中信建投证券股份有限公司 关于安徽芯动联科微系统股份有限公司 股东向特定机构投资者询价转让股份 相关资格的核查意见 （北京市朝阳区安立路 66 号 4 号楼） （一）核查过程 根据相关法规要求，中信建投证券对出让方的相关资格进行了核查。出让方 已出具《关于向特定机构投资者询价转让首次公开发行前已发行股份出让方相关 承诺及声明》。中信建投证券已于 2024 年 11 月 14 日完成出让方资格核查工作， 对出让方进行访谈和问询，并收集相关核查文件。此外，中信建投证券还通过公 开信息渠道检索等手段对出让方资格进行了核查。 （二）核查情况 | 企业名称 | 北方电子研究院 91610138MA6TX5QL5K 有限公司 | 统一社会信 用代码 | | | | | --- | --- | --- | --- | --- | --- | | 类型 注册地址 | 有 限 责 任 公 司 2015 年 日 (国有独资) 西安市航天基地凤栖东路西安电子工程研究所 号大楼 2 层、3 层 | 成立日期 | 11 | 月 | | | 经营范围 | 雷达及配套技术、通讯与电子对抗技术、电子和通讯技术、电磁技术、雷达 核心组件器件、 ...

证券代码：688582 证券简称：芯动联科 公告编号：2024-036 安徽芯动联科微系统股份有限公司 股东询价转让计划书 股东北方电子研究院有限公司保证向安徽芯动联科微系统股份有限公司提 供的信息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、 准确性和完整性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 拟参与安徽芯动联科微系统股份有限公司（以下简称"芯动联科"）首发 前股东询价转让（以下简称"本次询价转让"）的股东为北方电子研究院有限公 司（以下简称"电子院"或"出让方"）； 出让方拟转让股份的总数为 4,007,000 股，占芯动联科总股本的比例为 1.00%； 本次询价转让不通过集中竞价交易或大宗交易方式进行，不属于通过二 级市场减持。受让方通过询价转让受让的股份，在受让后 6 个月内不得转让； 本次询价转让的受让方为具备相应定价能力和风险承受能力的机构投资 者。 一、拟参与转让的股东情况 （一）出让方的名称、持股数量、持股比例 出让方委托中信建投证券股份有限公司（以下简称"中信建投证券"）组织 实施本次询价转让。截至 2024 ...

证券代码：688582 证券简称：芯动联科 公告编号：2024-035 安徽芯动联科微系统股份有限公司 关于 2023 年限制性股票激励计划首次授予部分第一个归属期第一批 次归属结果暨股份上市的公告 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 596,400 股。 本次股票上市流通总数为 596,400 股。 本次股票上市流通日期为 2024 年 11 月 13 日。 安徽芯动联科微系统股份有限公司（以下简称"公司"或"本公司"）于近日 收到中国证券登记结算有限责任公司上海分公司出具的《证券变更登记证明》，公 司完成了 2023 年限制性股票激励计划首次授予部分第一个归属期第一批次的股份 登记工作。现将有关情况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 （一）2023 年 10 月 10 日，公司召开第一届董事会第十七次会议，审议通过 《关于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司 <2023 ...

