公 电子 司 2024年05月 06日 报 格科微(688728.SH) 告 中高端CIS新品开始量产出货，24Q1收入及业绩实现高增 推荐（维持） 事项： 公司公布 2023 年年报及 2024 年1 季报。2023 年，公司实现营业收入 46.97 股价：16.59 元 亿元，同比下降 20.97%；实现归母净利润 0.48 亿元，同比下降 89.01%；实 现扣非归母净利润 0.62 亿元，同比下降 82.57%；公司拟每 10 股派发现金红 公 主要数据 利0.06元（含税），不送红股，不以资本公积转增股本。2024年1季度，公司 司 实现营业收入12.89亿元，同比增长51.13%；实现归母净利润0.30亿元，同 行业 电子 年 公司网址 www.gcoreinc.com 比增长123.35%；实现扣非归母净利润0.12亿元，同比增长108.84%。 大股东/持股 Uni-sky Holding Limited/40.38% 平安观点： 报 实际控制人 赵立新,曹维  整体市场压力较大，但逐季恢复势头明显。公司是国内重要的CIS（CMOS 点 总股本(百万股) 2,601 图像传感器）和显示驱动厂 ...

[Table_Main] 证券研究报告 | 公司点评 格科微(688728.SH) 2024年05月04日 格科微(688728.SH)：24Q1 业绩表现 买入（维持） 亮眼，高像素单芯片 CIS 出货顺利 所属行业：电子/半导体 当前价格(元)：16.59 2023 年年度报告及 24 年一季报点评 证券分析师 陈蓉芳 投资要点 资格编号：S0120522060001 邮箱：chenrf＠tebon.com.cn  事件：4月26日晚，公司发布2023年年报，4月29日晚，公司发布2024年第 一季度报告。2023 年全年，公司实现营收 46.97 亿元，同减 20.97%，实现归母 研究助理 净利0.48亿元，同减89.01%。24Q1公司实现营收12.89亿元，同比增长51.13%， 环比减少 11.21%；实现归母净利 0.30 亿元，同比增长 123.35%，环比增长 2137.15%。 市场表现 24Q1 32M及50M产品出货顺利，13M以上产品单季度收入超2亿元。24Q1， 格科微 沪深300  公司营收实现同比高速增长，主要由于消费市场复苏，高像素单芯片产品出货量 43% 29% 增加 ...

公司实现了46.97亿的销售额相较于同期是下降了20%净利润是4800万左右相较于去年是22年下降了89%归属于上市股东的扣除扣费后的净利润是在6000万元左右相比较去年是下降22%但是我们公司今年的会引入一个新的数据是我们的息税 虚税折旧摊销前的利润就是1B大,那大概是在6.8亿左右,因为整个公司在二三年其实进入一个Fibonacci模式,我们的1B大指标会更能够反映公司的实际情况,便于投资者理解公司业务啊,这是一个变化,那从收入的一个角度来看,整体来说还是由于 整个的二三年的消费电子的一个缓慢修复那公司收入有所下降但是我们也看到公司在第一次季度开始整体的我们基于单芯片架构的32万以及1300万像素等中高端产品已经完成了实现了销售额那公司的工厂也在二三年实现了我们的一个结像形成了相应的产能 那我们对收入呢稍微做一些那个拆分那整个23年46.97亿的收入中其中手机CIS在22.42亿出货量的7.76亿克那非手机的话是在12.1亿1.1克出货量那显示驱动芯片的话是12亿销售额那出货量是5亿克整体来看公司其实23年虽然收入 呃有一定的像但整个毛利率维持的还是不错的那手机呃整体三个事业部的毛利率都超过了20%那其中 ...

证券代码：688728 证券简称：格科微 公告编号：2024-022 格科微有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 截至本公告日，格科微有限公司（以下简称"公司"）股东 Pacven Walden Ventures V, L.P.、Pacven Walden Ventures Parallel V-A, C.V.、Pacven Walden Ventures Parallel V-B, C.V.、Pacven Walden Ventures V Associates Fund, L.P.、 Pacven Walden Ventures V-QP Associates Fund, L.P.（以上合称"华登美元基金"） 合计持有公司 126,721,550 股，占公司总股本的 4.87%。 上述股份来源均为公司首次公开发行股票并上市前持有的股份，且已于 2022 年 8 月 18 日解除限售并上市流通。 减持计划的主要内容 因自身财务需要， ...

