| 证券代码：002049 | 证券简称：紫光国微 公告编号：2024-025 | | --- | --- | | 债券代码：127038 | 债券简称：国微转债 | 紫光国芯微电子股份有限公司 第八届董事会第九次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 2、会议以 7 票同意、0 票反对、0 票弃权的表决结果审议通过《关于使用自 有资金购买银行理财产品的议案》。 紫光国芯微电子股份有限公司（以下简称"公司"）第八届董事会第九次会 议通知于 2024 年 5 月 7 日以电子邮件的方式发出，会议于 2024 年 5 月 9 日上午 以通讯表决的方式召开，会议应参加表决的董事 7 人，实际参加表决的董事 7 人。会议符合《中华人民共和国公司法》和《公司章程》的规定。 会议以通讯表决的方式，审议通过如下议案： 1、会议以 7 票同意、0 票反对、0 票弃权的表决结果审议通过《关于使用闲 置募集资金进行现金管理的议案》。 同意公司使用不超过人民币 5 亿元（含本数）的暂时闲置募集资金进行现金 管理，现金管理期限自本次董事会审议通过之日起不超过 1 ...

| 证券代码：002049 | 证券简称：紫光国微 公告编号：2024-023 | | --- | --- | | 债券代码：127038 | 债券简称：国微转债 | 紫光国芯微电子股份有限公司 关于使用闲置募集资金进行现金管理的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 紫光国芯微电子股份有限公司（以下简称"公司"）于 2024 年 5 月 9 日召开第 八届董事会第九次会议，审议通过了《关于使用闲置募集资金进行现金管理的议 案》，同意公司使用不超过人民币 5 亿元（含本数）的暂时闲置募集资金进行现金 管理，现金管理期限自本次董事会审议通过之日起不超过 12 个月，在上述额度和 期限内，资金可循环滚动使用。该事项不涉及关联交易事项，在董事会审批权限范 围内，无须提交公司股东大会审议。现就相关事宜公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准紫光国芯微电子股份有限公司公开发行 可转换公司债券的批复》（证监许可[2021]1574 号）核准，公司于 2021 年 6 月向社 会公开发行可转换公司债券 1500 万张，每张面值为人民 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 115.62 CNY per share based on a 35x PE valuation for 2024 [4][2]. Core Views - The company reported a revenue of 7.565 billion CNY in 2023, a year-on-year increase of 6.26%, while the net profit attributable to shareholders was 2.531 billion CNY, a decrease of 3.84% [2][3]. - In Q1 2024, the company experienced a revenue decline of 26.16% year-on-year, totaling 1.141 billion CNY, and a net profit drop of 47.44% to 307 million CNY [2][3]. - The company continues to lead in the integrated circuit design sector, having developed new products in specialized integrated circuits and smart security chips, with significant growth in sales and profits [2][3]. - R&D investment reached 1.633 billion CNY in 2023, an increase of 30.68%, enhancing the company's core competitiveness [2][3]. Financial Summary - Revenue projections for 2024 to 2026 are 9.183 billion CNY, 11.233 billion CNY, and 13.480 billion CNY, respectively, with growth rates of 21.4%, 22.3%, and 20.0% [3][7]. - The expected EPS for 2024, 2025, and 2026 are 3.30 CNY, 4.12 CNY, and 4.84 CNY, respectively [2][3]. - The company's ROE is projected to decline from 21.7% in 2023 to 18.6% in 2026 [3][7].

2024年5月6日 公司研究 产品技术保持领先地位，需求不振影响公司业绩 ——紫光国微（002049.SZ）跟踪报告之十 要点 买入（维持） 当 前价：58.50元 事件： 公司发布2023年年度报告，实现营业收入75.65亿元，同比增长6.26%；归母 作者 净利润25.31亿元，同比减少3.84%%；扣非归母净利润23.91亿元，同比减少 分析师：刘凯 2.88%。 执业证书编号：S0930517100002 021-52523849 公司发布2024年一季报，实现营业收入11.41亿元，同比减少26.16%；归母 kailiu@ebscn.com 净利润3.07亿元，同比减少47.44%；扣非归母净利润2.27亿元，同比减少 58.25%。 分析师：孙啸 执业证书编号：S0930524030002 点评： 021-52523857 sunxiao@ebscn.com 行业需求不足影响公司24年一季度业绩：公司24Q1销售收入和净利润同比下 滑，主要系公司特种集成电路业务下游需求不足，产品销量和单价下降导致。公 司24Q1毛利率为57.67%，同比下降8.98pct，净利率为27.42%，同比大幅下 市场 ...

