证券代码：688498 证券简称：源杰科技 编号：2024-003 | --- | --- | --- | --- | |----------------------|--------------|----------------------|--------------------------------------------------| | | | | | | | 特定对象调研 | 分析师会议 | | | | 媒体采访 | 业绩说明会 | | | 投资者关系活动类别 | 新闻发布会 | 路演活动 | | | | 现场参观 | | | | | 其他（2024 | 年半年报业绩交流会） | | | 参与单位名称及人员姓 | | | 泰达宏利基金管理有限公司、海富通基金管理有限公 | | 名 | | | 司、富荣基金管理有限公司、中加基金管理有限公司、 | | | | | 九泰基金管理有限公司、兴合基金管理有限公司、易方 | | | | | 达基金管理有限公司、国金基金管理有限公司、招商基 | | | | | 金管理有限公司、汇丰晋信基金管理有限公司、嘉实基 | | | | | 金管理有限公司、蜂巢基金管理 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 87.37 CNY per share [6]. Core Views - The company reported significant revenue growth of 96% year-on-year, achieving 120 million CNY in revenue for the first half of 2024, although net profit decreased by 45% to 10.75 million CNY due to changes in product structure and increased R&D investments [1][4]. - The recovery in the telecom market, particularly in traditional 2.5G and 10G DFB orders, contributed to revenue growth, while the decline in net profit was attributed to reduced government subsidies and increased R&D spending [1][2]. - The company is focusing on R&D, with a 67% increase in R&D expenditure to 22.05 million CNY, representing 18% of total revenue, and an increase in R&D personnel from 77 to 103 [3][4]. Revenue and Profit Analysis - Revenue from the telecom market reached 110 million CNY, up 95% year-on-year, while data center and other revenues surged by 409% to 9.22 million CNY [2]. - The overall gross margin decreased by 5.6 percentage points to 33.4%, with telecom market gross margin at 30%, down 8.9 percentage points year-on-year [2]. R&D and Product Development - The company is investing heavily in silicon photonics and high-speed EML products, with ongoing development in 50G PON and 100G EML products [3]. - The company has achieved mass production capability for 50mw/70mw CW light sources and is optimizing yield [3]. Employee Incentives - A restricted stock incentive plan has been proposed, granting 571,700 shares at a price of 66.06 CNY per share to 176 employees, aimed at enhancing employee motivation and operational efficiency [4]. Financial Forecast - The net profit forecast for 2024-2026 has been revised downwards to 50.42 million CNY, 148.99 million CNY, and 234.25 million CNY respectively, due to increased R&D investments and product structure changes [4][5].

Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests maintaining attention to the company's developments [4]. Core Insights - The company reported a revenue of 120 million yuan for the first half of 2024, representing a year-on-year increase of 95.96%. However, the net profit attributable to shareholders decreased by 44.56% to 10.75 million yuan. The non-recurring net profit increased by 129.97% to 9.47 million yuan [2][6]. - The telecom market business revenue grew by 94.61%, while the data center and other businesses saw a revenue increase of 111.27% [6]. - The company is increasing its investment in high-end optical chip research and development, with products like 100G PAM4 EML and CW light sources in customer testing stages, and some CW products starting mass delivery [6]. - A stock incentive plan was announced, aiming to grant 571,700 restricted shares to 176 individuals, including directors and key personnel, with performance targets set for 2024-2026 [6]. Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 33.42%, a decrease of 5.59 percentage points year-on-year, primarily due to increased competition and production costs [6]. - The projected revenues for 2024-2026 are estimated at 262 million yuan, 427 million yuan, and 575 million yuan, with year-on-year growth rates of 81.57%, 62.74%, and 34.75% respectively. The net profit attributable to shareholders is projected to be 51 million yuan, 145 million yuan, and 215 million yuan for the same period, with growth rates of 160.48%, 184.99%, and 48.51% respectively [6][7].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for its stock performance in the near term [4][7][10]. Core Insights - The company reported a significant recovery in revenue, achieving 120 million yuan in the first half of 2024, a year-on-year increase of 95.96%. However, the net profit attributable to the parent company decreased by 44.56% to 11 million yuan [4][6][7]. - The data center business is experiencing rapid growth, with revenue from this segment increasing by 408.78% year-on-year, although it remains a smaller part of the overall business [6][7]. - The company is expanding its product applications in the telecom and data center markets, driven by increasing demand for high-speed optical devices due to advancements in AI and infrastructure development [6][7]. Financial Performance Summary - Revenue for 2024 is projected to be 276 million yuan, with a year-on-year growth of 91.4% [5][9]. - The net profit for 2024 is expected to reach 60 million yuan, reflecting a significant recovery from previous years [5][9]. - The gross margin for the company has decreased to 33.42%, down 5.59 percentage points from the previous year, primarily due to increased competition and production costs [7][9]. - The company’s operating expenses have decreased, with R&D expenses at 18.35% and management expenses down by 11.22% [7][9]. Market Position and Outlook - The company is well-positioned in the telecom market, benefiting from the ongoing rollout of 5G and gigabit fiber networks, which are expected to drive demand for its products [6][7]. - The anticipated growth in the data center market, fueled by AI developments, is expected to further enhance the company's revenue potential [6][7]. - The report suggests that despite recent volatility in performance, the company's market position and product development align well with industry trends, supporting a positive long-term outlook [7][9].

