财务报表预测和估值数据汇总 | --- | --- | --- | |--------------------------------|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 公司近一年市场表现 | | 事件描述 | | | | 公司于近日披露 2023 年年度报告， 2023 年实现公司实现营业收入 3.23 亿元，同比 +34.12% ；归母净利润 1.03 亿元，同比 +48.39% ；扣非归母净利 润 0.67 亿元，同比 +17.67% 。其中， 23Q4 ...

电子 | 证券研究报告 — 调整盈利预测 2024 年 4 月 3 日 买入 原评级：买入 市场价格:人民币 88.89 板块评级:强于大市 | --- | --- | --- | |-------------------------------|------------|----------| | | | | | 发行股数 ( 百万 ) | | 69.26 | | 流通股 ( 百万 ) | | 37.94 | | 总市值 ( 人民币 百万 ) | | 6,156.95 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 42.39 | | 主要股东 | | | | FENG CHEN | | 37.46 | | 资料来源：公司公告， Wind | ，中银证券 | | 联系人：周世辉 shihui.zhou@bocichina.com 一般证券业务证书编号：S1300123050013 2023 年增长稳健，高清视频桥接、高速传输、汽车电子 业务拓展顺利 [Table_FinchinaDetail] 利润表(人民币 百万) 现金流量表(人民币 百万) 2024 年 4 月 3 日 龙迅股份 2 中银国际 ...

证券代码：688486 证券简称：龙迅股份 公告编号：2024-031 龙迅半导体（合肥）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 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/2/7 | | --- | --- | | 回购方案实施期限 | 2024/2/6~2025/2/5 | | 预计回购金额 | 元 30,000,000.00 元~60,000,000.00 | | 回购用途 | 用于员工持股计划或股权激励 | | 累计已回购股数 | 股 356,697 | | 累计已回购股数占总股本比 | 0.5150% | | 例 | | | 累计已回购金额 | 元 30,034,799.41 | | 实际回购价格区间 | 81.66 元/股~86.48 元/股 | 一、 回购股份的基本情况 公司于 2024 年 2 月 6 日召开第三届董事会第十七次会议，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》，同意公司使用自有资金以集中竞 价交易方式 ...

Group 1 - The investment rating for the company is "Buy" with a current price of 86.56 yuan and a target value of 122.41 yuan [3][4]. - The core viewpoint highlights that the company achieved a record high revenue of 323 million yuan in 2023, representing a year-on-year growth of 34.12%, and a net profit attributable to shareholders of 103 million yuan, up 48.39% year-on-year [1][4]. - The company has successfully expanded its product line, including the mass shipment of 4K/8K ultra-high-definition video signal bridging chips, which meet the demands of new 4K/8K displays and the AR/VR market [1][4]. Group 2 - The company is actively exploring the automotive market, with new SerDes products expected to meet the high-end automotive market's needs for long-distance video transmission and ultra-high-definition display [1][4]. - Earnings forecasts for the company indicate an expected EPS of 2.42 yuan, 3.42 yuan, and 5.26 yuan for the years 2024, 2025, and 2026 respectively [1][4]. - The report maintains a reasonable value of 122.41 yuan per share, considering the company's product competitiveness and growth potential [4].

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Insights - In 2023, the company achieved total revenue of 323 million yuan, representing a year-over-year increase of 34.12%. The net profit attributable to shareholders was 103 million yuan, up 48.39% year-over-year [1]. - The company has a strong technological lead, with Q4 revenue reaching a new high of 101 million yuan, reflecting a year-over-year growth of 48.01% and a quarter-over-quarter increase of 14.59% [1]. - The company is actively advancing its product development, with new products such as 4K/8K ultra-high-definition bridging chips entering mass production to meet market demands [2]. - The automotive sector is being cultivated as a new growth area, with several high-definition bridging chips successfully integrated into vehicle systems, and the car-mounted SerDes chip group entering the verification phase [2]. Financial Forecasts - The company is projected to achieve net profits of 145 million yuan, 217 million yuan, and 340 million yuan for the years 2024, 2025, and 2026, respectively, corresponding to price-to-earnings ratios of 41, 28, and 18 times [3][4]. - The gross profit margin for 2023 was reported at 54.44%, with a slight quarter-over-quarter decrease of 0.22 percentage points [1]. - The company is expected to maintain strong revenue growth rates of 38.90%, 59.75%, and 51.20% for the years 2024, 2025, and 2026, respectively [4][9].

