本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 22 日 紫 光国微(002049.SZ) 证券研究报告 保持高强度研发投入，业绩有望持续稳 集成电路 投资评级 买入-A 健增长 维持评级 6 个月目标价 88.7元 事件： 股价 (2024-04-19) 59.78元 4 月 19日公司发布 2023 年报，2023 年实现营业收入75.65亿，同比 6.26%，归母净利润 25.31亿，同比-3.84%，全年毛利率 61.19%。2023 交易数据 年四季度实现营业收入19.23亿，同比-11.94%，Q4毛利率53.48%。 总市值(百万元) 50,790.32 流通市值(百万元) 50,781.36 保持高强度研发投入，三条产品线持续深化布局： 总股本(百万股) 849.62 流通股本(百万股) 849.47 公司包括三大产品线：集成电路、智能卡、石英晶体。2023 年，集成 12 个月价格区间 48.41/112.85元 电路业务营收44.87 亿，同比-5%，占比59.32%；智能卡芯片28.42 亿，同比+36.6%，占比37.57%；石英晶体1.85 亿 ...

[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. ...

紫光国微（002049.SZ）2023年年报点评 2023 年平稳过渡，静待行业拐点 2024年04月18日 ➢ 事件：紫光国微 4 月 17 日晚发布 2023 年年报，公司 2023 年实现收入 推荐 维持评级 75.65亿元（YoY+6.26%），归母净利润25.31亿元（YoY-3.84%），扣非归母 当前价格： 60.76元 净利润23.91亿元（YoY-2.88%）。对应4Q23单季度，公司实现收入19.23亿 元（YoY-11.94%，QoQ+0.79%），归母净利润5亿元（YoY-15.46%，QoQ- [Table_Author] 21.78%），扣非归母净利润4.69亿元（YoY-7.46%，QoQ-21.77%）。 ➢ 特种集成电路业务整体平稳，新产品研发进展顺利。公司是国内领先的特种 集成电路企业，产品涵盖微处理器、可编程器件、存储器、网络及接口、模拟器 件、ASIC/SoPC等几大系列产品，600多个品种。2023年，面对复杂的外部形 势和严峻市场环境，行业下游需求受到较大冲击，公司通过多举措并举实现了经 营业绩整体稳定。2023年公司特种集成电路实现收入44.88亿元（YoY-5. ...

更多资料加入知识星球：水木调研纪要关注公众号：水木纪要 紫光国微20240418_原文 2024年04月18日18:16 发言人 00:00 涉及第三方专家发言，其内容仅代表专家个人观点。根据监管规定，未经信达证券书面授权 严禁任何机构或个人转发、转载录音、制作并传播纪要或引用会议的任何部分内容的。对于违 法，信达证券对此等行为不承担任何责任，且信达证证券将保留一切法律权利。感谢您的理解 和支持。 发言人 00:22 好的，尊敬的各位投资者，大家上午好。我是信达证券研究所副所长，电子行业首席分析师莫 文宇。欢迎大家参加紫光国微2023年年报的业绩交流会。下面介绍的是本次会议的参会人员。 发言人00:36 首先我们非常荣幸的请到了紫光国威副董事长、总裁谢文刚谢总。然后我们也请到了紫光国威 董事会秘书杜林虎杜总以及财务总监杨秀萍杨总一起来跟各位进行交流。昨天紫光国也发布了 2023年的这样一个年度的业绩。下面我们首先有请谢总跟大家做一个对公司2023年总体业绩 的这样一个这样一个综述和概览。然后的话我们就开放问答环节。后面就请各位投资者踊跃的 跟谢总，跟杜总、杨总进行相应的交流。这种你好你好这个故事。 发言人 0 ...

2024年04月17日 公司研究●证券研究报告 紫光国微（ ） 公司快报 002049.SZ 电子 | 集成电路Ⅲ 行业重压之下业绩良好，超强韧性迎布局良机 投资评级 买入-B(维持) 股价(2024-04-17) 62.35元 投资要点： 事件：2024年4月17日，公司发布2023年年度报告，2023年公司实现营业收 交易数据 入75.65亿元，同比增长6.26%，实现归母净利润25.30亿元，同比下降3.84%。 总市值（百万元） 52,973.84 流通市值（百万元） 52,964.50 事件分析： 总股本（百万股） 849.62 经营保持总体稳定，行业重压展现超强韧性。2023年度，公司实现营业收入75.65 流通股本（百万股） 849.47 亿元，较上年同期增长6.26%；实现归属于上市公司股东的净利润25.30亿元，较 12个月价格区间 113.51/50.10 上年同期下降3.84%。经营活动产生的现金流量净额17.72亿元，较上年同期增长 一年股价表现 2.63%。公司23年进一步聚焦核心主业、优化资源配置，启动紫光青藤、紫光芯 能、紫光安芯三家业务公司的股权调整和无锡紫光微电子的清算注 ...

