Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company experienced a high growth in Q4 2023, driven by the dual engines of smart home appliances and mobile phones [8] - Despite a temporary revenue pressure due to intense market competition and high inventory, the demand from downstream markets is gradually recovering, providing sufficient growth momentum from new product mass production [10][12] - The company has adjusted its profit forecasts for 2024 and 2025 downwards due to lower-than-expected downstream demand, while introducing a new forecast for 2026 [12] Financial Performance Summary - In 2023, the company achieved revenue of 1.3 billion yuan, a year-on-year decrease of 18.83%, and a net profit attributable to the parent company of 186 million yuan, down 42.32% [12] - For Q4 2023, the company reported revenue of 378 million yuan, a year-on-year increase of 9.19% and a quarter-on-quarter increase of 28.40% [12] - The gross profit margin for 2023 was 35.62%, down 10.15 percentage points year-on-year [12] - The company’s R&D expenses for 2023 were 318 million yuan, accounting for 24.5% of its revenue [9] Product and Market Insights - The company’s industrial control chips generated revenue of 1.012 billion yuan in 2023, accounting for 77.81% of total revenue, with a year-on-year decline of 14.06% [9] - The consumer electronics chips saw revenue of 286 million yuan, representing 21.98% of total revenue, with a year-on-year decline of 32.65% [9] - The company is set to launch several new products, including a car-grade MCU and a WiFi/BLE Combo MCU, which are expected to enhance growth [13] Future Projections - The company forecasts net profits of 253 million yuan, 361 million yuan, and 481 million yuan for 2024, 2025, and 2026 respectively [12] - The expected EPS for 2024, 2025, and 2026 is projected to be 0.74 yuan, 1.05 yuan, and 1.41 yuan respectively [12] - The current stock price corresponds to P/E ratios of 23.8, 16.7, and 12.5 for the years 2024, 2025, and 2026 respectively [12]

