上海艾为电子技术股份有限公司 2023 年年度股东大会会议资料 证券代码：688798 证券简称：艾为电子 上海艾为电子技术股份有限公司 Shanghai Awinic Technology Co., Ltd. 2023 年年度股东大会会议资料 二〇二四年五月 1 上海艾为电子技术股份有限公司 2023 年年度股东大会会议资料 目录 | 上海艾为电子技术股份有限公司 2023 | 年年度股东大会会议须知 3 | | --- | --- | | 上海艾为电子技术股份有限公司 2023 | 年年度股东大会会议议程 5 | | 议案一：关于《2023 年度董事会工作报告》的议案 | 7 | | 议案二：关于《2023 年度监事会工作报告》的议案 | 8 | | 议案三：关于《2023 年年度报告》及摘要的议案 | 9 | | 议案四：关于《2023 年度财务决算报告》的议案 | 10 | | 议案五：关于《2024 年度财务预算报告》的议案 | 11 | | 议案六：关于公司董事 2024 | 年度薪酬方案的议案 12 | | 议案七：关于公司监事 2024 年度薪酬方案的议案 13 | | | 议案八：关于 20 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 67.57 yuan over the next six months, indicating an expected increase of over 20% compared to the relevant market index [31][47]. Core Insights - The company has expanded its product line in high-performance mixed-signal chips, power management chips, and signal chain chips, achieving record revenue and shipment volumes in 2023 [3][6]. - The company reported a revenue of 25.3 billion yuan in 2023, a year-on-year increase of 21.1%, and a net profit of 0.5 billion yuan, marking a turnaround from losses in 2022 [6][18]. - The company is focusing on digital transformation in R&D processes to enhance market competitiveness and is well-positioned to benefit from emerging technologies like AI and high-performance computing [3][18]. Summary by Sections Revenue and Profitability - From 2019 to 2023, the company's revenue grew from 1.02 billion yuan to 2.53 billion yuan, with a 21.1% increase in 2023. The net profit for 2023 was 0.5 billion yuan, a significant recovery from previous losses [6][18]. - The gross margin for 2023 was 24.8%, down 13.2 percentage points year-on-year, with specific margins for high-performance mixed-signal chips, power management, and signal chain chips at 27.8%, 27.9%, and 4.2% respectively [6][23]. Product Performance - The high-performance mixed-signal chip segment generated 12.6 billion yuan in revenue, accounting for 49.6% of total revenue, while the power management segment contributed 9.1 billion yuan (35.8% of total revenue), and the signal chain segment reached 3.5 billion yuan (13.8% of total revenue) [39][18]. - The company has launched several new products, including a digital medium-power amplifier and various high-performance mixed-signal products, which are expected to drive future sales growth [9][18]. Future Outlook - The company forecasts revenue growth of 31.5 billion yuan in 2024, 38.4 billion yuan in 2025, and 44.5 billion yuan in 2026, with corresponding net profits of 1.2 billion yuan, 2.8 billion yuan, and 3.8 billion yuan [47]. - The report anticipates that the company will maintain a strong position in the mobile, AIoT, and automotive electronics sectors, leveraging its platform-based approach to enhance market share [47].

证券简称：艾为电子 证券代码：688798 上海艾为电子技术股份有限公司 投资者关系活动汇总表 （2024年4月16日-18日） ■特定对象调研 □分析师会议 投资者关系活动类别 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称 中信建投、人保资产、民生证券、国寿安保、国君资管、中银证券、嘉合基金 时间 2024年4月16日、2024年4月17日、2024年4月18日 地点 公司会议室、通讯方式 上市公司接待人员姓 董事会秘书：余美伊 名 投资者关系活动主要 第一部分：解读公司2023年年度报告并介绍公司概要、公司成长、公司团 队、主要产品线等。 内容介绍 第二部分：问答环节： 问题一：请问公司2023年度营收增长的因素有哪些？ 回答：公司持续丰富和优化产品品类和结构并推出更多新产品，逐渐从占有相 对份额的手机、AIOT领域扩展到工业、汽车等领域，不断开拓市场领域和客户 群体，同时也在推进工业和汽车领域的研发进展。公司根据客户需求及时进行 技术和产品创新，加快产品迭代以及产品性能和成本优化，最终实现营业收入 创历史新高。 ...

