Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][3] Core Views - The company achieved a revenue of 2.79 billion yuan in the first half of 2024, representing a year-on-year growth of 42.94% [2] - The company turned a profit with a net profit attributable to shareholders of 77 million yuan, compared to a loss in the previous year [2] - The increase in shipments of high-pixel chip products and continuous R&D of new products are key growth drivers [2][3] Revenue Growth - The revenue from products with 1.3 million pixels and above reached 606 million yuan, with a growing market share in mainstream Android smartphone models [2] - The company successfully mass-produced the GC32E2 high-performance 32 million pixel image sensor, which is featured in the OPPO Reno12 overseas version [2][3] Product Development - The company has achieved mass production of 1.3 million to 3.2 million pixel products and is in small-scale production of 50 million pixel products [2] - The company is also developing non-mobile CIS products, with a continuous increase in shipments of 400,000 pixel products and successful mass production of 800,000 pixel products [2][3] Financial Forecast - The company is projected to achieve revenues of 6.439 billion yuan, 7.997 billion yuan, and 9.774 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.10, 0.18, and 0.24 yuan [3]

证券代码：688728 证券简称：格科微 公告编号：2024-044 格科微有限公司 股东减持股份计划时间届满 未减持股份的结果公告 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 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"）在减持计划实施期间均未减持持有公司的股份。 本次减持计划实施前，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%。 | | 股东名称 | 持股数量 | 持股比例 | 一致行动关 ...

[Table_Main] 证券研究报告 | 公司点评 格科微(688728.SH) | --- | --- | --- | |--------------------------------------------------|--------------------------|--------------------------------| | | 2024 年 08 月 19 | 日 | | 格科微 | ： | 营收净利 | | 买入（维持） | 24H1 | (688728.SH) | | | | 实现双增，临港工厂显著增收提效 | | 所属行业：电子 / 半导体 当前价格 ( 元 ) ： 10.68 | | | | | | 2024 年半年报点评 | 证券分析师 陈蓉芳 资格编号：S0120522060001 邮箱：chenrf＠tebon.com.cn 研究助理 市场表现 -43% -29% -14% 0% 14% 29% 43% 格科微 沪深300 | --- | --- | --- | --- | --- | |--------------------------------|------- ...