Financial Performance - In Q1 2024, the company achieved operating revenue of CNY 1,289,489,531, representing a year-on-year increase of 51.13%[6] - The net profit attributable to shareholders was CNY 30,163,398, marking a significant turnaround from the previous year[10] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 11,973,918, also indicating a substantial improvement[10] - The total operating revenue for Q1 2024 was CNY 1,289,489,531, a significant increase from CNY 853,204,583 in Q1 2023, representing a growth of approximately 51.1%[26] - The net profit for Q1 2024 was CNY 30,163,398, a recovery from a net loss of CNY 129,193,711 in Q1 2023[27] - The total comprehensive income for Q1 2024 was CNY 28,211,659, a significant improvement from a loss of CNY 117,038,964 in Q1 2023[28] - The basic earnings per share for Q1 2024 were CNY 0.01, compared to a loss of CNY 0.05 per share in Q1 2023[28] Research and Development - Research and development expenses totaled CNY 201,214,604, accounting for 15.60% of operating revenue, despite a decrease of 0.88 percentage points year-on-year[7] - Research and development expenses for Q1 2024 were CNY 201,214,604, up from CNY 140,649,399 in Q1 2023, indicating a rise of about 43%[26] Cash Flow and Liquidity - The company reported a net cash flow from operating activities of -CNY 370,813,656, primarily due to increased inventory procurement for high-pixel products[11] - Cash inflow from operating activities for Q1 2024 was $1,650,948,722, an increase of 11.4% compared to $1,482,317,162 in Q1 2023[31] - Net cash outflow from operating activities for Q1 2024 was -$370,813,656, compared to -$18,503,461 in Q1 2023, indicating a significant decline in operational cash flow[31] - Cash and cash equivalents as of March 31, 2024, amounted to ¥4,280,855,787, compared to ¥4,318,382,796 as of December 31, 2023[22] - The company's cash and cash equivalents increased to CNY 10,428,331,970 in Q1 2024 from CNY 9,788,688,196 in Q1 2023, marking a growth of approximately 6.5%[25] - Cash inflow from financing activities for Q1 2024 was $2,470,243,764, compared to $2,340,246,942 in Q1 2023, showing a growth of 5.6%[32] - Net cash flow from financing activities for Q1 2024 was $524,862,926, down from $616,816,004 in Q1 2023, indicating a decrease in financing efficiency[32] - Cash and cash equivalents at the end of Q1 2024 totaled $4,110,223,136, a decrease from $3,613,445,714 at the end of Q1 2023[32] Assets and Liabilities - The total assets at the end of the reporting period were CNY 20,738,530,203, reflecting a 2.65% increase from the end of the previous year[7] - The company's total assets as of Q1 2024 amounted to CNY 20,738,530,203, up from CNY 20,203,228,116 in the previous year, reflecting an increase of approximately 2.6%[25] - The total liabilities for Q1 2024 were CNY 12,848,207,397, compared to CNY 12,323,360,149 in Q1 2023, showing an increase of about 4.3%[24] - The accounts receivable as of March 31, 2024, totaled ¥364,608,532, slightly down from ¥372,758,315 as of December 31, 2023[22] - The prepayments increased to ¥76,969,711 as of March 31, 2024, from ¥64,036,684 as of December 31, 2023[22] - The company reported a decrease in accounts payable to CNY 685,805,010 in Q1 2024 from CNY 788,290,672 in Q1 2023, a reduction of approximately 13.1%[24] Shareholder Information - The total number of shares held by the top 10 unrestricted shareholders includes 175,000,000 shares from Keenway International Limited and 164,990,000 shares from Hopefield Holding Limited[15] - The total number of unrestricted circulating shares held by the top 10 shareholders is 57,825,627 shares for China Merchants Bank Co., Ltd. - Huaxia SSE Sci-Tech Innovation Board 50 ETF[15] - The total number of shares held by ZHAOHUI WANG is 35,500,000 shares[15] - The total number of shares held by Shanghai Chengyuan Technology Partnership (Limited Partnership) is 35,946,420 shares[15] - The total number of shares held by Hong Kong Central Clearing Limited is 33,162,484 shares[15] Operational Efficiency - The gross profit margin remained stable at 25.26% after considering depreciation following the completion of fundraising projects[12] - Management expenses decreased by approximately CNY 80,673,400, mainly due to the cessation of startup costs after project completion[11] - The company successfully expanded its high-pixel product line, with over CNY 200 million in revenue contributed by products with pixel counts above 13 million in Q1[11] - The initial lending balance for China Merchants Bank Co., Ltd. - Huaxia SSE Sci-Tech Innovation Board 50 ETF was 4,217,500 shares, which decreased to 1,081,100 shares by the end of the period[17] - The initial lending balance for Industrial and Commercial Bank of China Co., Ltd. - E Fund SSE Sci-Tech Innovation Board 50 ETF was 2,396,100 shares, which decreased to 675,200 shares by the end of the period[17] Tax and Other Income - The company reported a significant increase in tax refunds received, amounting to $183,996,162 in Q1 2024, compared to $82,130,722 in Q1 2023, representing a growth of 124.5%[31] - Cash inflow of $1,000,000 from the disposal of fixed assets in Q1 2024, marking a new revenue stream[31] - The impact of exchange rate changes on cash and cash equivalents was a positive $70,628 in Q1 2024, compared to a negative impact of -$648,944 in Q1 2023[32]

