Investment Rating - The report indicates a positive outlook for Shanghai Electric with an expected net profit of 2.252 billion to 2.680 billion, representing a year-on-year increase of 53.3% to 82.4% [2][4]. Core Insights - The recovery in profitability for downstream coal-related industries is highlighted, particularly for Shanghai Electric, which is expected to benefit from the decline in coal prices [2][5]. - The report notes that the overall performance of the power generation sector is improving, with several companies, including Shanghai Electric and Fuchun Environmental, showing significant profit growth [3][4]. - The smartphone market is experiencing a rebound, with companies like Stmicroelectronics reporting substantial increases in revenue and net profit due to rising demand [11][18]. Summary by Sections Performance Forecast - Shanghai Electric anticipates a net profit of 2.252 billion to 2.680 billion for the first three quarters of 2024, marking an increase of 7.83 billion to 12.11 billion compared to the previous year [2][4]. - Fuchun Environmental expects a year-on-year growth rate exceeding 80% for the same period, indicating strong performance in the power and heat service sector [3][4]. Industry Analysis - The report discusses the impact of coal price fluctuations on profitability, noting that Shanghai Electric's profit margins are closely tied to coal prices, which have been declining since 2022 [5][8]. - The recovery in the smartphone market is attributed to a three-year replacement cycle, with global smartphone shipments showing positive growth in recent quarters [18][20]. Company Comparisons - Shanghai Electric's primary energy source is coal, which has allowed it to achieve higher profit margins compared to competitors like Gansu Energy, which relies more on hydropower [4][5]. - Stmicroelectronics has seen a significant increase in revenue and net profit, driven by its focus on the smartphone sector, which is expected to continue growing in 2024 [11][12].

当二年实际上下起来很多不太成长甚至于个别还有跌落我们意识成长完之后后低前后为正在由所以大家要分析这个情况不管你现在还是亏还是怎么样但你要分析这个过程二十三年那是严重的 那当然我们也会影响 但是我要指出的是上半年扣币前后还是正的所以我们下来还比较晚而且下半年下得比较厉害这天下再厉害 大家分析一下在21年到2021年成长42% 是吧 二十一到二十一年增长25%基础上只要降了百分之十二点你要这样分析如果你二十一年已经在不涨了这是另外一回事所以从这情况影响我觉得我们下来得比较晚即使这样六月以后下半年到年底的时候超过二十一再次增长 经验有的第一季度好 第二季度不好 第三季度怎么样 上上下下是不是跟着走 走出来还不一定呢这三个表是很重要的连续四个季度 超过二季再是第三季度我们再是第三季度 百分之八十几在一年之内会转换回如来的领域这就可以看到今后六个月 九个月的情况这就是说 我们下了给人家晚上的这一块 尽管还没有百分之就说是这个情况是吧你们看到这个订单具体讲新的订单对吧这是这个情况这是非常重要的我们来看这个问题然后你看这次三期度环顶增加16.96%几乎每个部分都在成长 而且知道三分之一 三分之一 三分之一嘛 对吧那如果是同 ...

Business Overview - VeriSilicon is a company that provides platform-based, comprehensive, and one-stop chip customization services and semiconductor IP licensing services [2] - The company owns six types of processor IPs, including GPU IP, NPU IP, VPU IP, DSP IP, ISP IP, and Display Processor IP, as well as over 1,600 mixed-signal and RF IPs [3] - VeriSilicon has a rich portfolio of AI-focused hardware and software chip customization platform solutions, covering devices such as smartwatches, AR/VR glasses, AI PCs, AI phones, smart cars, robots, and data centers/servers [3] - The company is advancing its Chiplet technology and projects, guided by the principles of "IP as a Chiplet," "Chiplet as a Platform," and "Platform as an Ecosystem" [3] - VeriSilicon's business model, Silicon Platform as a Service (SiPaaS), serves a wide range of industries including consumer electronics, automotive electronics, computing, industrial, data processing, and IoT [3] Market Position and Achievements - In 2023, VeriSilicon ranked first in China and eighth globally in semiconductor IP licensing market share, and sixth globally in IP licensing revenue [3] - The company's IP portfolio ranks among the top two globally in terms of IP variety among the top ten IP companies [3] - VeriSilicon has successfully taped out chips at advanced process nodes, including 14nm/10nm/7nm/6nm/5nm FinFET and 28nm/22nm FD-SOI [3] Financial Performance - In Q3 2024, VeriSilicon's revenue is expected to reach 718 million yuan, a 16.96% increase quarter-over-quarter and a 23.60% increase year-over-year [4] - The company's new orders in Q3 2024 are expected to be 648 million yuan, with a backlog of 2.138 billion yuan, of which 78.26% is expected to convert into revenue within a year [4] - R&D investment in Q3 2024 accounted for 43.38% of revenue, with a focus on strategic technologies in AIGC and smart mobility [4] Key Business Areas - In the AI edge computing space, VeriSilicon has shipped over 100 million AI chips globally, with its NPU IP used in 128 AI chips across 10 market segments by 72 customers [4] - The company has provided chip customization services for AR glasses to a major international internet company and is collaborating with several leading AR/VR clients [4] - In Q3 2024, chip design revenue is expected to be 238 million yuan, an 81.26% year-over-year increase, driven by data processing and automotive electronics projects [5] - VeriSilicon has provided 5nm automotive-grade autonomous driving chip customization services to a leading new energy vehicle manufacturer, integrating multiple semiconductor IPs and meeting ISO 26262 functional safety standards [5] International Business - In H1 2024, domestic sales accounted for 64.72% of revenue (603 million yuan), while international sales accounted for 35.28% (329 million yuan) [5] - The company aims to maintain a long-term international revenue share of around 30% [5] Strategic Initiatives - VeriSilicon is open to strategic acquisitions to enhance its IP portfolio and chip customization capabilities, focusing on technologies and teams that align with its strategic direction [6] - The company plans to continue building its industry ecosystem and will make investments or acquisitions as needed, following relevant laws and regulations [6]

