陕西源杰半导体科技股份有限公司 2024 年度"提质增效重回报"行动方案 为践行"以投资者为本"的理念，维护公司全体股东的利益，基于对未来发 展前景的信心和对公司价值的认可，陕西源杰半导体科技股份有限公司（以下简 称"公司"）制定了 2024 年度"提质增效重回报"行动方案，积极采取措施推动 公司持续优化经营，提高公司经营质量和规范治理水平，切实履行上市公司的责 任和义务，保障投资者权益。具体如下： 一、 聚焦经营主业，提升科技创新能力 公司聚焦于光芯片行业，自设立以来一直从事光芯片的研发、设计、生产与 销售。目前公司的主要产品为光芯片，包括 2.5G、10G、25G、50G、100G 及以上 速率的 DFB、EML 光芯片产品，以及大功率 CW 光源产品等，应用于电信市场、数 据中心市场、车载激光雷达市场等领域。经过多年研发与产业化积累，公司已建 立了包含芯片设计、晶圆制造、芯片加工和测试的 IDM 全流程业务体系，拥有多 条覆盖 MOCVD 外延生长、光栅工艺、光波导制作、金属化工艺、端面镀膜、自 动化芯片测试、芯片高频测试、可靠性测试验证等全流程自主可控的生产线，公 司逐步发展为国内领先的光芯片供应商。 ...

[盈利预测与财务指标 Table_Forcast] ➢ 事件：4 月 25 日，公司发布 2023 年年报及 2024 年一季报。2023 年全年 实现营收 1.44 亿元，同比减少 48.96%，实现归母净利润 1947.98 万元，同比 减少 80.58%，实现扣非归母净利润-23.87 万元，同比减少 100.26%。从 24Q1 单季度来看，实现营收 6006.32 万元，同比增长 72.33%，环比增长 17.28%， 实现归母净利润 1053.50 万元，同比减少 11.06%，环比扭亏为盈。实现扣非归 母净利润 957.01 万元，同比增长 109.72%，环比扭亏为盈。 ➢ 需求疲软导致 2023 年业绩承压，24Q1 业绩提升明显：2023 年公司营收 和归母净利润分别同比减少 48.96%和 80.58%，主要原因是电信市场受到下游 客户库存及终端运营商建设节奏放缓的影响，电信市场业务的收入大幅下滑，同 时国内市场部分产品价格竞争日益激烈，以及销售的产品结构发生了变化，造成 了毛利率水平有所下降。同时，传统云计算需求出现下滑拖累公司数通业务收入。 具体而言，2023 年全年电信市场实现营收 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [6][30]. Core Insights - The company experienced significant revenue decline in 2023 due to high inventory levels among telecom operators and a slowdown in capital expenditures, leading to a 48.96% year-over-year decrease in revenue [3][30]. - In Q1 2024, the company reported a strong recovery with a 72.33% increase in revenue compared to the same period last year, driven by a richer product line and the launch of new products like EML [3][30]. - The rapid development of AI is expected to boost demand for high-speed optical modules, particularly those exceeding 1.6T, which will benefit the company [5][6]. Financial Summary - The company reported a revenue of 1.44 billion yuan in 2023, down from 2.83 billion yuan in 2022, with a net profit of 19.48 million yuan, a decrease of 80.58% year-over-year [12][30]. - For 2024, the projected revenues are expected to recover to 2.39 billion yuan, with net profits forecasted at 610 million yuan, reflecting a significant turnaround [12][30]. - The gross margin is expected to improve from 41.9% in 2023 to 46.3% in 2024, indicating better cost management and product pricing strategies [12][16]. Product Development and Market Position - The company focuses on the optical chip industry, with products including 2.5G to 100G laser chips, primarily serving the telecom and data center markets [31][30]. - The introduction of high-speed EML and high-power laser chips is aimed at meeting the increasing demands of the data center market, particularly driven by AI applications [31][32]. - The company has increased its R&D expenditure to 30.95 million yuan in 2023, a 14.23% increase from the previous year, to enhance its competitive edge in technology and market adaptation [5][6].

