电子 | 证券研究报告 — 调整盈利预测 2025 年 4 月 9 日 300327.SZ 增持 原评级：增持 市场价格:人民币 20.07 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (13.4) (22.5) (11.2) 1.0 相对深圳成指 (6.8) (9.4) (6.0) 0.7 发行股数 (百万) 341.39 流通股 (百万) 340.32 总市值 (人民币 百万) 6,851.68 (16%) (3%) 10% 23% 36% 49% Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Mar-25 Apr-25 中颖电子 深圳成指 相关研究报告 《中颖电子》20240828 《中颖电子》20240409 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子：半导体 | 3 个月日均交易额 (人民币 百万) | | | 246.57 | | --- | --- | --- | --- | | 主要股东(%) | | | | | 威朗国际集团有限公司 | | ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company achieved a revenue of 1.343 billion yuan in 2024, representing a year-on-year growth of 3.32%, while the net profit attributable to shareholders decreased by 28.01% to 134 million yuan [1] - The company continues to focus on R&D, with R&D expenses amounting to 300 million yuan, accounting for 22.35% of revenue [1] - The company is a leading supplier of industrial-grade MCUs in China, benefiting from high cost-performance and reliability, particularly in the white goods market [2] - The company is actively expanding into the robotics sector, focusing on joint control MCUs and lithium battery management chips [3] - The company has introduced several new products, including 32-bit Cortex M0+ chips and upgraded induction cooker products, with plans for mass production in 2025 [2][3] Financial Performance Summary - In 2024, the company reported a gross margin of 33.60%, a decrease of 2.01 percentage points year-on-year, primarily due to intense market competition [1] - The operating cash flow for 2024 was 183 million yuan, exceeding net profit due to a reduction in inventory [1] - The company forecasts net profits of 161 million yuan and 202 million yuan for 2025 and 2026, respectively, with a new estimate of 332 million yuan for 2027 [3] - The company’s revenue is projected to grow significantly in the coming years, with a forecasted revenue of 2.4 billion yuan by 2027 [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company achieved a revenue of 1.343 billion yuan in 2024, representing a year-on-year growth of 3.32%, while the net profit attributable to shareholders decreased by 28.01% to 134 million yuan [1] - The company continues to focus on R&D, with R&D expenses amounting to 300 million yuan, accounting for 22.35% of revenue [1] - The company is a key supplier for domestic home appliance brands, benefiting from high cost-performance and reliability, while facing challenges in meeting strict compatibility requirements from clients [2] - The company is actively expanding into the robotics sector, focusing on MCU development for joint control, which is expected to create additional market opportunities for its battery management chips [3] - The company has introduced several new products, including 32-bit Cortex M0+ chips and upgraded induction cooker products, with plans for mass production in 2025 [2][3] Financial Summary - In 2024, the company reported a gross margin of 33.60%, a decrease of 2.01 percentage points year-on-year, primarily due to intense market competition [1] - The company’s operating cash flow was positive at 183 million yuan, driven by a reduction in inventory [1] - The forecast for net profit attributable to shareholders for 2025 and 2026 has been revised down to 161 million yuan and 202 million yuan, respectively, reflecting a decrease of 51% and 55% from previous estimates [3] - The company’s revenue is projected to grow significantly in the coming years, with estimates of 1.615 billion yuan in 2025, 1.96 billion yuan in 2026, and 2.4 billion yuan in 2027 [4] Key Financial Metrics - The company’s earnings per share (EPS) for 2024 is projected at 0.39 yuan, with a return on equity (ROE) of 7.70% [4] - The price-to-earnings (P/E) ratio is expected to decrease from 60 in 2024 to 24 in 2027, indicating a potential increase in valuation attractiveness over time [4] - The company’s gross margin is expected to improve to 41.0% by 2027, reflecting operational efficiencies and product mix enhancements [12]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 1.343 billion yuan for 2024, a year-on-year increase of 3.32%, while the net