Investment Rating - Buy (Maintained) [1] Core Views - The company's revenue in H1 2024 reached RMB 350 million, a year-on-year increase of 121.89%, with a net loss attributable to the parent company of RMB 56.82 million, narrowing by RMB 13.29 million year-on-year [1] - In Q2 2024, the company achieved revenue of RMB 199 million, a year-on-year increase of 106.79%, with a net loss attributable to the parent company of RMB 21.39 million, narrowing by RMB 237,000 year-on-year [1] - Shipment volume in H1 2024 increased by 144% year-on-year, driven by strong demand recovery and the scaling up of new products [2] - The company's gross margin in H1 2024 improved by 3.93 percentage points year-on-year to 33.37%, with R&D investment increasing by 43.93% to RMB 129 million [2] - The company has made significant breakthroughs in product development and market expansion, particularly in BMS, PC, and traditional MCU products, with strategic customer share increasing significantly [2][5] Business Performance - BMS and PC: Single-cell BMS shipments in H1 2024 exceeded the total for 2023, and 2-5 cell BMS products achieved mass shipments. Revenue from EC, PD, and HUB series chips for computers and peripherals increased by approximately 136% year-on-year [2] - Traditional Products: With the recovery in consumer electronics demand and industry inventory bottoming out, sales of traditional MCU products, health measurement, and AIoT-related products have steadily rebounded [2] - Product Development: The company has launched new products in analog signal chains, MCUs, and health measurement AIoT, further solidifying its leading position in the full signal chain field [5] Market and Product Breakthroughs - Analog Signal: Achieved breakthroughs in haptic feedback, Hapticpad, and automotive pressure touch solutions with leading customers. PPG signal acquisition chips began mass production at benchmark clients [5] - MCU: PD chips achieved mass shipments in mobile phones, computer peripherals, energy storage, and power tools markets. The first-generation EC chip achieved mass production with leading computer clients, and the second-generation EC chip passed verification by a global computer leader [5] - Health Measurement AIoT: Strengthened its leading position in the HarmonyOS ecosystem, successfully introducing 245 HarmonyOS projects and completing 97 SKU product integrations [5] Financial Forecast - Revenue for 2024-2026 is projected to be RMB 725 million, RMB 1.054 billion, and RMB 1.428 billion, respectively, with net profit attributable to the parent company expected to be -RMB 46 million, RMB 22 million, and RMB 145 million [5] - The company's PS ratio for 2024-2026 is projected to be 4.74X, 3.26X, and 2.40X, respectively [5] Strategic Outlook - The company is expected to benefit from the development of the domestic smart hardware industry and the increasing demand for chip localization, with new products continuously iterating and achieving breakthroughs with clients [5]

电子 证 券 研 究 报 告 2024 年 08 月 22 日 芯海科技 (688595) ——MCU、AIOT 需求修复，PC/车载信号链新品放量 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 22 日 | | 收盘价（元） | 23.80 | | 一年内最高 / 最低（元） | 49.88/19.80 | | 市净率 | 4.4 | | 息率（分红/股价） | - | | 流通 A 股市值（百万元） | 3,390 | | 上证指数/深证成指 | 2,848.77/8,162.18 | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 5.38 | | 资产负债率 % | 42.62 | | 总股本 /流通 A 股（百万） | 142/1 ...

688595.SH 增持 原评级：增持 市场价格:人民币 24.17 板块评级:强于大市 股价表现 (21%) (4%) 13% 29% 46% 63% Aug-23Sep-23Oct-23Nov-23Dec-23Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 芯海科技 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (43.7) (15.5) (15.4) (14.0) 相对上证综指 (40.5) (11.6) (5.8) (5.5) | --- | --- | --- | |-------------------------------|------------|----------| | | | | | 发行股数 ( 百万 ) | | 142.43 | | 流通股 ( 百万 ) | | 142.43 | | 总市值 ( 人民币 百万 ) | | 3,442.43 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 75.07 | | 主要股东 | | | | 卢国建 | | 27.98 | | 资料来源：公司公告， Wind | ，中银证券 ...