Investment Rating - Buy rating (first coverage) [1] Core Views - The company is a leading domestic supplier of high-end MEMS inertial navigation systems with significant technological barriers and long-term growth potential [4] - The high-performance MEMS market is expected to maintain rapid growth driven by applications such as eVTOL, autonomous driving, and military drones [5] - The company has strong R&D capabilities and pricing power, with its core performance indicators for high-performance gyroscopes reaching international advanced levels [6] Financial Projections - Revenue is expected to grow from 227 million yuan in 2022 to 990 million yuan in 2026, with a CAGR of 43.5% [7] - Net profit is projected to increase from 117 million yuan in 2022 to 439 million yuan in 2026, with a CAGR of 34.5% [7] - Gross margin is expected to remain high, ranging from 79% to 85.9% from 2022 to 2026 [7] Industry Overview - The global high-performance MEMS gyroscope market is expected to grow at a CAGR of 42.3% from 2023 to 2028, driven by applications in military, industrial, and autonomous driving sectors [5] - The eVTOL market is projected to reach 9.5 billion yuan by 2026, with a CAGR of 72.3% from 2024 to 2026 [5] - The autonomous driving IMU market in China is expected to grow from 3.151 billion yuan in 2023 to 15.494 billion yuan by 2030, with a CAGR of 25.55% [5] Company Strengths - The company is one of the few domestic companies capable of mass-producing high-performance MEMS gyroscopes, with core performance indicators reaching international advanced levels [4] - The company has strong pricing power due to the lack of domestic competitors at the same level, maintaining high gross margins [6] - The company has a robust R&D team, with 82 R&D personnel accounting for 47.4% of total employees, and 58.54% of R&D personnel holding master's or doctoral degrees [21] Market Opportunities - The company is well-positioned to benefit from the growth of low-altitude economy, autonomous driving, and military applications, which are key drivers for the MEMS industry [52] - The company's MEMS gyroscopes are expected to replace fiber optic and laser gyroscopes in certain high-end applications due to their cost advantages and compact size [30] - The company's MEMS IMU products are expected to see increased demand in humanoid robots, with each robot requiring 4 IMUs for posture control and stability [63]

Company Overview - Founded in 2012 and listed on the Shanghai Stock Exchange's STAR Market in June 2023, with stock code 688582 [2] - Specializes in the R&D, testing, and sales of high-performance silicon-based MEMS inertial sensors [2] - Has established a complete business process and supply chain system, with proprietary high-performance MEMS inertial sensor products [2] - MEMS sensor chips have reached navigation-grade precision, filling a domestic gap in high-performance silicon-based MEMS inertial sensors [2] Product and Market - Main products include high-performance MEMS inertial sensors, such as gyroscopes and accelerometers, which are core components of inertial systems [2] - Products are used in various fields including unmanned systems, industrial robots, autonomous driving, commercial aerospace, and more [2][3] - FM accelerometer has achieved nearly 1,000 units in shipments and is undergoing customer validation [5] - Accelerometer product line is expected to replicate the revenue growth trajectory of gyroscope products, with significant future market potential [5] Financial Performance - Maintained stable product prices despite market pressures, with no significant changes in pricing for customers with stable procurement volumes [4] - Achieved growth in both production and sales volumes, leading to a slight reduction in unit costs through economies of scale [4] - Gross margin remains high due to effective cost control and technological innovation [4] - Orders are balanced across various fields, with a significant order disclosed in July 2024 contributing to stable revenue growth [4] Competitive Analysis - Gyroscope products have performance advantages over international giants like Honeywell, with highly integrated ASIC solutions [7] - The company focuses solely on MEMS inertial devices, leveraging its resources to enhance product performance and market competitiveness [7] - Unlike traditional IDM manufacturers, the company's foundry model allows for faster response to market changes and technological updates [7] Future Outlook - Plans to continue investing in R&D to maintain market competitiveness and leadership [5] - Expects the accelerometer product line to achieve significant revenue growth, particularly with dual-axis and tri-axis accelerometers [5] - Gross margins in new fields like low-altitude and satellite applications are expected to remain similar to current levels, while automotive applications may see lower margins (30-40%) [6]

