Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has seen a recovery in the market due to consumer stimulus policies, with increased demand driven by low initial customer inventory and the resumption of foreign sales [6] - 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][6] - The company is focusing on expanding its overseas market for MCU products and has successfully introduced new clients in Europe and Japan [6][7] - The company has increased its R&D investment to 300 million yuan, accounting for 22.35% of its revenue, with a focus on smart home appliance chips and automotive electronics [7] Financial Summary - The company achieved a total chip sales volume of 885 million units in 2024, a nearly 9% increase year-on-year [6] - The gross margin for 2024 was 33.60%, a decrease of 2.01% compared to the previous year, primarily due to intense market competition affecting pricing [6] - Revenue projections for 2025, 2026, and 2027 are estimated at 1.551 billion, 1.824 billion, and 2.004 billion yuan respectively, with net profits expected to be 150 million, 204 million, and 250 million yuan [8][10]

Summary of Conference Call for Zhongying Electronics Company Overview - **Company**: Zhongying Electronics - **Industry**: Semiconductor and Home Appliances Key Financial Performance - **Q1 2025 Revenue**: CNY 319 million, flat year-on-year [3] - **Net Profit**: CNY 15.56 million, down 50% year-on-year due to increased depreciation and reduced VAT input credits [3][4] - **Depreciation Impact**: Increased by CNY 4 million due to the new Hefei building [3][4] - **Gross Margin**: Decreased by 1.77%, impacting profits by CNY 5 million [3] Business Segment Performance - **Home Appliances**: Strong growth, with white goods surpassing small appliances as the main growth driver [6] - **Lithium Battery Management Chips**: Good performance in power battery applications, but decline in mobile applications and AMOLED business [6] - **Inventory Management**: Active inventory reduction expected to show significant results in Q2 and Q3 [6] Market Dynamics - **US-China Trade Tensions**: Expected to allow domestic manufacturers to capture market share in the US chip market, with sales contributions anticipated from Q3 [7] - **Procurement Strategy**: Procurement volume reduced by half to manage inventory, impacting bargaining power [8] - **Large Appliances Growth**: Expected to grow over 20%, driven by the replacement of overseas manufacturers [10] Product and Market Insights - **MCU Demand**: Benefiting from overseas restocking and domestic stimulus policies, but demand is slowing in Q2 [12] - **Robotics Sector**: Focus on lithium battery management chips and servo controllers, with potential for significant growth [18] - **Automotive MCU**: Currently used in body control applications, with plans for new automotive ICs [19] Competitive Landscape - **Semiconductor Pricing Pressure**: Overall semiconductor market recovering, but price pressures remain due to competition and wafer capacity utilization [2][16] - **Market Share Dynamics**: Domestic manufacturers are expected to gain market share due to trade tensions and the need for local alternatives [7][26] Future Outlook - **Cost Reduction**: Anticipated significant cost reductions and profit realization post-2026 as procurement normalizes [8] - **Market Opportunities**: New customer inquiries and collaborations expected to enhance market opportunities [7] - **Product Development**: Plans to develop integrated power management chips for laptops and other applications [20] Additional Insights - **Inventory Management**: High inventory levels are a concern, with strategies in place to reduce them [34] - **Employee Distribution**: Company has 517 employees, with a focus on MCU development and lithium battery management [40] This summary encapsulates the key points from the conference call, highlighting the financial performance, market dynamics, product insights, and future outlook for Zhongying Electronics.

证券代码：300327 证券简称：中颖电子 公告编号：2025-021 中颖电子股份有限公司 关于续聘 2025 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 2025 年 4 月 22 日召开第五 届董事会第十七次会议和第五届监事会第十三次会议，审议通过了《关于续聘 2025 年度会计师事务所的议案》，同意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 2025 年度审计机构，聘期一年，并授权管理层 根据公司 2025 年度的具体审计要求和审计范围，与众华会计师事务所（特殊普 通合伙）协商确定相关的审计费用，本事项尚需提交公司 2024 年年度股东大会 审议。现将有关事项公告如下： 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 ...

证券代码：300327 证券简称：中颖电子 公告编号：2025-022 中颖电子股份有限公司 关于召开 2024 年年度股东大会的通知 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。 根据《中华人民共和国公司法》和《中颖电子股份有限公司章程》（以下简 称"《公司章程》"）的规定，中颖电子股份有限公司（以下简称"公司"）第 五届董事会第十六次会议决定召开公司 2024 年年度股东大会。现将本次会议的 有关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2024 年年度股东大会； 2、股东大会的召集人：公司董事会； 3、会议召开的合法、合规性：公司第五届董事会第十六次会议审议通过了 《提议召开2024年年度股东大会的议案》，本次股东大会会议的召开、召集程序 符合有关法律、行政法规、部门规章、规范性文件和公司章程等的规定； 4、会议召开的日期、时间： （1）现场会议时间：2025年5月19日（星期一）下午14:30 （2）网络投票时间：2025年5月19日，其中： ① 通过深圳证券交易所交易系统进行网络投票的时间为： 2025年5月19日上午9:15-9: ...

证券代码：300327 证券简称：中颖电子 公告编号：2025-020 经审议，监事会同意续聘众华会计师事务所（特殊普通合伙）为公司 2025 年审计机构，聘期为一年。 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。 2025 年 4 月 22 日，中颖电子股份有限公司（以下简称"公司"）第五届监 事会第十三次会议（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，2025 年 4 月 8 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《2025 年第一季度报告》 我们作为公司的监事，认真审核了公司提供的《2025 年第一季度报告》，发 表书面审核意见如下： 董事会编制和审核公司 2025 年第一季度报告的程序符合法律、行政法规和 中国证监会的规定，报告内容真实、准确、完整地反映了公司 2025 年第一季度 的实际情况，不存在任何虚假记载 ...

