证券代码：300327 证券简称：中颖电子 公告编号：2024-017 中颖电子股份有限公司 关于购买理财产品的进展公告 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。 中颖电子股份有限公司（以下简称"公司"）于 2023 年 3 月 28 日第五届董 事会第三次会议及 2023 年 5 月 23 日的 2022 年年度股东大会，审议通过了《关 于延长使用闲置自有资金购买理财产品投资期限的议案》，为提高理财产品选择 的灵活性以及资金使用效率，结合公司未来经营的资金安排，保持公司及子公司 使用自有闲置资金购买理财产品的金额及投资范围不变并相应延长投资期限，即 任一时点加总的理财产品总金额不超过 80,000 万元闲置自有资金进行现金管理， 购买银行或证监会公布按《证券公司分类监管规定》评级 A 级以上的证券公司发 行的期限不超过 12 个月的低风险理财产品（银行风险等级 R1 或同级的产品）， 在上述额度内，资金可以滚动使用。投资期限自获股东大会审议通过之日起 42 个月内有效。 现就近期公司购买理财产品的相关事宜公告如下： | 投资主体 | 受托人名称 | 关 ...

| --- | --- | --- | --- | --- | --- | |---------------------------------|--------|--------|--------|--------|-------| | | | | | | | | 年结日： 12 月 31 日 | 2022 | 2023 | 2024E | 2025E | 2026E | | 主营收入 ( 人民币 百万 ) | 1,602 | 1,300 | 1,524 | 1,683 | 1,848 | | 增长率 (%) | 7.2 | (18.8) | 17.2 | 10.5 | 9.8 | | EBITDA( 人民币 百万 ) | 348 | 60 | 222 | 295 | 369 | | 归母净利润 ( 人民币 百万 ) | 323 | 186 | 212 | 263 | 277 | | 增长率 (%) | (12.9) | (42.3) | 13.7 | 24.0 | 5.3 | | 最新股本摊薄每股收益 ( 人民币 ) | 0.94 | 0.54 | 0.62 | 0.77 | 0.81 | | 原先预测摊 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4][7]. Core Views - The company achieved a year-on-year revenue growth of 9% in Q4 2023, marking its first quarterly revenue increase in 2023 despite facing challenges from industry price wars and high costs [7]. - The company’s total revenue for 2023 was 1.3 billion RMB, a decrease of 19% year-on-year, with a gross margin of 35.6%, down 10.2 percentage points [7]. - New product developments are expected to help the company recover from its low performance, with several new products either launched or in the pipeline [7]. Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 378 million RMB, a quarter-on-quarter increase of 28% and a year-on-year increase of 9% [7]. - The net profit for Q4 2023 was 87 million RMB, showing a quarter-on-quarter increase of 522% and a year-on-year increase of 600% [7]. - The company’s total chip sales reached 810 million units in 2023, a 14% year-on-year increase [7]. Revenue Breakdown - The revenue from industrial control ICs was 1.012 billion RMB, down 14% year-on-year, while revenue from consumer electronics ICs was 286 million RMB, down 33% year-on-year [7]. - The company faced significant pressure in the consumer electronics segment due to price wars and high procurement costs [7]. Product Development - The company launched its first automotive-grade MCU, which has passed AECQ100 certification, and is in the process of developing additional products for various markets [7]. - The resolution of previous product quality disputes with upstream suppliers allows the company to focus on growth without the burden of past issues [7]. Valuation - The estimated EPS for 2024, 2025, and 2026 is projected to be 0.62 RMB, 0.77 RMB, and 0.81 RMB respectively [7]. - As of April 3, 2024, the company's market capitalization was 7.2 billion RMB, corresponding to PE ratios of 34.0, 27.4, and 26.0 for the years 2024, 2025, and 2026 respectively [7].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is experiencing a gradual recovery in orders, particularly in the smart home appliance and mobile phone sectors, with high inventory levels expected to be gradually digested [1] - The company reported a significant decline in sales for AMOLED display driver chips in 2023, with a drop of over 30%, while other product lines saw relatively smaller declines [1] - The overall chip industry is anticipated to witness a demand recovery as terminal manufacturers' chip inventory cycles come to an end [1] - The company’s 2023 revenue was 1.3 billion yuan, a year-on-year decrease of 18.83%, and the net profit attributable to shareholders was 186 million yuan, down 42.32% year-on-year [3][12] - The company emphasizes R&D investment, with R&D expenses amounting to 318 million yuan in 2023, representing 24.5% of revenue [4] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.3 billion yuan, down 18.83% year-on-year, and a net profit of 186 million yuan, down 42.32% year-on-year [3][12] - The company’s gross margin for 2023 was 35.62%, a decrease of 10.15 percentage points year-on-year [12] - The company’s Q4 2023 revenue was 378 million yuan, showing a year-on-year increase of 9.19% and a quarter-on-quarter increase of 28.57% [12] Product Development and Market Position - The company has focused on product development, launching its first automotive-grade MCU and completing the development of a WiFi/BLE Combo MCU, which will be promoted in 2024 [4] - The company’s MCU sales in the industrial and robotics sectors have expanded, and it has sold nearly 10 million units of variable frequency home