[Table_Industry] [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 926 1,505 1,766 2,339 2,891 增长率 yoy% 68% 62% 17% 32% 24% 净利润（百万元） 79 116 150 210 260 增长率 yoy% 14% 48% 29% 40% 24% 每股收益（元） 0.52 0.76 0.99 1.38 1.71 每股现金流量 -0.54 -0.97 1.19 0.54 0.82 净资产收益率 8% 10% 11% 14% 15% P/E 48.0 32.5 25.2 18.0 14.5 P/B 3.9 3.3 2.8 2.5 2.2 备注：每股指标按照最新股本数全面摊薄，股价按 4 月 30 日收盘价进行计算 宏微科技：景气震荡 Q1 业绩承压，IGBT+碳化硅驱动 24 年成长 宏微科技(688711.SH)/电子 证券研究报告/公司点评 2024 年 5 月 1 日 [Table_Title] 评级：买入（维持） 市场价格：24.82 元/股 [Tab ...

Rating - The investment rating for the company is adjusted to "Accumulate" due to performance review [10][17]. Core Views - The company's Q1 2024 revenue and gross profit are under short-term pressure, primarily due to fluctuations in downstream demand, equipment depreciation, and initial investments in production lines. However, this does not alter the long-term positive trend of the company's performance [19]. - The company achieved a revenue of 246 million yuan in Q1 2024, a year-on-year decrease of 25.59% and a quarter-on-quarter decrease of 33.27%. The gross margin was 15.88%, down 3.56 percentage points year-on-year and down 8.71 percentage points quarter-on-quarter [3][19]. - In 2023, the company reported a revenue of 1.505 billion yuan, a year-on-year increase of 62.48%, and a net profit attributable to shareholders of 116 million yuan, a year-on-year increase of 47.63% [3]. Summary by Sections Company Overview - The company operates in the semiconductor industry, focusing on industrial control, new energy generation, and electric vehicles. In 2023, the revenue breakdown was 39.13% from industrial control, 37.21% from new energy generation, and 22.07% from electric vehicles [3][8]. Financial Performance - The company’s revenue for 2023 was 1.505 billion yuan, with a gross margin of 22.18%, reflecting a year-on-year increase of 1.28 percentage points. The net profit for the same year was 116 million yuan, with a net profit margin of 7.71% [3][11]. - The company expects net profits of 115 million yuan, 186 million yuan, and 235 million yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 33, 20, and 16 times [10][11]. Production Capacity and Investment - The company has ongoing capacity expansion projects, with production bases in Huashan and Hsinchu. The total planned capacity is 1.44 million units per year, with significant progress in production line installations [8][10]. - The company has completed investments in its new semiconductor device production base and R&D center, which are expected to enhance production capabilities significantly [8][10]. Research and Development - The company has increased its R&D investment by 68.17% in 2023, accounting for 7.18% of total revenue. It has made significant advancements in IGBT and FRD products, focusing on high-end fields such as SiC [20][21].

2023 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对江苏宏微科技股份有限公司（以下简称"宏微科技""公司""上 市公司"）进行持续督导工作的保荐人，对 2023 年度（以下简称"本持续督导期 间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司。 （二）保荐代表人 李阳、李想。 （三）现场检查人员 中信证券股份有限公司 关于江苏宏微科技股份有限公司 李想、蒋宏图。 （四）现场检查时间 2024 年 4 月 22 日至 2024 年 4 月 23 日。 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 （六）现场检查手段 1 本次现场 ...

江苏宏微科技股份有限公司 2023 年年度股东大会会议资料 江苏宏微科技股份有限公司 2023 年年度股东大会 会议资料 证券代码：688711 证券简称：宏微科技 转债代码：118040 转债简称：宏微转债 2024 年 5 月 江苏宏微科技股份有限公司 2023 年年度股东大会会议资料 目 录 | 2023 年年度股东大会会议须知 1 | | --- | | 2023 年年度股东大会会议议程 3 | | 2023 年年度股东大会会议议案 6 | | 7 | | 议案三：《关于 年度独立董事述职报告的议案》 2023 8 | | 议案四：《关于公司 年度财务决算报告的议案》 2023 9 | | 议案五：《关于公司 2023 年度利润分配及资本公积转增股本方案 | | 的议案》 10 | | 议案七：《关于公司 年度财务预算报告的议案》 2024 13 | | 议案八：《关于公司 2024 年度续聘会计师事务所的议案》 14 | | 议案九：《关于确认公司 2023 年度董事薪酬方案的议案》 15 | | 议案十：《关于确认公司 2023 年度监事薪酬方案的议案》 16 | | 议案十一：《关于公司 202 ...

中信证券股份有限公司 关于江苏宏微科技股份有限公司 2023 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为江苏宏 微科技股份有限公司首次公开发行股票并在科创板上市及向不特定对象发行可 转换公司债券持续督导项目的保荐人，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》等相关规定，中信证券履行持续督导职 责，并出具本持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 （2）查阅公司财务管理、会计核算和内部审计等内部控制制度，查阅公司 2023 年度内部控制自我评价报告、2023 年度内部控制审计报告等文件； （3）查阅公司与控股股东、实际控制人及其关联方的资金往来明细及相关 内部审议文件、信息披露文件，查阅会计师出具的 2023 年度审计报告、关于 2023 年度非经营性资金占用及其他关联资金往来情况的专项说明； 1 （4）查阅公司募集资金管理相关制度、募集资金使用信息 ...

| 证券代码：688711 | 证券简称：宏微科技 公告编号：2024-040 | | --- | --- | | 转债代码：118040 | 债券简称：宏微转债 | 江苏宏微科技股份有限公司 关于参加2023年度半导体集体业绩 暨现金分红说明会的公告 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。 （二）会议召开地点：上证路演中心（http://roadshow.seeinfo.com/） （三）会议召开方式：线上文字互动 重要内容提示： 一、说明会类型 江苏宏微科技股份有限公司（以下简称"公司"）已于 2024 年 4 月 26 日在 上海证券交易所网站（www.sse.com.cn）披露了《2023 年年度报告》及《2023 年年度报告摘要》，为便于广大投资者更加全面深入地了解公司 2023 年度经营 业成果、财务状况、发展理念，公司计划参与由上交所主办的 2023 年度半导体 集体业绩说明会，此次活动将采用线上文字互动的方式举行，投资者可登录上海 证券交易所上证路演中心（http://roadshow.sseinfo ...