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected outperformance of 5%-15% relative to the benchmark index [1] Core Views - The company has shown robust growth with a 41.21% YoY increase in revenue to 271 million yuan and a 42.39% YoY increase in net profit to 138 million yuan for the first three quarters of 2024 [1] - The company's gross profit margin remains high at 83.97%, with a slight decrease of 1.78 percentage points YoY, while the net profit margin improved by 0.42 percentage points to 50.87% [1] - The company has significantly increased its R&D investment, with a 46.61% YoY growth in R&D spending to 82.51 million yuan in the first three quarters of 2024 [1] Financial Performance - The company's revenue for Q3 2024 reached 134 million yuan, a 40.37% YoY increase, with net profit growing 45.53% YoY to 81.63 million yuan [1] - The company's EPS for the first three quarters of 2024 was 0.35 yuan, a 29.63% YoY increase [1] - The company's ROE for the first three quarters of 2024 was 6.24%, with a total market capitalization of 19.2 billion yuan [1] Future Projections - The company is expected to achieve revenues of 4.45 billion, 6.23 billion, and 8.68 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 40.5%, 39.7%, and 39.4% [1] - Net profit is projected to be 231 million, 321 million, and 438 million yuan for 2024, 2025, and 2026, respectively, with YoY growth rates of 39.9%, 38.8%, and 36.5% [1] - The company's EPS is expected to be 0.58, 0.80, and 1.10 yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 83.0X, 59.8X, and 43.8X [1] R&D and Product Development - The company has been continuously increasing its R&D investment to enhance product competitiveness, with a focus on improving the performance of existing products like gyroscopes and accelerometers, as well as expanding the range of R&D products [1] - R&D expenses for Q3 2024 were 28.79 million yuan, a 24.75% YoY increase [1] Market Performance - The company's stock closed at 48.01 yuan on October 28, 2024, with a circulating market value of 11.67 billion yuan and a total market value of 19.2 billion yuan [1] - The company's stock has shown strong performance, with a year-to-date high of 49.93 yuan and a low of 21.61 yuan [1]

Investment Rating - Buy (maintained) [1] Core Views - The company's Q3 2024 financial performance remains strong, with revenue reaching 1.34 billion yuan, a year-on-year increase of 40.37%, and net profit attributable to shareholders of 816.33 million yuan, up 45.53% year-on-year [1] - The company's core business performance is excellent, with non-GAAP net profit reaching 765.99 million yuan, a year-on-year increase of 55.73% [1] - The company's gross profit margin has improved, reaching 83.97% in Q3 2024, up 0.96 percentage points from 83.01% in the 2023 annual report [1] - The company's high-performance inertial sensor chips are widely used in high-reliability, high-end industrial, and unmanned systems, with potential for significant downstream market expansion [1] - The company has secured customer projects and large orders, demonstrating the quality of its high-performance inertial sensor chips [1] Financial Performance and Forecasts - Revenue for 2024-2026 is forecasted to be 4.72/6.84/9.68 billion yuan, with net profit attributable to shareholders of 2.37/3.26/4.02 billion yuan [1] - EPS for 2024-2026 is projected to be 0.59/0.82/1.01 yuan, with P/E ratios of 78/57/46 times [1] - The company's gross profit margin is expected to remain high, with forecasts of 81.7%/80.5%/79.7% for 2024-2026 [2] - ROE is projected to increase from 7.8% in 2023 to 15.5% in 2026 [2] Industry and Market Position - The company's high-performance inertial sensor chips are applied in various industries, including commercial aerospace, maritime, resource exploration, industrial IoT, drones, autonomous driving, and robotics [1] - The company maintains a leading position in the high-performance inertial sensor chip market, with strong pricing power and industry status [1] Financial Ratios and Metrics - The company's P/E ratios for 2024-2026 are 77.82/56.61/45.91 times, with P/B ratios of 8.43/7.84/7.11 times [2] - The company's EV/EBITDA ratios for 2024-2026 are 26.12/18.69/13.36 times [2] - The company's net profit margin is expected to remain above 40%, with forecasts of 50.25%/47.69%/41.58% for 2024-2026 [3]

