Investment Rating - The report maintains a rating of "Accumulate" for the company Beijing Junzheng (300223.SZ) [1] Core Views - The company has shown resilience in its operations, with a quarter-on-quarter growth of 2% in non-net profit for Q3 2024, despite weak demand in the automotive and industrial sectors [2][4] - The introduction of advanced process DRAM products is anticipated, with samples of 21nm expected by the end of 2024 and 20nm by mid-2025, which could drive future growth [4] - The company is positioned as a leading player in the automotive IC sector, with a comprehensive layout across computing, storage, and analog chips, indicating potential for collaborative growth across its segments [4] Financial Summary - For the first three quarters of 2024, the company reported revenue of 3.201 billion, a year-on-year decrease of 6.39%, and a net profit attributable to shareholders of 304 million, down 17.37% year-on-year [9][10] - In Q3 2024, the company achieved a revenue of 1.094 billion, a slight decrease of 0.49% quarter-on-quarter, with a net profit of 107 million, down 3% quarter-on-quarter [8][10] - The gross margin for Q3 2024 was reported at 37.20%, reflecting a decrease of 0.48 percentage points quarter-on-quarter, while the net profit margin was 9.67%, down 0.31 percentage points [7][8] Product Performance - The storage chip segment generated revenue of 671 million in Q3 2024, accounting for 61.28% of total revenue, while the computing chip segment saw a revenue increase of 2.60% quarter-on-quarter [3] - The company’s flagship product, the T23 computing chip, has gained significant market traction, contributing to the revenue growth despite a lack of seasonal demand in the security monitoring market [3][4] Future Outlook - The company projects net profits attributable to shareholders of 458 million, 589 million, and 725 million for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 65.0, 50.5, and 41.0 [4][10] - The ongoing development of new products and the anticipated recovery in market demand are expected to support the company's growth trajectory in the coming years [4]

Summary of Conference Call Records Company and Industry Overview - The conference call discusses the performance of a company in the IoT and semiconductor industry, particularly focusing on smart hardware products and storage chips [1][2][3][4]. Key Points and Arguments Financial Performance - The company's Q3 performance was in line with expectations, showing no significant growth due to a sluggish overall market [1]. - Q3 revenue for storage chips was approximately $6.71 billion, a slight decrease from $6.76 billion in Q2, with a year-over-year decline of over 10% [3][4]. - The overall revenue for the first three quarters was $19.9 billion, reflecting a 10.5% year-over-year decline [3]. - The gross margin for computing chips in Q3 was 35.11%, slightly down from 35.5% in Q2 [2]. Market Conditions - The IoT market remains fragmented, impacting revenue growth; smart hardware products saw a slight decline compared to Q2 [1]. - The automotive industry has been in a down cycle since late 2022, affecting demand for storage chips, which are heavily utilized in automotive applications [4][5]. - The company noted that while domestic markets performed well, the U.S. and European markets showed weaker performance [5]. Product Development and Strategy - The company is focused on enhancing product competitiveness through ongoing R&D, particularly in AI and algorithm optimization [2][12]. - Upcoming product launches include next-generation chips, with 21nm samples expected by the end of the year and 20nm products anticipated in mid-2024 [6][16]. - The company aims to expand its market presence by promoting new products in various sectors, including automotive and industrial applications [14][19]. Gross Margin and Pricing - The gross margin for storage chips in Q3 was approximately 33.7%, down from over 34% in Q2, attributed to product mix changes [5][22]. - The company anticipates a gradual decline in gross margins due to market conditions and competitive pricing pressures, although the decline is expected to be limited [24][25]. Future Outlook - The company expects a stable market environment in Q4, with no significant changes anticipated compared to Q3 [18]. - There is optimism for a recovery in the automotive market in 2024, with expectations of growth in various sectors [19][26]. - The company remains committed to maintaining a healthy profit margin while navigating market challenges and expanding its product offerings [26][27]. Additional Important Information - The company is actively working on improving its supply chain and production capabilities, particularly for advanced process nodes [6][17]. - The competitive landscape remains intense, with ongoing pressure from both domestic and international competitors [11][13]. - The company is exploring opportunities in overseas markets, which may provide more stable revenue streams despite slower initial adoption [14][19]. This summary encapsulates the key insights from the conference call, highlighting the company's current performance, market conditions, product strategies, and future outlook.