2023 年年度报告 陕西源杰半导体科技股份有限公司 2023 年年度报告 2023 年年度报告 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 □是 √否 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本 报告"第三节管理层讨论与分析"之"四、风险因素"部分。 五、 立信会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 七、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟向全体股东每 10 股派发现金红利 1 元（含税）,公司不送红股，不进行资本公积转增 股本。截至 2024 年 4 月 24 日，公司总股本 85,461,670 股，扣除目前回购专户的股份余额 402,149 股后参与分配股数共 85,059,521 股,以此计算合计拟派发现金红利 8,505,952.10 元（含 税）。占公司 2023 年度合并报表归属于上市公司股东净利润的比例为 43.67%。 公司通过回购专用账户所持有本公司股份 402,149 股 ...

Revenue and Profit Performance - Revenue for the first quarter of 2024 reached RMB 60,063,175.77, a year-on-year increase of 72.33%[4] - Total operating revenue for Q1 2024 reached 60,063,175.77, a significant increase from 34,853,815.01 in Q1 2023[33] - Revenue increased by 72.33% due to the recovery of the optical chip industry and the expansion of the product line, particularly the EML products[60] - Net profit attributable to shareholders of the listed company was RMB 10,534,967.18, a year-on-year decrease of 11.06%[4] - Net profit for Q1 2024 was 10,534,967.18, compared to 11,845,367.73 in Q1 2023[35] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was RMB 9,570,094.24, a year-on-year increase of 109.72%[4] - Net profit attributable to shareholders, excluding non-recurring gains and losses, increased by 109.72%, mainly due to a significant decrease in government subsidies compared to the previous period[60] - Total comprehensive income for Q1 2024 was 10,509,791.74, compared to 11,845,367.73 in Q1 2023[35] R&D and Operating Costs - R&D investment totaled RMB 8,950,721.46, a year-on-year increase of 37.07%, accounting for 14.90% of revenue[5] - R&D expenses increased to 8,950,721.46 in Q1 2024 from 6,529,903.45 in Q1 2023[33] - Operating costs for Q1 2024 were 51,301,300.08, up from 30,431,762.13 in Q1 2023[33] Assets and Liabilities - Total assets at the end of the reporting period were RMB 2,231,464,398.79, a slight decrease of 0.23% compared to the end of the previous year[5] - Equity attributable to shareholders of the listed company was RMB 2,112,907,536.34, a slight decrease of 0.18% compared to the end of the previous year[5] - Total liabilities decreased slightly to 118,556,862.45 in Q1 2024 from 119,994,497.88 in the previous period[30] - Total equity remained stable at 2,112,907,536.34 in Q1 2024, compared to 2,116,687,842.73 in the previous period[30] - The company's total assets and liabilities combined were 2,231,464,398.79 in Q1 2024, slightly down from 2,236,682,340.61 in the previous period[30] Earnings and Share Performance - Basic and diluted earnings per share were RMB 0.12, a year-on-year decrease of 40.00%[5] - Basic earnings per share for Q1 2024 were 0.12, down from 0.20 in Q1 2023[35] - Basic and diluted earnings per share decreased by 40.00%, primarily due to an increase in share capital[60] - Weighted average return on equity was 0.50%, a decrease of 0.06 percentage points[5] Fixed Assets and Construction - Fixed assets amounted to RMB 433,060,934.53, a slight decrease from the previous year[29] - Construction in progress increased to RMB 115,825,128.85, up from RMB 106,863,727.56 in the previous year[29] Cash Flow and Financial Activities - Cash and cash equivalents decreased to RMB 1,092,793,291.56 as of March 31, 2024, compared to RMB 1,343,508,714.16 as of December 31, 2023[40] - Net cash flow from operating activities was RMB 22,407,486.05 for Q1 2024, a significant improvement from a negative RMB 24,961,622.10 in Q1 2023[49] - Net cash flow from investing activities was negative RMB 246,978,761.38 for Q1 2024, compared to negative RMB 491,167,699.88 in Q1 2023[50] - Net cash flow from financing activities was negative RMB 15,420,386.10 for Q1 2024, compared to positive RMB 13,253,723.34 in Q1 2023[50] - Total cash and cash equivalents at the end of Q1 2024 were RMB 1,092,725,346.35, down from RMB 1,332,649,714.16 at the beginning of the quarter[50] - Sales revenue from goods and services received in cash was RMB 37,579,103.57 in Q1 2024, up from RMB 24,218,497.37 in Q1 2023[49] - Financial expenses showed a negative value of -5,484,600.81 in Q1 2024, indicating higher interest income[33] Accounts Receivable and Inventory - Accounts receivable increased to RMB 115,301,528.87 as of March 31, 2024, up from RMB 99,735,740.01 as of December 31, 2023[40] - Inventory increased to RMB 148,020,245.84 as of March 31, 2024, compared to RMB 140,819,009.30 as of December 31, 2023[40] Non-Recurring Gains and Losses - Non-recurring gains and losses for Q1 2024 included RMB 827,756.16 from fair value changes and disposal of financial assets and liabilities[57] - Government subsidies recognized in Q1 2024 amounted to RMB 273,722.56[57] - The company's total non-recurring gains and losses amounted to RMB 964,872.94, with an income tax impact of RMB 170,271.69[60] Shareholder Information and Share Repurchase - The top shareholder, ZHANG XINGANG, holds 12.36% of the shares, with 10,562,958 shares[61] - The second-largest shareholder, QIN YANSHENG, holds 5.39% of the shares, with 4,604,859 shares[61] - The third-largest shareholder, QIN WEIXING, holds 5.24% of the shares, with 4,478,859 shares[61] - The company's total share capital is 85,461,670 shares[61] - The company repurchased 402,149 shares, accounting for 0.47% of the total shares, with a total payment of RMB 49,974,971.30[65] - The company's share repurchase price ranged from RMB 121.14 to RMB 125.00 per share[65]