Financial Performance - The company's operating revenue for 2023 was ¥1,300,231,731.10, representing a decrease of 18.83% compared to ¥1,601,894,105.25 in 2022[18]. - The net profit attributable to shareholders for 2023 was ¥186,306,896.48, down 42.32% from ¥322,999,516.38 in the previous year[18]. - The net cash flow from operating activities was negative at ¥29,700,624.90, a decline of 948.26% compared to a positive cash flow of ¥3,501,365.76 in 2022[18]. - Basic earnings per share decreased to ¥0.5471, down 42.54% from ¥0.9521 in 2022[18]. - The company reported a significant drop in net profit after deducting non-recurring gains and losses, which was ¥103,721,033.38, down 70.00% from ¥345,779,026.48 in 2022[18]. - The weighted average return on equity decreased to 11.66%, down 11.33% from 22.99% in the previous year[18]. - The company's revenue for the reporting period was 1.3 billion RMB, a year-on-year decline of 18.8%[34]. - Net profit attributable to shareholders was 186 million RMB, down 42.3% year-on-year, with non-recurring gains of 83 million RMB mainly from government subsidies[34]. - The overall sales volume of chips increased by 13.8% year-on-year despite a significant drop in product prices, leading to a gross margin decrease to 35.62%, down 10.15% year-on-year[34]. Cash Flow and Investments - The net cash flow from operating activities turned negative at -¥29,700,624.90, a decline of 948.26% from ¥3,501,365.76 in the previous year[70]. - Investment cash inflow decreased by 45.09% to ¥468,606,037.86, while investment cash outflow decreased by 22.60% to ¥568,388,991.45[70]. - Financing cash inflow increased significantly by 198.94% to ¥373,107,719.73, primarily due to equity financing from subsidiary Chip Technology[72]. - The company reported a total investment of ¥114,543,840.53 during the reporting period, a 60.26% increase from ¥71,475,803.00 in the previous year[81]. - The company’s cash flow from operating activities showed a significant discrepancy from net profit due to increased inventory stocking[72]. Research and Development - The company maintains a strong focus on R&D, with R&D expenses amounting to 318 million RMB, representing 24.5% of total revenue[34]. - The company achieved a research and development investment of 318 million yuan, accounting for 24.5% of its operating revenue[42]. - The number of R&D personnel increased by 5.99% to 425 in 2023, with a proportion of 83.01% of total employees[66]. - The company has filed 13 new patents during the reporting period, bringing the total number of valid patents to 127, including 124 invention patents[66]. - The R&D expenditure was allocated as follows: ¥8,045,000 for OLED display drivers (25.29%), ¥7,772,000 for lithium battery management and smart meters (24.42%), and ¥7,087,000 for home appliance main control (22.27%)[67]. Market and Product Development - The company is actively expanding its product lines, including new AMOLED display driver chips aimed at brand market specifications, with plans for mass production[31]. - The demand for AMOLED display driver chips is expected to reach 1.7 billion units in 2024, a year-on-year increase of 17%, with smartphones accounting for 1.3 billion units, up 16%[39]. - The company is focusing on high-quality development and has established a leading position in the domestic market for industrial-grade MCUs, with plans to expand into overseas markets[30]. - The company has initiated overseas customer development, receiving orders for industrial-grade MCUs from Europe and Japan, and launched its first automotive-grade MCU[35]. - The company plans to expand its market share in smart variable frequency appliances and promote WiFi/BLE Combo MCUs while increasing the market presence of lithium battery management chips[40]. Corporate Governance - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal and regulatory requirements[100]. - The company maintains independence from its controlling shareholder, with no guarantees provided to them and no misuse of company funds reported[100]. - The company has established specialized committees within the board, including an audit committee and a remuneration and assessment committee, to enhance governance and decision-making[101]. - The company has a robust information disclosure management system in place to ensure transparency and compliance with regulations[99]. - The company has not reported any unresolved governance issues, indicating a strong adherence to corporate governance standards[99]. Shareholder Engagement and Dividends - The company plans to distribute a cash dividend of ¥2.0 per 10 shares, based on a total of 340,115,926 shares[3]. - The company approved a cash dividend of ¥4.0 per 10 shares, totaling ¥136,050,738.80 (including tax) for the 2022 fiscal year[141]. - The cash dividend policy is compliant with the company's articles of association and shareholder resolutions[142]. - For the 2023 fiscal year, the proposed cash dividend is ¥2.0 per 10 shares, totaling ¥68,023,185.20 (including tax), with no stock dividends or capital reserve transfers[143]. - The company conducted multiple investor relations activities, including in-person meetings and online performance briefings, throughout 2023, focusing on operational performance and strategic insights[95][96]. Risk Management - The company highlighted potential risks and countermeasures in its future development outlook, emphasizing the importance of investor awareness regarding investment risks[3]. - The company faces risks in new product development due to long development cycles and potential misjudgments in market demand, which could lead to ineffective cost recovery[90]. - Supply chain risks are present due to the cyclical nature of the semiconductor industry and reliance on a limited number of wafer foundry partners[94]. - The company plans to maintain reasonable pricing support from foundry partners to sustain market competitiveness amid rising production costs[88]. - The company is addressing the risk of high-end technical talent shortages by expanding recruitment and enhancing internal training mechanisms[92]. Social Responsibility - The company donated CNY 93,400 to improve classroom lighting in 7 schools in Yunnan province, enhancing the learning environment for students[166]. - Employees purchased 600 kg of organic red rice from Yunnan, totaling 3,373 kg over five years, supporting local farmers[166]. - The company raised CNY 160,000 to assist 80 university students from underprivileged families[167]. - The company has implemented various energy-saving measures, including promoting green office practices and adhering to environmental protection laws, despite not being classified as a key pollutant discharge unit[159]. Employee Development - The total number of employees at the end of the reporting period is 512, with 425 being technical personnel[137]. - The company has a total of 198 employees with a master's degree and 2 with a doctorate[137]. - In 2023, the company plans to develop and offer over ten advanced training courses to enhance employee skills and team cohesion[139]. - The company continues to uphold a fair and transparent compensation policy, linking employee performance closely with company performance[138]. - The company has organized nearly 100 training sessions in 2023, with a total of 821 employee training participations[139].