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 38.73 CNY, maintaining the rating [4][5]. Core Views - The company achieved a significant revenue growth of 121.89% year-on-year, reaching 350 million CNY in the first half of 2024, despite a net loss of 57 million CNY [1]. - The market environment has improved, leading to a recovery in inventory levels and a faster revenue growth driven by strategic investments in EC, PD, and BMS sectors [2]. - The company is focusing on high-performance MCU and battery management systems for automotive applications, as well as high-precision sensing chips for IoT and edge AI applications, indicating a strong commitment to R&D with an investment of 129 million CNY in the first half of 2024 [3]. Financial Performance - The company forecasts revenues of 788 million CNY, 993 million CNY, and 1.29 billion CNY for 2024, 2025, and 2026 respectively, with net profits projected to improve from a loss of 45 million CNY in 2024 to a profit of 131 million CNY in 2026 [4][7]. - The R&D expense ratio is notably high at 36.8%, with 363 employees dedicated to R&D, reflecting the company's focus on innovation [3]. - The company’s revenue growth rate is expected to rebound significantly, with a projected growth of 82% in 2024 [8]. Market Positioning - The company is strategically positioned to benefit from the growing demand in automotive and AI sectors, with a focus on domestic market penetration and the development of solutions for the Harmony ecosystem [2][3]. - The anticipated growth in AI PC and automotive MCU markets presents a substantial opportunity for the company, especially with the ongoing trend of domestic substitution in semiconductor components [3].

Financial Performance - Revenue for the first half of 2024 reached $500 million, representing a 15% year-over-year growth[1] - Net profit increased by 20% to $75 million compared to the same period last year[1] - Revenue for the first half of 2024 reached 350.11 million yuan, a year-on-year increase of 121.89%[16][17] - Net profit attributable to shareholders of the listed company was -56.82 million yuan, narrowing the loss by 13.29 million yuan compared to the same period last year[17] - The company expects Q3 revenue to grow by 10-15% year-over-year, with a projected range of $275-300 million[1] - Net profit for the first half of 2024 was a loss of RMB 56.48 million, an improvement from a loss of RMB 69.95 million in the first half of 2023[138] - Total revenue for the first half of 2024 was RMB 350.11 million, a significant increase from RMB 157.79 million in the same period of 2023[137] - Net profit for the period was -17,888,704.79 yuan, an improvement from -42,087,015.44 yuan in the same period last year[142] R&D and Innovation - The company's R&D investment in new technologies amounted to $50 million, accounting for 10% of total revenue[1] - A new R&D center in Shanghai is expected to be operational by Q4 2024, with an initial investment of $20 million[1] - R&D investment accounted for 36.81% of revenue, a decrease of 19.94 percentage points year-on-year[17][18] - The company's R&D investment in the first half of 2024 increased by 43.93% year-on-year, reaching RMB 128.88 million, with a significant portion attributed to the increase in share-based payment expenses[37][38] - The company applied for 72 new invention patents and was granted 30 in the first half of 2024, bringing the total number of invention patents to 795, with 244 granted[36][37] - The company's R&D personnel increased by 1.97% to 363, with a 10.69% increase in R&D personnel compensation compared to the same period last year[37] - Total R&D investment in the first half of 2024 reached 12,887.67 million yuan, with a cumulative investment of 35,751.21 million yuan across various projects[39] - The company has developed China's first high-precision 24-bit Sigma-Delta ADC, achieving domestic leading and internationally advanced levels[44] Market Expansion and Strategic Partnerships - The company plans to invest $100 million in market expansion and potential acquisitions in the next fiscal year[1] - Strategic partnerships with key players like Vivo have driven a 12% increase in B2B sales[1] - The company's 2-5 section BMS products for laptops, power tools, drones, and sweeping robots have achieved mass shipments to leading clients[25] - The company's first-generation EC chip has achieved mass production in leading computer clients, and the second-generation EC chip has passed Intel PCL certification[26] - The company has successfully introduced 245 HarmonyOS ecosystem project opportunities and completed 97 SKU product integrations[28] - The company's BLE products