上海市浦东新区杨高南路 759 号陆家嘴世纪金融广场 30 层 北京市朝阳区建国路 108 号横琴人寿大厦 17 层 深圳市福田区益田路 6001 号太平金融大厦 10 楼 05 单元 数据来源：聚源、华金证券研究所 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|--------------------------------------|-------------------------|----------------| | 2024 年 04 月 15 日 \n艾为电子（ ） \n688798.SH | | | 公司 ...

隐证券 2023Q4 营收、业绩同比双增，产品矩阵不断完善 ——公司信息更新报告 艾为电子（688798.SH） 2024 年 04 月 14 日 -60% -40% -20% 0% 20% 2023-04 2023-08 2023-12 2024-04 艾为电子 沪深300 《2023Q2 业绩边际回暖，多条赛道 协同发力前景可期—公司信息更新报 告》-2023.8.22 《2022Q4 营收环比增长，多行业方 向布局产品矩阵—公司信息更新报 告》-2023.4.16 风险提示：下游需求不及预期；客户导入不及预期；技术研发不及预期。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------|-------|----------|-----------------------------|-------------|-------|-----------------------------------------------|---- ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [11][21]. Core Views - The company achieved a revenue of 2.53 billion yuan in 2023, representing a year-on-year growth of 21.1%, and turned a profit with a net profit of 51 million yuan [36][39]. - The company is expected to improve its profitability through quality enhancement and efficiency measures, with projected net profits of 90 million yuan, 250 million yuan, and 375 million yuan for 2024, 2025, and 2026 respectively [28][36]. - The company has launched several new products, which are anticipated to contribute positively to revenue growth in the coming years [36][40]. Revenue Breakdown - High-performance analog mixed-signal chips generated revenue of 1.26 billion yuan in 2023, a year-on-year increase of 11.5%, accounting for 50% of total revenue [23][41]. - Power management chips accounted for 36% of total revenue, with a revenue of 909 million yuan, reflecting a growth of 24.5% year-on-year [40][41]. - Signal chain chips saw a significant increase in revenue, doubling to 349 million yuan, which is 14% of total revenue [6][41]. Financial Metrics - The company's gross margin decreased to 24.85% in 2023, down 13.2 percentage points from the previous year, primarily due to price pressures from inventory reduction efforts [36][39]. - The research and development expense ratio decreased to 20.05% in 2023, down 8.5 percentage points year-on-year, with R&D expenses totaling 507 million yuan [12][43]. - Management expenses decreased by 4% to 153 million yuan, with a management expense ratio of 6.03% [27][43]. Future Projections - Revenue is projected to grow to 3.13 billion yuan in 2024, 3.76 billion yuan in 2025, and 4.42 billion yuan in 2026, with year-on-year growth rates of 23.7%, 20.1%, and 17.5% respectively [28][58]. - The company expects to gradually improve its gross margin, with projections of 26.51%, 28.14%, and 28.95% for 2024, 2025, and 2026 respectively [41][58]. - The projected earnings per share (EPS) are expected to be 0.39 yuan in 2024, 1.08 yuan in 2025, and 1.61 yuan in 2026 [58].

证券简称：艾为电子 证券代码：688798 上海艾为电子技术股份有限公司 投资者关系活动汇总表 （2024年4月10日-12日） ■特定对象调研 □分析师会议 投资者关系活动类别 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） MILLENNIUM CAPITAL MANAGEMENT、Morgan Stanley、Point72 等 参与单位名称 160家机构 时间 2024年4月10日、20224年4月12日 地点 公司会议室、通讯方式 上市公司接待人员姓 董事会秘书：余美伊 名 投资者关系活动主要 第一部分：介绍公司概要、公司成长、公司团队、主要产品线等。 第二部分：问答环节： 内容介绍 问题一：公司2023年度营业收入创历史新高的原因有哪些？ 回答：公司持续丰富和优化产品品类和结构并推出更多新产品，逐渐从占有相 对份额的手机、AIOT领域扩展到工业、汽车等领域，不断开拓市场领域和客户 群体，同时也在推进工业和汽车领域的研发进展。公司根据客户需求及时进行 技术和产品创新，加快产品迭代以及产品性能和成本优化，最终实现营业收入 创历史新高。 ...