profit attributable to shareholders decreased by 28.01% to 134 million yuan [5] - The company aims to leverage its advantages in MCU and BMS to enter the robotics and smart automotive sectors [1] - The report adjusts profit forecasts, predicting a net profit of 183 million yuan for 2025, down from a previous estimate of 492 million yuan, with corresponding PE ratios for 2025-2027 at 44, 31, and 23 [8] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 1.543 billion yuan, with a year-on-year growth rate of 14.8% [7] - The company's gross margin for 2024 is projected at 33.6%, a decrease of 2.01 percentage points year-on-year [8] - The company expects to achieve a net profit of 354 million yuan by 2027, with a corresponding ROE of 13.9% [7][10] Market Position and Product Development - The company has maintained a strong competitive position in the smart home appliance sector, particularly in the MCU market, where it is a preferred choice for major domestic brands [8] - The company plans to launch several new products targeting the home appliance market in 2024, including a new generation of single-chip solutions for variable frequency air conditioning [8] - The company is also extending its BMIC technology into the automotive sector, focusing on battery management systems for smart vehicles [8]

Group 1: Company Overview and Market Position - The company focuses on chip design, particularly in the specialized MCU sector, achieving significant market share in industrial-grade home appliance MCUs and motor control MCUs, positioning itself as a leader in domestic chips [2] - The company leads the domestic market in lithium battery management chips and is advancing into the brand market with AMOLED display driver chips [2] - The company aims to enhance product differentiation and high-end features, primarily serving major brand clients to avoid low-price competition [2] Group 2: Product Development and Market Strategy - The company plans to launch multiple new products this year, utilizing 40nm and 55nm processes, supporting flexible screens with improved key performance indicators [3] - The company has applications for its BMIC lithium battery management chips across mainstream domestic smartphone brands, laptops, and electric bicycles [3] - The company is evaluating the development of AI MCUs, with initial applications in smart home devices and humanoid robot motor control [5] Group 3: Financial Performance and Projections - The company expects stable growth this year, with a year-on-year increase in demand for home appliance MCUs [4] - The gross margin has declined due to falling product prices and stable costs, but is expected to stabilize this year, with a potential increase next year as procurement normalizes [7] - The company plans to gradually increase personnel, particularly in R&D, to support growth [6] Group 4: Future Considerations - The company is open to considering stock options for R&D personnel as an incentive [9] - The company is also open to potential acquisitions, provided they are suitable [9] - The Hefei building is positioned as a second headquarters for R&D, with plans for increased recruitment [9]

Core Viewpoint - The company is focusing on technological innovations and international market expansion to enhance its competitiveness in the semiconductor industry [1][2]. Group 1: Technological Innovations - The company is developing multiple 32-bit Cortex M0+ products aimed at the home appliance market to strengthen its competitive edge [1] - A new generation of variable frequency air conditioning dual motor + high-frequency PFC control single-chip solution is in progress, with customer engineering samples already sent out and expected mass production by the end of 2025 [1] - The Wi-Fi/BLE Combo MCU products have begun design integration with some customers, with mass production anticipated in 2025 [1] - Two AMOLED display driver chips have passed verification from panel manufacturers and are currently in the process of brand mobile client validation, with mass production expected in the second half of 2025 if progress continues smoothly [1] Group 2: International Market Expansion - The company's strategy for international market expansion focuses on collaboration with major international clients [1] - Plans are in place to establish a technical service base in Japan this year, with existing mass production collaborations with major clients in Europe and Japan [1]