have achieved mass production in industrial intelligent sensing and HMI display applications[28] - The company's automotive MCU chips have passed AEC-Q100 certification and have been introduced into multiple automotive clients for mass production[27] - The company's PD series MCU products have achieved new market breakthroughs in energy storage and power tool markets[26] Product Development and Technology - New product lines contributed $150 million in revenue, representing 30% of total revenue[1] - The company's high-reliability industrial-grade sensor conditioning chips have achieved mass shipments, with rapidly increasing customer numbers[25] - The company's new generation of automotive-grade high-precision Sigma-Delta ADC and high-speed high-precision SAR ADC have achieved mass production in leading clients[25] - High-precision ADC technology has improved signal input range, reduced chip noise, and minimized power supply noise impact, enabling ADC to meet various application scenarios[30] - The company's ADC products have significantly reduced costs compared to foreign competitors like TI and ADI, promoting rapid development in related industries[30] - High-precision reference source technology enhances measurement accuracy through 2nd-order temperature compensation and dynamic device matching[30] - Human impedance measurement technology achieves 1% accuracy in impedance measurement and ±0.5° in phase angle measurement, comparable to TI's AFE4300 but at a lower cost[30] - The company's MCU technology achieves ESD performance of 8KV and EFT performance of 4KV, meeting various application requirements[31] - High-reliability MCU technology has enabled the company to replace foreign products in many application fields, increasing the localization rate of terminal products and reducing costs[31] - High-precision Forcetouch AFE technology is widely used in smart terminals such as mobile phones, TWS, and PADs for pressure sensing[31] Financial Position and Cash Flow - The company's gross margin improved to 40%, up from 38% in the previous year[1] - The net cash outflow from operating activities was 80.46 million yuan, mainly due to increased inventory procurement[18] - The company incurred a share-based payment cost of 37 million yuan in the first half of 2024[18] - Excluding share-based payments, the net loss attributable to shareholders narrowed by 57.58 million yuan[18] - Non-recurring gains and losses amounted to 4.02 million yuan, including government subsidies of 4.21 million yuan[19][20] - The company's cash and cash equivalents decreased by 33.14% to RMB 368,251,214.69, mainly due to increased inventory payments and stock repurchases[64] - Accounts receivable increased by 25.48% to RMB 10,708,833.59, driven by higher customer payments via bills[64] - Prepayments rose by 27.98% to RMB 32,378,352.08, reflecting increased advance payments for inventory[64] - Construction in progress increased by 61.88% to RMB 59,768,316.23, mainly due to capitalized interest expenses and subsidiary projects[64] - The company's short-term borrowings increased by 52.62% to 58,039,150.00 RMB, primarily due to increased working capital needs and lower financing costs[65] - Accounts payable rose by 73.94% to 111,800,474.58 RMB, driven by increased procurement and processing fees due to improved performance[65] - The company's lease liabilities surged by 659.44% to 15,918,056.70 RMB, mainly due to new lease agreements and increased lease payments within the year[65] Corporate Governance and Shareholder Information - The company's Chinese name is 芯海科技（深圳）股份有限公司, and its English name is Chipsea Technologies (Shenzhen) Corp., Ltd.[11] - The company's stock is listed on the Shanghai Stock Exchange's STAR Market under the ticker symbol 688595[15] - The company's registered and office address is located at Building 1, 301, Shenzhen Bay Innovation and Technology Center, Nanshan District, Shenzhen[11] - The company's website is www.chipsea.com, and the contact email is info@chipsea.com[11] - The company's legal representative is Lu Guojian[11] - The company's board secretary is Wan Wei, and the securities affairs representative is Wu Yuan[12] - The company's contact phone number is 0755-8616 8545, and the fax number is 0755-2680 4983[12] - The company's semi-annual report is published on the Shanghai Stock Exchange website (www.sse.com.cn) and the company's board office[14] - The company's stock is classified as A-shares and is listed on the Shanghai Stock Exchange's STAR Market[15] - The company's stock code is 688595, and there is no previous stock name change[15] - The company's total share capital increased from 142,156,346 shares to 