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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's business performance remains fundamentally stable despite multiple pressures, achieving a revenue of 7.565 billion yuan in 2023, a year-on-year increase of 6.26%, and a net profit attributable to shareholders of 2.531 billion yuan, a year-on-year decrease of 3.84% [2][3] - The company continues to enhance technological empowerment and expand its product portfolio, launching new product lines in the special integrated circuit field and making significant progress in key areas such as special memory, processors, FPGA, and system-level chips [3] - As a leading enterprise in the special chip design field, the company has a strong R&D and industrialization capability, having received numerous technology awards and increased its R&D investment, resulting in 149 patent authorizations in 2023 [3] - The earnings forecast has been adjusted, with net profit estimates for 2024 and 2025 revised to 2.940 billion yuan and 3.729 billion yuan respectively, and a new estimate for 2026 set at 4.585 billion yuan, corresponding to P/E ratios of 17, 14, and 11 times [3] Financial Performance Summary - In 2023, the company achieved total revenue of 75.65 billion yuan, with a net profit of 25.31 billion yuan, and a net cash flow from operating activities of 17.72 billion yuan, reflecting a 2.63% increase year-on-year [2] - The R&D expenditure for 2023 was 16.33 billion yuan, representing a 30.68% increase and accounting for 21.58% of total revenue [2] - The company's total assets reached 17.534 billion yuan in 2023, with a total liability of 5.805 billion yuan, resulting in a debt-to-asset ratio of 33.10% [6][9]

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]

Investment Rating - The investment rating for the company is "Buy" based on its performance and growth potential [1]. Core Views - The company has achieved steady revenue growth, with total revenue reaching 75.65 billion yuan in 2023, a year-on-year increase of 6.3% [2]. - The net profit attributable to the parent company was 25.31 billion yuan, a decrease of 3.84% year-on-year, while the net profit excluding non-recurring items was 23.91 billion yuan, down 2.88% year-on-year [1]. - The company continues to expand its product lines, particularly in the smart security chip sector, which saw a revenue increase of 36.67% year-on-year, reaching 28.42 billion yuan [1]. Financial Performance - The company reported a total revenue of 75.65 billion yuan in 2023, with a year-on-year growth rate of 6.3% [2]. - The net profit attributable to the parent company for 2023 was 25.31 billion yuan, reflecting a decline of 3.84% compared to the previous year [2]. - The gross profit margin for 2023 was 61.2%, down from 63.8% in 2022 [2]. - The company’s R&D investment for 2023 was 16.33 billion yuan, representing a year-on-year increase of 30.68%, accounting for 21.58% of total revenue [1]. Product Development - The company has launched new products in various segments, including industrial-grade and radiation-resistant products in the special IC category, and has made significant progress in the development of new analog products [1]. - In the smart security chip segment, the company is actively expanding into the automotive electronics field and has partnered with Intel to develop the Strongbox solution [1]. - The company has successfully developed and mass-produced high-frequency products based on Q-MEMS technology [1]. Future Outlook - The company is expected to see net profits of 25.54 billion yuan, 29.14 billion yuan, and 34.05 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 20.21, 17.71, and 15.16 [1][2]. - The focus on core business development and continuous product line expansion is anticipated to further enhance profitability and support stable growth in the long term [1].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [2][3]. Core Insights - In 2023, the company achieved a revenue of 7.565 billion yuan, representing a year-over-year increase of 6.26%. However, the net profit attributable to shareholders decreased by 3.84% to 2.531 billion yuan [1][2]. - The special integrated circuit business remained stable, with a revenue of 4.488 billion yuan, down 5.02% year-over-year, while maintaining a gross margin of 73.22% [2]. - The smart security chip segment saw significant growth, with revenue increasing by 36.67% to 2.842 billion yuan, reflecting strong demand in the telecom and financial payment sectors [2]. Financial Performance Summary - The company's total revenue for 2023 was 75.65 billion yuan, with a net profit of 25.31 billion yuan [1]. - The fourth quarter of 2023 showed a revenue of 19.23 billion yuan, a decrease of 11.94% year-over-year, but a slight increase of 0.79% quarter-over-quarter [1]. - The forecast for net profit for 2024, 2025, and 2026 is projected to be 2.698 billion yuan, 3.579 billion yuan, and 4.701 billion yuan, respectively, with corresponding price-to-earnings ratios of 19, 14, and 11 times [2][3].

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 ...

Investment Rating - The investment rating for the company is "Buy - B" [1] Core Views - Despite industry pressures, the company has demonstrated strong resilience, achieving a revenue of 7.565 billion yuan in 2023, a year-on-year increase of 6.26%, while the net profit attributable to shareholders decreased by 3.84% to 2.530 billion yuan [1] - The company has focused on its core business, optimizing resource allocation, and has initiated equity adjustments in its subsidiaries, which is expected to enhance management efficiency [1] - The company’s special integrated circuit business generated a revenue of 4.487 billion yuan, with a slight year-on-year decline of 5.02%, maintaining a gross margin of 73.22% [1] - R&D investment has increased by 30.68% year-on-year to 1.633 billion yuan, accounting for 21.58% of revenue, indicating a commitment to technological innovation [1] Financial Performance - The company’s revenue for 2023 was 7.565 billion yuan, with a net profit of 2.530 billion yuan, reflecting a decline in profitability but stable operational cash flow of 1.772 billion yuan [3][5] - Forecasted revenues for 2024, 2025, and 2026 are 10.145 billion yuan, 13.493 billion yuan, and 17.541 billion yuan respectively, with expected growth rates of 34.1%, 33%, and 30% [2][3] - The projected net profits for the same years are 3.232 billion yuan, 4.316 billion yuan, and 5.249 billion yuan, with corresponding growth rates of 27.7%, 33.5%, and 21.6% [2][3] Product Development and Market Position - The company has launched new industrial-grade and radiation-resistant product series, and has made significant progress in the development of special memory and dedicated processors [1] - The smart security chip business has seen a revenue increase of 36.67% year-on-year, reaching 2.842 billion yuan, indicating strong market demand [2] - The company has established a development and management process for automotive-grade products, achieving recognition in the automotive electronics market [1][2]