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - In 2023, the company achieved revenue of 1.505 billion yuan, a year-on-year increase of 62.48%, and a net profit attributable to shareholders of 116 million yuan, up 47.63% year-on-year. However, in Q1 2024, revenue dropped to 246 million yuan, a decline of 25.59% year-on-year and 33.27% quarter-on-quarter, with a net profit of -2 million yuan, down 105.56% year-on-year and 105.60% quarter-on-quarter [1] - The company's performance in Q1 2024 was under pressure due to fluctuations in industry prosperity, high R&D expenses, and a resulting profit loss [1] - The company has made significant breakthroughs in photovoltaic and automotive applications, with revenue from photovoltaic products growing by 106.15% in 2023 and revenue from new energy vehicles increasing by 149.65% [1] - R&D investment increased by 68.17% in 2023, leading to the development of over 120 new products, focusing on key technologies for next-generation power chips [1] - The company is actively pursuing domestic substitution opportunities and has completed investment commitments for its new power semiconductor device industrial base and R&D center projects [1] Financial Summary - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 124 million yuan, 205 million yuan, and 282 million yuan respectively, with corresponding PE ratios of 32, 19, and 14 [1][10] - The projected revenue growth rates for 2024, 2025, and 2026 are 14.37%, 25.50%, and 28.10% respectively [10]

Investment Rating - The report maintains a "Recommended" rating for the company [1][2] Core Views - The company achieved a revenue of 1.505 billion yuan in 2023, representing a year-on-year growth of 62.48%, and a net profit attributable to shareholders of 116 million yuan, up 47.63% year-on-year. However, in Q1 2024, revenue dropped to 246 million yuan, a decline of 25.59% year-on-year and 33.27% quarter-on-quarter, with a net profit of -2 million yuan, down 105.56% year-on-year and 105.60% quarter-on-quarter [1] - The company's performance in Q1 2024 was impacted by fluctuations in industry conditions, leading to pressure on revenue and gross margin, while high R&D expenses contributed to the loss [1] - The company made significant breakthroughs in the photovoltaic and automotive sectors, with revenue from photovoltaic products growing by 106.15% in 2023 and automotive revenue increasing by 149.65% [1] - R&D investment increased by 68.17% in 2023, resulting in over 120 new products, and the company is focusing on key technologies for next-generation power chips [1] - The company is actively pursuing domestic substitution opportunities and has completed investment commitments for projects aimed at expanding production capacity [1] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 1.505 billion yuan and a net profit of 116 million yuan. The projected revenues for 2024, 2025, and 2026 are 1.654 billion yuan, 2.076 billion yuan, and 2.659 billion yuan, respectively, with growth rates of 9.9%, 25.5%, and 28.1% [4] - The net profit attributable to shareholders is expected to be 69 million yuan in 2024, 131 million yuan in 2025, and 186 million yuan in 2026, with growth rates of -40.7%, 89.9%, and 42.5% [4] R&D and Product Development - The company has increased its R&D spending significantly, focusing on innovative technologies and expanding its product offerings across various sectors, including new energy vehicles and renewable energy [1] - The company has established collaborations with domestic and international research institutions to enhance its technological capabilities [1] Market Position and Future Outlook - The report anticipates that the company's net profit will reach 0.69 billion yuan in 2024, with corresponding PE ratios of 55, 29, and 20 for the years 2024, 2025, and 2026 [1][4] - The company is well-positioned to capitalize on the growing demand for power semiconductor devices, particularly in the automotive and renewable energy sectors [1]

| 证券代码：688711 | 证券简称：宏微科技 公告编号：2024-036 | | --- | --- | | 转债代码：118040 | 债券简称：宏微转债 | 江苏宏微科技股份有限公司 关于召开 2023 年年度股东大会的通知 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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2023 年年度股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2024 年 5 月 24 日 14 点 00 分 召开地点：江苏宏微科技股份有限公司四楼会议室 （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 5 月 24 日至 2024 年 5 月 24 日 股东大会召开日期：2024年5月24日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 ...

| 证券代码：688711 | 证券简称：宏微科技 公告编号：2024-037 | | --- | --- | | 转债代码：118040 | 债券简称：宏微转债 | 江苏宏微科技股份有限公司 关于 2024 年度"提质增效重回报"行动方案的公告 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： 江苏宏微科技股份有限公司（以下简称"公司"）深信提高上市公司质量、 增强投资者回报、提升投资者的获得感，是上市公司对投资者的应尽之责。为践 行"以投资者为本"的发展理念，维护全体股东的利益，切实履行社会责任，公 司特制定 2024 年度"提质增效重回报"行动方案，以进一步提升公司经营质量， 强化管理能力，保障投资者权益。公司第四届董事会第三十七次会议审议通过了 《关于公司 2024 年度"提质增效重回报"行动方案的议案》，主要措施如下： 一、 专注公司主营业务，提升核心竞争力高质量发展 2024 年是高质量快速发展的关键之年，公司管理团队将在董事会的领导下， 围绕发展战略，为实现既定经营目标努力。2024 年公司将以 ...