appliance ICs in 2023 [4] - The company is positioned at the forefront of the MCU, lithium battery management, and AMOLED sectors, with expectations for revenue and profit growth driven by downstream demand recovery and new product launches [13] Inventory and Supply Chain Management - As of the end of 2023, the company’s inventory stood at 710 million yuan, an increase of 153 million yuan from the end of 2022, but showing signs of decline compared to Q3 2023 [1] - The company’s supply chain management strategy is expected to further reduce inventory levels in 2024 [1]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 23.45 yuan over the next six months [1][56]. Core Insights - The company is expected to benefit from a sustained consumer demand and is continuously expanding its product line. The MCU business is showing signs of recovery, with price stabilization anticipated. The lithium battery management chip market is also expected to see continued demand, particularly in mobile phones and laptops. Additionally, the AMOLED display driver chip segment is opening new revenue opportunities [14][56]. Financial Performance Summary - In 2023, the company achieved a revenue of 1.3 billion yuan, a decrease of 18.8% year-on-year. The net profit attributable to the parent company was 186.31 million yuan, down 42.3% year-on-year. The gross margin for the year was 35.6%, reflecting a decline of 10.2 percentage points [14][23][56]. - The company’s revenue is projected to grow to 1.63 billion yuan in 2024, with a compound annual growth rate (CAGR) of over 34% for net profit from 2024 to 2026 [56]. Revenue Breakdown - The revenue structure for 2023 shows that industrial control accounted for 10.1 billion yuan, while consumer electronics contributed 2.9 billion yuan, with respective year-on-year declines of 14.2% and 31.6% [23][56]. - The MCU business represented nearly 50% of total revenue, with significant growth observed in the home appliance sector during Q4 2023 [14][56]. Product Development and Market Expansion - The company has made strides in developing new products, including a car-grade MCU and a WiFi/BLE Combo MCU, which are set to be promoted in 2024. The company is also expanding its market presence in Europe and Japan for industrial-grade MCUs [14][56]. - The lithium battery management chip segment is expected to benefit from a recovery in demand, particularly in the mobile phone market, with new products aimed at laptops anticipated to launch this year [14][56]. Profitability Forecast - The company’s gross margin is expected to improve, with projections of 38% in 2024, 40.6% in 2025, and 41.2% in 2026. The net profit margin is also expected to recover, reflecting the anticipated stabilization in prices and demand [31][56].

Financial Performance - The company's operating revenue for 2023 was CNY 1,300,231,731.10, a decrease of 18.83% compared to CNY 1,601,894,105.25 in 2022[18]. - The net profit attributable to shareholders for 2023 was CNY 186,306,896.48, down 42.32% from CNY 322,999,516.38 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was CNY 103,721,033.38, a significant decline of 70.00% from CNY 345,779,026.48 in 2022[18]. - The basic earnings per share for 2023 was CNY 0.5471, reflecting a decrease of 42.54% compared to CNY 0.9521 in 2022[18]. - The total assets at the end of 2023 amounted to CNY 2,183,027,380.12, an increase of 10.38% from CNY 1,977,670,056.23 at the end of 2022[18]. - The net assets attributable to shareholders increased by 12.80% to CNY 1,669,591,688.96 from CNY 1,480,142,555.07 in 2022[18]. - The company reported a net cash flow from operating activities of CNY -29,700,624.90, a decline of 948.26% compared to CNY 3,501,365.76 in 2022[18]. - The weighted average return on equity for 2023 was 11.66%, down from 22.99% in the previous year, indicating a decrease of 11.33%[18]. Quarterly Performance - In Q1 2023, the company's operating revenue was approximately $288.96 million, with a net profit attributable to shareholders of about $34.18 million[20]. - The company's operating revenue in Q2 2023 increased to approximately $339.74 million, with net profit rising to about $51.44 million[20]. - In Q3 2023, the operating revenue decreased to approximately $294.01 million, while net profit dropped to about $13.94 million[20]. - By Q4 2023, the operating revenue rebounded to approximately $377.52 million, with net profit significantly increasing to about $86.74 million[20]. - The net cash flow from operating activities improved from a negative $51.21 million in Q1 to a positive $15.68 million in Q4 2023[20]. 