[Table_Main] 公司研究|信息技术|半导体与半导体生产设备 证券研究报告 圣邦股份(300661)公司点评报告 2024 年 10 月 28 日 [Table_Title] Q3 毛利率稳健，工业筑底将带动业绩弹性 报告要点 [Table_Summary] ——圣邦股份 2024Q3 业绩点评 [Table_Invest]增持|维持 [Table_ 当前价/目标价： TargetPrice 95.16] 元 目标期限： 6 个月 10 月 25 日，公司发布 2024Q1-Q3 业绩公告，24Q1-Q3 营收实现 24.45 亿元（YoY+29.96%），归母净利 2.85 亿元（YoY+100.57%），毛利率和净 利率分别为 52.17%和 11.34%。三季度方面，公司营收实现 8.68 亿元 （YoY+18.52%，QoQ+2.48%），归母净利实现 1.06 亿元（YoY+102.74%， QoQ-14.50%），毛利率和净利率分别为 51.88%和 12.01%。 海外模拟龙头德州仪器 Q3 营收环比增长 9%，毛利率提升 1.75 pct， 预计 Q4 将继续增加库存以满足下游需求的复 ...

这份报告是关于盛邦股份的一篇深度那我们会认为盛邦股份作为国内的一个模拟公司整个公司基于公司产品的一个布局以及效应领域的持续开拓那整个公司未来的一个持续成长性是值得期待的那本篇报告的话主要是分为三个部分进行讲解那第一部分的话是围绕着公司的一个基本情况以及 公司的一个整体的财务呀包括股权结构做一个简单的讲解那第二第二第二章的话主要是围绕着整个模拟行业的一个特征包括国内模拟行业的一个现状做一个具体的阐述那第三章则是重点去分析声邦股份作为国内的一个模拟芯片公司公司整体上不管是从产品标号还是从 整个基本面或者是说整个公司的一个财务数据上来讲是显著优于行业平均水平的那同时也是对声邦股份的一个核心竞争力做一个简单的分析那首先我们来看第一章那是我们会认为声邦股份作为国内的一个 整体上的业绩其实也是来到今年也是正式回到了一个增长的赛道所以说整个盛邦股份它公司未来的一个持续成长其实是非常值得期待的它首先盛邦股份作为国内模拟芯片的融合公司 公司是成立于2007年也是正式于2017年正式上市那公司从上市以来其实始终坚持的是内生外延产品目录式的一个发展策略在内生方面的话公司是长期专注于电源管理和信号链持续展开新品的一个研发从而实现公司 ...

证券研究报告 | 2024年10月27日 圣邦股份（300661.SZ） 优于大市 前三季度收入同比增长 30%，毛利率同比提高 前三季度收入同比增长 30%，归母净利润同比翻倍。公司 2024 年前三季度实 现收入 24.45 亿元(YoY +29.96%)，归母净利润 2.85 亿元(YoY +100.57%)， 扣非归母净利润 2.49 亿元(YoY +165.77%)，净利率提高 4.1pct 至 11.34%。 其中 3Q24 实现收入 8.68 亿元(YoY +18.52%，QoQ +2.48%)，为历史次高， 仅低于 2Q22 的 8.76 亿元；实现归母净利润 1.06 亿元(YoY +102.74%，QoQ -14.50%)，扣非归母净利润 0.90 亿元(YoY +102.65%，QoQ -15.96%)，净利 率为 12.01%(YoY +5.1pct，QoQ -2.3pct)。 三季度毛利率同比提高，环比微降。公司 2024 年前三季度毛利率为 52.17%， 相比去年同期提高 1.63pct，其中 3Q24 毛利率为 51.88%，同比提高 2.87pct， 环比下降 0.32pct ...

