongoing trends in smartphone charging power enhancements, which are expected to drive up the unit price of its charge pump chips [2].

中信建投证券股份有限公司 关于上海南芯半导体科技股份有限公司 首次公开发行部分限售股上市流通的核查意见 中信建投证券股份有限公司（以下简称"保荐机构"、"中信建投证券"）作 为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 发行股票并在科创板上市及进行持续督导的保荐机构，根据《上海证券交易所科 创板股票上市规则》《上海证券交易所上市公司自律监管指引第 11 号——持续督 导》《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 关法律法规和规范性文件的要求，对南芯科技首次公开发行部分限售股上市流通 事项进行了核查，并发表核查意见如下： 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首次公开发行股票注册的批复》（证监许可〔2023〕 365 号），上海南芯半导体科技股份有限公司获准向社会公开发行人民币普通股 （A 股）6,353.0000 万股，并于 2023 年 4 月 7 日在上海证券交易所科创板上市， 发行完成后公司总股本为 42,353.0000 万股，其中有限售条件流 ...

证券代码：688484 证券简称：南芯科技 公告编号：2024-015 上海南芯半导体科技股份有限公司 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： 本次股票上市类型为首发战略配售股份（限售期 12 月）；股票认购方式为 网下，上市股数为 2,623,484 股。本公司确认，上市流通数量等于该限售期的全部 战略配售股份数量。 除首发战略配售股份外，其他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 192,331,432 股。 三、本次上市流通的限售股的有关承诺 （一）根据公司《首次公开发行股票并在科创板上市招股说明书》及《首次公 开发行股票科创板上市公告书》，本次申请上市流通的首发限售股股东所作承诺如 下： 1、深圳市红杉瀚辰股权投资合伙企业（有限合伙）承诺 本次股票上市流通总数为 194,954,916 股。 本次股票上市流通日期为 2024 年 4 月 8 日（2024 年 4 月 7 日为非交易日， 上市流通日期顺延至 2024 年 4 月 8 日 ...

Financial Performance - In 2023, the company achieved a revenue of 1.78 billion CNY, representing a year-on-year growth of 36.87% [3] - The net profit for 2023 was 261 million CNY, with a net profit of 333 million CNY after excluding equity payment expenses [3] - The overall gross margin for 2023 was 42.30%, remaining stable compared to the previous two years [3] - Research and development (R&D) investment reached 293 million CNY in 2023, an increase of 57.02% year-on-year, accounting for 16.43% of revenue [3] - By the end of 2023, the total number of employees was 578, with 378 in R&D, making up 65.4% of the workforce, and an increase of 32.17% in R&D personnel compared to the previous year [3] - The company held a total of 89 invention patents by the end of 2023 [3] Market Outlook - The company expects to maintain a cautious optimism regarding industry conditions in the first half of 2024 [4] - Inventory levels are considered healthy, with an increase in inventory at the end of 2023 primarily due to proactive stocking for new orders [4] - R&D expenses for 2024 are projected to remain at levels similar to the previous two years [4] - The customer structure at the end of 2023 remained stable without significant changes [4] Product Development - The company is enhancing its product offerings in mobile devices, achieving full product coverage in wired charging, wireless charging, display driver chips, and lithium battery protection chips [4] - In the automotive electronics sector, the company has made significant progress, launching several new automotive-grade products in 2023, with revenue growth nearing double in this segment [5] - The adapter power management chip sector saw revenue of 164 million CNY in 2023, an increase of 88.47% year-on-year, with expectations for continued rapid growth [5] Strategic Goals - The company aims to build a complete end-to-end charging ecosystem, focusing on mobile communications, automotive electronics, adapters, and consumer applications [6] - The long-term vision is to become a leading platform company in the domestic analog and embedded fields, capable of thriving through market cycles [6]

Investment Rating - The report assigns a "Buy" rating for the company, Southchip Technology [18]. Core Insights - Southchip Technology is recognized as a leading domestic analog chip company, focusing on providing end-to-end complete solutions in charging management, with a diverse product matrix and extensive customer coverage [18][19]. - The company has successfully transitioned from a latecomer to an industry leader in the power management sector, particularly in the fast-charging market, driven by the increasing demand for high-power charging solutions in smartphones [18][55]. - The report highlights the company's strong growth potential, supported by its expansion into automotive and industrial control sectors, in addition to its core consumer electronics business [20][21]. Summary by Sections Company Overview - Southchip Technology has developed a comprehensive product line that includes general charging management chips, DC-DC converters, charging protocol chips, wireless charging management chips, AC-DC converters, and lithium battery management chips [18][19]. - The company has established a strong position in the market by securing key partnerships with major smartphone brands, contributing significantly to its revenue [18][19]. Market Trends - The fast-charging market is experiencing a "arms race" among smartphone manufacturers, with charging power rapidly increasing from 18W to over 300W, indicating a strong consumer interest in high-power charging solutions [5][29]. - The report notes that the penetration of high-power charging solutions is expected to continue, benefiting Southchip's product offerings, particularly in the electric pump segment [5][55]. Financial Performance - Southchip Technology achieved a revenue of 1.78 billion yuan in 2023, representing a year-on-year growth of 36.87% [48]. - The company has demonstrated a stable gross margin of 42.30% in 2023, reflecting its ability to maintain profitability despite increasing R&D expenditures [52]. Future Outlook - The company is well-positioned for future growth, with projections indicating net profits of 347 million yuan, 466 million yuan, and 611 million yuan for 2024, 2025, and 2026, respectively [21]. - Southchip's strategic focus on expanding its product lines and entering new markets, such as automotive electronics and industrial control, is expected to drive long-term growth [20][21].