盈利能力方面，公司毛利率同比下降，净利率有所增长。23 年公司毛利 率 24.85%，同比下降 13.2pct，由于行业去库存引起产品价格下降，对公司毛 利率有较大影响，其中收入占比较高的高性能数模混合芯片及电源管理芯片 毛利率分别为 27.8%/27.9%，同比下降 9.7/10.7pct。期间费用率方面，23 年公 司销售/管理/研发费用率分别 3.96%/6.03%/20.05%，公司有效控制研发费用， 研发费率同比下降 8.5pct。23 年公司净利率 2.02%，同比提升 4.6pct，公司开 源节流，在毛利率下行的情况下，有效控制费用，同时投资净收益同比增加 8496 万元，实现归母净利润扭亏为盈。 请务必阅读最后一页股票评级说明和免责声明 2 3 集成电路 艾为电子（688798.SH） 增持-A(首次) 消费电子企稳回升，汽车电子打开新成长曲线 | --- | --- | |-----------------------------------------|-------------| | | | | 基础数据： 2023 年 12 月 31 | | | 每股净资产（元）： 每股资本公积（元） ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [13] Core Views - The company has shown significant improvement in operational profitability, with expectations for growth potential [13] - The company reported a revenue of 2.531 billion yuan in 2023, representing a year-on-year growth of 21.1% [6][13] - The net profit attributable to the parent company for 2023 was 51 million yuan, marking a turnaround from losses [13] - The gross margin for 2023 was 24.8%, with expectations for improvement in the coming years [6][13] - The company has successfully reduced operating expenses, leading to a positive operational profit in Q4 2023 [13] Financial Summary - Revenue projections for the upcoming years are as follows: 3.164 billion yuan in 2024, 4.014 billion yuan in 2025, and 4.923 billion yuan in 2026 [6] - The net profit attributable to the parent company is forecasted to reach 224 million yuan in 2024, 399 million yuan in 2025, and 606 million yuan in 2026 [6] - The gross margin is expected to improve to 27.4% in 2024, 29.8% in 2025, and 32.1% in 2026 [6] - The company’s earnings per share (EPS) are projected to be 0.97 yuan in 2024, 1.72 yuan in 2025, and 2.61 yuan in 2026 [6] - The price-to-earnings (P/E) ratio is expected to decrease from 313.77 in 2024 to 19.82 in 2026, indicating improved valuation [6] Operational Insights - The company has over 1,200 product models, with shipments exceeding 5.3 billion units in 2023, achieving record revenue and shipment volumes [13] - The company has made significant advancements in the consumer electronics sector, particularly in optical image stabilization (OIS) technology for smartphone cameras [13] - There is substantial growth potential in the industrial and automotive sectors, with ongoing efforts to expand market applications [13]

Corporate Structure and Governance - The company established a new wholly-owned subsidiary, Chengdu Aiwei Microelectronics Technology Co., Ltd., during the reporting period[2]. - The company currently has a total of 9 wholly-owned subsidiaries and 1 subsidiary[2]. - The company has a strong governance structure with a board of directors and management team with extensive experience in the industry[17]. - The company has strengthened control over subsidiaries in financial management, operational decision-making, and personnel management[44]. - The company’s board of directors has established a remuneration and assessment committee to review and approve remuneration policies for directors and senior management[22]. - There were no dissenting opinions from the supervisory board regarding the supervision matters during the reporting period[56]. - The company has a governance structure that ensures equal rights for shareholders and timely information disclosure[136]. Meetings and Proposals - The first extraordinary general meeting of 2023 was held on January 10, 2023, where 3 proposals were approved without any rejections[9]. - The annual general meeting of 2022 took place on May 11, 2023, with 13 proposals approved, also without any rejections[9]. - The second extraordinary general meeting of 2023 is scheduled for November 14, 2023, with 2 proposals expected to be approved[9]. - The company held a total of 5 board meetings during the reporting period, all conducted through a combination of on-site and communication methods[50]. - The company held three earnings conference calls during the reporting period: for the 2022 annual results, the 2023 semi-annual results, and the 2023 third-quarter results[144]. Financial Performance - The company reported a total revenue of 2,530.92 million RMB for the fiscal year 2023, with a net profit of 51.01 million RMB[39]. - The company’s net profit attributable to shareholders for the year 2023 is RMB 51,008,934.42, with a profit distribution plan proposing a cash dividend of RMB 0.5 per 10 shares[59]. - The total cash dividend to be distributed amounts to RMB 11,551,565.40, representing 22.65% of the net profit attributable to shareholders for 2023[61]. - The total amount of dividends, including share repurchases, is RMB 16,893,977.36, which accounts for 33.12% of the net profit attributable to shareholders for 2023[61]. - The company’s total revenue for 2021 was ¥2,327,001,356.81, indicating a recovery trend in 2023 compared to previous years[178]. - The net profit attributable to shareholders of the listed company for 2023 was ¥51,008,934.42, a significant recovery from a loss of ¥53,382,798.75 in 2022[178]. - The net cash flow from operating activities for 2023 was ¥428,799,425.83, improving from a negative cash flow of ¥386,980,753.63 in 2022[178]. - As of the end of 2023, the total equity attributable to shareholders was ¥3,622,053,913.90, reflecting a 2.45% increase from ¥3,535,296,702.33 at the end of 2022[178]. Employee Structure and Compensation - The