Investment Rating - The report assigns an "Accumulate - A" rating to the company with a target price of 132 CNY for the next six months, based on a PE ratio of 112 for 2024 [4][5]. Core Insights - The company is a leader in high-speed optical chips, leveraging an IDM model that supports its development and market position. It has a comprehensive business system covering chip design, wafer manufacturing, processing, and testing [1][3]. - The optical communication chip market is experiencing growth, with the company expected to benefit significantly from domestic substitution trends as the global optical module market is projected to reach 11.3 billion USD by 2025, 1.7 times that of 2020 [2][3]. - The company has five key advantages that solidify its industry position, including high market share in mid-low speed chips, superior product performance, an IDM model for production control, leading core technology, and a strategic focus on both vertical and horizontal development [3][4]. Financial Analysis and Forecast - The company's projected revenues for 2023, 2024, and 2025 are 119.5 million CNY, 247.1 million CNY, and 421.7 million CNY, respectively, with year-on-year growth rates of -57.8%, +106.8%, and +70.7% [4][9]. - Net profits are expected to be 24.7 million CNY in 2023, 100 million CNY in 2024, and 152 million CNY in 2025, reflecting year-on-year changes of -74.1%, +297.0%, and +51.3% [4][9]. - The earnings per share (EPS) are forecasted to be 0.29 CNY, 1.18 CNY, and 1.79 CNY for the respective years [4][9]. Market Position and Product Strategy - The company has established a strong market presence in the optical chip sector, particularly in the sales of 10G and 25G laser chips, which are leading in domestic shipments [1][20]. - The revenue structure is evolving, with a notable shift towards high-speed chip products, driven by increasing demand in the optical fiber access and 5G mobile communication markets [24][28]. - The company is focusing on expanding its market share in the data center segment, which is expected to grow significantly, with the global market for Ethernet data center optical modules projected to reach 6.274 billion USD by 2025 [24][28].

业绩短期承压，静 待 C W 光源与 1 0 0 G E M L 产品上量 -50% 0% 50% 100% 150% 200% 2023-022023-032023-042023-052023-062023-072023-082023-092023-102023-112023-122024-01 源杰科技 沪深300 公司持有该股票比例 相关报告 高速网络连接的需求，公司高速光芯片等产品有望带来新的增量空间。此外，2024 年 1 月 31 日，公司公告了董事长提议的回购计划，回购资金总额不低于人民币 0.5 亿 元，不超过 1 亿元，回购实施期限为 12 个月。基于公司短期业绩承压，我们调整公司 2023-2025 年净利润分别为 0.22 亿/1.06 亿/1.54 亿元（原预测值为 0.78 亿/1.18 亿 /1.81 亿元），对应 EPS 分别为 0.26 元/1.25 元/1.81 元，维持"买入"评级。 ◼ 风险提示：下游市场需求不及预期；研发或新产品进展不达预期；市场竞争格局恶化。 单位:百万元 2023E 2022 贸 币 资 企 管业股入 201 10 115 应收账款 162 4 23 ...