Financial Performance - Revenue for 2023 reached 7.565 billion yuan, a 6.26% increase compared to 2022[12] - Net profit attributable to shareholders decreased by 3.84% to 2.531 billion yuan in 2023[12] - Total assets grew by 14.39% to 17.534 billion yuan at the end of 2023[12] - Operating cash flow increased by 2.63% to 1.772 billion yuan in 2023[12] - Revenue for 2023 reached 7.565 billion yuan, a year-on-year increase of 6.26%[22] - Net profit attributable to shareholders was 2.531 billion yuan, a year-on-year decrease of 3.84%[22] - The company achieved total revenue of 7,565,369,089.74 yuan in 2023, a year-on-year increase of 6.26%, with net profit attributable to shareholders of 253,070,320 yuan, a year-on-year decrease of 3.84%[37] - The integrated circuit business generated revenue of 7,329,886,487.35 yuan, accounting for 96.89% of total revenue, with a year-on-year growth of 7.72%[39] - The smart security chip business saw a significant revenue increase of 36.67% to 2,842,344,183.03 yuan, while the special integrated circuit business revenue decreased by 5.02% to 4,487,542,304.32 yuan[40] - Domestic sales accounted for 89.38% of total revenue at 6,761,621,566.88 yuan, while overseas sales grew by 26.16% to 803,747,522.86 yuan[39] - The company's total assets reached 1,753,386,350 yuan, a year-on-year increase of 14.39%, with shareholders' equity growing by 20.11% to 1,165,417,010 yuan[38] - The integrated circuit business achieved a gross profit margin of 62.72%, despite a 2.82 percentage point decrease due to a 16.55% increase in operating costs[40] - The sales volume of integrated circuits increased by 32.76% to 3,656,836,983 units, driven by growth in the smart security chip business[42] - The top five customers contributed 40.47% of total sales, amounting to 3,041,669,528.46 yuan, with no related party transactions[45] - Top 5 customers accounted for 40.47% of total annual sales, with Customer 1 contributing the highest at 13.95% (1,048,204,274.38 yuan)[46] - Top 5 suppliers accounted for 56.62% of total annual procurement, with Supplier 1 contributing the highest at 22.29% (815,640,315.36 yuan)[48] - Investment income accounted for 2.57% of total profit, primarily from equity method investments and financial product returns[53] - Government subsidies related to daily operations contributed 5.39% to total profit, with sustainable benefits from software VAT refunds and IC industry tax incentives[53] - The company's monetary funds decreased by 9.12 percentage points to 17.58% of total assets, primarily due to significant cash outflows from purchasing bank wealth management products, large certificates of deposit, and share repurchases[55] - Accounts receivable increased by 4.42 percentage points to 24.68% of total assets, mainly due to extended payment cycles from customers in the special integrated circuit business[55] - The company's investment in financial assets increased significantly, with trading financial assets rising by 5.94 percentage points to 5.94% of total assets, driven by the purchase of principal-guaranteed floating-rate bank wealth management products[55] - The company's total investment in the reporting period was RMB 141.37 million, a 13.33% increase compared to the same period last year[58] - The company invested RMB 127.63 million in ongoing major non-equity investment projects, including the 5G communication quartz crystal oscillator industrialization project and integrated circuit installation and debugging equipment[58] - The 5G communication quartz crystal oscillator industrialization project has reached 100% completion, with a total investment of RMB 35.15 million[59] - The integrated circuit installation and debugging equipment project is partially under debugging, with a total investment of RMB 139.07 million[59] - The company's restricted assets totaled RMB 823.14 million, including RMB 79.41 million in other monetary funds used as bank acceptance bill guarantees and RMB 200 million in large certificates of deposit pledged for bank acceptance bills[57] - The company's financial assets measured at fair value increased by RMB 1.12 billion, with a fair value change profit of RMB 17.42 million during the reporting period[56] - The company's long-term borrowings decreased by 2.04 percentage points to 0.82% of total assets, mainly due to the reclassification of long-term borrowings due within one year as current liabilities[55] - The company raised a total of RMB 15 billion through the issuance of convertible bonds in 2021, with a net amount of RMB 14.878 billion after deducting issuance costs[62] - As of December 31, 2023, the company has cumulatively used RMB 7.914 billion of the raised funds, with RMB 2.505 billion used for project construction and RMB 7.663 billion for working capital[62] - The remaining unused raised funds amount to RMB 7.343 billion, with RMB 2.959 billion in dedicated accounts and RMB 4.384 billion in bank wealth management products[62] - 70% of the raised funds (RMB 10.5 billion) have been reallocated to new projects due to significant changes in the feasibility of the original projects[62] - The "New High-End Security Series Chip R&D and Industrialization Project" and the "Vehicle Controller Chip R&D and Industrialization Project" were canceled due to market demand misalignment and high technical barriers[63] - The "High-Speed RF ADC and Clock Series Chip R&D and Industrialization Project" and the "New High-Performance Video Processor Series Chip R&D and Industrialization Project" were newly added with planned investments of RMB 2.05 billion and RMB 2.4 billion, respectively[63] - The "Shenzhen Guowei Research and Production Building Construction Project" has