关于中颖电子股份有限公司 2020 年限制性股票 激励计划第三个解锁期解锁及回购注销第四个解锁期 部分限制性股票和已离职激励对象所持 上海市锦天城律师事务所 限制性股票的法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于中颖电子股份有限公司 2020 年限制性股票 激励计划第三个解锁期解锁及回购注销第四个解锁期 部分限制性股票和已离职激励对象所持 限制性股票的法律意见书 致：中颖电子股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会（以下简称"中 国证监会"）发布的《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 深圳证券交易所发布的《深圳证券交易所创业板上市公司自律监管指南第 1 号— —业务办理（2023 年 12 月修订）》（以下简称"《自律监管指南第 1 号》"）等法 律、法规和规范性文件以及《中颖电子股份有限公司章 ...

中颖电子 2023 年度独立董事述职报告 中颖电子股份有限公司 2023 年度独立董事述职报告 （阮永平） 各位股东及股东代表： 本人作为中颖电子股份有限公司（以下简称"中颖电子"或"公司"）第五 届董事会独立董事，任职期间本人严格按照《公司法》、《证券法》、《关于在上市 公司建立独立董事制度的指导意见》、《创业板上市公司规范运作指引》、《公司章 程》、《独立董事工作制度》等法律法规、规范性文件的相关规定和要求，诚实、 勤勉、独立履行职责，积极关注和参与研究公司的发展，促进公司规范运作，充 分发挥独立董事的作用，现将 2023 年度本人履职独立董事的职责情况报告如下： 一、基本情况 本人阮永平，1973 年出生，中国国籍，博士研究生学历，会计学教授，博 士生导师，中国注册会计师协会会员，科技部、上海市科委、上海市经济信息化 委财务评审专家，国家自然科学基金同行评审专家,曾任华东理工大学商学院会 计学系支部书记，系主任，现为华东理工大学商学院公司财务研究所所长，会计 专业硕士项目学术主任，商学院学术委员会副主任，会计学系教授，博士生导师。 并兼任悦心健康、宿迁联盛独立董事、审计委员会主任，拥有较丰富的资本运作、 ...

中颖电子 2023 年度独立董事述职报告 中颖电子股份有限公司 2023 年度独立董事述职报告 （曹一雄） 各位股东及股东代表： 本人作为中颖电子股份有限公司（以下简称"中颖电子"或"公司"）第五 届董事会独立董事，任职期间本人严格按照《公司法》、《证券法》、《关于在上市 公司建立独立董事制度的指导意见》、《创业板上市公司规范运作指引》、《公司章 程》、《独立董事工作制度》等法律法规、规范性文件的相关规定和要求，诚实、 勤勉、独立履行职责，积极关注和参与研究公司的发展，促进公司规范运作，充 分发挥独立董事的作用，现将 2023 年度本人履职独立董事的职责情况报告如下： 一、基本情况 二、2023 年度履职概况 （一）出席董事会及股东大会的情况 2023 年，公司共召开了 2 次股东大会，8 次董事会会议，本人按时出席了上 述会议，没有委托其他独立董事代为出席会议的情况。本人对提交董事会和股东 大会的议案均认真审议，与公司经营管理层保持充分沟通，对公司重大事项提出 合理化建议，以谨慎的态度行使表决权。 本人认为公司董事会的召集和召开程序合法合规，重大事项均履行了相关审 批程序，合法有效，故对 2023 年度公司 ...

证券代码：300327 证券简称：中颖电子 公告编号：2024-010 中颖电子股份有限公司 关于续聘 2024 年度会计师事务所的公告 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。 中颖电子股份有限公司（以下简称"公司"）于 2024 年 3 月 28 日召开第五 届董事会第十次会议和第五届监事会第八次会议，审议通过了《关于续聘 2024 年度会计师事务所的议案》，拟续聘众华会计师事务所(特殊普通合伙)(以下简称 "众华所")为公司 2024 年度审计机构，本事项已经独立董事专门会议和审计委 员会审议并取得了明确同意的意见，本议案尚需提供公司 2023 年年度股东大会 审议。现将有关事项公告如下： 3、业务规模 一、 拟聘任会计师事务所的基本信息 （一）机构信息 1、基本信息 会计师事务所名称：众华会计师事务所（特殊普通合伙） 成立日期：2013 年 12 月 2 日 组织形式：特殊普通合伙 注册地址：上海市嘉定区叶城路 1630 号 5 幢 1088 室 2、人员信息 首席合伙人：陆士敏 上年度末合伙人数量：65 人 上年度末注册会计师人数：351 人 ...