电信市场及数据中心销售不及预期，导致 2023 年公司业绩承压 2023 年公司归母净利润与 2022 年相比，预计将减少 7,431.70-8,231.70 万元，公 司扣非归母净利润与 2022 年相比，预计将减少 8,536.67-9,336.67 万元。主要原 因为：（1）电信市场受到下游客户库存及终端运营商建设节奏放缓的影响，销售 额大幅下滑，同时国内市场部分产品价格竞争日益激烈，以及销售的产品结构发 生了变化，造成了毛利率水平有所下降；（2）数据中心方面，传统的云数据中心 在经过几年较大规模的投资后，2023 年出现较为明显的放缓和下滑；（3）根据 企业会计准则及相关会计政策，公司对各类资产进行了减值测试。 提议股票回购计划，坚定公司长远稳定发展的信心 2月1日董事长ZHANG XINGANG提议使用部分超募资金或自有资金回购股份， 回购资金总额不低于 5000 万元，不超过 1 亿元。本次回购股份基于对公司未来 持续稳定发展的信心和对公司长期价值的认可。 研发投入持续加大，IDM 模式构筑持续增长基础 在研项目包含 100mW 大功率硅光激光器开发、200G PAM4 EML 激光器开发、 50 ...

公 司 报 告│ 公 司 点 评 研 究 2024 年 1 月 30 日，公司发布 2023 年业绩预告。预计 2023 年公司实现归 母净利润约1800-2600万元，与上年同期相比，将减少7431.7万元到8231.7 万元，同比减少 74.08%到 82.06%。预计实现扣非归母净利润为-150 万元 至 650 万元，与上年同期相比，将减少 8536.7 万元到 9336.7 万元，同 比减少 92.92%到 101.63%。 2024 年 02 月 02 日 短期仍然承压，关注光芯片国产化进程加速 ➢ 公司业绩短期承压。 业绩中值，公司 23Q4 归母/扣非归母净利润分别为 55/-114 万元。 电信端：5G 及海外光纤接入网建设将带动无线前传、中回传等高端光芯片 增长。数据中心端：AIGC 带动高速率网络传输需求增加，也有望带动 25G 及以上速率的光芯片需求。当前高速率光芯片市场仍为海外巨头垄断，我 国光芯片企业出货主要在 DFB 低速率光芯片、电信接入网等低速率应用领 域。源杰 100G EML 光芯片已在验证测试阶段，200G EML 及大功率 CW 硅光 芯片处于研发阶段。 片技术迭代空 ...

公司报告 | 公司点评 公司发布预告，预计 2023 年实现归母净利润 1800-2600 万元，同比减少 74%-82%，低于我们的预期；扣非归母净利润-150 万元至 650 万元之间， 同比减少 93%-102%。按照中值测算，4Q23 单季归母净利润为 55 万元，4Q22 为 2639 万元。 宽带、数通多个产品将是增长点 基于对公司未来持续稳定发展的信心和对公司长期价值的认可，为维护投 资者利益，增强投资者信心，公司董事长提议以集中竞价交易方式回购公 司股份，回购金额 5000 万元-1 亿元，价格不超过董事会通过时前 30 个交 易日均价的 150%，后续用于股权激励、员工持股计划或予以注销、减少注 册资本。 风险提示：业绩预告仅为初步核算结果，具体数据以公司正式发布的 23 年年报为准；下游投入不及预期；产品价格下行；客户开拓速度不及预期； 差距扩大；产品收入结构及客户构成存在变动；经营现金流量波动较大； 作者 -26% 0% 26% 52% 78% 104% 130% 2023-02 2023-06 2023-10 2024-02 源杰科技 沪深300 请务必阅读正文之后的信息披露和免责申明 ...