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company achieved a revenue of 1.78 billion yuan in 2023, representing a year-on-year growth of 36.87%, with a net profit of 261 million yuan, up 6.15% year-on-year [1]. - In Q4 2023, the company recorded a revenue of 575 million yuan, marking a significant year-on-year increase of 125% and a quarter-on-quarter increase of 5.3% [1]. - The company is actively expanding its product lines and application areas, particularly in automotive electronics and non-consumer electronics sectors [1]. Financial Performance - Revenue and Profit Forecasts: The company is projected to achieve net profits of 355 million yuan, 467 million yuan, and 577 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 36%, 31%, and 24% [1][3]. - Revenue Breakdown: In 2023, mobile device power management chips accounted for 78% of total revenue, generating 1.38 billion yuan, with a gross margin of 43.33% [1][27]. - R&D Investment: The company increased its R&D expenses by 57% to 293 million yuan, with an R&D expense ratio of 16.4% [1]. Market Position and Strategy - The company has established comprehensive coverage in smartphone power management, enhancing the unit value in mobile devices through deep collaborations with major domestic smartphone manufacturers [1]. - The automotive electronics segment is progressing well, with multiple projects underway, including wireless and wired charging solutions for leading automotive manufacturers [1]. - The company plans to achieve an end-to-end product layout in industrial sectors, including energy storage and drones, aiming for further penetration into industrial power and AI power markets [1].

公司基本情况 总市值/流通市值（亿元）147 / 20 证券研究报告：电子 | 公司点评报告 撰写此报告的分析师（一人或多人）承诺本机构、本人以及财产利害关系人与所评价或推荐的证券无利害关系。 中邮证券对于本申明具有最终解释权。 请务必阅读正文之后的免责条款部分 4 公司简介 中邮证券研究所 中邮证券有限责任公司，2002 年 9 月经中国证券监督管理委员会批准设立，注册资本 50.6 亿元人民币。中邮 证券是中国邮政集团有限公司绝对控股的证券类金融子公司。 公司经营范围包括：证券经纪；证券自营；证券投资咨询；证券资产管理；融资融券；证券投资基金销售；证 券承销与保荐；代理销售金融产品；与证券交易、证券投资活动有关的财务顾问。此外，公司还具有：证券经纪人 业务资格；企业债券主承销资格；沪港通；深港通；利率互换；投资管理人受托管理保险资金；全国银行间同业拆 借；作为主办券商在全国中小企业股份转让系统从事经纪、做市、推荐业务资格等业务资格。 公司目前已经在北京、陕西、深圳、山东、江苏、四川、江西、湖北、湖南、福建、辽宁、吉林、黑龙江、广 东、浙江、贵州、新疆、河南、山西、上海、云南、内蒙古、重庆、天津、河北等地设 ...

证券研究报告 23 年业绩稳健增长，汽车电子进展迅速 ⚫ 23 年业绩稳健增长，盈利能力稳定。南芯科技发布 2023 年年报，公 司实现收入 17.8 亿元，YoY+36.87%，实现归母净利润 2.61 亿元， YoY+6.15%，实现扣非归母净利润 2.51 亿元，YoY +6.54%。2023 年 半导体行业面临较大压力，但公司凭借着技术创新、产品研发和客户壁 垒等优势，实现业绩稳健增长。23 年毛利率为 42.30%，YoY -0.74pct， 盈利能力保持稳定。单季度来看，23Q4 公司实现收入 5.74 亿元，YoY +124%，QoQ+0.05%，归母净利润为 0.81 亿元，YoY+179.31%，环 比基本持平。 ⚫ 电荷泵龙头地位不断稳固，智能手机电源管理芯片全链路覆盖，单机 价值量不断提升。公司手机有线充电芯片持续推出更高集成度、更高 性能的产品，最高可实现 300W 快充功率，进一步维持业内领先地位。 公司通过应用场景牵引，实现有线充电、无线充电、屏驱动芯片和锂电 保护芯片等全覆盖。 ⚫ 风险提示。产品研发不及预期；产品应用领域集中；市场竞争加剧。 [Table_Contacts] - ...