证券代码：300223 证券简称：北京君正 北京君正集成电路股份有限公司 投资者关系活动记录表 编号：20241028 | --- | --- | --- | |-------------------------|-----------------------------------|---------------------------------------------------------| | | | | | 投资者关系活动 | ■特定对象调研 | □分析师会议 | | 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 （ | ） | | 参与单位名称及 人员姓名 | | 中泰证券：张琼；华安证券：刘志来；中信证券：程子盈等 | | 时间 | 2024 年 10 月 28 | 日 | | 方式 | 线上电话交流会 | | | 上市公司接待人 员姓名 | 总经理刘强、董事会秘书张敏 | | | | 一、公司基本情况介绍 二、问答环节 | | | | 1 | 、面对目前安防监控市场竞争激烈和需求稍显低迷的情 | | | | ...

证券代码：300223 证券简称：北京君正 公告编号：2024-054 北京君正集成电路股份有限公司 股东部分股份解除质押的公告 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。 北京君正集成电路股份有限公司（以下简称"公司"）近日接到公司控股股 东李杰的通知，获悉其所持有本公司的部分股份解除质押，具体事项如下： 一、本次解除质押基本情况 特此公告。 北京君正集成电路股份有限公司 董事会 二○二四年十月二十九日 | 股东名称 | 是否为控股 股东或第一 | 本次解除质押 | 占其所 持股份 | 占公司 总股本 | 起始日 | | 解除日期 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大股东及其 一致行动人 | 股份数量（股） | 比例 | 比例 | | | | | | | 李杰 | 是 | 5,200,000 | 27.78% | 1.08% | 年 2020 | 月 2 | 2024 | 年 10 | 中泰证券股 | | | | | | | 24 | 日 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][4]. Core Views - The company is experiencing a decline in revenue and net profit, with a year-on-year revenue decrease of 6.4% and a net profit decrease of 17.4% for the first three quarters of 2024 [1][3]. - The semiconductor industry is still facing low market demand, impacting the company's performance in Q3 2024 [3][4]. - The company is focusing on product and process iterations while waiting for a recovery in industry demand [3][4]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 3.2 billion yuan and a net profit of 300 million yuan, with a gross margin of 37.4% [1]. - The revenue for Q3 2024 was 1.09 billion yuan, down 8.7% year-on-year, and the net profit was 110 million yuan, down 26.9% year-on-year [1]. - The company’s projected net profits for 2024-2026 are adjusted to 420 million, 550 million, and 720 million yuan respectively, with corresponding P/E ratios of 84, 63, and 49 [4]. Market and Product Development - The company is actively developing new DRAM and Flash memory products, with the first 21nm DRAM product expected to be launched in the second half of 2024 [4]. - The company is expanding its market presence in various sectors, including video, smart home appliances, and printers, while enhancing overseas product promotion [4].