证券代码：688728 证券简称：格科微 公告编号：2024-042 格科微有限公司 公司以预期信用损失为基础，对应收账款、应收票据、其他应收款进行减值 测试并确认减值损失。经测试，公司2024年1-6月计提信用减值损失金额15.01万 元。 （二）资产减值损失 关于2024年半年度计提资产减值准备的公告 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、 计提资产减值准备情况概述 结合格科微有限公司（以下简称"公司"）的实际经营情况及行业市场变化等 因素的影响，根据《企业会计准则第1号——存货》《企业会计准则第22号——金 融工具确认和计量》及《企业会计准则第8号——资产减值》（以下合称"《企业 会计准则》"）等相关会计政策规定，为客观、公允地反映公司截至2024年6月30 日的财务状况及2024年1-6月的经营成果，经公司及下属子公司对各项金融资产、 存货和长期资产等进行全面充分的评估和分析，认为上述资产中部分资产存在一 定的减值迹象。本期计提的减值准备总额为6,385.53万元。具体情况如下表所示： 单位：万元 | ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 1.2 billion RMB, representing a 25% year-over-year growth[1]. - The company's revenue for the first half of 2024 reached CNY 2,790,066,732, representing a year-on-year increase of 42.94%[17]. - The net profit attributable to shareholders was CNY 77,489,495, a turnaround from a loss of CNY 22,829,686 in the same period last year[17]. - Basic earnings per share for the first half of 2024 were CNY 0.03, compared to a loss of CNY 0.01 per share in the same period last year[18]. - The company achieved EBITDA of CNY 688.36 million during the reporting period[23]. - The company reported a total comprehensive income of 69,352,418 RMB for the first half of 2024, recovering from a loss of 44,204,370 RMB in the same period of 2023[131]. - The net profit for the first half of 2024 reached 77,489,495 RMB, a significant recovery from a net loss of 22,829,686 RMB in the same period of 2023, marking a turnaround of over 439%[130]. - Operating profit for the first half of 2024 was reported at 66,487,423 RMB, compared to 18,063,202 RMB in the previous year, indicating an increase of about 268%[130]. Market Outlook and Growth - The company has provided a positive outlook for the second half of 2024, projecting a revenue growth of 20% compared to the first half[1]. - New product launches are expected to contribute an additional 200 million RMB in revenue by the end of 2024[1]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of 2025[1]. - The global CMOS image sensor market is expected to maintain a high growth rate, with global shipments projected to reach 9.86 billion units and a market size of USD 25.29 billion by 2026[23]. - The company is expected to continue benefiting from emerging applications in the CMOS image sensor market, driven by trends in multi-camera smartphones and other consumer electronics[23]. Research and Development - Research and development expenses increased by 10% to 150 million RMB, focusing on advanced semiconductor technologies[1]. - The company reported a total R&D investment of ¥387,002,616 for the current period, representing a 29.32% increase compared to ¥299,266,457 in the same period last year[28]. - The proportion of R&D investment to revenue was 13.87%, a decrease of 1.46 percentage points from the previous year[18]. - The company applied for 68 new intellectual property projects during the reporting period, including 61 domestic invention patents[27]. - The company has developed a unique COF-Like technology that achieves a screen border width of 1.6mm, significantly lower than the mainstream COG packaging width of 3.3mm[25]. - The company’s low-noise pixel technology significantly enhances the signal-to-noise ratio in low-light and high-temperature scenarios, achieving dark current below 1e-10A/cm² at 60°C[24]. Financial Position and Assets - The company's total assets increased by 7.65% to CNY 21,749,547,965 compared to the end of the previous year[17]. - The net assets attributable to shareholders decreased by 1.51% to CNY 7,761,203,818 compared to the end of the previous year[17]. - The company's total assets as of June 30, 2024, were 2,174,954.80 thousand yuan, a year-on-year increase of 7.65%[35]. - The company’s cash and cash equivalents as of June 30, 2024, amounted to ¥4,375,780,392, slightly up from ¥4,318,382,796 at the end of 2023[126]. - Total liabilities increased to ¥13,988,344,147 as of June 30, 2024, compared to ¥12,323,360,149 at the end of 2023, representing a growth of approximately 13.5%[128]. Environmental and Social Responsibility - The company invested 18.006 million CNY in environmental protection during the reporting period[61]. - The subsidiary, Geke Semiconductor, has the capacity to treat 11,346 cubic meters of wastewater and 1,128,000 cubic meters of waste gas daily, all operating normally[62]. - The company received the title of "Water-Saving Enterprise" in Shanghai on June 11, 2024, as part of its sustainable development efforts[67]. - The company has not implemented any carbon reduction measures during the reporting period[68]. - There were no administrative penalties due to environmental issues during the reporting period[66]. Corporate Governance and Compliance - The company has committed to a share lock-up period of 36 months from the date of listing for key shareholders, including Zhao Lixin and Cao Wei[70]. - The company has also established a share lock-up period of 12 months from the date of listing and 6 months post-departure for certain executives, including Fu Lei and Lee Do Sung[71]. - The company has not encountered any delays in fulfilling its commitments, indicating strong governance and adherence to regulations[74]. - The company will ensure that any share reduction complies with relevant laws and regulations, including notifying the company of any intended reductions[78]. - The company has committed to not transferring or entrusting the management of its shares for 36 months post-IPO[75]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 30,804[117]. - The largest shareholder, Uni-sky Holding, holds 1,050,000,000 shares, accounting for 40.38% of the total shares[118]. - The top ten unrestricted shareholders include Cosmos L.P. with 310,599,100 shares and New Cosmos L.P. with 14,600,000 shares, both having a lock-up period of 36 months from the listing date[121]. - The company has a total of 28,521,287 shares held by the third-largest unrestricted shareholder, representing 1.10% of the total shares[120]. - The report indicates that the top ten shareholders have not participated in the securities lending business, ensuring stability in their holdings[123]. Financial Management and Accounting Policies - The company’s financial statements comply with the requirements of the enterprise accounting standards, reflecting its financial position and operating results accurately[151]. - The company’s accounting policies are based on the characteristics of its production and operations, including revenue recognition and measurement of research and development expenses[149]. - The company recognizes revenue from product sales when control is transferred to the customer, primarily from CMOS image sensors and display driver chips[184]. - The company regularly reassesses significant accounting estimates, including inventory net realizable value and expected credit losses, based on market conditions and historical data[191]. - The company uses a weighted approach for expected credit loss scenarios, with weights of 50%, 25%, and 25% for baseline, adverse, and favorable economic scenarios, respectively[191].

证券代码：688728 证券简称：格科微 公告编号：2024-043 格科微有限公司 2024年半年度募集资金存放与实际使用情况的专项报告 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 根据中国证券监督管理委员会于2021年6月16日签发的证监许可[2021] 2049 号文《关于同意格科微有限公司首次公开发行股票注册的批复》，格科微有限公 司(以下简称"本公司")在境内首次公开发行249,888,718股人民币普通股A股股 票，每股发行价格为人民币14.38元，股款以人民币缴足，募集资金总额为人民币 3,593,399,764.84元，扣除发行费用人民币85,823,673.03元后，募集资金净额为人 民币3,507,576,091.81元(以下简称"募集资金")，上述资金于2021年8月13日到位， 业经普华永道中天会计师事务所(特殊普通合伙)予以验证并出具普华永道中天 验字(2021)第0727号验资报告。 2024年半年度，本公司未使用募集资金，截至2024年6月30日，累计使用募集 资金总 ...