Summary of Zhongying Electronics Conference Call Company Overview - **Company**: Zhongying Electronics - **Fiscal Year**: 2024 - **Sales Revenue**: 1.343 billion CNY, up 3.32% year-on-year [3] - **Net Profit**: 134 million CNY, down 28% year-on-year [3] - **Non-recurring Net Profit**: 131 million CNY, up 2.16% year-on-year [3] - **Cash Flow from Operations**: 183 million CNY, up due to inventory reduction [3] - **Total Assets**: 2.282 billion CNY, up 4.55% year-on-year [3] - **Net Assets**: 1.742 billion CNY, up 4.36% year-on-year [3] - **Earnings per Share**: 0.3924 CNY [3] Key Points and Arguments Sales and Market Performance - **Chip Sales Growth**: 9% increase in chip sales, but market competition led to a decline in product prices, resulting in a 2% drop in gross margin [4][5] - **R&D Expenses**: 300 million CNY, accounting for 22.35% of sales revenue [5] - **Total Chip Sales**: 885 million units, with new customers in Europe and Japan entering mass production [4][5] Future Outlook - **Q1 2025 Revenue Outlook**: Anticipated good demand in the home appliance sector, but cautious optimism due to potential impacts from U.S. tariffs on overseas demand [6] - **Inventory Management**: Plans to reduce inventory levels from approximately 700 million CNY to around five months' worth [6] - **Overseas Sales Growth**: Direct overseas sales expected to double, with potential to exceed 10 million CNY when including sales to OUE region brands [7] Industry Perspective - **Optimism in Semiconductor Industry**: Despite fierce price competition, the company remains optimistic about the semiconductor industry's future, citing increased opportunities in AI applications and edge computing [8] - **Market Consolidation**: Anticipation of a reduction in the number of domestic IC design companies through mergers and acquisitions, which may stabilize market pricing [8] Product-Specific Insights - **Gross Margin Pressure**: Expected to persist in 2025, with plans to reduce chip procurement to achieve inventory health [10][11] - **Display Driver Chips**: Anticipated improvement in gross margins for display driver chips, while MCU and lithium battery management chip businesses may still face pressure [13][14] - **Smart Wearables**: Multiple large domestic and international companies are using the company's chips for mass production, but no major smartphone brands have yet begun mass production [15] Challenges and Strategic Focus - **Short-term Profitability Pressure**: High costs are impacting gross margins, but the company is focused on negotiating with suppliers to lower costs [29] - **Long-term Growth Strategy**: Emphasis on continuous improvement in product quality and competitiveness, with a focus on becoming a major player in the semiconductor design industry [28][30] Investor Relations - **Expectations from Investors**: The company seeks investor support for its long-term growth strategy, emphasizing the importance of patience and trust during challenging times [31] Additional Important Insights - **AI Applications in Home Appliances**: Ongoing discussions with appliance manufacturers about AI applications, but the industry is still in the exploratory phase [19] - **Robotics and Servo Motor Control**: Investments in servo motor control for white goods, with expectations for increased demand in the coming years [20] - **OLED Technology**: Introduction of 55nm and 40nm process products, with a preference for 40nm due to market trends [21] - **Lithium Battery Management Chips**: Seasonal sales patterns observed, with a focus on mobile phones, electric bicycles, and laptops [23] - **Wearable Device Applications**: Significant contributions expected from wearable devices, particularly smartwatches [24] This summary encapsulates the key points discussed during the conference call, providing a comprehensive overview of Zhongying Electronics' current performance, future outlook, and strategic direction.