an investment progress of 8.21%, with RMB 250.5 million invested as of the reporting period[63] - The company reallocated funds from canceled projects to new projects, with implementation locations changed to Shenzhen and Chengdu[63] - The company replaced pre-invested self-raised funds with raised funds amounting to RMB 66.52 million for the fundraising projects[64] - The company used RMB 150 million of idle raised funds to supplement working capital, which was fully repaid by June 26, 2022[64] - As of December 31, 2023, the unused raised funds balance was RMB 734.3451 million, with RMB 438.4 million used for cash management and RMB 295.9451 million stored in the raised funds account[64] - The total actual cumulative investment in the changed fundraising projects was RMB 791.3558 million, with an investment progress of 103.85% for the working capital supplement project[65] - The company's subsidiary, Shenzhen Guowei Electronics Co., Ltd., reported total assets of RMB 11.4238 billion, net assets of RMB 8.7146 billion, and a net profit of RMB 2.2694 billion[69] - The company's distributable profit at the end of 2023 is RMB 10,365,557,318.92[130] - The company has no equity incentive plans, employee stock ownership plans, or other employee incentive measures implemented during the reporting period[131] - The company's 2023 Social Responsibility Report was disclosed on April 18, 2024, on the CNINFO website[141] - The company has no current commitments related to poverty alleviation or rural revitalization[142] - All commitments made by the company's controlling shareholders and related parties, including those related to competition avoidance and independent operations, are being strictly adhered to[143] - No non-operational fund occupation by controlling shareholders or related parties was reported during the period[143] - No changes in accounting policies, estimates, or significant accounting errors were reported for the period[145] - The company added 3 new subsidiaries in 2023: Wuxi Ziguang Jidian Technology Co., Ltd. (registered capital of RMB 50 million), Wuxi Ziguang Jidian Semiconductor Technology Co., Ltd. (registered capital of RMB 10 million), and Chengdu Guowei Property Management Co., Ltd. (registered capital of RMB 1 million)[146] - The company disposed of 3 subsidiaries in 2023: Tangshan Jingyuan Electronics Co., Ltd., Tibet Tuozhan Chuangxin Technology Co., Ltd., and Tibet Weinaxin Technology Co., Ltd.[146] - The total amount of related-party transactions in 2023 was RMB 630.1886 million, accounting for 14.82% of the total procurement amount with Beijing Ziguang Storage Technology Co., Ltd. and its subsidiaries[153] - The company's domestic accounting firm, ShineWing, was paid RMB 550,000 for audit services and RMB 150,000 for internal control audit services[148] - The company's indirect controlling shareholder, Ziguang Group, and its subsidiaries accounted for RMB 542.3078 million in procurement-related transactions, representing 14.82% of the total procurement amount[153] - The company's indirect controlling shareholder, Ziguang Group, and its subsidiaries accounted for RMB 34.0354 million in sales-related transactions, representing 0.46% of the total sales amount[153] - The company's subsidiary, Shenzhen Guowei Electronics, acquired a 30% equity stake in Wuxi Jidian from Tibet Ziguang Chunhua Technology Co., Ltd. for RMB 1.5 million[156] - The company's subsidiary, Wuxi Ziguang Jidian Technology Co., Ltd., had a total asset value of RMB 109.5572 million and a net loss of RMB 1.0668 million in 2023[157] - The company's subsidiary, Shenzhen Guowei Electronics, increased its equity stake in Wuxi Ziguang Jidian Technology Co., Ltd. from 70% to 100% in September 2023[157] - The company completed the transfer of management rights and assets for the Chengdu Ziguang Xinyun Center, with the settlement date set as March 31, 2023[165] - The company provided a guarantee of 20,000 million yuan for Ziguang Tongxin Microelectronics Co., Ltd., with the actual guarantee amount also being 20,000 million yuan[166] - The total actual guarantee balance at the end of the reporting period was 14,950 million yuan, accounting for 1.28% of the company's net assets[167] - The company's entrusted financial management during the reporting period totaled 157,500 million yuan, with 104,840 million yuan remaining undrawn[168] - The company changed part of its fundraising investment projects, reallocating funds to new projects including high-speed RF ADC chips and supporting clock series chips[171] - The company repurchased 6,396,000 shares, accounting for 0.75% of the total shares, with a total transaction value of 599,952,971 yuan[173] - The company transferred 100% equity of Tangshan Jingyuan Electronics Co., Ltd. for 47.9597 million yuan, completing the industrial and commercial registration on September 6, 2023[175] - The total number of shares increased by 10,766 due to the conversion of convertible bonds, bringing the total shares to 849,619,317 as of December 31, 2023[181] - The limited-sale shares increased by 148,410, resulting in a total of 150,060 limited-sale shares, accounting for 0.02% of the total shares[177] - The unrestricted shares decreased by 137,644, resulting in a total of 849,469,257 unrestricted shares, accounting for 99.98% of the total shares[177] - The conversion of convertible bonds had a minimal impact on the company's earnings per share and net assets per share due to the small number of shares converted[179] - The largest shareholder, Tibet Unisplendour Chunhua Technology Co., Ltd., holds 26.00% of the shares, totaling 220,901,326 shares[186] - Hong Kong Securities Clearing Company Limited reduced its