格科微有限公司 2023 年度募集资金存放与实际使用情况专项报告及鉴证报告 t and the first and t a 普华永道 对募集资金存放与实际使用情况专项报告的鉴证报告 普华永道中天特审字(2024)第 2097号 (第一页,共三页) 格科微有限公司董事会: 我们接受委托,对格科微有限公司(以下简称"格科微")关于 2023 年度 的募集资金存放与实际使用情况专项报告(以下简称"募集资金存放与实际使 用情况专项报告")执行了合理保证的鉴证业务。 格科微管理层的责任是按照中国证券监督管理委员会公告[2022]15 号《上 市公司监管指引第 2 号-上市公司募集资金管理和使用的监管要求(2022 年修 订)》及上海证券交易所颁布的《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(2023年 12 月修订)》编制募集资金存放与实际使用情 况专项报告。这种责任包括设计、执行和维护与募集资金存放与实际使用情况 专项报告编制相关的内部控制,保证募集资金存放与实际使用情况专项报告的 真实、准确和完整,以及不存在虚假记载、误导性陈述或重大遗漏。 我们的责任是在执行鉴证工作的基础上对募集资金存 ...

证券代码：688728 证券简称：格科微 公告编号：2024-021 (一)本次限制性股票授予已履行的决策程序和信息披露情况 1 限制性股票预留授予日：2024年4月25日 限制性股票预留授予数量：50.00万股，占目前公司股本总额的0.02% 股权激励方式：第二类限制性股票 1. 2023年6月7日，公司召开第一届董事会第二十五次会议，审议通过了《关 于<格科微有限公司2023年限制性股票激励计划（草案）>及其摘要的议案》《关 于<格科微有限公司2023年限制性股票激励计划实施考核管理办法>的议案》以 及《关于提请股东大会授权董事会办理公司股权激励计划相关事宜的议案》。公 司独立董事就本次激励计划相关议案发表了独立意见。 2. 2023年6月9日，公司于上海证券交易所网站（www.sse.com.cn）披露了《格 科微有限公司关于独立董事公开征集委托投票权的公告》（公告编号：2023-028）， 根据公司其他独立董事的委托，独立董事郭少牧先生作为征集人，就公司2022年 年度股东大会审议的本次激励计划相关议案向公司全体股东征集委托投票权。 格科微有限公司 关于向2023年限制性股票激励计划激励对象 授予预留 ...

1 [本页无正文，为《格科微有限公司〈GalaxyCore Inc.）董事会关于独立董事独立 性自查情况的专项报告》之签署页] 格科微有限公司（GalaxyCore Inc.）董事会 关于独立董事独立性自查情况的专项报告 根据中国证券监督管理委员会《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》等要求，格科微有限公司（以下简称"公司"）董事会就公司在 任独立董事宋健先生、郭少牧先生、周易女士的独立性情况进行评估并出具如下 专项意见： 经核查独立董事宋健先生、郭少牧先生、周易女士的任职经历以及签署的相 关文件，上述人员未在公司担任除独立董事及专门委员会委员以外的任何职务， 也未在公司主要股东公司担任任何职务，与公司以及主要股东之间不存在利害关 系或其他可能妨碍其进行独立客观判断的关系，因此，公司董事会认为，公司全 体在任独立董事符合《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》等规定中对独立董事独立性的相关要求。 格科微有限公司（Galaxy ...