Investment Rating - Maintain "Recommend" rating [1][3] Core Views - Revenue growth driven by industry demand recovery, with H1 2024 revenue reaching 120 million yuan, up 95.96% YoY [1] - Net profit attributable to parent company declined by 44.56% YoY to 10.75 million yuan, mainly due to a significant reduction in government subsidies [1] - Non-GAAP net profit attributable to parent company increased by 129.97% YoY to 9.47 million yuan [1] - Telecom market revenue grew 94.61% YoY to 110 million yuan, driven by recovery in demand and product line expansion [1] - Data center and other business revenue increased 111.27% YoY to 10.49 million yuan, supported by recovery in traditional data communication market orders and shipment of CW light sources for high-speed optical modules [1] - Gross margin for telecom business was 29.99%, while data communication business achieved a gross margin of 77.59% [1] - Silicon photonics CW light source for high-end data communication optical modules began shipping in H1 2024, expected to benefit from AI-driven demand [1] - Ongoing development in high-end data communication products, including 100G PAM4 EML and 200G PAM4 EML chips [1] - Forecasted net profit attributable to parent company for 2024-2026 is 150 million yuan, 251 million yuan, and 371 million yuan, respectively, with corresponding PE ratios of 50x, 30x, and 20x [1] Financial Forecasts - Revenue expected to grow from 144 million yuan in 2023 to 828 million yuan in 2026, with a CAGR of 166.1% in 2024 [2][5] - Net profit attributable to parent company projected to increase from 19 million yuan in 2023 to 371 million yuan in 2026 [2][5] - EPS forecasted to rise from 0.23 yuan in 2023 to 4.35 yuan in 2026 [2][5] - Gross margin expected to improve from 41.88% in 2023 to 64.23% in 2026 [5] - ROE projected to increase from 0.92% in 2023 to 13.53% in 2026 [5] Industry and Product Development - Telecom market recovery and product line expansion driving revenue growth, particularly in 2.5G and 10G DFB orders [1] - High-end 10G EML products gaining traction with customers, contributing to revenue growth [1] - Silicon photonics CW light source technology positioned to benefit from AI-driven demand due to its high integration, low cost, and low power consumption [1] - Ongoing R&D in high-end data communication products, including 100G PAM4 EML and 200G PAM4 EML chips, with potential for future breakthroughs [1]

陕西源杰半导体科技股份有限公司 董事会关于会计估计变更的说明 （一）会计估计变更的内容 根据公司的实际情况，公司决定调整预计负债中售后服务费的计提方法。 1、变更前采用的会计估计 参照历史期间（2018 年至 2020 年期间）实际发生退换货费用和收入情况， 售后服务费用占营业收入约为 1.25%，则以尚在服务期内营业收入为基础，按 照上述比例计提售后服务费用。 2、变更后采用的会计估计 在确定质保服务费比例时，为了更加准确核算，根据质保期内的销售收入 并参照最近三个完整会计年度中实际发生退换货费用和收入的比例关系，以此 估算未来质保期内可能发生的售后服务费用。 陕西源杰半导体科技股份有限公司（以下简称"公司"）于 2024 年 8 月 29 日召开第二届董事会第六次会议，审议通过《关于会计估计变更的议案》，同意 公司在预计负债中对于售后质保服务费进行计提。具体如下： 一、会计估计变更概述 为了提升市场竞争力和客户满意度，公司同主要客户约定相关质保条款， 为更加客观公正地反映公司财务状况和经营成果，公司在预计负债中对于售后 质保服务费进行计提。 2024 年 8 月 29 日，公司召开第二届董事会第六次会议、 ...