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 95.16 | | 流通股本 ( 亿股 ) | 4.53 | | 每股净资产 ( 元 ) | 9.09 | | 总股本 ( 亿股 ) | 4.72 | | 最近 12 月市场表现 | | -29% -15% -2% 11% 25% 38% 圣邦股份 沪深300 上证指数 半导体 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 王矗 SAC 证书编号：S0160524090001 wangchu01@ctsec.com 相关报告 1. 《收入同环比稳健提升，利润同环比 超翻倍增长》 2024-09-01 2. 《24Q1 毛利率改善，模拟龙头有望 受益行业复苏》 2024-04-29 3. 《23Q4 净利环比高增，模拟龙头稳 证券研究报告 ❖ 事件：公司发布 2024 年三季报，2024 年前三季度公司实现收入 24.45 亿元， 同比 ...

Financial Performance - Revenue for the third quarter reached 868.41 million yuan, an increase of 18.52% year-over-year[2] - Net profit attributable to shareholders of the listed company was 106.25 million yuan, a significant increase of 102.74% year-over-year[2] - Operating revenue rose to 2,444,835,135.79 yuan, up from 1,881,173,936.03 yuan in the previous period, indicating strong revenue growth[17] - Net profit attributable to the parent company's owners grew to 2,289,965,860.51 yuan, up from 2,052,136,942.30 yuan, showing improved profitability[15] - Net profit for the quarter reached 277.3 million yuan, a significant increase from 136.27 million yuan in the same period last year[18] - Sales revenue from goods and services reached 2.59 billion yuan, up from 1.93 billion yuan in the previous year[20] - Basic earnings per share for the quarter were 0.6054 yuan, compared to 0.3044 yuan in the same period last year[18] - Diluted earnings per share for the quarter were 0.6035 yuan, up from 0.2995 yuan in the previous year[18] - Total comprehensive income for the quarter was 273.41 million yuan, compared to 146.13 million yuan in the same period last year[18] Asset and Liability Management - Total assets as of the end of the reporting period were 5.32 billion yuan, up 13.06% compared to the end of the previous year[2] - Total assets increased to 5,321,558,794.17 yuan from 4,706,853,231.69 yuan, reflecting growth in both current and non-current assets[15] - Total liabilities increased to 1,041,663,589.38 yuan from 863,028,745.99 yuan, driven by higher current and non-current liabilities[15] - Inventory levels rose to 1,074,401,385.10 yuan from 901,367,136.07 yuan, indicating potential stock buildup or increased production[14] - Accounts receivable increased to 197,310,644.76 yuan from 166,472,282.93 yuan, suggesting higher sales on credit[14] - Long-term equity investments grew to 503,945,454.93 yuan from 423,359,692.94 yuan, reflecting strategic investments in other entities[14] - Total equity attributable to the parent company's owners increased to 4,292,095,132.21 yuan from 3,850,547,539.29 yuan, indicating stronger shareholder value[15] - Other non-current assets surged to 352,870,278.26 yuan from 42,518,433.24 yuan, signaling significant investments in long-term assets[15] Cash Flow and Investments - The company's operating cash flow for the first three quarters of 2024 was 404.98 million yuan, a substantial increase of 666.75% year-over-year[2] - The company's investment in construction projects increased by 48.02% to 112.67 million yuan, reflecting ongoing expansion efforts[6] - The company's intangible assets grew by 39.99% to 64.76 million yuan, primarily due to increased software purchases[6] - The company's other non-current assets surged by 729.92% to 352.87 million yuan, mainly due to an increase in fixed deposits[6] - Operating cash flow for the quarter was 404.98 million yuan, compared to a negative 71.46 million yuan in the previous year[20] - Investment cash flow showed a net outflow of 960.5 million yuan, an increase from 465.56 million yuan in the previous year[20] - Financing cash flow had a net inflow of 106.95 million yuan, up from 29.58 million yuan in the same period last year[21] - Cash and cash equivalents at the end of the quarter stood at 850.91 million yuan, down from 1.14 billion yuan at the end of the previous year[21] - The company's cash flow from operating activities showed a significant improvement, with a net inflow of 404.98 million yuan compared to a net outflow of 71.46 million yuan in the previous year[20] Shareholder and Ownership Structure - Hong Kong Securities Clearing Company Limited holds 3.46% of the company's shares, totaling 16,357,106 shares[8] - Industrial and Commercial Bank of China Limited - Noah Growth Hybrid Securities Investment Fund holds 3.33% of the company's shares, totaling 15,703,630 shares[8] - Chongqing Hongshun Xiangtai Enterprise Management Co., Ltd. holds 90,345,865 shares, making it the largest shareholder[8] - Chongqing Baoli Hongya Enterprise Management Co., Ltd. holds 39,009,322 shares[8] - Hongwei International Development Co., Ltd. holds 22,148,073 shares[8] - Industrial and Commercial Bank of China Limited - E Fund ChiNext ETF holds 1.79% of the company's shares, totaling 8,463,588 shares[8] - China Construction Bank Corporation - GF Technology Pioneer Hybrid Securities Investment Fund holds 1.93% of the company's shares, totaling 9,106,375 shares[8] - China Minsheng Bank Co., Ltd. - GF Industry Strict Selection Three-Year Holding Period Hybrid Securities Investment Fund holds 1.61% of the company's shares, totaling 7,595,156 shares[8] - Shanghai Pudong Development Bank Co., Ltd. - GF Small Cap Growth Hybrid Securities Investment Fund (LOF) holds 7,137,857 shares[8] Corporate Governance and Strategic Initiatives - The company completed the election of the fifth board of directors and board of supervisors on September 19, 2024[12] - The company's weighted average return on equity (ROE) for the reporting period was 2.53%, an increase of 1.08 percentage points year-over-year[2] - R&D expenses increased to 648,769,567.82 yuan, compared to 550,314,861.54 yuan in the prior period, highlighting continued investment in innovation[17] - The company's short-term borrowings stood at 36.57 million yuan, a new addition due to bank loans taken during the reporting period[6] - The company's long-term borrowings were 16.08 million yuan, also a new addition due to bank loans during the reporting period[6]