holdings by 11,471,500 shares, now holding 17,939,751 shares, accounting for 2.11% of the total shares[186] - The number of ordinary shareholders at the end of the reporting period was 176,602, a decrease from 197,459 at the end of the previous month[182] - The company's convertible bonds entered the conversion period on December 17, 2021, and 10,766 shares were converted during the reporting period[181] - The company's largest institutional shareholder, China Construction Bank Corporation - Huaxia Guozheng Semiconductor Chip ETF, increased its holdings by 1,770,899 shares, now holding 15,758,895 shares, accounting for 1.85% of the total shares[186] - The company's second-largest institutional shareholder, China Construction Bank Corporation - E Fund Defense and Military Industry Mixed Securities Investment Fund, reduced its holdings by 207,564 shares, now holding 12,020,737 shares, accounting for 1.41% of the total shares[186] - The top shareholder, Tibet Unisplendour Chunhua Technology Co., Ltd., holds 220,901,326 unrestricted shares, accounting for a significant portion of the company's equity[187] - Hong Kong Securities Clearing Company Limited holds 17,939,751 unrestricted shares, representing a notable stake in the company[187] - China Construction Bank Corporation - Huaxia Guozheng Semiconductor Chip ETF holds 15,758,895 unrestricted shares, showing institutional interest in the company[187] - The company's largest shareholder, Tibet Unisplendour Chunhua Technology Co., Ltd., has a significant influence with its 220,901,326 shares[187] - The company's shareholding structure shows a diverse range of institutional investors, including ETFs and pension funds[187][188] - The company's shareholding structure is stable, with no significant changes in the top 10 shareholders during the reporting period[190] - The company's actual controller is not clearly defined, with no single entity holding a controlling stake[193] - The company's shareholding structure is influenced by a mix of domestic and international investors, reflecting its global reach[187][188] - The company's shareholding structure is characterized by a high level of institutional ownership, indicating confidence in its long-term prospects[187][188] - The company's shareholding structure is stable, with no significant changes in the top 10 shareholders during the reporting period[190] - The initial conversion price of "Guowei Convertible Bonds" was set at RMB 137.78 per share[199] - The conversion price of "Guowei Convertible Bonds" was adjusted to RMB 98.18 per share after the 2021 annual equity distribution[199] - The total issuance amount of "Guowei Convertible Bonds" is RMB 1,500,000,000[200] - The cumulative conversion amount of "Guowei Convertible Bonds" is RMB 7,485,000[200] - The cumulative number of shares converted from "Guowei Convertible Bonds" is 57,311[200] - The conversion ratio of "Guowei Convertible Bonds" is 0.01% of the total shares issued before the conversion period[200] - The unconverted amount of "Guowei Convertible Bonds" is RMB 1,492,510,300[200] - The unconverted amount of "Guowei Convertible Bonds" accounts for 99.50% of the total issuance amount[200] Dividend and Share Repurchase - The company's total share capital is 849,620,535 shares, with 6,396,000 shares repurchased, resulting in a base of 843,224,535 shares for dividend distribution[3] - The company plans to distribute a cash dividend of 6.80 RMB per 10 shares to all shareholders[3] - The company completed a share repurchase totaling 600 million yuan in 2023 to enhance shareholder value[79] - The company has maintained continuous annual profit distribution since its listing in 2005[79] - The company plans to use between RMB 300 million and RMB 600 million from undistributed profits of 2022 to repurchase shares[125] - The company did not distribute cash dividends in 2022, with the undistributed profits carried forward to the next year to meet operational and development needs[128] - Cash dividend distribution for 2023 is RMB 6.80 per 10 shares, totaling RMB 573,392,683.80[129] - Total cash dividends including share repurchases amount to RMB 1,173,345,654.80, representing 100% of the total profit distribution[129] R&D and Innovation - R&D investment for the year was 1.633 billion yuan, a year-on-year increase of 30.68%, accounting for 21.58% of revenue[23] - The company obtained 149 patent authorizations during the year[23] - New industrial-grade and radiation-resistant product series were launched in the special integrated circuit business[23] - The company completed the development of a large number of new analog products, forming a comprehensive analog product system[23] - The company achieved breakthroughs in low-ripple switching power supply control technology and special Ethernet switching circuit design[23] - The company launched the world's first eSIM solution specifically designed for smart POS[23] - The company's FPGA products maintained a leading position in the industry market, with expanding user base[27] - The company's special memory products remain the most comprehensive and technologically advanced in China, with new special Nand Flash and new special memory products developed[27] - The company's R&D personnel accounted for over 50% of total employees, with nearly 50% holding master's degrees or higher[36] - R&D expenses increased by 17.40% to 1,421,455,360.31 yuan in 2023, with R&D personnel growing by 19.50% to 1,342 employees[49][50] - R&D investment increased by 30.68% to 1,632,852,338.98 yuan, accounting for 21.58% of total revenue, with capitalised R&D investment surging by 1,923.41%[50] Industry and Market Trends - Global semiconductor industry sales