Investment Rating - The report upgrades the investment rating to "Buy" [1][10]. Core Views - The company continues to enhance its product lineup, which supports its long-term investment value despite short-term pressures [2][3]. - The company's revenue for Q1 2024 was 1.141 billion yuan, a decrease of 26.16% year-on-year, with net profit attributable to shareholders at 307 million yuan, down 47.44% year-on-year [2][3]. - The company has a strong focus on R&D, with an annual investment of 1.633 billion yuan in 2023, representing 21.58% of its revenue, and has secured 149 patent authorizations [4][10]. Financial Performance Summary - In 2023, the company achieved a revenue of 7.565 billion yuan, a year-on-year increase of 6.26%, while net profit decreased by 3.84% to 2.531 billion yuan [4][11]. - The net cash flow from operating activities was 1.772 billion yuan, an increase of 2.63% year-on-year [4][11]. - As of the end of 2023, total assets were 16.865 billion yuan, a decrease of 3.82% from the beginning of the year, while equity attributable to shareholders increased by 2.55% to 11.954 billion yuan [2][4]. Product Development and Market Position - The company has successfully launched new product lines, including special Nand Flash and RF-SOC products, which have received positive market feedback [6][10]. - The company is recognized as one of the industry leaders in various product categories, with ongoing upgrades in network and interface products [6][10]. - The company is actively expanding its product spectrum to ensure sustainable future growth, including the establishment of a new production base for ultra-miniature quartz crystal resonators with a total investment of 355 million yuan [10][11]. Profit Forecast - The profit forecast for 2024-2026 estimates net profits of 2.793 billion yuan, 3.274 billion yuan, and 3.943 billion yuan, respectively, with corresponding EPS of 3.29 yuan, 3.85 yuan, and 4.64 yuan [10][11]. - The current price-to-earnings ratios are projected to be 17.80 times, 15.18 times, and 12.61 times for the respective years [10][11].