2024 年 10 月 20 日 公司点评 买入/维持 圣邦股份(300661) 昨收盘:95.49 下游市场回暖带动业绩高增长，产品矩阵丰富持续创新 ◼ 走势比较 (30%) (14%) 2% 18% 34% 50% 23/10/1923/12/3124/3/1324/5/2524/8/624/10/18 圣邦股份 沪深300 ◼ 股票数据 总股本/流通(亿股) 4.72/4.52 总市值/流通(亿元) 450.62/432.06 12 个月内最高/最低价 (元) 119.86/58.42 相关研究报告 单击或点击此处输入文字。 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 事件：圣邦股份发布 2024 年中报，2024 年上半年，公司实现营收 15.76 亿元，同比增长 37.27%；实现归母净利润 1.79 亿元，同比增长 99.31%； 实现扣非归母净利润 1.58 亿元，同比增长 223.43%；单 Q2 来看，公司实 ...

[Table_Industry] Q2 利润同环比翻倍，规模效应推动盈利能力显著改善 圣邦股份(300661.SZ)/电子 证券研究报告/公司点评 2024 年 09 月 10 日 | --- | |-----------------------------------------------| | | | | | [Table_ 评级：买入 Invest] [Table_Industry] | [Table_ 分析师：Authors 王芳 ] 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师： 杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 分析师： 王九鸿 执业证书编号：S0740523110004 Email：wangjh07@zts.com.cn | --- | --- | |---------------------------|--------| | | | | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 472 | | 流通股本 ( 百万 ...

