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].

国泰君安证券股份有限公司 关于陕西源杰半导体科技股份有限公司 使用部分超募资金回购股份的核查意见 国泰君安证券股份有限公司（以下简称"国泰君安"或"保荐机构"）作为 陕西源杰半导体科技股份有限公司（以下简称"源杰科技"或"公司"）首次公 开发行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》《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》和《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关规定，对源杰科技使用部分超募资金回购股份的事项进 行了核查，具体核查情况如下： 一、募集资金的基本情况 根据中国证券监督管理委员会于 2022 年 11 月 1 日出具的《关于同意陕西源 杰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〔2022〕 2638 号），公司获准向社会公开发行人民币普通股 1,500 万股，每股发行价格为 人民币 100.66 元，募集资金总额为 1,509,900,000.00 元；扣除承销及保荐费用、 发行登记费以及其他交易费用共计 131,222,672.46 元（不含增值税金额）后，募 ...

证券代码：688498 证券简称：源杰科技 公告编号：2024-016 陕西源杰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。 重要内容提示： 陕西源杰半导体科技股份有限公司（以下简称"公司"）拟以集中竞价交 易方式回购公司股份，主要内容如下： 1、拟回购股份的用途：用于员工持股计划或股权激励。 相关风险提示： 1、本次回购股份存在回购期限内公司股票价格持续超出回购价格上限，导 致回购无法顺利实施的风险； 1 2、若发生对公司股票交易价格产生重大影响的重大事项，或公司生产经营、 财务情况、外部客观情况发生重大变化，或其他导致公司董事会决定终止本次回 购方案的事项发生，则存在回购方案无法顺利实施或者根据相关规定变更或终止 本次回购方案的风险； 3、公司本次回购股份拟在未来适宜时机用于员工持股计划或股权激励，若 公司未能在法律法规规定的期限内实施上述用途，则存在启动未转让部分股份注 销程序的风险； 2、回购资金总额：不低于人民币 5,000 万元（含），不超 ...

证券代码：688498 证券简称：源杰科技 公告编号：2024-017 陕西源杰半导体科技股份有限公司 第二届董事会第二次会议决议公告 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"）第二届董事会第二 次会议于2024年2月7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 2 月 6 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。到会人数和参会人员符合《中华人民共和国公司法》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。 （一） 审议通过《关于豁免公司第二届董事会第二次会议通知期限的议案》 会议审议同意豁免第二届董事会第二次会议通知期限。 表决情况：7 票同意，0 票反对，0 票弃权，表决通过。 （二） 审议通过《关于以集中竞价交易方式回购公司股份方案的议案》 经全体 ...

独立意见 根据《中华人民共和国公司法》《上海证券交易所科创板股票上市规则》和 《上市公司独立董事管理办法》等有关法律、法规和其他规范性文件及《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》）和《陕西源杰半导体 科技股份有限公司独立董事工作制度》等相关规定，我们作为陕西源杰半导体科 技股份有限公司（以下简称"公司"）第二届董事会的独立董事，在事先查阅公 司提供的有关资料、了解有关情况后，基于审慎、客观、独立判断的立场，我们 对公司第二届董事会第二次会议审议的有关议案进行了认真审阅，并发表如下关 于《关于以集中竞价交易方式回购公司股份方案的议案》的独立意见： 经审核，我们认为： 陕西源杰半导体科技股份有限公司 独立董事关于第二届董事会第二次会议相关事项的 1、公司本次回购股份符合《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》等法律法规、规范性文件的有关规定，董事会会议表决程序符 合相关法律、法规和《公司章程》的有关规定； 2、公司本次回购资金总额不低于人民币 5,000 万元（含），不超过人民币 10,000 万 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [22] Core Views - The company is expected to face a significant decline in net profit for 2023, with estimates ranging from 18 million to 26 million yuan, representing a year-on-year decrease of 74.08% to 82.06% [22] - The decline in performance is primarily attributed to the downturn in the telecommunications market and the overall industry demand [22] - Despite the current challenges, the company is expected to achieve a turnaround in performance through increased R&D investment, capacity expansion, and market development [22] Financial Summary - The company's revenue for 2023 is projected to be 122 million yuan, a decrease of 56.9% year-on-year [5] - The net profit attributable to the parent company is expected to be 25 million yuan for 2023, down 74.9% from the previous year [5] - The gross margin is forecasted to drop to 41.0% in 2023, compared to 61.9% in 2022 [5] - The company plans to repurchase shares worth between 50 million and 100 million yuan to demonstrate confidence in its long-term development [2] - R&D investments are being increased, with ongoing projects aimed at developing high-power silicon photonic lasers and EML lasers, which are expected to provide new growth momentum [3]