证券代码：300327 证券简称：中颖电子 公告编号：2025-019 董事会同意续聘众华会计师事务所（特殊普通合伙）为公司 2025 年度的审 计机构，聘期一年。并授权管理层根据公司 2025 年度的具体审计要求和审计范 围，与众华会计师事务所（特殊普通合伙）协商确定相关的审计费用。 中颖电子股份有限公司 第五届董事会第十七次会议决议公告 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。 2025 年 4 月 22 日，中颖电子股份有限公司（以下简称"公司"）第五届董 事会第十七次会议（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，2025 年 4 月 8 日，会议通知以电子邮件、电话等方式传达各位董 事。本次会议应出席董事 9 人，实际出席董事 9 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。会议由董事长傅启明先生主持，与会 董事以记名投票方式审议通过了以下议案： 一、 审议通过了《2025 年第一季度报告》 与会董事审议认为，公司《2025 年第一季度报告》的编制程序及内容格式 符合中国证监会、深圳证券交易所以 ...

Financial Performance - The company's revenue for Q1 2025 was ¥318,978,031.59, a slight increase of 0.05% compared to ¥318,823,193.67 in the same period last year[5]. - Net profit attributable to shareholders decreased by 50.08% to ¥15,558,590.57 from ¥31,165,741.60 year-on-year[5]. - Basic earnings per share dropped by 49.67% to ¥0.0455 from ¥0.0904 in the same period last year[5]. - Operating profit decreased significantly to 9,538,979.12 from 31,910,978.55, a decline of approximately 70%[25]. - Net profit for the current period is 9,244,890.32, down from 31,922,653.29, representing a decrease of around 71%[25]. - The total comprehensive income attributable to the parent company was 15,554,489.40, down 50.06% from 31,049,766.78 in the previous period[26]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 29.61% to ¥37,538,844.84, up from ¥28,962,802.98 in the previous year[5]. - Cash and cash equivalents increased to 387,626,270.39 from 330,273,444.10, showing a growth of about 17.3%[23]. - Cash and cash equivalents at the end of the period increased to 207,433,000.40, up 35% from 153,788,696.36 in the previous period[29]. - The company recorded a net cash outflow from investing activities of -452,905.90, an improvement compared to -23,384,243.89 in the previous period[28]. - The total cash inflow from operating activities was 382,719,646.87, down 8.41% from 417,883,231.24 in the previous period[28]. - The company received cash from borrowings amounting to 20,000,000.00, marking a significant increase from 0.00 in the previous period[29]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,259,162,906.62, a decrease of 1.02% from ¥2,282,407,356.85 at the end of the previous year[5]. - Total liabilities decreased to 450,381,567.69 from 480,558,490.88, reflecting a decline of approximately 6.3%[24]. - The company's retained earnings increased to 853,119,284.63 from 837,560,694.06, a growth of about 1.7%[24]. Expenses and Costs - Total operating costs increased to 313,892,861.67 from 301,570,379.63, reflecting a rise of about 4.4%[25]. - Research and development expenses totaled 77.76 million yuan, accounting for 24.4% of total revenue[20]. - Research and development expenses rose to 77,764,625.35 from 75,084,284.85, an increase of approximately 3.6%[25]. - The company recorded a 91.57% increase in taxes and surcharges, totaling ¥3,591,786.77, primarily due to increased property tax for the Hefei second headquarters[11]. - The company reported a decrease in tax expenses to 3,368,202.87 from 7,842,632.03 in the previous period[26]. Market and Operational Insights - Changes in U.S. tariff policies have impacted global supply chain dynamics, leading to a cautious sentiment in global trade[20]. - Customers previously purchasing U.S. chips are now seeking more collaboration with the company, particularly in lithium battery management chips and certain white goods MCU chips[20]. - The company anticipates a continued significant decline in inventory throughout the year[20]. - The net inventory amount was 591 million yuan, reflecting a decrease of 23.35 million yuan compared to the previous period[20].

Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The report indicates that the company's inventory has shown a declining trend, which is expected to lead to a recovery in gross margin. The company is actively exploring opportunities in emerging fields such as automotive, robotics, and AI with its MCU and BMS products [3][8] - The company's revenue for 2024 is projected to be RMB 1.343 billion, reflecting a year-on-year growth of 3.3%. However, the gross margin is expected to decrease slightly to 33.6% [8] - The report maintains the "Buy" rating despite a downward adjustment in the EPS forecast for 2025 and 2026 to RMB 0.51 and RMB 0.72 respectively, with an estimated EPS of RMB 0.93 for 2027 [5][8] Summary by Sections Stock Performance - The company's stock price as of April 8, 2025, is RMB 20.07, with a total market capitalization of approximately RMB 6.85 billion [1] Financial Projections - The company’s projected revenues and net profits for the upcoming years are as follows: - 2025E Revenue: RMB 1.515 billion, Net Profit: RMB 174 million - 2026E Revenue: RMB 1.671 billion, Net Profit: RMB 247 million - 2027E Revenue: RMB 1.827 billion, Net Profit: RMB 319 million [7][8] Business Strategy - The company is focusing on upgrading smart appliance chips and expanding its market share in the variable frequency motor control chips for major appliances. It aims to enter the automotive sector with its MCU and BMS products [8] - The company is also advancing its AMOLED driver chips for smartphones and wearable devices, with plans for mass production expected in the second half of 2025 [8]

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]