Financial Projections - The company expects Q3 2024 revenue to reach CNY 717.98 million, representing a quarter-on-quarter increase of 16.96% and a year-on-year increase of 23.60%[2]. - The projected net loss attributable to shareholders for Q3 2024 is CNY 111.05 million, with a year-on-year reduction in loss of CNY 45.38 million[2]. - The company anticipates new orders of CNY 648 million in Q3 2024, with a backlog of CNY 2.138 billion, maintaining a high level for four consecutive quarters[5]. - The proportion of backlog expected to convert to revenue within one year is 78.26%[5]. Research and Development - R&D expenditure is projected to account for 43.38% of revenue in Q3 2024, emphasizing the company's commitment to maintaining a competitive edge in semiconductor IP and custom chip design[5]. - The company is actively pursuing strategic technology development in AIGC and smart mobility applications, alongside advancing Chiplet technology[5]. Revenue Streams - Revenue from intellectual property licensing fees is expected to be CNY 218 million, a quarter-on-quarter increase of 36.62%[5]. - Revenue from chip design services is projected at CNY 238 million, reflecting a quarter-on-quarter growth of 23.02%[5]. Operational Performance - The company reported a significant improvement in operational performance in Q2 2024, reversing previous trends and setting a positive outlook for Q3[5]. - There are no major uncertainties affecting the accuracy of this earnings forecast[6].

关于首次公开发行前股票期权行权限售股上市流通的公告 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： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 588,568 股。 本次股票上市流通总数为 588,568 股。 本次股票上市流通日期为 2024 年 9 月 23 日。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2020 年 7 月 21 日出具的《关于同意芯原微 电子（上海）股份有限公司首次公开发行股票注册的批复》（证监许可[2020]1537 号），芯原微电子（上海）股份有限公司（以下简称"芯原股份"或"公司"）获准 首次向社会公开发行人民币普通股（A 股）股票 48,319,289 股。经上海证券交易所 同意，公司于 2020 年 8 月 18 日在上海证券交易所科创板挂牌上市。公司首次公 开发行完成后，总股本为 483,192,883 股，其中有限售条件流通股为 440,447,482 股，无限售条件流通股为 42,745,401 股。 证券代码：688521 证 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 52.32 [1][7]. Core Insights - The company reported a significant narrowing of losses in Q2, driven by a recovery in demand, with Q2 revenue reaching RMB 6.14 billion, a 93.0% increase quarter-on-quarter, despite a year-on-year decline of 4.7% [9]. - The company is expected to benefit from the AIGC trend and Chiplet developments, with a projected net profit of RMB -2.12 billion for 2024, turning positive in 2025 and 2026 [7][9]. Summary by Sections Financial Performance - Q2 revenue from IP licensing was RMB 184 million, down 32.1% year-on-year but up 45.2% quarter-on-quarter, with a notable increase in AI-related demand [5]. - Custom chip business revenue in Q2 was RMB 427 million, up 15.3% year-on-year and 123.7% quarter-on-quarter, with a strong order backlog of RMB 2.271 billion as of 1H24 [6][9]. Revenue Projections - The company anticipates total revenue of RMB 2.215 billion for 2024, with a projected growth to RMB 3.112 billion by 2026 [8][11]. - The revenue breakdown includes RMB 1.439 billion from custom chip business and RMB 776 million from IP licensing for 2024 [11]. Valuation Metrics - The target price of RMB 52.32 is based on a price-to-sales (PS) ratio of 7.0x for custom chip business and 20.7x for IP licensing, reflecting a premium due to the company's competitive advantages in the HPC/AI sectors [7][9].