中国国际金融股份有限公司 关于格科微有限公司 除上述情形外，本次上市流通的限售股形成后至本核查意见出具之日，公司未发生 因利润分配、公积金转增等导致股本数量变化的情况。 一、本次上市流通的限售股类型 中国证券监督管理委员会于 2021 年 6 月 16 日出具《关于同意格科微有限公司首次 公开发行股票注册的批复》（证监许可〔2021〕2049 号），同意格科微首次公开发行股 票的注册申请。公司公开发行人民币普通股（A）股 249,888,718 股，发行价格为人民币 14.38 元/股，并于 2021 年 8 月 18 日在上海证券交易所科创板上市。本次发行完成后公 司的总股本为 2,498,887,173 股，其中有限售条件流通股 2,334,202,779 股，无限售条件 流通股 164,684,394 股。 本次上市流通的限售股为公司首次公开发行原股东持有的部分限售股，限售股股东 数量为 3 名，限售期为自公司股票上市之日起 36 个月。本次解除限售并申请上市流通 股份数量共计 334,687,500 股，占截至本核查意见出具日公司总股本的比例为 12.8697%， 该部分限售股将于 2024 年 8 ...

证券代码：688728 证券简称：格科微 公告编号：2024-041 格科微有限公司 首次公开发行部分限售股上市流通公告 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首发限售股份；股票认购方式为网下，上市股数为 334,687,500 股。 本次股票上市流通日期为 2024 年 8 月 19 日（因 2024 年 8 月 18 日为非交 易日故顺延至 2024 年 8 月 19 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 2021 年 6 月 16 日出具的《关于同意格科微 有限公司首次公开发行股票注册的批复》（证监许可〔2021〕2049 号），同意格科 微有限公司（以下简称"公司"）首次公开发行股票的注册申请。公司首次向社会 公众公开发行人民币普通股（A 股）股票 249,888,718 股，并于 2021 年 8 月 18 日 在上海证券交易所科创板上市，发行完成后总股本为 2,498,887,173 股，其中有限 售条件流通股 2,334,202,779 ...

证券代码：688728 证券简称：格科微 公告编号：2024-040 格科微有限公司 关于2023年年度权益分派实施后 调整回购股份价格上限的公告 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、回购股份的基本情况 2024年3月5日，公司召开第二届董事会第二次会议，审议通过了《关于以集 中竞价交易方式回购公司股份方案的议案》，同意公司以自有资金通过上海证券 交易所系统以集中竞价交易方式回购公司股份。回购的股份将在未来适宜的时机 全部用于员工持股及/或股权激励计划。回购资金总额为不低于人民币15,000万元 （含），不超过人民币30,000万元（含）。回购价格为不超过25元/股（含）。回购 实施期限为自董事会审议通过本次回购股份方案之日起12个月内。具体内容详见 公司于2024年3月6日在上海证券交易所网站（www.sse.com.cn）上披露的《格科 微有限公司关于以集中竞价交易方式回购公司股份的回购报告书》（公告编号： 1 格科微有限公司（以下简称"公司"）2023年年度权益分派实施后，公司 以集中竞 ...

中国国际金融股份有限公司 关于格科微有限公司 差异化分红事项的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为格 科微有限公司（以下简称"格科微"或"公司"）首次公开发行股票并在上海证券 交易所科创板上市的持续督导机构，根据《公司法》《证券法》《证券发行上 市保荐业务管理办法》《上市公司股份回购规则》《上海证券交易所上市公司 自律监管指引第7号——回购股份》等有关法律、法规的规定，对公司2023年度 利润分配所涉及的差异化权益分派（以下简称"本次差异化分红"）相关事项进 行了审慎核查，具体核查情况如下： 2023年5月3日，公司召开第一届董事会第二十三次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司以自有资金通过 上海证券交易所系统以集中竞价交易方式回购公司股份。回购的股份将在未来 适宜的时机全部用于员工持股及/或股权激励计划。回购资金总额为不低于人民 币15,000万元（含），不超过人民币30,000万元（含）。回购价格为不超过25元 /股（含）。回购实施期限为自董事会审议通过本次回购股份方案之日起12个月 内。 2024年3月5日，公司召开第二届董 ...