Financial Performance - The company achieved operating revenue of 1,780.40 million yuan, a year-on-year increase of 36.87%[31]. - The net profit attributable to shareholders was 261.36 million yuan, reflecting a growth of 6.15% compared to the same period last year[31]. - The gross margin for the main business was 42.30%, a decrease of 0.74 percentage points year-on-year[31]. - Basic earnings per share were 0.64 yuan, down 5.88% from the previous year[23]. - The diluted earnings per share were 0.63 yuan, down 7.35% from the previous year[23]. - The company reported a total revenue of 91.67 billion RMB for the year, with a net profit of 29.25 billion RMB, indicating a strong financial performance[96]. - The operating profit for the year was 26,269.37 million, reflecting a 10.21% increase compared to the previous year[123]. - The total profit amounted to 26,627.78 million, which is a 10.34% increase year-on-year[123]. - The company's gross profit margin for its main business was 42.30%, a decrease of 0.74 percentage points compared to the same period last year[118]. Research and Development - The R&D investment accounted for 16.43% of operating revenue, an increase of 2.11 percentage points compared to the previous year[23]. - The company increased R&D investment to 292.52 million yuan, a year-on-year growth of 57.02%, with R&D personnel rising to 378, accounting for 65.40% of total employees[32]. - Total R&D investment reached approximately ¥292.52 million, a significant increase of 57.02% compared to the previous year's ¥186.30 million, with R&D investment as a percentage of operating revenue rising from 14.32% to 16.43%[81]. - The R&D personnel count increased to 378, representing 65.40% of the total workforce, up from 62.04% in the previous year[99]. - The average salary for R&D personnel rose to 57.36 thousand RMB, compared to 47.45 thousand RMB in the prior year, reflecting the company's investment in talent[99]. - The company has established a comprehensive product R&D process, ensuring quality control and risk management throughout the development stages[53]. - The company has introduced 7 new core technologies, all of which are independently developed, including lithium battery monitoring technology and automotive-grade intelligent fuse technology, which have been applied in its products[32]. - The company has successfully authorized 12 patents related to its general charging management chips, indicating strong innovation capabilities in this area[74]. - The company applied for 62 new intellectual property projects during the reporting period, all of which are invention patents, bringing the total number of invention patents to 89 as of December 31, 2023[80]. Market Strategy and Expansion - The company plans to continue expanding its market presence and invest in new product development[31]. - The company aims to enhance its product matrix and maintain its competitive edge in consumer electronics while expanding into industrial and automotive electronics sectors[46]. - The company plans to enhance its product layout across various application scenarios, aiming to become a more competitive platform company[106]. - The company plans to continue expanding its market presence, particularly in overseas markets, driven by increased demand from distributors in regions like Hong Kong[132]. - The company aims to achieve breakthroughs in high-end applications of lithium battery management and wireless charging technology[91]. - The company aims to increase its domestic market share while actively expanding overseas sales channels to enhance business growth[186]. - The company plans to implement a comprehensive training program to enhance management capabilities and ensure the achievement of operational goals[188]. Supply Chain and Production - The company has established strategic partnerships with major wafer and packaging suppliers, ensuring supply chain stability and competitive pricing advantages[37]. - The company operates under a Fabless model, focusing on chip design and sales while outsourcing manufacturing and testing processes[47]. - The company operates under a Fabless model, focusing on chip R&D, design, and sales, while outsourcing wafer manufacturing and packaging[135]. - The company emphasizes a self-controlled supply chain, collaborating with leading suppliers to maintain competitive advantages in technology and cost[105]. - The company has strengthened control over subsidiaries, ensuring compliance with financial management and major decision-making processes[148]. Risks and Challenges - The company faces risks related to core technology leakage, which could adversely affect its business development and operational performance[108]. - The semiconductor market is experiencing a downturn due to geopolitical tensions and declining terminal application demand, which may impact the company's revenue growth[115]. - The sales revenue from the top five customers accounted for 74.35% of the total operating revenue, indicating a high customer concentration risk[109]. Corporate Governance and Social Responsibility - The company has established a comprehensive internal control system to ensure compliance with regulatory requirements and protect shareholder interests[146]. - The board of directors emphasizes the importance of ESG initiatives and is committed to enhancing corporate governance and social responsibility[151]. - The company maintains a strong investor relations framework, ensuring compliance and transparency in communications[138]. Financial Position and Cash Flow - Cash and cash equivalents increased by 240.71% year-on-year to ¥2,876,824,819.04, primarily due to funds raised from the company's initial public offering[168]. - Accounts receivable rose by 105.07% year-on-year to ¥207,203,739.94, attributed to increased revenue and unsettled receivables within the credit period[168]. - Inventory increased by 56.56% year-on-year to ¥525,382,558.41, reflecting the company's expanded business scale and production according to sales plans[168]. - The company reported a net cash inflow from financing activities of 2,237.96 million RMB, attributed to the proceeds from the initial public offering[164]. - The net cash flow from operating activities decreased by 40.51% to ¥208,167,251.04, down from ¥349,912,394.38, primarily due to increased employee compensation and procurement payments[126]. Investment and Future Outlook - The company is currently developing several projects, including a high-power charge pump management chip with an expected total investment of ¥11.01 million, which is in the R&D and production stage[89]. - The general high-performance charging management chip project has an expected total investment of ¥13.75 million, with a focus on achieving industry-leading charging efficiency and system integration[89]. - The company aims to provide complete charging solutions, enhancing product competitiveness and addressing customer pain points effectively[100]. - The company plans to implement a comprehensive training program to enhance management capabilities and ensure the achievement of operational goals[188].