Dividend and Profit Distribution - The company plans to distribute a cash dividend of 14.00 RMB per 10 shares, totaling approximately 96,471,431.00 RMB, which represents 93.94% of the net profit attributable to shareholders for 2023[6]. - The company’s profit distribution policy emphasizes a balance between reasonable returns to investors and sustainable development, with a minimum cash dividend ratio of 80% during mature stages without major capital expenditures[167]. - The company’s profit distribution decision-making process includes soliciting opinions from independent directors and minority shareholders, ensuring transparency and compliance with regulations[168]. - The company’s net profit attributable to shareholders for the year ending December 31, 2023, was 102,695,394.40 CNY, with available distributable profits of 234,419,511.29 CNY[171]. - The company plans to use part of the raised funds to permanently supplement working capital, as approved in the recent extraordinary general meeting[136]. - The cash dividend for 2022 was 3.00 CNY per 10 shares, amounting to 20,777,658.60 CNY (including tax), which was 30.02% of the net profit attributable to shareholders for that year[171]. - The company will not issue bonus shares or convert capital reserves into share capital for the 2022 profit distribution[171]. - The company has committed to maintaining clear and transparent dividend standards and procedures, ensuring the protection of minority shareholders' rights[173]. Financial Performance - The company achieved total revenue of CNY 323.15 million in 2023, representing a 34.12% increase compared to the previous year[21]. - Net profit attributable to shareholders reached CNY 102.70 million, a growth of 48.39% year-over-year[21]. - The net profit after deducting non-recurring gains and losses was CNY 66.80 million, up 17.67% from the previous year[21]. - Total assets at the end of 2023 amounted to CNY 1,486.54 million, reflecting a 313.29% increase from the beginning of the year[23]. - Shareholders' equity attributable to the parent company was CNY 1,429.47 million, an increase of 352.13% compared to the previous year[23]. - The company’s gross margin is influenced by various factors, including product pricing and raw material costs, which may lead to profitability risks[88]. - The company reported a net profit attributable to ordinary shareholders of CNY 102,695,394.40 for the year[175]. Research and Development - The company invested 23.06% of its revenue in R&D, slightly up from 22.99% in 2022[22]. - The company emphasized the importance of independent R&D, leading to continuous technological breakthroughs and innovation[23]. - The company has developed a series of high-speed mixed-signal chip products with independent intellectual property rights, widely used in various applications such as security monitoring and 5G[190]. - The company’s R&D expenses amounted to 74.53 million yuan, an increase of 34.52% year-on-year, accounting for 23.06% of total revenue[38]. - The company has accumulated 100 domestic patents (78 invention patents) and 42 overseas patents (all invention patents) as of December 31, 2023[56]. - The company has developed several core technologies, including high-speed mixed-signal circuit technology and high-speed data transmission chip technology, which are at the leading level domestically[65]. - The company has established strong partnerships with leading chip manufacturers such as Qualcomm, Intel, and Samsung, integrating its products into their reference design platforms[79]. Market and Industry Position - The company is actively expanding into the automotive electronics sector, with several video bridge chips already integrated into vehicle head-up display systems[35]. - The ultra-high-definition industry in China is expected to grow at an annual rate of approximately 46%, reaching a market size of 4 trillion RMB in 2023 and projected to exceed 7 trillion RMB by 2025[63]. - The global market for high-definition video chips is anticipated to reach 189.7 billion RMB by 2025[63]. - The company ranks among the top two in the global markets for high-definition video bridging chips and high-speed signal transmission chips[190]. - The company is positioned for future growth with a focus on innovation and market expansion strategies[145]. Governance and Compliance - The company has established a comprehensive internal control system, ensuring effective execution without significant defects affecting operations[177]. - The board of directors consists of 8 members, including 3 independent directors, ensuring compliance with governance standards[130]. - The company adheres to strict information disclosure practices to ensure transparency and protect investor interests[132]. - The company has not reported any significant differences in governance compared to regulations set by the China Securities Regulatory Commission[133]. - The company has established various committees to enhance decision-making and oversight functions within the board[130]. - The company has successfully completed the election of non-employee representatives to the supervisory board, ensuring effective governance[136]. Environmental Responsibility - The company has implemented environmental management practices and has obtained ISO14001 certification[187]. - The company does not engage in activities that involve environmental pollution, as it operates under a Fabless model[182]. - The company actively promotes energy-saving practices among employees, including paperless operations and efficient use of natural light[188]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[183]. - The company is committed to environmental protection, implementing green product policies and promoting digitalization to reduce paper consumption[189]. Employee and Management Structure - The company reported a total of 212 employees, with 187 in the parent company and 25 in major subsidiaries[161]. - The technical staff constitutes the largest group with 151 employees, followed by sales personnel at 18 and management personnel at 36[161]. - The company has a competitive salary system that aligns with market standards and includes various employee benefits such as health check-ups and training[163]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 6.42 million RMB[150]. - The company emphasizes employee welfare, providing various benefits and a comprehensive talent development system[194]. Investor Relations - The company emphasizes investor relations management, ensuring timely disclosure of operational status, performance changes, and significant events[200]. - The designated website for information disclosure is the Shanghai Stock Exchange website, ensuring fair access to information for all shareholders[200]. - The company actively responds to investor concerns and questions during earnings calls and other communication channels[200]. - The company has established a dedicated investor relations section on its official website[200]. - The company produced visual annual and semi-annual reports to help investors better understand performance information[200].