证券代码：002049 证券简称：紫光国微 紫光国芯微电子股份有限公司投资者关系活动记录表 编号：20231110 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 □其他 （请文字说明其他活动内容） 安信证券：马卓群、宋子豪；国信资管：郑毅权；民生加银：王亮、 董士萱；合众资产：王浩；工银瑞信：黄杨荔；南方天辰：魏子钦； 参与单位名称 江信基金：王伟；城天九投资：程实；航发基金：邓嘉文；汇安基 金：杨坤河；中信建投：王晨宇；格林基金：张哲。 时间 2023 年11月10日（周五）下午15:00 北京市海淀区王庄路 1 号清华同方科技广场 D 座西区 15 层公司 地点 会议室 上市公司接待人 副总裁、董事会秘书：杜林虎 员姓名 证券事务代表：阮丽颖 一、 副总裁、董秘杜林虎针对公司 2023 年三季报做解读 2023 年前三季度，公司整体业绩稳定，营业收入保持了增长 态势，净利润基本持平。集成电路业务收入中，特种集成电路板块 和智能安全芯片板块的占比约是 6:4，相较 2022 年底，特种集成 电路板块的收入占比有所下降，智能安全芯片的收入占 ...

紫光国芯微电子股份有限公司2023年第三季度报告 证券代码：002049 证券简称：紫光国微 公告编号：2023-062 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 2023 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 ...

证券代码：002049 证券简称：紫光国微 紫光国芯微电子股份有限公司投资者关系活动记录表 | --- | --- | --- | |--------------------|---------------------------|------------------------------------------------------------| | | □特定对象调研 □分析师会议 | | | 投资者关系活动类别 | □媒体采访 □新闻发布会 | 业绩说明会□路演活动 | | | □现场参观 | | | | □其他 | | | | First Fidelity Capital、 | Hel Ved Capital、百年保险资管、泓澄投资、 | | | | 碆泽资管、清和泉资管、源峰私募、源乐晟资管、贝莱德建信理 | | | | 财、博道基金、博时基金、财达证券、创金合信基金、淳厚基金、 | | | | 大成基金、大家资管、淡水泉投资、德邦基金、德华创投、第一 | | | | 创业证券、东方基金、东方证券、东兴证券、东证融汇证券、蜂 | | | | 巢基金、复星恒利证券、富安达基金、富国基金、工银安盛资 ...

紫光国芯微电子股份有限公司2023年半年度报告全文 紫光国芯微电子股份有限公司 2023 年半年度报告 ...