技术断供风险的倒逼效应：美国对华半导体技术封锁加速了国内厂商的供应链转移。圣邦通过Fabless模 式（设计外包制造）降低固定资产风险，同时依托中芯国际、长电科技等本土供应链完成生产，形 成"设计-制造-封测"全链条自主可控能力。 政策、需求与技术自主的共振下，圣邦股份未来成长空间几何？ 一方面，进口替代窗口期开启，国产化率提升空间巨大。 当前，中国模拟芯片市场仍高度依赖进口，国产化率仅为12%-30%。以圣邦股份为代表的国内企业，正 面临两大结构性机遇： 政策驱动下的供应链安全需求：2025年1月中国启动对美国成熟制程芯片的反补贴调查，直接回应了美 国企业（如TI）通过低价倾销抢占市场的策略。国家大基金二期、地方政府专项补贴等政策资源向圣邦 倾斜，强化其技术攻关能力。 另一方面，长周期赛道特性与市场空间释放。 模拟芯片具有长生命周期（平均10年以上）、高经验依赖性和应用场景碎片化特征，这为国产企业创造 了差异化竞争机会。根据IC Insights预测，2025年全球模拟芯片市场规模将达825亿美元，中国市场占比 超30%（约270亿美元）。圣邦当前市占率不足3%，但其产品覆盖TI/ADI约70%的中低端料号 ...

圣邦股份（300661）今日涨停，成交额35.86亿元，换手率7.32%，盘后龙虎榜数据显示，深股通专用席 位买入2.04亿元并卖出1.50亿元，二机构专用席位净买入1.26亿元，三机构专用席位净卖出1.01亿元。 暗盘资金正涌入这些股票，点击速看>>> ...

2022年4月11日，公司全资子公司江阴圣邦微电子与江阴市自然资源和规划局签署完成《国有建设用地 使用权出让合同》。2022年6月28日，公司全资子公司江阴圣邦微电子完成土地使用权的权属登记手 续，并取得了江阴市自然资源和规划局颁发的《中华人民共和国不动产权证书》。 格隆汇4月8日丨圣邦股份(300661.SZ)发布全资子公司集成电路设计及测试项目的进展公告。圣邦微电 子(北京)股份有限公司(以下简称"公司"、"圣邦微电子")于2021年10月20日召开第四届董事会第二次会议 及第四届监事会第二次会议审议通过了《关于公司拟签署<投资协议>暨对外投资设立子公司的议 案》，公司拟与江阴高新技术产业开发区管理委员会签署《投资协议》，并在江阴高新技术产业开发区 内投资设立全资子公司作为项目实施主体，建设集成电路设计及测试项目，该项目总投资金额约人民币 3亿元。 近期，圣邦微电子江阴研发生产基地(以下简称"基地")落成，并已具备投产条件。 2021年10月27日，公司全资子公司江阴圣邦微电子制造有限公司(以下简称"江阴圣邦微电子")完成工商 设立登记手续并取得了江阴市行政审批局核发的《营业执照》。 基地总投资约3亿元， ...

2021 年 10 月 27 日，公司全资子公司江阴圣邦微电子制造有限公司（以下 简称"江阴圣邦微电子"）完成工商设立登记手续并取得了江阴市行政审批局核 发的《营业执照》，具体内容详见公司于同日在巨潮资讯网上披露的相关公告。 证券代码：300661 证券简称：圣邦股份 公告编号：2025-003 圣邦微电子（北京）股份有限公司 关于全资子公司集成电路设计及测试项目的进展公告 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。 一、对外投资概述 圣邦微电子（北京）股份有限公司（以下简称"公司"、"圣邦微电子"） 于 2021 年 10 月 20 日召开第四届董事会第二次会议及第四届监事会第二次会议 审议通过了《关于公司拟签署<投资协议>暨对外投资设立子公司的议案》，公 司拟与江阴高新技术产业开发区管理委员会签署《投资协议》，并在江阴高新技 术产业开发区内投资设立全资子公司作为项目实施主体，建设集成电路设计及测 试项目，该项目总投资金额约人民币 3 亿元。具体内容详见公司于同日在巨潮资 讯网(http://www.cninfo.com.cn/new/index)上披露 ...