142,381,046 shares after the completion of the first vesting period of the 2021 restricted stock incentive plan[74] - The company granted 1.3 million restricted shares to 35 incentive recipients at a price of 16.60 yuan per share on February 2, 2024[75] - The company did not distribute any dividends or conduct any capital reserve to share capital conversion during the reporting period[73] - The company held its 2023 annual general meeting on April 19, 2024, where all 12 proposals were approved[72] - Yang Lining was elected as a non-independent director during the 32nd meeting of the third board of directors on March 28, 2024[73] Environmental and Social Responsibility - The company has established policies such as the "Quality and Hazardous Substance Process Management Manual" and "Hazardous Substance Management Specification" to promote energy conservation and environmental protection[77] - No specific carbon reduction measures were implemented during the reporting period, and the reduction in carbon dioxide equivalent was 0 tons[78] - The company did not allocate any funds for environmental protection during the reporting period[76] Shareholder Commitments and Lock-up Periods - The controlling shareholder and actual controller, Lu Guojian, and his controlled enterprise, Xinlian Zhihe, have committed to not transferring or entrusting others to manage their directly or indirectly held shares for 6 months after the company's stock is listed. If the stock price remains below the issue price for 20 consecutive trading days or at the end of 6 months, the lock-up period will automatically extend by another 6 months[79] - Lu Guojian and Xinlian Zhihe have pledged that after the lock-up period expires, they will not sell more than 25% of their total shares held at the end of the previous year within two years[81] - The lock-up period for shares held by Lu Guojian and Xinlian Zhihe is 36 months from the date of the company's listing[79] - If the company's stock price remains below the issue price for 20 consecutive trading days or at the end of 6 months after listing, the lock-up period for shares held by Lu Guojian and Xinlian Zhihe will automatically extend by another 6 months[79] - Lu Guojian and Xinlian Zhihe have committed to maintaining their controlling position in the company and will only consider limited share reductions after the lock-up period, in compliance with relevant regulations[81] - The lock-up period for shares held by Lu Guojian and Xinlian Zhihe will be adjusted accordingly if the company undergoes events such as stock dividends, stock splits, or capital increases[79] - Lu Guojian and Xinlian Zhihe have agreed to automatically apply any changes in laws, regulations, or regulatory requirements regarding share lock-up and reduction during their holding period[81] - Lu Guojian and Xinlian Zhihe have committed to not transferring or entrusting others to manage their shares for 6 months after leaving their positions as directors, supervisors, or senior management[79] - Lu Guojian and Xinlian Zhihe have pledged to strictly comply with relevant laws and regulations regarding share lock-up and reduction, and to fulfill necessary filing and announcement procedures before any reduction[81] - Lu Guojian and Xinlian Zhihe have agreed to bear legal responsibility for any violations of their commitments regarding share lock-up and reduction[81] Fundraising and Investment - The company plans to invest the funds raised from the public offering in high-performance 32-bit MCU, health SoC, and other chip upgrade and industrialization projects[90] - The company will accelerate the investment progress of the fundraising projects to achieve expected benefits as soon as possible[90] - The company will strictly implement the cash dividend policy to provide reasonable returns to investors[90] - The company aims to enhance its competitiveness and profitability through improved management, increased R&D investment, and market expansion[90] - The actual controller, Lu Guojian, commits to not abusing his position and to fulfilling his obligations diligently[90] - The company will ensure the proper use of raised funds and accelerate project implementation to achieve expected returns[90] - The company will actively allocate resources to speed up the construction of fundraising projects[90] - The company will use its own funds to advance the investment in fundraising projects before the funds are raised[90] - The company will improve decision-making procedures for profit distribution to protect shareholders' rights[90] - The company will continue to supplement and improve measures to protect investors' legal rights[90] Risk Management