陕西源杰半导体科技股份有限公司 2024 年限制性股票激励计划实施考核管理办法 陕西源杰半导体科技股份有限公司 2024 年限制性股票激励计划实施考核管理办法 陕西源杰半导体科技股份有限公司（以下简称"公司"）为进一步完善公司 法人治理结构，建立、健全公司长效激励约束机制，吸引和留住公司管理人员和 核心骨干，充分调动其积极性和创造性，有效提升核心团队凝聚力和企业核心竞 争力，有效地将股东、公司和核心团队三方利益结合在一起，使各方共同关注公 司的长远发展，确保公司发展战略和经营目标的实现，在充分保障股东利益的前 提下，按照收益与贡献对等的原则，制定了 2024 年限制性股票激励计划（以下 简称"本次激励计划"）。 为保证公司本次激励计划的顺利实施，现根据《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司股权激励管理办法》《上海证券交易所科创板股 票上市规则》《科创板上市公司自律监管指南第 4 号－－股权激励信息披露》等 有关法律法规、规范性文件以及《陕西源杰半导体科技股份有限公司章程》的相 关规定，并结合公司实际情况，制定了《陕西源杰半导体科技股份有限公司 2024 年限制性股票激励计划实施考核管理办 ...

证券代码：688498 证券简称：源杰科技 公告编号：2024-054 陕西源杰半导体科技股份有限公司 关于会计估计变更的公告 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。 重要内容提示： 本次会计估计变更事项采用未来适用法处理，无需对陕西源杰半导体科 技股份有限公司（以下简称"公司"）已披露的财务报表进行追溯调整，对以往 各期财务状况和经营成果不会产生影响。 本次会计估计变更事项自 2024 年 4 月 1 日开始执行。 一、会计估计变更概述 为了提升市场竞争力和客户满意度，公司同主要客户约定相关质保条款，为 更加客观公正地反映公司财务状况和经营成果，公司在预计负债中对于售后质保 服务费进行计提。 2024 年 8 月 29 日，公司召开第二届董事会第六次会议、第二届监事会第四 次会议，审议通过了《关于公司会计估计变更的议案》，本次会计估计变更事项 无需提交公司股东会审议。 二、会计估计变更具体情况及对公司的影响 （一）会计估计变更的内容 根据公司的实际情况，公司决定调整预计负债中售后服务费的计提方法。 1、变更前采用 ...

陕西源杰半导体科技股份有限公司 章 程 二零二四年八月 | | | | 第一章 | 总 则 | 2 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 3 | | 第三章 | 股 份 | 3 | | 第一节 | 股份发行 | 3 | | 第二节 | 股份增减和回购 | 6 | | 第三节 | 股份转让 | 7 | | 第四章 | 股东和股东会 | 8 | | 第一节 | 股东 | 8 | | 第二节 | 股东会的一般规定 11 | | | 第三节 | 股东会的召集 | 16 | | 第四节 | 股东会的提案与通知 | 18 | | 第五节 | 股东会的召开 | 20 | | 第六节 | 股东会的表决和决议 | 23 | | 第五章 | 董事会 | 27 | | 第一节 | 董事 | 27 | | 第二节 | 董事会 | 32 | | 第三节 | 专门委员会 | 37 | | 第六章 | 总经理及其他高级管理人员 | 39 | | 第七章 | 监事会 | 41 | | 第一节 | 监事 | 41 | | 第二节 | 监事会 | 42 | | 第八章 | 财务会计制度、利润分配和审计 ...

证券代码：688498 证券简称：源杰科技 公告编号：2024-058 陕西源杰半导体科技股份有限公司 第二届董事会第六次会议决议公告 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、董事会会议召开情况 陕西源杰半导体科技股份有限公司（以下简称"公司"）第二届董事会第六 次会议于 2024 年 8 月 29 日在公司会议室以现场结合通讯方式召开，会议通知于 2024 年 8 月 19 日以邮件方式通知全体董事。应到会董事 7 名，实到会董事 7 名， 本次会议由公司董事长 ZHANG XINGANG 先生召集和主持，公司监事、高级管理人 员列席了会议。本次会议的召集、召开程序符合《中华人民共和国公司法》（以 下简称《公司法》）和《陕西源杰半导体科技股份有限公司章程》（以下简称《公 司章程》）的有关规定，会议合法有效。 二、董事会会议审议情况 经与会董事认真审议，以记名投票方式，通过了如下议案： （一） 审议通过《关于审议<陕西源杰半导体科技股份有限公司 2024 年半 年度报告及其摘要>的议案》 公司 2024 年半年 ...