证券代码：300661 证券简称：圣邦股份 公告编号：2025-002 圣邦微电子（北京）股份有限公司 关于2021年限制性股票激励计划预留授予部分 第二个归属期归属结果暨股份上市的公告 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。 重要内容提示： 1、本次归属激励对象人数：8 人 2、本次归属股票数量：5,593股，占本次归属前公司总股本比例约为0.0012%。 3、本次归属股票上市流通时间：2025 年 4 月 8 日。 4、股票来源：公司向激励对象定向发行公司 A 股普通股股票。 圣邦微电子（北京）股份有限公司（以下简称"公司"）于 2024 年 10 月 11 日召开了第五届董事会第二次会议和第五届监事会第二次会议，审议通过了 《关于 2021 年限制性股票激励计划预留授予部分第二个归属期归属条件成就的 议案》。近日，公司已在中国证券登记结算有限责任公司深圳分公司办理完成本 次股份归属及上市的相关手续。现将相关事项公告如下： 一、激励计划简述 （一） 标的股票来源 本激励计划采取的激励工具为第二类限制性股票，涉及的标的股票来源为公 司向激励对象定向发 ...

光大证券指出，指数四月或将整固蓄势。3月份市场波动率有所下行，市场赚钱效应有所减弱，科技板 块也面临一定程度的调整压力。从历史情况来看，4月份市场通常会进入整固阶段，考虑到财报披露、 分析师盈利预期调整以及外部风险的扰动，今年4月市场或将再度整固蓄势。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） （文章来源：21世纪经济报道） A500指数ETF（159351）还配备了场外联接基金（A类022453；C类022454）。 东莞证券指出，考虑到市场即将进入公司财报的密集披露期，部分企业业绩不及预期可能导致股价快速 波动，叠加海外政策对我国经济仍旧存在一些扰动，短期市场或仍以区间震荡为主。但长期来看，国内 经济韧性足、发展前景好的局面仍旧，未来随着上市公司财务信息的逐渐披露，市场有望在基本面不确 定性缓解之后重新企稳走强。 4月3日，A股三大指数集体低开。主流宽基ETF中，截至发稿，A500指数ETF（159351）跌0.21%，成 交总额达3.2亿元，换手率1.97%，盘中交投活跃。成分股中，圣邦股份、华海清科涨超4%，四川路 桥、赤峰黄金、航天电器涨超3 ...