company has a total of 966 employees, including 722 technical personnel, 164 management personnel, and 80 sales personnel[30]. - The total remuneration for core technical personnel at the end of the reporting period was 410,800 RMB[22]. - The actual remuneration paid to directors, supervisors, and senior management during the reporting period totaled 5.76 million RMB[22]. - The company has implemented a comprehensive salary incentive system, aligning fixed and variable compensation with performance contributions[57]. - The company has established a salary system based on job levels and industry benchmarks to enhance employee motivation and retention[57]. - The company’s employee structure includes 4 PhD holders, 372 master's degree holders, and 503 bachelor's degree holders[30]. - Employee stock ownership numbers reached 39, accounting for 4.04% of total employees, with a total of 15,737.72 thousand shares held[111]. Strategic Focus and Development - The company is focused on expanding its market presence and enhancing its product offerings through new technology development[17]. - The company has a strategic plan for future growth, including potential mergers and acquisitions[17]. - The company focuses on high-quality mixed-signal, analog, and RF integrated circuit design, contributing to the development of China's integrated circuit industry[80]. - The company has conducted nearly dozens of series of Chinese chip-themed educational activities since 2019, promoting awareness among youth[83]. - In 2023, the company established the Minhang District Integrated Circuit Industry Intellectual Property Alliance to enhance industry competitiveness and innovation[83]. - The company emphasizes environmental protection, investing 121,100 RMB in environmental initiatives during the reporting period[98]. Compliance and Regulatory Matters - The company has not faced any penalties from securities regulatory authorities in the past three years[24]. - The company has committed to strict adherence to all public commitments made during the IPO process and will actively accept social supervision[129]. - The controlling shareholder, Sun Hongjun, has pledged to avoid any business that competes with the company's main operations during his tenure[130]. - The company has established measures to manage related party transactions effectively[199]. - The company is committed to maintaining transparency and compliance in its shareholder agreements[199]. Shareholder Rights and Commitments - The company will disclose any failure to fulfill commitments and provide compensatory measures to protect shareholder interests[129]. - The company has established a profit distribution policy in accordance with relevant laws and regulations, which will be strictly followed after the IPO[162]. - The controlling shareholder, Sun Hongjun, guarantees that the IPO prospectus does not contain false statements or omissions, and will repurchase shares if any issues are identified[164]. - The company commits to maintaining the rights and interests of all shareholders and will not transfer benefits to other entities or individuals under unfair conditions[161]. - The company has outlined specific conditions under which shareholders cannot reduce their holdings, particularly during legal investigations[184]. Investor Relations and Communication - The company actively engages with investors through various communication channels, improving transparency and governance[118]. - The company has established multiple effective communication channels with investors, including regular reports, annual report briefings, and various online and offline engagement activities[145]. - The company has set up an investor relations section on its official website to facilitate information dissemination and investor engagement[144]. - The company is committed to timely and accurate information disclosure, adhering to relevant laws and regulations to protect the rights of investors and stakeholders[146]. - The company emphasizes the importance of investor feedback and aims to maintain an open dialogue with market participants[145]. Risk Management and Safety - The company conducted IT disaster recovery drills focusing on network resilience and data security, enhancing business continuity measures[114]. - The company has conducted large-scale fire drills to improve employee safety awareness and emergency response capabilities[114]. - The company has implemented a robust data security framework to support its digital transformation initiatives[122]. Stock Incentive Plans and Share Repurchase - The company plans to implement stock incentives linked to the execution of its return measures[161]. - The company will not allow any share transfers during investigations by regulatory bodies or if the company is under significant legal scrutiny[184]. - The company will implement stock repurchase measures if the weighted average price of its shares falls below the audited net asset value per share for the previous fiscal year for 20 consecutive trading days[191]. - The total amount used for share repurchase will not exceed the net proceeds from the company's initial public offering[192]. - The company will not repurchase more than 2% of its total share capital in a single repurchase transaction, with a maximum of RMB 20 million per transaction[192].