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 is actively developing new products, including WiFi/BLE Combo MCU, to align with industry trends towards smart and energy-efficient appliances[32]. - R&D investment reached CNY 318 million, accounting for 24.5% of revenue, focusing on smart home chips, motor control, battery management, OLED display drivers, and automotive electronics[45]. - The company has filed 13 new patents during the reporting period, bringing the total to 127 effective patents[69]. - The main R&D expenditures included ¥8,045,000 for OLED display drivers (25.29%), ¥7,772,000 for lithium battery management (24.42%), and ¥7,087,000 for home appliance control chips (22.27%)[70]. Market and Industry Outlook - The domestic integrated circuit design industry is projected to grow by 8% in 2023, with an estimated sales revenue of approximately $825 billion[28]. - The global semiconductor market is expected to decline by 9.4% in 2023 but is forecasted to rebound with a growth of 13.1% in 2024[29]. - The company anticipates a recovery in the semiconductor industry cycle in 2024, with a reduction in inventory levels expected to alleviate operational risks[39]. - The company aims to leverage domestic market opportunities and accelerate overseas market expansion while focusing on high-quality, differentiated products[41]. Governance and Management - The company has a governance structure in place with a board of directors and supervisory board members actively involved in management[122]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal and regulatory requirements[102]. - 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[103]. - The company actively participates in training programs to ensure that board members are familiar with relevant laws and regulations[103]. - The company has revised its governance documents, including the rules for board meetings and independent director work systems, to improve operational standards[101]. Shareholder Engagement - The company conducted multiple investor relations activities, including in-person meetings and online performance briefings, throughout 2023 to discuss operational performance with analysts and investors[97][98]. - The company published 104 announcement documents and responded to 240 investor inquiries on the interactive platform with a response rate of 96%[111]. - The annual shareholders' meeting on May 23, 2023, had an investor participation rate of 40.80%[117]. - The company is committed to maintaining independent operations in business, assets, personnel, and finance, ensuring no conflicts with controlling shareholders[114]. Social Responsibility - The company donated CNY 93,400 to improve classroom lighting in 7 schools in Yunnan, enhancing the learning environment for students[172]. - Employees purchased 600 kg of organic red rice from Yunnan, totaling 3,373 kg over five years, supporting local farmers[172]. - The company raised CNY 160,000 to assist 80 university students from underprivileged families[173]. - The company actively participated in 98 volunteer activities in the community, demonstrating social responsibility[171]. Risks and Challenges - 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[92]. - Market risks include the potential for rapid product obsolescence due to emerging technologies and competition, which could impact profitability[95]. - Supply chain risks are present due to the cyclical nature of the semiconductor industry and reliance on a limited number of wafer foundry partners, which may lead to capacity constraints[96]. Inventory and Cash Flow Management - The company plans to reduce its high inventory levels in 2023, which have added operational risks and cash flow pressure, with expectations for effective inventory reduction in 2024[90]. - The significant difference between cash net flow from operating activities and net profit for the year was mainly due to increased inventory[75]. - The company aims to reduce inventory levels as part of its operational strategy[140].

证券代码：300327 证券简称：中颖电子 中颖电子股份有限公司投资者关系活动记录表 编号 2024-002 | □ | 特定对象调研 □ 分析师会议 | | --- | --- | | □ 投资者来访类 | 媒体采访 √ 业绩说明会 | | □ 别 | 新闻发布会 □ 路演活动 | | □ | 现场参观 | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称 | 投资者网上提问 | | 及人员姓名 | | | 时间 | 2024 年 4 月 2 日 (周二) 下午 15:00~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用网络远 | | | 程的方式召开业绩说明会 | | 上市公司接待 人员姓名 | 1、董事长傅启明 | | | 2、董秘、财务总监潘一德 | | | 3、独立董事张兰丁 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、请问贵公司国内/国外的竞争对手有哪些？贵公司相对有什么优势和劣 势？ | | | 您好，请参见 2023 年年报第 12 页。 | | | 2、您好，公司面对目前 MC ...

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 ...