证 2024 年 09 月 09 日 研 报 告 公 司 研 究 上半年业绩稳步增长，产品矩阵持续创新 —圣邦股份（300661.SZ）公司事件点评报告 买入(维持) 事件 分析师：毛正 S1050521120001 maozheng@cfsc.com.cn 联系人：张璐 S1050123120019 zhanglu2@cfsc.com.cn | --- | --- | |-----------------------|------------| | 基本数据 | 2024-09-09 | | 当前股价（元） | 69.9 | | 总市值（亿元） | 330 | | 总股本（百万股） | 472 | | 流通股本（百万股） | 452 | | 52 周价格范围（元） | 59.58-94.9 | | 日均成交额（百万元） | 223.77 | 市场表现 -30 -20 -10 0 10 20 30 (%) 圣邦股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《圣邦股份（300661）：24Q1 业 绩同比好转显著，扩充产品品类加 强影响力》2024-05-06 2、《圣邦股份（300661） ...

证券研究报告：电子 | 公司点评报告 2024 年 9 月 6 日 股票投资评级 圣邦股份(300661) 买入|维持 个股表现 圣邦股份 电子 -29% -25% -21% -17% -13% -9% -5% -1% 3% 7% 11% 资料来源：聚源，中邮证券研究所 公司基本情况 | --- | --- | |---------------------------|----------------------| | | | | 最新收盘价（元） | 71.89 | | 总股本 / 流通股本（亿股） | 4.72 / 4.52 | | 总市值 / 流通市值（亿元） | 339 / 325 | | 52 周内最高 / 最低价 | 94.90 / 59.58 | | 资产负债率 (%) | 18.3% | | 市盈率 | 119.60 | | | 重庆鸿顺祥泰企业管理 | | 第一大股东 | 有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:万玮 SAC 登记编号:S1340123050022 Email:wanwe ...

Investment Rating - Maintain "Overweight" rating with a target price of 81 CNY per share [2] Core Views - Revenue for H1 2024 reached 1.576 billion CNY, a YoY increase of 37.27%, with net profit attributable to shareholders of 179 million CNY, a YoY increase of 99.31% [2] - Gross margin and net margin for H1 2024 were 52.33% and 10.97%, respectively [2] - Q2 2024 revenue was 847 million CNY, a YoY increase of 33.42%, with net profit attributable to shareholders of 124 million CNY, a YoY increase of 109.10% [2] - The company maintained stable gross margins through product structure optimization, new product development, and agent management despite competitive pressure from Texas Instruments [2] - Global analog chip demand in consumer electronics showed signs of recovery in Q2 2024, with Texas Instruments and ADI reporting sequential growth in consumer electronics business [2] - Industrial sector inventory is expected to bottom out in H2 2024, providing growth elasticity for the company [2] - The company has a rich portfolio of over 5,200 product codes in signal chain and power management chips, making it the domestic supplier with the largest product code reserve [2] Industry Analysis - Consumer electronics demand recovery and inventory reduction in Q2 2024 showed positive signals, with Texas Instruments and ADI reporting sequential growth in consumer electronics business [2] - Industrial sector inventory is expected to bottom out in H2 2024, while automotive demand remains weak with ongoing inventory digestion [2] - The company's revenue distribution across consumer, industrial, communication, and automotive sectors is 53%, 32%, 10%, and 5%, respectively [2] Financial Forecasts - Forecasted net profit attributable to shareholders for 2024 and 2025 is 425 million CNY and 569 million CNY, respectively [4] - Revenue growth rates for 2024 and 2025 are expected to be 25.3% and 23.3%, respectively [5] - EPS for 2024 and 2025 is forecasted to be 0.90 CNY and 1.21 CNY, respectively [5] - P/E ratios for 2024 and 2025 are expected to be 78x and 58x, respectively [5] Valuation - Target price of 81 CNY per share based on 67x 2025E EPS [9] - Upside scenario target price of 94 CNY per share based on 78x 2025E EPS [10] - Downside scenario target price of 60.5 CNY per share based on 50x 2025E EPS [11]