Financial Performance - The company has not yet achieved profitability since its listing [4]. - The company reported a significant increase in revenue, achieving a total of $500 million for the fiscal year 2023, representing a 25% growth compared to the previous year [15]. - The company's operating revenue for 2023 was CNY 4,697,177,723, a decrease of 20.97% compared to CNY 5,943,796,651 in 2022 [23]. - The net profit attributable to shareholders for 2023 was CNY 48,244,998, down 89.01% from CNY 438,821,904 in the previous year [23]. - The basic earnings per share for 2023 was CNY 0.02, a decline of 88.89% compared to CNY 0.18 in 2022 [24]. - The company reported a net cash flow from operating activities of CNY 405,052,677, which is an 8.55% decrease from CNY 442,910,547 in 2022 [23]. - The company achieved a total revenue of ¥4,691,519,805 in 2023, a decrease of 21.07% year-on-year [78]. - The company reported a net loss of approximately 129.29 million USD for the reporting period [114]. Research and Development - Investment in R&D increased by 15%, totaling $75 million, focusing on the development of advanced CMOS image sensors and display technologies [15]. - The company achieved a total R&D expenditure of ¥795,380,198 in 2023, representing a significant increase of 45.83% compared to ¥545,401,908 in the previous year [51]. - Research and development expenses accounted for 16.93% of operating revenue in 2023, an increase of 7.75 percentage points from 9.18% in 2022 [24]. - The company is focused on achieving high-performance image sensors with a total investment of 8,000 million RMB for the high-performance 1.0um pixel product, with 203 million RMB invested so far [54]. - The company is currently developing a second-generation 0.7um BSI CMOS image sensor with a total investment of 15,000 million RMB, of which 14,036 million RMB has been invested to meet the demand for 32M BSI CMOS image sensors [53]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025 [15]. - The company is exploring partnerships with major tech firms to integrate its technologies into their products, aiming for a 15% increase in collaborative projects [15]. - The company plans to enter two new international markets by mid-2024, aiming for a 15% increase in global sales [139]. - The company aims to enhance customer loyalty by transitioning its product applications from secondary cameras to primary cameras [117]. - The company is implementing new strategies to enhance operational efficiency and reduce costs [135]. Corporate Governance - The company operates under a governance model that differs from typical A-share listed companies due to its status as a red-chip enterprise [6]. - The company has not disclosed any special arrangements in corporate governance [8]. - The company’s board of directors has the authority to decide on operational policies, investment plans, and profit distribution, without requiring shareholder meeting approval for most matters [129]. - The company’s articles of association and governance rules have been revised to clarify the responsibilities and procedures of the shareholders' meeting and board of directors [129]. - The company’s board includes independent directors who are responsible for ensuring compliance with the listing rules and protecting shareholder interests [132]. Risks and Challenges - The company faces risks related to raw material supply and outsourcing processing, which could adversely affect product shipment and profitability due to price increases or supply shortages [66]. - The company is exposed to foreign exchange risks, with exchange gains and losses recorded as -53.13 million RMB, 139.73 million RMB, and 7.21 million RMB for the years 2021, 2022, and 2023 respectively [69]. - The company may face risks related to tax incentives, as its subsidiary may not continue to qualify for tax benefits after the expiration of current policies [68]. - The company is at risk of knowledge property litigation due to the nature of the semiconductor and integrated circuit design industry, which is knowledge-intensive [74]. Sustainability and Environmental Impact - The company is committed to sustainability, with plans to reduce carbon emissions by 20% over the next three years [15]. - The company has established a comprehensive environmental management system to ensure sustainable business activities and harmony with the natural environment [197]. - The total amount of general solid waste generated in 2023 was 2,405.48 tons, while hazardous waste totaled 1,608.07 tons, with all pollutant emissions meeting environmental permit requirements [196]. - The company invested 19.71 million yuan in environmental protection during the reporting period [187]. Employee and Compensation Policies - The company has implemented an employee stock option plan with a total of 124,677,905 shares allocated, representing 4.79% of the total share capital [171]. - The total remuneration for all directors and senior management at the end of the reporting period amounted to 11.05 million RMB [145]. - The company’s compensation policy for directors and senior management is based on their employment contracts and the company's compensation management system [145]. - The employee training program focuses on enhancing professional skills and management capabilities, aligning personal development with company growth [161]. Future Guidance - The company provided guidance for 2024, projecting a revenue growth of 20% to $600 million, driven by new product launches and market expansion [15]. - Future guidance suggests a stable performance with expectations to maintain or slightly increase revenue in the next fiscal year [135]. - The company plans to increase R&D investment, particularly in circuit design and process innovation, to reduce reliance on foundries and shorten development time for high-pixel products [120].

北京市中伦（上海）律师事务所 关于格科微有限公司 （GALAXYCORE INC.） 2023 年限制性股票激励计划 授予价格调整及预留授予相关事项的 法律意见书 二〇二四年四月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦（上海）律师事务所 关于格科微有限公司 （GALAXYCORE INC.） 2023 年限制性股票激励计划 授予价格调整及预留授予相关事项的 法律意见书 致：格科微有限公司（GALAXYCORE INC.） 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《上 ...