半导体行业 买入 （维持） （可公开）模拟芯片领军企业，内研外扩成长可期 深 度 研 圣邦股份（300661）深度报告 2025 年 3 月 31 日 陈伟光 SAC 执业证书编号： S0340520060001 电话：0769-22119430 邮箱：chenweiguang@dgzq.com.cn 究 刘梦麟 国产模拟芯片领军企业，全品类布局驱动成长。圣邦股份自成立以来专注 于模拟芯片的研发、设计、生产与销售，深耕信号链与电源管理芯片两大 核心领域，产品覆盖运算放大器、数据转换器、DC/DC转换器等32大类5200 余款型号，下游应用涵盖消费类电子、工业控制、物联网、人工智能、云 计算、新能源、汽车电子、医疗电子、可穿戴设备及通讯等多个领域，是 国内稀缺的具备全品类模拟芯片设计能力的供应商。 公 司 深耕行业持续发展，经营业绩稳步增长。近年来，受益贸易摩擦背景下各 集成电路品类国产替代加速，叠加公司通过内研外扩不断拓展下游客户与 产品种类，公司经营业绩实现稳健增长，2017—2023年，公司营收CAGR为 30.42%，归母净利润CAGR为20.03%。虽然在2023年由于行业景气低迷导致 公司业绩承压， ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 93.85 CNY, corresponding to a PE ratio of 91/63/44 for the years 2024-2026 [6][3]. Core Insights - Shengbang Co., Ltd. is a leading domestic analog IC company focusing on "power management + signal chain" products, with a product portfolio of over 5,200 items across 32 categories as of the end of 2023 [1][3]. - The company has shown strong revenue growth with a CAGR of 43.08% and a net profit CAGR of 56.23% from 2017 to 2022, although it faced a decline in 2023 due to industry cycle downturns. However, it is expected to recover in 2024 with a projected revenue growth of 29.96% and a net profit growth of 100.57% in the first three quarters [1][3][18]. - The analog chip industry is characterized by a long lifecycle and diverse product categories, which contribute to its relatively stable growth and lower cyclicality. The domestic market for analog chips is still in its early stages of development, with a self-sufficiency rate of less than 14% in 2023, indicating significant growth potential [2][3]. Summary by Sections Company Overview - Shengbang Co., Ltd. was established in 2007 and specializes in the design, research, and sales of analog chips, with applications in consumer electronics, communication devices, industrial control, and automotive electronics. The company has expanded its product lines significantly, focusing on both power management and signal chain products [11][13]. Industry Outlook - The analog chip industry is expected to see a bottoming out of the cycle, with recovery anticipated as downstream demand gradually improves. The report highlights that the leading company in the industry, Texas Instruments (TI), has shown signs of recovery in its gross margin, indicating a positive trend for the industry as a whole [2][3]. Financial Forecast - The financial projections for Shengbang Co., Ltd. indicate a revenue of 3,298 million CNY in 2024, with a growth rate of 26.1%, and a net profit of 486 million CNY, reflecting a growth rate of 73.1%. By 2026, the revenue is expected to reach 4,930 million CNY, with a net profit of 1,010 million CNY [5][3]. Product Lines - The company’s primary revenue source is its power management ICs, which accounted for 66.8% of total revenue in 2023. The report notes that the power management segment is expected to benefit from the growing demand in consumer electronics and the ongoing shift towards domestic alternatives [39][46]. Competitive Advantages - Shengbang Co., Ltd. has a strong R&D team with significant industry experience, which has led to a robust portfolio of patented technologies and products. The company has been actively involved in mergers and acquisitions to expand its product offerings and market reach [3][29][36].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 93.85 CNY [6]. Core Views - The company is a leading player in the domestic analog IC market, focusing on both power management and signal chain products. It has expanded its product offerings significantly, with over 5,200 SKUs across 32 categories as of the end of 2023 [1][11]. - The company has shown strong revenue and net profit growth from 2017 to 2022, with a CAGR of 43.08% and 56.23% respectively. Despite a downturn in 2023 due to industry cycles, a recovery is expected in 2024 driven by new product launches and market demand [1][2]. - The company has a strong technical team with significant industry experience, including talent from major international firms like Texas Instruments [1][3]. Summary by Sections 1. Company Overview - The company was established in 2007 and specializes in the design, research, and sales of analog chips, with applications in consumer electronics, communication devices, industrial control, and automotive electronics [11]. - The product lines include operational amplifiers and LDOs, with a focus on expanding into more complex power management solutions like DCDC converters [11][39]. 2. Industry Outlook - The analog chip industry is characterized by a long lifecycle and diverse product categories, leading to stable growth despite cyclical downturns. The domestic market is expected to continue growing, with a self-sufficiency rate of less than 14% in 2023, indicating significant room for growth [2][3]. - The report highlights that the industry is nearing a recovery phase, with signs of demand returning and inventory levels stabilizing [2]. 3. Financial Performance - The company experienced a revenue decline in 2023, with total revenue of 2,616 million CNY, down 17.9% year-on-year. However, projections for 2024 show a recovery with expected revenue growth of 26.1% [5]. - The net profit for 2023 was 281 million CNY, a significant drop of 67.9%, but is projected to rebound to 486 million CNY in 2024, reflecting a growth rate of 73.1% [5]. 4. Product Lines - The power management ICs are the primary revenue source, accounting for 66.8% of total revenue in 2023, despite a 12.3% decline in sales [46]. - The signal chain products, while representing a smaller portion of revenue, have higher profit margins and are growing rapidly [24][39]. 5. Competitive Advantages - The company has a robust R&D capability, with a focus on innovation and a strong patent portfolio, having accumulated 229 authorized patents by 2023 [31][36]. - The management team is experienced, with a background in leading semiconductor firms, which enhances the company's competitive edge in technology and market strategy [29][30].

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [5] Core Views - The company is expected to achieve significant profit growth in 2024, with a projected net profit of 449 to 533 million yuan, representing a year-on-year increase of 60% to 90% [1][10] - The fourth quarter of 2024 is anticipated to see a substantial increase in profit, potentially reaching a new high since Q4 2022, with a net profit forecast of 164 to 249 million yuan, indicating a year-on-year growth of 18.46% to 79.17% and a quarter-on-quarter growth of 54.66% to 133.93% [2][10] - The company is benefiting from the acceleration of domestic high-end analog chip localization, as the Chinese government has initiated anti-subsidy investigations against U.S. imports, which is expected to enhance the competitive landscape for domestic manufacturers [3][10] - The company has developed over 5,200 products across 32 categories, with performance metrics that match or exceed those of leading global analog manufacturers [4][10] Financial Data and Valuation - The projected revenue for 2024 is 3.259 billion yuan, with a year-on-year growth rate of 24.6%, and net profit is expected to be 502 million yuan, reflecting a growth of 78.7% [9][10] - The company’s gross margin is projected to improve from 49.6% in 2023 to 52.5% in 2024, and the net profit margin is expected to rise from 10.7% to 15.4% [9][10] - The price-to-earnings (P/E) ratio is forecasted to decrease from 83.3 in 2024 to 39.8 by 2026, indicating an improving valuation as earnings grow [9][10]