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 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but it is implied that the company is under pressure in the short term due to various market factors [3][17]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of approximately 18 to 26 million yuan for 2023, representing a year-on-year decrease of 74.08% to 82.06% [1]. - The company is facing short-term performance pressure, particularly in the telecom sector due to inventory issues and a slowdown in construction pace by terminal operators [17]. - The demand for high-speed optical chips is anticipated to grow, driven by 5G and overseas fiber access network construction, as well as increased demand for high-speed network transmission in data centers [4][17]. - The company has a robust pipeline of projects, including the development of high-power silicon photonic laser chips, which positions it well for future growth [17]. Financial Summary - The company's projected revenue for 2023 is 85 million yuan, with a significant decline of 70% compared to the previous year. Revenue is expected to recover to 141 million yuan in 2024 and 236 million yuan in 2025, reflecting growth rates of 66.54% and 66.97%, respectively [6][18]. - The projected net profit for 2023 is 26 million yuan, with a recovery to 44 million yuan in 2024 and 76 million yuan in 2025, indicating a year-on-year growth of 72.04% and 72.19% [6][18]. - The earnings per share (EPS) are projected to be 0.30 yuan for 2023, increasing to 0.52 yuan in 2024 and 0.89 yuan in 2025 [6][18]. Industry Context - The high-speed optical chip market is currently dominated by overseas giants, but there is a significant opportunity for domestic companies to accelerate localization efforts [4][17]. - The company is focusing on the development of new products, which are expected to contribute to performance recovery in the short term [17]. - The overall market for optical chips is expected to expand as new technologies are developed, providing a favorable environment for the company's growth [17].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within six months [22]. Core Views - The company expects a significant decline in net profit for 2023, projecting a range of 18 to 26 million yuan, which represents a year-on-year decrease of 74% to 82% [2]. - The company plans to repurchase shares worth 50 to 100 million yuan to enhance investor confidence and support long-term value [4]. - The anticipated revenue growth will primarily come from new products such as 10G EML, 100G EML, and CW light source products, with AI driving demand for higher capacity modules [20]. Financial Performance Summary - The company's revenue for 2023 is estimated at 152.56 million yuan, a decrease of 46.07% compared to 2022 [10]. - The projected net profit for 2023 is 22 million yuan, down 78.06% from the previous year [10]. - The company’s EBITDA for 2023 is expected to be 79.47 million yuan, reflecting a significant decline from previous years [10]. Product and Market Insights - The traditional business has faced challenges due to reduced demand from downstream customers and increased competition in product pricing [9]. - The company is focusing on new product launches, which are expected to be key growth drivers moving forward [9][20]. Shareholder Value Initiatives - The proposed share repurchase is aimed at stock incentive plans or capital reduction, indicating a commitment to enhancing shareholder value [4][10].

证券代码：688498 证券简称：源杰科技 公告编号：2024-015 陕西源杰半导体科技股份有限公司 关于推动公司"提质增效重回报" 及提议回购股份的公告 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。 为践行以"投资者为本"的上市公司发展理念，为维护公司全体股东利益， 基于对公司未来发展前景的信心及价值的认可，陕西源杰半导体科技股份有限公 司（以下简称"公司"）董事、监事、高级管理人员将采取措施，切实"提质增 效重回报"，树立公司良好的市场形象。主要措施包括： 公司聚焦于光芯片行业，主营业务为光芯片的研发、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 光芯片产品、 CW 光源、车载激光雷达光源等产品，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 ...