Financial Performance - The company's revenue for Q1 2024 was CNY 1.14 billion, a decrease of 26.16% compared to CNY 1.54 billion in the same period last year[3] - Net profit attributable to shareholders was CNY 306.70 million, down 47.44% from CNY 583.82 million year-on-year[3] - The basic earnings per share were CNY 0.3637, down 47.04% from CNY 0.6872 in the same period last year[3] - In Q1 2024, the company reported a net profit of CNY 312.80 million, a decrease of 46.0% compared to CNY 578.53 million in Q1 2023[26] - The company's operating profit for Q1 2024 was CNY 328.98 million, down 48.6% from CNY 637.75 million in the same period last year[26] - The total comprehensive income for Q1 2024 was CNY 313.24 million, compared to CNY 575.20 million in the same quarter last year[26] - The company reported a decrease in sales revenue from CNY 1.66 billion in Q1 2023 to CNY 1.14 billion in Q1 2024[27] Cash Flow and Assets - The net cash flow from operating activities was -CNY 271.98 million, a decline of 252.63% compared to CNY 181.20 million in the previous year[3] - The company's cash and cash equivalents decreased to approximately 2.41 billion yuan from 3.10 billion yuan at the beginning of the period, reflecting a decline of 22.3%[22] - Cash and cash equivalents at the end of Q1 2024 totaled CNY 2.29 billion, down from CNY 3.72 billion at the end of Q1 2023[28] - The company experienced a net cash outflow from investing activities of CNY 390.01 million, worsening from a net outflow of CNY 259.40 million in the previous year[28] - Total assets at the end of the reporting period were CNY 16.86 billion, a decrease of 3.82% from CNY 17.53 billion at the end of the previous year[4] - The company's total liabilities decreased to approximately 4.91 billion yuan from 5.80 billion yuan, a reduction of 15.3%[24] Shareholder Information - The total number of common shareholders at the end of the reporting period is 197,459[14] - Tibet Unisoc Chunhua Technology Co., Ltd. holds 26.00% of shares, totaling 220,901,326 shares[14] - The top 10 shareholders include entities such as Hong Kong Central Clearing Limited with 2.85% (24,205,000 shares) and China Construction Bank with 1.76% (14,972,595 shares)[14] - The company’s major shareholders do not have any known relationships or concerted actions among them[15] - The company’s stockholders did not participate in margin financing activities[15] - The total number of preferred shareholders is not applicable[18] - The company’s stock structure includes significant holdings by various investment funds, with the top 10 unrestricted shareholders holding substantial shares[14] Investments and Strategic Actions - The company transferred 35% equity of its subsidiary Unisoc Qingteng for RMB 102.27 million and acquired 65% equity of Unisoc Xinneng and Unisoc Anxin for RMB 4.37 million and RMB 3.29 million respectively[18] - Unisoc Qingteng is no longer included in the consolidated financial statements as of February 20, 2024, while Unisoc Xinneng and Unisoc Anxin are fully owned and included in the financial statements[19] - The company is focusing on optimizing its industrial layout through strategic equity adjustments[18] - The company approved an investment of 355 million yuan to establish a micro quartz crystal resonator production base, aiming for an annual production capacity of 768 million units[20] - The company is in the process of liquidating Wuxi Ziguang Microelectronics due to long-term operational losses and lack of funding, with the liquidation decision made on January 27, 2024[21] Operational Metrics - Total operating costs for Q1 2024 were approximately 896.49 million yuan, a decrease of 9.6% compared to 992.12 million yuan in Q1 2023[25] - Research and development expenses amounted to CNY 292.02 million, slightly down from CNY 310.87 million in Q1 2023[26] - Accounts receivable increased to approximately 4.46 billion yuan, up from 4.31 billion yuan, indicating a rise of 3.9%[22] - The company's equity attributable to shareholders increased to approximately 11.95 billion yuan from 11.66 billion yuan, reflecting a growth of 2.5%[24] - The weighted average return on equity was 2.60%, a decrease of 3.24 percentage points from 5.84% year-on-year[3] - The company reported a significant increase in credit impairment losses, which rose by 777.32% to CNY 21.46 million, attributed to higher provisions for bad debts[11] Audit and Compliance - The company has not undergone an audit for the Q1 2024 report[29]

出席本次年度业绩说明会的人员有：公司副董事长兼总裁谢文刚先生、独立 董事马朝松先生、副总裁乔志城先生、副总裁兼董事会秘书杜林虎先生、财务总 监杨秋平女士。 为充分尊重投资者、提升交流的针对性，现就公司 2023 年度业绩网上说明 会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2024 年 5 月 7 日 15:00 之前访问 http://ir.p5w.net/zj/或扫描下方二维码，进入问题征集 专题页面。公司将在本次年度业绩说明会上对投资者普遍关注的问题进行回答。 欢迎广大投资者积极参与。 特此公告。 | 证券代码：002049 证券简称：紫光国微 | 公告编号：2024-022 | | --- | --- | | 债券简称：国微转债 债券代码：127038 | | 紫光国芯微电子股份有限公司 关于举行 2023 年度业绩网上说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 紫光国芯微电子股份有限公司（以下简称"公司"）于 2024 年 4 月 18 日披 露了《2023 年年度报告》，为便于广大投资者进一步了解公司 20 ...