龙迅半导体(合肥)股份有限公司 募集资金存放与实际使用情况 审核报告 大信专审字[2024]第 32-00006 号 大信会计师事务所(特殊普通合伙) WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 报告编码:京249TOTOBWJ WUYIGE Certified Public Accountants LLP 1 号 Room 2206 22/F, Xueyuan International Tower 22 层 2206 No.1 Zhichun Road, Haidian Dist. Beijing, China, 100083 Hit Tolanhone: +86 (10) 82330558 +86 (10) 82327668 募集资金存放与实际使用情况审核报告 大信专审字[2024]第 32-00006 号 龙迅半导体(合肥)股份有限公司全体股东: 我们接受委托,对后附的龙迅半导体(合肥)股份有限公司(以下简称"贵公司")《2023 年度募集资金存放与实际使 ...

关于龙迅半导体（合肥）股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 2、 附表 委托单位：龙迅半导体（合肥）股份有限公司 审计单位：大信会计师事务所（特殊普通合伙） 联系电话：010-82330558 龙迅半导体(合肥)股份有限公司 非经营性资金占用及其他关联 资金往来情况审核报告 大信专审字[2024]第 32-00007 号 大信会计师事务所(特殊普通合伙)_ WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn) 报告编码:京2498 改 1 号 WUYIGE Certified Public Accountants | | P Room 2206 22/F. Xuevuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing, China, 100083 大信专审字[2024]第 32-00007 号 龙迅半导体(合肥)股份有限公司全体股东: 我们 ...

龙迅半导体（合肥）股份有限公司 2023 年度独立董事述职报告 本人作为龙迅半导体（合肥）股份有限公司（以下简称"公司"）的独立董事，2023 年度严格按照《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》《上市公司治理准则》《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》等相关法律、法规、规范性文件的规定和《龙迅半导体（合肥）股份 有限公司章程》（以下简称《公司章程》）、《龙迅半导体（合肥）股份有限公司董事 会议事规则》《龙迅半导体（合肥）股份有限公司独立董事制度》的要求，诚信、勤勉、 认真履行职责，积极参与公司股东大会、董事会及董事会各专门委员会会议，并保证行 使职责的独立性，切实维护公司及全体股东的利益。现将本人 2023 年度履职情况报告 如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 吴文彬，男，1964 年 11 月出生，中国国籍，无境外永久居留权，博士研究生学历。 1985 年 7 月至 1988 年 9 月在安徽大学物理系任助教；1988 年 9 月至 1994 年 9 月先后 在中国科学技术大学材料物理专业攻读硕士学位、凝聚 ...

证券代码：688486 证券简称：龙迅股份 公告编号：2024-029 4、既不在公司内部任职，也不在公司机构股东（含机构股东的母公司、分 公司、子公司）处任职的非独立董事，在公司领取董事薪酬，标准为人民币 6 万元/年/人（税前）。 龙迅半导体（合肥）股份有限公司 关于 2024 年度董事、监事、高级管理人员薪酬方案的公告 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。 龙迅半导体（合肥）股份有限公司（以下简称"公司"）根据《龙迅半导体 （合肥）股份有限公司章程》（以下简称"《公司章程》"）等有关规定，结合 公司实际情况，并参照行业、地区薪酬水平，制定了2024年度董事、监事、高级 管理人员薪酬方案，于2024年3月22日召开第三届董事会薪酬与考核委员会2024 年第三次会议对《关于2024年度董事、监事、高级管理人员薪酬方案的议案》进 行审议，全体委员进行回避表决，上述议案将直接提交董事会审议。公司于2024 年3月29日分别召开第三届董事会第十九次会议和第三届监事会第十七次会议对 《关于2024年度董事、监事、高级管 ...