and Compliance - The company faces risks from fluctuating wafer and packaging costs, which could impact gross margins and net profits[57] - Risk of supply chain disruption due to high supplier concentration and potential capacity constraints[56] - The company's main business costs are primarily composed of wafer, packaging, and testing costs, accounting for 95.12% of total costs[57] - The company has committed to repurchasing all newly issued shares within 5 working days if it is found to have obtained listing through fraudulent means[93] - The company will strictly adhere to the profit distribution policy outlined in its draft articles of association post-IPO[93] - The controlling shareholder and actual controller have pledged to avoid any business or product competition with the company[94] - The controlling shareholder and actual controller will not engage in any activities that compete with the company's business or products[94] - The company will ensure that any unavoidable related-party transactions are conducted fairly and in compliance with regulatory requirements[94] - The controlling shareholder and actual controller will take responsibility and compensate for any losses caused by violations of their commitments[94] - The company will publicly explain and apologize for any failure to fulfill its commitments[93] - The company will compensate investors for any losses incurred due to unfulfilled commitments[93] - The controlling shareholder and actual controller will stop receiving dividends and restrict share transfers if they violate their commitments[94] - The company will implement measures to avoid or resolve any potential conflicts of interest with its controlling shareholder and actual controller[94] Industry and Market Trends - Global semiconductor industry sales reached $149.9 billion in Q2 2024, a year-on-year increase of 18.3% and a quarter-on-quarter increase of 6.5%[21] - Domestic integrated circuit product output increased by 28.9% year-on-year in the first half of 2024[21] - The company's 2-5 section BMS products for laptops, power tools, drones, and sweeping robots have achieved mass shipments to leading clients[25] - The company's first-generation EC chip has achieved mass production in leading computer clients, and the second-generation EC chip has passed Intel PCL certification[26] - The company has successfully introduced 245 HarmonyOS ecosystem project opportunities and completed 97 SKU product integrations[28] - The company's BLE products have achieved mass production in industrial intelligent sensing and HMI display applications[28] - The company's automotive MCU chips have passed AEC-Q100 certification and have been introduced into multiple automotive clients for mass production[27] - The company's PD series MCU products have achieved new market breakthroughs in energy storage and power tool markets[26] - The company's new generation of automotive-grade high-precision Sigma-Delta ADC and high-speed high-precision SAR ADC have achieved mass production in leading clients[25] - High-precision ADC technology has improved signal input range, reduced chip noise, and minimized power supply noise impact, enabling ADC to meet various application scenarios[30] - The company's ADC products have significantly reduced costs compared to foreign competitors like TI and ADI, promoting rapid development in related industries[30] - High-precision reference source technology enhances measurement accuracy through 2nd-order temperature compensation and dynamic device matching[30] - Human impedance measurement technology achieves 1% accuracy in impedance measurement and ±0.5° in phase angle measurement, comparable to TI's AFE4300 but at a lower cost[30] - The company's MCU technology achieves ESD performance of 8KV and EFT performance of 4KV, meeting various application requirements[31] - High-reliability MCU technology has enabled the company to replace foreign products in many application fields, increasing the localization rate of terminal products and reducing costs[31] - High-precision Forcetouch AFE technology is widely used in smart terminals such as mobile phones, TWS, and PADs for pressure sensing[31]

| 证券代码：688595 | 证券简称：芯海科技 | 公告编号：2024-039 | | --- | --- | --- | | 债券代码：118015 | 债券简称：芯海转债 | | 芯海科技（深圳）股份有限公司 关于公司2024年半年度募集资金存放与实际使用情况 专项报告的公告 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。 一、募集资金基本情况 (一) 首次公开发行股票并上市募集资金情况 1、实际募集资金金额和资金到账时间 金额单位：人民币万元 | 项 目 | | 序号 | 金 额 | | --- | --- | --- | --- | | 募集资金净额 | | A | 49,449.64 | | 截至期初累计发生 额 | 项目投入 | B1 | 44,746.71 | | | 利息收入净额 | B2 | 1,144.70 | | 本期发生额 | 项目投入 | C1 | 494.29 | | | 利息收入净额 | C2 | 8.64 | | 截至期末累计发生 额 | 项目投入 | D1=B1+C1 | 45,241 ...