Investment Rating - Buy (maintained) [1] Core Views - The company's Q3 2024 performance was strong, with both revenue and net profit reaching record highs [2][3] - Revenue in Q3 2024 was RMB 134 million, up 40.37% YoY and 16.52% QoQ [3] - Net profit attributable to shareholders in Q3 2024 was RMB 82 million, up 45.53% YoY and 41.38% QoQ [3] - Gross margin in Q3 2024 was 86.84%, up 0.44 pct YoY and 5.55 pct QoQ [2] - Net profit margin in Q3 2024 was 60.86%, up 2.16 pct YoY and 10.33 pct QoQ [2] - The company's operating efficiency improved, with management expense ratio decreasing by 3.49 pct YoY [2] - R&D investment increased by 24.75% YoY, focusing on improving product performance and expanding product categories [2] Market Performance - The company's stock outperformed the CSI 300 index by 41.0% over 1 month, 63.2% over 3 months, and 25.9% over 12 months [2] - Current stock price is RMB 46.18, with a 52-week range of RMB 21.61-49.93 [2] - Total market capitalization is RMB 18.47 billion, with a circulating market cap of RMB 11.23 billion [2] Industry and Product Analysis - The company's MEMS gyroscopes and accelerometers have undergone three iterations, with performance reaching international advanced levels [6] - The company is developing fourth-generation products, including single-chip three-axis gyroscopes and industrial-grade gyroscopes [6] - The FM accelerometer has entered small-scale production, marking a significant industry advancement [6] - The company is developing pressure sensors and 6-axis automotive-grade IMUs for autonomous driving and robotics [6] Financial Forecasts - Revenue is expected to grow to RMB 451 million in 2024, RMB 652 million in 2025, and RMB 943 million in 2026 [6] - Net profit attributable to shareholders is forecasted to be RMB 234 million in 2024, RMB 343 million in 2025, and RMB 492 million in 2026 [6] - ROE is projected to increase from 10% in 2024 to 18% in 2026 [6] - P/E ratio is expected to decline from 78.89 in 2024 to 37.51 in 2026 [6] Growth Drivers - The company benefits from increasing penetration of MEMS sensors in high-reliability fields [6] - Emerging industries such as autonomous vehicles, low-altitude economy, and satellites are expected to create new growth opportunities [6] - The company's technological advantages and continuous product iteration support its competitive position [6]

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company's performance remains stable with excellent profitability, achieving a revenue of 134 million yuan in Q3 2024, a year-on-year increase of 40.37%, and a net profit attributable to shareholders of 81.63 million yuan, up 45.53% year-on-year [2][3] - The company emphasizes R&D resource allocation to strengthen its core technological competitiveness, with R&D investment of 28.79 million yuan in Q3 2024, a year-on-year increase of 24.75%, accounting for 21.46% of revenue [3] - The company's products have a wide range of downstream applications, including high-reliability and high-end industrial sectors, with significant growth potential due to national support for new market demands [3] Financial Summary - For the fiscal year 2024E, the company is projected to achieve a revenue of 464 million yuan, a year-on-year growth of 46.4%, and a net profit of 237 million yuan, with a net profit margin of 51.1% [4][7] - The gross margin is expected to be 86.3% in 2024E, reflecting strong profitability [4][7] - The company’s earnings per share (EPS) for 2024E is estimated at 0.59 yuan, with corresponding price-to-earnings (P/E) ratios of 79.1X [5][7] Cash Flow and Financial Ratios - The net cash flow from operating activities for 2024E is projected to be 232 million yuan, indicating a positive cash flow trend [6] - The company maintains a low debt ratio of 2.8% in 2023A, reflecting strong solvency [7] - Return on equity (ROE) is expected to improve to 10.2% in 2024E, indicating enhanced profitability [7]

证券代码：688582 证券简称：芯动联科 公告编号：2024-034 安徽芯动联科微系统股份有限公司 关于独立董事辞职的公告 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。 安徽芯动联科微系统股份有限公司（以下简称"公司"）董事会近日收到独 立董事何斌辉先生递交的书面辞职报告。因其任职单位对外兼职政策变化，何斌 辉先生向董事会提出辞去公司第二届董事会独立董事职务，同时一并辞去审计委 员会主任委员、薪酬与考核委员会委员职务。辞职后，何斌辉先生将不再担任公 司任何职务。 何斌辉先生确认与公司董事会、监事会以及管理层均未出现任何意见分歧， 亦不存在任何有关辞任的其他事宜须提请公司股东和债权人注意。 鉴于何斌辉先生辞职将导致公司独立董事人数少于董事会成员的三分之一， 根据《中华人民共和国公司法》《上市公司独立董事管理办法》《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》以及《安徽芯动联科微系统股份有限公司章程》等相关规定，何斌 辉先生的辞职申请将在公司股东大会选举产生新任独 ...