证券代码：688521 证券简称：芯原股份 芯原微电子（上海）股份有限公司 投资者关系活动记录表 投资者关系活□ 特定对象调研 □ 分析师会议 □ 媒体采访 √ 业绩说明会 动类别 □ 新闻发布会 □ 路演活动 □ 现场参观 √ 电话会议 □ 其他（ ） 参与单位名称 2024 年 8 月 8 日 诚通基金、长江养老保险、淡水泉投资、嘉实基金、汇安基金、信达澳 亚基金、易米基金、中移资本等 2024 年 8 月 9 日 公开业绩说明会 时间 2024 年 8 月 8 日，2024 年 8 月 9 日 调研方式 线上会议 公司接待人员 姓名 公司董事长兼总裁：WAYNE WEI-MING DAI（戴伟民） 公司董事、CFO、董事会秘书：施文茜 投资者关系活动主要内容介绍 公司介绍 芯原是一家依托自主半导体 IP，为客户提供平台化、全方位、一站 式芯片定制服务和半导体 IP 授权服务的企业。 公司拥有自主可控的图形处理器 IP（GPU IP）、神经网络处理器 IP（NPU IP）、视频处理器 IP（VPU IP）、数字信号处理器 IP（DSP IP）、图像信号处理器 IP（ISP IP）和显示处理器 IP（Dis ...

尊敬的各位投资者朋友大家上午好欢迎大家蒞临新元股份2024年半年度业绩说明会我是本次业绩说明会的主持人新元股份首席财务官董事会秘书施文茜请允许我代表新元股份向各位线上的投资者表达最深切的谢意各位长期以来的关注和支持 是推动我们不断前行的宝贵动力同时我也要感谢上海证券交易所和上证路演中心感谢他们为我们提供这样一个重要的交流平台让我们有机会与各位投资者朋友及时直接透明的沟通分享公司最新的发展和业绩表现 那么首先请允许我介绍出席今天业绩说明会的公司管理层代表新元股份创始人董事长兼总裁戴维明博士接下来有请戴博士致辞各位投资朋友大家上午好非常感谢大家特殊宝贵时间的参加新元股份2024年半年度业绩说明会 我简单代表新元向今天来参加业绩说明会的各位投资朋友表示热烈欢迎按照惯例我们在财报的下一工作日就举办这样一个业绩说明会感谢上评中心的大力支持那个我们2020年8月18号上市 我觉得还有必要回顾一下二零第二年二零二一年实际上才能最紧的时候基本上很难拿到前一年二零二零年的产能在这种情况下我们量产收入增长35%当年业绩增长42%所以扣非钱为尽利润为证第二年二零二年就开始 下行那时候很多都个位数成长甚至不成长我们逆势成长25%扣飞 ...

芯原股份（688521.SH）2024 年半年报点评 二季度环比业绩高增，持续深化产品研发 2024 年 08 月 11 日 ➢ 事件：8 月 8 日，芯原股份发布 2024 年半年报。2024 年上半年公司实现 营收 9.32 亿元，同比下降 21.07%；实现归母净利润-2.85 亿元，同比下降 1381.89%；实现扣非归母净利润-3.04 亿元，同比下降 14650.03%。其中 Q2 单季度公司实现营业收入 6.14 亿元，较第一季度环比增长 92.96%；实现归母净 利润-0.78 亿元，环比增长 62.40%；实现扣非归母净利润-0.88 亿元，环比增长 59.26%。 ➢ Q2 业绩显著改善，毛利率有所下降。2024 年上半年公司实现营收 9.32 亿 元，受去库存周期影响，同比下降 21.07%。但随着半导体产业逐步复苏，下游 客户库存情况明显改善，公司经营情况快速扭转，业务逐步转好，第二季度业绩 较第一季度显著改善。2024 年第二季度，公司实现营业收入 6.14 亿元，较第一 季度环比增长 92.96%。其中，2024 年第二季度公司量产业务收入为 2.34 亿元， 环比增长 125.0 ...

● 投资评级:培持(维持) | --- | |------------| | 未未教据 | | 收益价(元) | | | 等殷冷資产(无)4.84 总股本(亿股)5.00 衰逝 12 月市场表現 � 张盘敏 分析师 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 未 陈 至 联系人 zhucx@ctsec.com � 相关报告 1. 《IP 业务短期波动，在手订半充尾》 2023-11-03 2. 《盈利能力大幅改善，核心 IP 贡献 字性》 2023-08-05 3. 《订半节奏影响短期，长期发展趋势 明 海 》 2023-04-23 芯原股份(688521) / 半乎体 / 公司点评 / 2024.08.10 业绩琢磨 ■ 证券研究报告 多地域, 总 � 事件：公司发布 2024 年半年度报告，2024 上半年公司实现营业收入 9.32 亿 无，阿比下降 21.27%；利润瑞实现归草净利润-2.85 亿元。辛二季度公司实现 登业收入 6.14 亿元，环比大幅增长 92.96%；实现归母净利润-0.78 亿元，亏损 較第一季度大幅收窄 62.40% 业绩整体环比大幅改 ...