截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： 三、备查文件 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。 北京君正集成电路股份有限公司（以下简称"公司"）近日收到控股股东李 杰的通知，获悉其所持有本公司的部分股份被质押，具体事项如下： 股东 名称 是否为控 股股东或 第一大股 东及其一 致行动人 本次质押 数量（股） 占其所 持股份 比例 占公司 总股本 比例 是否 为限 售股 是否为 补充 质押 质押起 始日 质押到 期日 质权人 质押 用途 李杰 是 2,510,000 13.41% 0.52% 否 否 2024-1 0-25 9999-0 1-01 上海海通 证券资产 管理有限 公司 个人资 金需求 720,000 3.85% 0.15% 否 否 2024-1 0-25 9999-0 1-01 上海海通 证券资产 管理有限 公司 个人资 金需求 540,000 2.88% 0.11% 否 否 2024-1 0-25 9999-0 1-01 上海海通 证券资产 管理有限 公司 个人资 金需求 一、股东股份质押基本情况 二、股东股份累计质押 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company demonstrates strong operational resilience and is awaiting a recovery in the industry market [1] - The company's revenue for the first three quarters of 2024 was 3.2 billion yuan, a year-on-year decrease of 6.4%, with a net profit attributable to the parent company of 300 million yuan, down 17.4% year-on-year [1] - The gross profit margin for the first three quarters was 37.4%, an increase of 0.7 percentage points year-on-year [1] - The company expects a gradual recovery in core downstream markets in the coming quarters [1] Financial Performance Summary - For Q3 2024, the company achieved revenue of 1.09 billion yuan, a year-on-year decrease of 8.7% and a quarter-on-quarter decrease of 0.5% [1] - The net profit attributable to the parent company for Q3 2024 was 110 million yuan, down 26.9% year-on-year and down 3.0% quarter-on-quarter [1] - The company’s revenue from computing chips for the first three quarters was 813 million yuan, a slight year-on-year decrease of 0.3% [1] - Revenue from storage chips for the first three quarters was 1.987 billion yuan, a year-on-year decrease of 10.5% [1] - Revenue from analog and interconnected chips for the first three quarters was 347 million yuan, a year-on-year increase of 16.5% [1] Earnings Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is 440 million, 570 million, and 690 million yuan respectively, with corresponding EPS of 0.92, 1.19, and 1.43 yuan per share [1][2] - The projected P/E ratios for 2024-2026 are 80.1, 62.0, and 51.4 times respectively [2]

Financial Performance - The company's revenue for Q3 2024 was ¥1,094,363,694.54, representing a decrease of 8.70% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥106,926,919.15, down 26.89% year-on-year[2]. - The net profit after deducting non-recurring gains and losses was ¥119,181,794.21, a decrease of 15.21% compared to the previous year[2]. - Total operating revenue for Q3 2024 was CNY 3,201,213,308.67, a decrease of 6.4% compared to CNY 3,419,896,944.07 in the same period last year[15]. - The company reported a net profit of CNY 358,931,951.29 for Q3 2024, a decrease of 12.5% from CNY 409,000,000 in the same quarter last year[15]. - Net profit attributable to shareholders of the parent company was CNY 304.4 million, down 17.4% from CNY 368.4 million in the same period last year[16]. - The total comprehensive income for Q3 2024 was CNY 172.8 million, significantly lower than CNY 404.7 million in Q3 2023[16]. - The basic earnings per share for Q3 2024 were CNY 0.6321, down from CNY 0.7650 in the same quarter last year[16]. Cash Flow and Assets - The company's cash flow from operating activities for the first nine months was ¥206,144,046.81, down 48.79% year-on-year[7]. - The company reported a net cash flow from operating activities of CNY 206.1 million, a decline of 48.8% compared to CNY 402.6 million in Q3 2023[18]. - Cash and cash equivalents decreased to CNY 3,292,629,477.44 from CNY 3,927,271,066.93 at the beginning of the period, a decline of 16.2%[12]. - Cash and cash equivalents at the end of the period stood at CNY 3.29 billion, slightly up from CNY 3.26 billion at the end of Q3 2023[19]. - The company experienced a decrease in sales revenue from CNY 3.61 billion in Q3 2023 to CNY 3.24 billion in Q3 2024, reflecting a decline of 10.2%[18]. - The company reported a net cash outflow from investing activities of CNY 701.3 million, compared to a net outflow of CNY 548.5 million in Q3 2023[18]. - The net cash flow from financing activities was negative CNY 105.8 million, worsening from negative CNY 22.3 million in Q3 2023[19]. - The total assets at the end of Q3 2024 were ¥12,818,014,057.04, an increase of 0.60% from the end of the previous year[2]. - Total liabilities were CNY 883,572,969.03, down from CNY 912,503,963.52 at the beginning of the period, reflecting a decrease of 3.2%[13]. - The company’s total equity increased to CNY 11,934,441,088.01, up from CNY 11,829,522,975.89, marking a growth of 0.9%[14]. - Inventory rose to CNY 2,547,736,447.03, an increase of 5.9% from CNY 2,404,780,777.28 at the beginning of the period[12]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 68,233[8]. - The largest shareholder, Beijing Yitang Shengxin Semiconductor Industry Investment Center, holds 12.57% of shares, totaling 60,546,704 shares[9]. - Liu Qiang, a significant shareholder, holds 8.40% of shares, amounting to 40,475,544 shares, with 30,356,658 shares under lock-up[10]. - The total number of shares held by the top ten shareholders accounts for a significant portion of the company's equity, with the top three shareholders alone holding over 29%[9]. - The company has a total of 65,801,522 restricted shares at the beginning of the period, with 3,822,210 shares released during the period[11]. - The total number of shares held by the top ten unrestricted shareholders is 168,000,000, indicating strong institutional support[9]. - Liu Qiang and Li Jie are identified as acting in concert, indicating potential strategic alignment among major shareholders[9]. - The company has not reported any changes in the top ten shareholders due to margin trading activities[10]. Operational Insights - Revenue from storage chips for the first nine months was ¥198,660.81 million, a decline of 10.52% compared to the previous year[5]. - Revenue from analog and interconnect chips increased by 16.49% year-on-year, reaching ¥34,730.15 million for the first nine months[5]. - Financial expenses for the first nine months amounted to -¥81,085,164.97, a decrease of 50.27% year-on-year due to increased interest income[6]. - The company reported a significant decrease in cash flow from financing activities, with a net outflow of -¥105,781,253.65, down 374.16% year-on-year[7]. - The company plans to continue promoting its new chip models in the market despite the overall low demand in the automotive and industrial sectors[5]. - The company plans to continue its market expansion and product development strategies, focusing on semiconductor technology[10]. - The company maintains a focus on R&D for new technologies and products to enhance its competitive position in the semiconductor market[10]. - Research and development expenses increased to CNY 527,574,995.27, representing a rise of 4.3% compared to CNY 506,237,233.89 in the previous year[15].