Core Viewpoint - Zhongying Electronics Co., Ltd. reported a significant increase in operating cash flow but a notable decline in net profit for the fiscal year 2024, indicating a mixed performance that warrants investor attention [1]. Revenue - The company's operating revenue for 2024 was 1.343 billion yuan, a slight increase of 3.32% from 1.300 billion yuan in the previous year [2]. - Integrated circuit product sales accounted for 99.88% of total revenue, with a year-on-year growth of 3.42% [2]. - Revenue from industrial control products was 1.093 billion yuan, representing 81.39% of total revenue, with a year-on-year increase of 7.87% [2]. - Revenue from consumer electronics decreased by 12.75% to 250 million yuan, accounting for 18.61% of total revenue [2]. - Domestic revenue was 963 million yuan, up 4.81%, while overseas revenue slightly decreased by 0.26% to 380 million yuan [2]. Net Profit - The net profit attributable to shareholders was 134 million yuan, down 28.01% from 186 million yuan in the previous year, primarily due to a significant one-time compensation received in the prior period [3]. - Excluding non-recurring gains and losses, the net profit was 131 million yuan, reflecting a 26.61% increase from 104 million yuan, indicating improved core business profitability [3]. Earnings Per Share - Basic earnings per share decreased by 28.28% to 0.3924 yuan, while the adjusted earnings per share, excluding non-recurring items, increased by 25.84% to 0.3842 yuan [4]. Expenses - Sales expenses rose by 8.23% to 18.3758 million yuan, driven by increased employee compensation and marketing expenses [5]. - Management expenses remained stable at 51.9754 million yuan, a slight increase of 0.69% [6]. - Research and development expenses decreased by 5.63% to 300 million yuan, accounting for 22.35% of total revenue [6]. Research and Development Personnel - The number of R&D personnel increased slightly to 427, making up 82.91% of the total workforce [7]. - The educational structure showed a decrease in bachelor's degree holders and an increase in master's degree holders [7]. Cash Flow - The net cash flow from operating activities was 183 million yuan, a significant increase of 717.77% from -29.7 million yuan in the previous year, indicating improved cash generation capabilities [8]. - The net cash flow from investing activities was -163 million yuan, a decrease of 63.10% from -99.78 million yuan, primarily due to higher investment outflows [8]. - The net cash flow from financing activities was -21.11 million yuan, a decrease of 123.40% from 90.24 million yuan, attributed to reduced capital inflows [8].

中颖电子 2024 年度监事会工作报告 中颖电子股份有限公司 2024 年度监事会工作报告 2024年，公司监事会严格遵守《公司法》、《证券法》及其他法律、法规、规 章和《公司章程》及《监事会议事规则》的规定，本着对全体股东负责的精神， 认真履行有关法律、法规赋予的职权，积极有效地开展工作，对公司依法运作情 况和公司董事、高级管理人员履行职责情况进行监督，维护了公司及股东的合法 权益。现将2024年主要工作分述如下： 一、2024年度监事会工作情况 ： 报告期内，公司监事会共召开了4次监事会会议，会议的召开与表决程序均 符合《公司法》及《公司章程》等法律法规和规范性文件的规定。具体工作情况 如下： 1、2024年3月28日，公司第五届监事会第八次会议，审议通过了《2023年度 监事会工作报告》、《2023年度财务决算报告》、《2023年年度报告》及其摘要、 《2023年度内部控制自我评价报告》、《关于续聘2024年度会计师事务所的议案》、 《公司2023年度非经营性资金占用及其他关联资金往来情况的议案》、《2023 年度利润分配预案》、《关于拟回购注销2020年限制性股票激励计划部分限制性 股票的议案》、《关 ...

中颖电子 中颖电子 2024 年度财务决算报告 中颖电子股份有限公司 2024 年度财务决算报告 在中颖电子股份有限公司（以下简称"公司"）董事会领导下，公司管理层和全体员工 经过不懈努力，2024 年度，公司经营工作稳定有序，2024 年度财务会计报表已经众华会计 师事务所（特殊普通合伙）审计验证，并出具了众会字（2025）第 02803 号标准无保留意见 的审计报告。依据一年来公司经营情况和财务状况，结合公司报表数据，公司编制《2024 年 度财务决算报告》，现就公司财务情况报告如下： 一、 2024年度主要会计数据 | | | | 单位：万元 | | --- | --- | --- | --- | | | 2024年 | 2023年 | 本年比上年增减 | | 营业收入 | 134,344.90 | 130,023.17 | 3.32% | | 营业成本 | 89,200.22 | 83,712.37 | 6.56% | | 营业利润 | 9,289.54 | 8,639.35 | 7.53% | | 归属于上市公司股东的净利润 | 13,412.72 | 18,630.69 | -28.01% | | ...