Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The company reported a rapid revenue growth of 91.20% year-on-year for the first three quarters of 2024, achieving a revenue of 178 million yuan, while the net profit attributable to shareholders was a loss of 0.55 million yuan, down 102.56% year-on-year [5] - The gross margin for the first three quarters of 2024 was 29.69%, a decrease of 9.36 percentage points year-on-year, and the net profit margin was -0.31%, down 23.32 percentage points year-on-year [5] - The company is increasing its investment in high-value-added products such as EML and silicon photonics, which is expected to enhance its product structure and profitability in the future [7][8] Financial Performance - For Q3 2024, the company reported a revenue of 58.02 million yuan, an increase of 82.04% year-on-year, but a decrease of 3.46% quarter-on-quarter [5] - The net profit for Q3 2024 was a loss of 11.30 million yuan, with a non-recurring net profit loss of 13.82 million yuan, both showing a decline year-on-year [5] - The company plans to distribute a cash dividend of 1 yuan for every 10 shares, totaling 8.501 million yuan [7] Research and Development - R&D expenses for the first three quarters of 2024 were 36.02 million yuan, an increase of 59.18% year-on-year, with an R&D expense ratio of 20.22% [6] - The company is focusing on high-value products, which has led to increased R&D costs and a significant rise in inventory impairment losses due to intensified competition in low-margin products [7] Earnings Forecast - The company is expected to see a recovery in overseas demand and growth in high-speed optical chip demand, with projected net profits of 31 million yuan, 157 million yuan, and 241 million yuan for 2024, 2025, and 2026 respectively [8] - The estimated EPS for 2024, 2025, and 2026 are 0.37 yuan, 1.83 yuan, and 2.82 yuan respectively, with a target PE ratio for 2025 set between 90-100 times [8]

证券代码：688498 证券简称：源杰科技 陕西源杰半导体科技股份有限公司 2024 年第三次临时股东会 会议资料 陕西源杰半导体科技股份有限公司 2024 年 11 月 陕西源杰半导体科技股份有限公司 2024 年第三次临时股东会资料 目 录 | 2024 | 年第三次临时股东会会议须知 | 1 | | --- | --- | --- | | 2024 | 年第三次临时股东会会议议程 | 3 | | 议案一 | ：关于 2024 | 年前三季度利润分配方案的议案 5 | 陕西源杰半导体科技股份有限公司 2024 年第三次临时股东会资料 陕西源杰半导体科技股份有限公司 2024 年第三次临时股东会会议须知 为了维护全体股东的合法权益，保证股东在陕西源杰半导体科技股份有限公 司（以下简称"公司"）依法行使股东权利，确保股东会的正常秩序和议事效率， 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东大会规 则》以及《陕西源杰半导体科技股份有限公司章程》《陕西源杰半导体科技股份 有限公司股东大会议事规则》等有关规定，特制定本须知，请全体出席股东会的 人员自觉遵守。 一、会议设会务组，负责会议的组织工 ...

