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 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 47.89 CNY per share based on a 55x PE for 2024 [13][34]. Core Insights - The company achieved a revenue of 1.78 billion CNY in 2023, representing a year-over-year growth of 36.87%, and a net profit of 261 million CNY, up 6.15% YoY [2][12]. - The company is solidifying its leading position in the charge pump market and has a comprehensive coverage of power management chips for smartphones, with products capable of achieving up to 300W fast charging [3][12]. - The automotive electronics segment showed significant growth, with revenue reaching 31 million CNY, a YoY increase of 89.02%, and the company is expanding its product offerings in various automotive applications [12]. Financial Summary - The company forecasts a revenue of 2.30 billion CNY for 2024, with an expected EPS of 0.87 CNY per share [13][14]. - The gross margin for 2023 was 42.30%, slightly down by 0.74 percentage points YoY, indicating stable profitability [2][12]. - The company’s revenue growth rates are projected to be 29.3% in 2024, 28.2% in 2025, and 26.0% in 2026 [14].

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].

证券代码：688484 证券简称：南芯科技 公告编号：2024-007 上海南芯半导体科技股份有限公司 关于以集中竞价交易方式回购公司股份的回购报告书 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： 为践行"以投资者为本"的上市公司发展理念，维护上海南芯半导体科技股份 有限公司（以下简称"公司"）全体股东利益，基于对公司未来年度发展前景的坚 定信心、对公司价值的认可和切实履行社会责任，公司拟以集中竞价交易方式回 购公司已发行的部分人民币普通股（A 股）股票，回购股份方案的主要内容如下： 1、回购股份的用途：本次回购的股份将在未来合适时机全部用于实施股权 激励和员工持股计划；若公司未能在股份回购实施结果暨股份变动公告日后 3 年内使用完毕已回购股份，尚未使用的已回购股份将予以注销。如国家对相关政 策作调整，则回购方案按调整后的政策实行； 2、回购股份的资金总额：不低于人民币 5,000 万元（含）且不超过人民币 10,000 万元（含）； 3、回购期限：自公司董事会审议通过本次回购股份方案之日起 12 个月内 ...

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： 截至 2024 年 2 月 29 日，上海南芯半导体科技股份有限公司（以下简称"公 司"）仍在办理开立回购专用证券账户等相关事宜，尚未实施股份回购。 一、回购基本情况 证券代码：688484 证券简称：南芯科技 公告编号：2024-006 上海南芯半导体科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购股份期间，应于每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现公司将回购股份进展情况公告如下： 2024 年 2 月 22 日，公司召开第一届董事会第二十一次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用不低于人民币 5,000 万元（含）且不超过人民币 10,000 万元（含）的自有资金，以集中竞价交 易方式回购公司已发行的部分人民币普通股（A 股）股票，回购价格不超过人民 币 44 元/股（ ...

证券代码：688484 证券简称：南芯科技 公告编号：2024-005 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司董事会公告回购股份决议的前一个交 易日（即 2024 年 2 月 23 日）登记在册的前十名股东和前十名无限售条件股东的 名称、持股数量和持股比例情况公告如下： 上海南芯半导体科技股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 股东持股情况的公告 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。 上海南芯半导体科技股份有限公司(以下简称"公司")于 2024 年 2 月 22 日 召开了第一届董事会第二十一次会议，审议通过了《关于以集中竞价交易方式回 购公司股份方案的议案》，具体内容详见 2024 年 2 月 24 日披露于上海证券交易 所网站（www.sse.com.cn）的《关于以集中竞价交易方式回购公司股份方案的公 告》（公告编号：2024-002）。 序号 股东名称 持股数量 （股） 占公司总股 本比例（%） 1 阮晨杰 72, ...

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、董事会会议召开情况 证券代码：688484 证券简称：南芯科技 公告编号：2024-003 上海南芯半导体科技股份有限公司 第一届董事会第二十一次会议决议公告 独立董事对本议案发表了同意的独立意见。 表决结果：同意 9 票；反对 0 票；弃权 0 票。 具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）的《关于 以集中竞价交易方式回购公司股份方案的公告》（公告编号：2024-002）。 特此公告。 上海南芯半导体科技股份有限公司(以下简称"公司")第一届董事会第 二十一次会议（以下简称"本次会议"）于 2024 年 2 月 22 日下午 13 时 30 分在 公司会议室以现场结合通讯方式召开。本次会议通知于 2024 年 2 月 17 日以电子 邮件方式送达全体董事。本次会议应出席董事 9 人，实际出席董事 9 人。本次会 议由公司董事长阮晨杰先生召集并主持，会议的召集及召开程序符合《中华人民 共和国公司法》等有关法律、法规、部门规章及《上海南芯半导 ...

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》"）《上市公司独立董事管理办法》《上海证券交易所科创板股票上 市规则》等法律法规及《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》"） 以及《上海南芯半导体科技股份有限公司独立董事工作制度》等有关规定，我们作为上海 南芯半导体科技股份有限公司（以下简称"公司"）的独立董事，基于独立客观的立场， 本着审慎负责的态度，对公司于 2024 年 2 月 22 日召开的第一届董事会第二十一次会议 审议的相关事项发表以下独立意见： 一、《关于以集中竞价交易方式回购公司股份方案的议案》独立意见 上海南芯半导体科技股份有限公司 独立董事意见 上海南芯半导体科技股份有限公司独立董事 关于第一届董事会第二十一次会议相关事项的独立意见 曾晓洋、CHRISTINE XIAOHONG JIANG、林萍 2024 年 2 月 22 日 综上，我们认为公司本次回购股份合法合规，回购方案具有可行性和必要性，符合 公司和全体股东的利益，我们一致同意本议案。 上海南芯半导体科技股份有限公司 独立董事意见 上海南芯半导体科技股份有限 ...