证券代码：300223 证券简称：北京君正 公告编号：2024-050 北京君正集成电路股份有限公司 关于股东股份减持计划完成情况的公告 公司股东上海武岳峰集成电路股权投资合伙企业（有限合伙）保证向本公司 提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 北京君正集成电路股份有限公司（以下简称"公司"）于 2024 年 8 月 10 日在中国证监会指定的创业板信息披露网站巨潮资讯网（www.cninfo.com.cn） 披露了《关于公司股东股份减持计划预披露公告》，持本公司 5%以上股份的股 东上海武岳峰集成电路股权投资合伙企业（有限合伙）（以下简称"武岳峰集电"） 拟通过集中竞价方式减持公司股份不超过 870,000 股，占公司总股本比例不超过 0.1807%。 公司近日收到上述股东出具的关于本次减持计划已实施完毕的书面文件，根 据相关规定，现将其股份减持计划的实施情况公告如下： 一、减持计划的实施进展情况 | | T T | | | | --- | --- | --- | --- | | 庆名称 | 減持方式 | 减持 ...

证券代码：300223 证券简称：北京君正 公告编号：2024-049 北京君正集成电路股份有限公司 关于子公司为子公司提供担保的公告 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。 一、 担保情况概述 近期，为保证北京君正集成电路股份有限公司（以下简称"公司"）全资子公 司络明芯微电子国际有限公司（以下简称"络明芯国际"）的生产经营需要，公 司全资子公司北京矽成半导体有限公司（以下简称"北京矽成"）为络明芯国际委 托合肥晶合集成电路股份有限公司（以下简称"晶合公司"）制造产品之逾期应 付货款、利息提供担保，并签署了《连带保证书》。 二、被担保人基本情况 名称：络明芯微电子国际有限公司 成立日期：2005年3月21日 注册地点：香港九龙观塘成业街6号泓富广场8楼801-5室 法定代表人：刘强 注册资本：1290美元 主营业务：集成电路产品的生产、销售、一般贸易等 与本公司的关系：公司下属全资子公司 最近一年又一期主要财务数据： 单位：万美元 根据《深圳证券交易所上市公司自律监管指引第 2 号—创业板上市公司规范 运作》等相关规定，本次担保事项属于上市公司控股子 ...