Investment Rating - The report maintains a "Recommend" rating for the company, citing the potential for improved gross margins and long-term growth driven by the initial volume release of CW light source products [3][5] Core Views - The company's revenue growth is driven by the recovery in demand for traditional 2.5G and 10G DFB orders, as well as the recovery in data center market demand, particularly for high-speed module CW light source products [2] - Short-term profitability is under pressure due to the high proportion of low-margin 2.5G products and increased R&D investment in high-value-added products such as EML and silicon photonics [2] - The data center market is expected to see significant growth, with the company's CW light source products entering the testing phase and expected to drive gross margin recovery and improved profitability [2] Financial Performance and Forecasts - The company reported revenue of RMB 178 million in Q3 2024, a 91.20% YoY increase, but a net loss of RMB 1 million, turning from profit to loss [2] - Revenue from the telecom market reached RMB 110 million in the first half of 2024, a 94.61% YoY increase, driven by the development of next-generation 25G/50G PON fiber network ONU and OLT optical chip products [2] - Revenue from the data center market reached RMB 9 million in the first half of 2024, a 111.27% YoY increase, driven by the recovery in traditional data center market demand and the batch delivery of CW light source products [2] - The company's R&D investment in the first three quarters of 2024 was RMB 36 million, a 59.18% YoY increase, accounting for 20.22% of revenue [2] - The report forecasts revenue of RMB 273.37 million, RMB 434.19 million, and RMB 596.02 million for 2024, 2025, and 2026, respectively, with YoY growth rates of 89.31%, 58.83%, and 37.27% [3][4] - EPS is forecasted to be RMB 0.31, RMB 1.27, and RMB 2.35 for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 462.65x, 114.62x, and 61.68x [3][4] Product Development - The company's CW light source 70mW product has passed testing, while the 100G PAM4 EML optical chip is undergoing client testing, and the 200G PAM4 EML has completed initial performance R&D and in-house testing [2] - The company is actively developing next-generation 25G/50G PON fiber network ONU and OLT optical chip products, with Omdia predicting a 200% CAGR in 50G PON port shipments from 2024 to 2028 [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6]. Core Views - The company reported a significant year-on-year revenue increase of 91% for the first three quarters of 2024, reaching 178 million yuan, although it faced a net loss of 550,000 yuan compared to a profit of 21.45 million yuan in the same period last year [1]. - The revenue growth is attributed to a recovery in the optical chip industry, while the losses are primarily due to high shipment ratios of low-margin products, increased R&D investments, and reduced government subsidies and investment income [1][5]. - The telecommunications market remains competitive, with the company’s gross margin declining to 22%, down 17 percentage points year-on-year and 10 percentage points quarter-on-quarter [2]. Revenue and Profitability - In Q3, the company achieved a revenue of 58.02 million yuan, marking an 82% increase year-on-year but a 3% decrease quarter-on-quarter [1]. - The gross margin for Q3 was reported at 22%, reflecting the impact of intensified price competition, particularly in the 2.5G product segment, which has seen negative margins [2]. Market Demand and Supply - There is a strong demand for 400G and 800G products, with supply constraints expected to persist into Q4 2024. The demand for 800G is projected to grow further, while the demand for 400G may gradually decline [3]. - The tight supply situation for optical chips is anticipated to ease next year as silicon photonics shipments increase and manufacturers expand production capacity [3]. Research and Development - The company significantly increased its R&D investment to 36.02 million yuan in the first three quarters, a 59% year-on-year increase, accounting for 20% of its revenue [4]. - The R&D focus includes advancements in silicon photonics, EML, and 50G PON products, with several products at various stages of development and production [4]. Financial Forecasts - Due to the losses reported in Q3, the profit forecasts for 2024 have been adjusted downward, with expected net profits of 1.8 million yuan, 14.9 million yuan, and 23.5 million yuan for 2024, 2025, and 2026 respectively [5]. - The company is expected to benefit from breakthroughs in domestic and international markets for CW light sources and high-speed EML products [5].

证券代码：688498 证券简称：源杰科技 公告编号：2024-076 陕西源杰半导体科技股份有限公司 因公司实施 2023 年年度权益分派事项，本次回购股份价格上限由不超过人民币 180 元/股（含）调整为不超过人民币 179.90 元/股（含）。具体详见公司 2024 年 6 月 19 日于上海证券交易所网站（www.sse.com.cn）披露的《陕西源杰半导体科技股 份有限公司关于 2023 年年度权益分派实施后调整回购股份价格上限的公告》（公告 编号：2024-045）。 二、 回购股份的进展情况 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，公司在回购期间，应当在每个月的前 3 个交易日内 公告截至上月末的回购进展情况，现将公司回购股份的进展情况公告如下： 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、准确性和完整性依法承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/2/8，由实际控制人、控股股东、董事长、 | | | -- ...

https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 05 日（星期二）至 11 月 11 日（星期一） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@yj-semitech.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 陕西源杰半导体科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解 公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 12 日 下 午 14:00-15:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行 交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许 的范围内就投资者普遍关注的问题进行回答。 证券代码：688498 证券简称：源杰科技 公告编号：2024-077 陕西源杰半导体科技股份有限公司 关 ...