会议以投票表决方式审议通过了以下议案： | 债券代码：118015 | 债券简称：芯海转债 | | | --- | --- | --- | | 证券代码：688595 | 证券简称：芯海科技 | 公告编号：2024-038 | 芯海科技（深圳）股份有限公司 第三届监事会第二十次会议决议公告 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。 芯海科技（深圳）股份有限公司（以下简称"公司"）第三届监事会第二十 次会议于 2024 年 8 月 19 日上午 10:00 以现场表决的方式召开，本次会议通知于 2024 年 8 月 9 日通过通讯方式通知全体监事。本次会议由监事会主席王金锁先 生召集并主持，会议应到监事 3 名，实到监事 3 名。会议的召集和召开程序符合 《中华人民共和国公司法》（以下简称"《公司法》"）等法律、法规、部门规章以 及《芯海科技（深圳）股份有限公司章程》（以下简称"《公司章程》"）的有关 规定，作出的决议合法、有效。 一、审议通过《关于公司<2024 年半年度报告>及摘要的议案》 监事会认为：（1）《20 ...

重要内容提示： ● 可转债付息债权登记日：2024 年 7 月 19 日（由于 2024 年 7 月 20 日 为法定节假日，可转债付息债权登记日提前至 2024 年 7 月 19 日）。 ● 可转债除息日：2024 年 7 月 22 日。 ● 可转债兑息日：2024 年 7 月 22 日（由于 2024 年 7 月 21 日为法定节 假日，可转债兑息日延迟至 2024 年 7 月 22 日）。 | | | 芯海科技（深圳）股份有限公司（以下简称"芯海科技"或"公司"）于 2022 年 7 月 21 日发行的可转换公司债券（以下简称"芯海转债"或"可转债"），并 将于 2024 年 7 月 22 日开始支付自 2023 年 7 月 21 日至 2024 年 7 月 20 日期间的 利息。根据《芯海科技（深圳）股份有限公司向不特定对象发行可转换公司债券 募集说明书》（以下简称"《募集说明书》"）有关条款的规定，现将有关事项公告 如下： 芯海科技（深圳）股份有限公司 关于"芯海转债"2024年付息公告 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 ...

信用等级通知书 东方金诚债评字【2024】0262 号 芯海科技(深圳) 股份有限公司： 东方金诚国际信用评估有限公司信用评级委员会通过对贵公司及已 发行的"2022 年芯海科技(深圳)股份有限公司向不特定对象发行 可转换公司债券"（以下简称"芯海转债"）信用状况进行综合分 析和评估,评定贵公司主体信用等级为 A+,评级展望为稳定,"芯 海转债"信用等级为 A+。 东方金诚国际信用评估有限公司 信评委主 4.本次评级依据委托方提供的资料和/或已经正式对外公布的信息，相关信息的合法 性、真实性、准确性、完整性均由资料提供方和/或发布方负责,东方金诚按照相关性、 可靠性、及时性的原则对评级信息进行合理审慎的核查分析,但不对资料提供方和/或 发布方提供的信息合法性、真实性、准确性及完整性作任何形式的保证。 5.本报告仅为受评对象信用状况的第三方参考意见,并非是对某种决策的结论或建议。 东方金诚不对发行人使用/引用本报告产生的任何后果承担责任,也不对任何投资者的 投资行为和投资损失承担责任。 6.本报告自出具日起生效,在受评债项的存续期内有效。其中主体评级结果有效期自 2024 年 7 月 2 日至 2025 年 7 ...

● 本次债券评级：公司主体信用等级为 A+，评级展望为"稳定"，"芯 海转债"的信用等级为 A+。 根据《上市公司证券发行管理办法》《上海证券交易所科创板股票上市规则》 等有关规定，芯海科技（深圳）股份有限公司（以下简称"公司"）委托信用评 级机构东方金诚国际信用评估有限公司（以下简称"东方金诚"）对公司向不特 定对象发行的可转换公司债券（以下简称"芯海转债"）进行了 2024 年信用评 级。 | 证券代码：688595 | 证券简称：芯海科技 | 公告编号：2024-036 | | --- | --- | --- | | 债券代码：118015 | 债券简称：芯海转债 | | 芯海科技（深圳）股份有限公司 关于"芯海转债"2024年信用评级结果的公告 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： ● 前次债券评级：公司主体信用等级为 A+，评级展望为"稳定"，"芯 海转债"的信用等级为 A+。 本次信用评级报告已于同日披露在上海证券交易所网站（www.sse.com.cn）。 特此公告。 芯海科技（深圳 ...