中颖电子 2023 年度内部控制自我评价报告 中颖电子股份有限公司 2023 年度内部控制自我评价报告 中颖电子股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称企业内部控制规范体系），结合中颖电子股份有限公司（以下简称 "公司"）内部控制制度和评价办法，在内部控制日常监督和专项监督的基础上， 我们对公司 2023 年 12 月 31 日（内部控制评价报告基准日）的内部控制有效性 进行了评价。 一、 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建 立和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。公 司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假 记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个 别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及 相关信息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存 在的固有局限性，故仅能为实现上述目标提供 ...

中颖电子股份有限公司 董事会审计委员会对会计师事务所 2023 年度履职情况 评估及履行监督职责情况的报告 中颖电子 审计委员会对会计师事务所2023 年度履职情况评估及履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《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》和《公司章程》等规定和要求，中颖电子股份有限公司（以下简称"公司"） 董事会审计委员会本着勤勉尽责的原则，恪尽职守，认真履职。现将董事会审计 委员会对会计师事务所2023年度履职评估及履行监督职责的情况汇报如下： 一、2023年年审会计师事务所基本情况 （一）会计师事务所基本情况 众华会计师事务所（特殊普通合伙）的前身是1985年成立的上海社科院会计 师事务所，于2013年经财政部等部门批准转制成为特殊普通合伙企业。众华会计 师事务所（特殊普通合伙）注册地址为上海市嘉定工业区叶城路1630号5幢1088 室。众华会计师事务所（特殊普通合伙）自1993年起从事证券服务业务，具有丰 富的证券服务业务经验。 众华会计师事务所（特殊普通合伙）首席合伙人为陆士敏先生，2023年末合 伙 ...

证券代码：300327 证券简称：中颖电子 公告编号：2024-009 中颖电子股份有限公司 第五届监事会第八次会议决议公告 本公司及监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。 2024 年 3 月 28 日，中颖电子股份有限公司（以下简称"公司"）第五届监 事会第八次会议（以下简称"本次会议"）在公司会议室以现场及通讯相结合的 方式召开，2024 年 3 月 15 日，会议通知以电子邮件、电话等方式传达各位监事。 本次会议应出席监事 3 人，实际出席监事 3 人。本次会议的召集召开程序符合《公 司法》和《公司章程》的有关规定。会议由监事会主席荣莉女士主持，与会监事 以记名投票方式审议通过了以下议案： 一、 审议通过了《2023 年度监事会工作报告》 报告期内，监事会的全体成员严格按照《公司法》《证券法》《公司章程》等 有关规定要求，本着对公司及全体股东负责的原则，切实履行有关法律、法规赋 予的各项职责，以维护公司利益和股东利益为原则，积极列席董事会和股东大会， 对公司生产经营活动、重大事项、财务状况以及董事、高级管理人员履职情况进 行了监督，促进公司规范运作，有 ...

证券代码：300327 证券简称：中颖电子 公告编号：2024-013 中颖电子股份有限公司 关于 2020 年限制性股票激励计划 首次授予部分第三个解除限售期解除限售条件成就 但股票暂不上市的公告 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。 特别提示： 1、本次符合解除限售条件的激励对象共计119名，部分激励对象因2022年个 人综合评分未达A，公司对其已获授但尚未解除限售的限制性股票2,904股进行回 购注销。本次可解除限售的限制性股票数量为1,164,468股，占公司目前总股本 的0.3405%； 2、本次限制性股票解除限售的条件达成之日为2024年2月1日； 3、根据公司2020年限制性股票激励计划（以下简称"本次激励计划"、"《激 励计划》"）所有激励对象承诺，在每批次限制性股票限售期届满之日起的12个月 内不以任何形式向任意第三人转让当批次已满足解除限售条件的限制性股票，在 额外锁定期届满后由公司统一办理各批次满足解除限售条件的限制性股票的解 除限售事宜。因此公司申请本次解除限售的限制性股票暂不上市，继续禁售至 2025年2月1日。公司将延迟到 ...