Group 1: Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 178.18 million yuan, a year-on-year increase of 91.20% [5] - In the third quarter of 2024, the operating revenue was 58.02 million yuan, a year-on-year increase of 82.04% [5] - The net profit attributable to shareholders for the first three quarters of 2024 was -5.50 million yuan, and for the third quarter, it was -1.13 million yuan [5] Group 2: Factors Affecting Performance - The decline in gross margin was attributed to a high proportion of low-margin products shipped, particularly 2.5G products, amid intensified price competition [5] - Increased R&D investment in high-value-added products such as EML and silicon photonics to address market competition [5] - A decrease in government subsidies and financial income compared to the previous year [5] Group 3: Market Outlook and Product Development - The company anticipates significant growth in the CW light source market due to the development of silicon photonic module solutions [5] - Plans to expand overseas markets while maintaining a strong domestic market share for CW light source products [5] - Ongoing R&D for the 200G PAM4 EML product line, focusing on performance to meet market demands [6][7] Group 4: Product Strategy and Customer Engagement - The CW light source products are expected to have a higher gross margin than the average product margin [7] - The company is actively communicating with customers regarding the demand for 10G EML products, which are key for the telecom market [7] - Differentiated product development is underway to meet diverse customer needs, enhancing market promotion opportunities for EML products [6]

《科创板日报》10月29日讯（记者 黄修眉）源杰科技今日（10月29日）晚间公告称，今年前三季度， 该公司实现营收约1.78亿元，同比增长91.2%；实现归母净利润为-55万元，亏损金额扩大102.6%。 今年第三季度，源杰科技实现营收5802万元，同比增长82%；实现归母净利润-1130万元，亏损金额扩 大649.5%；其今年第三季度净利润金额创下近两年新低。 （源杰科技各季度营收情况） （源杰科技各季度净利润情况） 截至今年第三季度末，源杰科技总资产21.54亿元，较上年度末下降3.7%；净资产为20.76亿元，较上年 度末下降1.9%。 源杰科技主要从事半导体领域的研发和生产，尤其专注于光芯片产品。该公司表示，营收增长主要系光 芯片行业较去年有一定恢复，该公司收入增加所致；但净利润方面下降较多，主要有三个方面因素： 一是报告期内2.5G等负毛利产品出货占比较高，毛利率下降，随着产品价格竞争加剧，计提的存货减值 有所增加，导致存货跌价准备计提较大；二是为积极应对中低速率产品市场竞争加剧，该公司持续加大 EML、硅光等高附加值产品的研发投入；三是报告期内收到政府补助和理财收益等同比减少。 源杰科技今年前三季 ...

证券代码：688498 证券简称：源杰科技 公告编号：2024-075 陕西源杰半导体科技股份有限公司 关于召开 2024 年第三次临时股东会的通知 本公司董事会及全体董事保证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： 召开日期时间：2024 年 11 月 18 日 14 点 30 分 召开地点：陕西省西咸新区沣西新城开元路 1265 号公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 18 日 一、 召开会议的基本情况 （一） 股东会类型和届次 2024 年第三次临时股东会 （七） 涉及公开征集股东投票权 无 二、 会议审议事项 本次股东会审议议案及投票股东类型 | 序号 | | 议案名称 | 投票股东类型 | | --- | --- | --- | --- | | | | | A 股股东 | | 非累积投票议案 | | | | | 1 | 关于 2024 | 年前三季度利润分配方案的议案 | √ | 至 2024 年 11 ...

证券代码：688498 证券简称：源杰科技 公告编号：2024-074 陕西源杰半导体科技股份有限公司 第二届监事会第六次会议决议公告 （二） 审议通过《关于 2024 年前三季度计提资产减值准备的议案》 本公司监事会及全体监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、监事会会议召开情况 陕西源杰半导体科技股份有限公司（以下简称"公司"）第二届监事会第六 次会议于 2024年 10月 29日在公司会议室以现场结合通讯的方式召开。本次会议 通知于 2024 年 10 月 24 日以邮件的方式向全体监事发出，本次会议应出席监事 3 人，实际出席监事 3 人。本次会议由公司监事会主席耿雪女士主持。本次会议的 召集、召开程序符合《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。 二、监事会会议审议情况 经与会监事认真审议，以记名投票方式，通过了如下议案： （一） 审议通过《关于公司 2024 年第三季度报告的议案》 公司 2024 年第三季度报告的编制和审议程序规范合法，符合相 ...