证券研究报告·公司点评报告·半导体 紫光国微（002049） 2023 年年报点评：业务表现的基本稳定，产 2024 年 04月 22日 品谱系持续拓展 证券分析师 苏立赞 买入（维持） 执业证书：S0600521110001 sulz@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 许牧 营业总收入（百万元） 7,120 7,565 9,284 11,558 13,875 执业证书：S0600523060002 xumu@dwzq.com.cn 同比 33.28 6.26 22.71 24.50 20.04 研究助理 高正泰 归母净利润（百万元） 2,632 2,531 2,940 3,729 4,585 执业证书：S0600123060018 同比 34.71 (3.84) 16.17 26.85 22.96 gaozht@dwzq.com.cn EPS-最新摊薄（元/股） 3.10 2.98 3.46 4.39 5.40 P/E（现价&最新摊薄） 19.30 20.07 17.28 13.62 11.08 ...

Investment Rating - Buy-A rating maintained with a 6-month target price of 88.7 RMB, compared to the current price of 59.78 RMB as of April 19, 2024 [1] Core Views - The company is expected to maintain robust growth due to high R&D investment and a diversified product portfolio [1][2] - Revenue for 2023 reached 7.565 billion RMB, a 6.26% YoY increase, with a gross margin of 61.19% [1] - Net profit for 2023 was 2.531 billion RMB, a slight decline of 3.84% YoY [1] Product Lines and R&D - The company operates three main product lines: integrated circuits (59.32% of revenue), smart card chips (37.57%), and quartz crystals (2.45%) [2] - R&D investment in 2023 was 1.633 billion RMB, a 30.68% YoY increase, accounting for 21.58% of revenue [2] - New product developments include industrial-grade and radiation-resistant products, as well as advancements in FPGA, memory, and analog products [2] Financial Performance and Projections - Revenue for 2024-2026 is projected to be 8.473 billion RMB, 9.575 billion RMB, and 10.532 billion RMB, respectively [6] - Net profit for 2024-2026 is expected to be 2.513 billion RMB, 3.175 billion RMB, and 3.786 billion RMB, respectively [6] - PE ratios for 2024-2026 are estimated at 20x, 16x, and 13x, respectively [6] Profitability and Valuation Metrics - Gross margin for 2023 was 61.19%, with a net profit margin of 33.5% [1][7] - ROE for 2023 was 21.7%, with a projected increase to 17.9% by 2025 [7] - The company's ROIC for 2023 was 39.3%, with a projected increase to 45.4% by 2025 [7] Operational Efficiency - The company has improved operational efficiency through cost control and increased production efficiency [3] - Fixed asset turnover days increased from 16 days in 2022 to 21 days in 2023 [8] - Inventory turnover days increased from 87 days in 2022 to 112 days in 2023 [8] Market Position and Competitive Edge - The company maintains a leading position in the FPGA market, with expanding customer base and recognition for high-performance products [3] - New products in the analog and memory sectors have been successfully developed and launched [3] Future Growth Drivers - The company is expected to benefit from the growth of its new product lines, particularly in the FPGA, memory, and analog sectors [3][6] - Continued R&D investment and product innovation are key drivers for future growth [2][6]

[Table_Title] 证券研究报告 营收稳健增长，智能安全芯片不断突破 公司研究 [Table_ReportDate] 2024年04月19日 [Table_ReportType] 公司点评报告 [T事ab件le：_公Su司mm发ar布y] 2 023年年报，全年实现营业收入75.65亿元，同比+6.26%； [紫Ta光bl国e_微Sto(c0k0A2n0d4R9an)k ] 归母净利润 25.31 亿元，同比-3.84%；扣非归母净利润 23.91 亿元，同比 -2.88%。单四季度来看，实现营业收入 19.23 亿元，同比-11.95%、环比 投资评级 +0.79%；归母净利润 5.00 亿元，同比-15.40%、环比-21.75%；扣非归母 上次评级 净利润4.69亿元，同比-7.50%、环比-21.83%。 点评： [莫Ta文b宇le _电Au子th行o业r] 首席分析师 执业编号：S1500522090001 ➢ 特种集成电路业务小幅下降，智能安全芯片业务持续攀升。分产品看： 邮 箱：mowenyu@cindasc.com （1）特种集成电路营收44.88亿元（同比-5.02%），毛利率73. ...