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]

Financial Projections - The estimated net profit attributable to shareholders for 2024 is projected to be between 449.23 million and 533.46 million CNY, representing a year-on-year growth of 60.00% to 90.00%[4] - The estimated net profit after deducting non-recurring gains and losses is projected to be between 388.23 million and 472.46 million CNY, indicating a year-on-year growth of 83.32% to 123.10%[4] Reasons for Profit Increase - The main reasons for the profit increase include business expansion, product structure improvement, application field expansion, and increased product sales, leading to a corresponding revenue growth[6] - The estimated impact of non-recurring gains and losses on the company's net profit is approximately 61 million CNY[6] Performance Forecast - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by the accounting firm[8]

消息面上，商务部新闻发言人16日表示，国内有关芯片产业反映自美进口成熟制程芯片低价冲击国内市 场，调查机关将依法启动调查。 财联社1月17日电，清溢光电午后触及20CM涨停，中芯国际涨超7%。 此前瑞芯微、康强电子涨停，圣邦股份、纳芯微、乐鑫科技、赛微微电涨超10%。 ...

圣邦微电子（北京）股份有限公司 关于部分股票期权注销完成的公告 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。 证券代码：300661 证券简称：圣邦股份 公告编号：2024-073 鉴于公司《2022年股票期权激励计划》首次授予部分第一个行权期已于2024 年11月16日届满，当期可行权但未行权的1,009,350份股票期权由公司注销。鉴于 公司《2023年股票期权激励计划》首次授予部分的三名激励对象个人绩效考核结 果为"合格"，其已获授但不符合行权条件的563份股票期权由公司注销；首次 授予部分的十六名激励对象因个人原因离职，已不符合有关激励对象的要求，前 述已获授但不符合行权条件的86,090份股票期权由公司注销。 经中国证券登记结算有限责任公司深圳分公司审核确认，上述股票期权注销 事宜已于2024年12月26日办理完成。本次股票期权注销不会对公司总股本造成影 响。 特此公告。 圣邦微电子（北京）股份有限公司董事会 2024 年 12 月 26 日 圣邦微电子（北京）股份有限公司（以下简称"公司"）于2024年12月20 日召开第五届董事会第四次会议和第 ...

关于圣邦微电子（北京）股份有限公司 注销部分股票期权相关事项的法律意见书 北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：（86-10） 8519-1300 传真：（86-10） 8519-1350 junhebj@junhe.com 北京市君合律师事务所 关于 圣邦微电子（北京）股份有限公司 注销部分股票期权相关事项的 法律意见书 二零二四年十二月 致：圣邦微电子（北京）股份有限公司 北京市君合律师事务所（以下简称"本所"）为具有从事法律业务资格的律师事务 所。本所受圣邦微电子（北京）股份有限公司（以下简称"圣邦股份"或"公司"）委 托，担任公司 2022 年股票期权激励计划（以下简称"2022 年激励计划"）以及 2023 年股票期权激励计划（以下简称"2023 年激励计划"，与 2022 年激励计划以下合称"激 励计划"）的特聘法律顾问，依据《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》）、《上市公司股权激励管理办法》 （以下简称《管理办法》）、《深圳证券交易所创业板股票上市规则》《深圳证券交易 所创业板上市公司自律监管指南第 1 ...

证券代码：300661 证券简称：圣邦股份 公告编号：2024-070 圣邦微电子（北京）股份有限公司 第五届董事会第四次会议决议的公告 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。 一、董事会会议召开情况 圣邦微电子（北京）股份有限公司（以下简称"公司"）第五届董事会第四 次会议于 2024 年 12 月 13 日通过通讯形式发出通知，于 2024 年 12 月 20 日上午 9:00 以通讯方式召开。董事会会议应参会董事 5 人，实际参会董事 5 人。本次会 议由董事长张世龙先生召集并主持，公司高级管理人员和监事出席了会议。本次 会议的召集、召开和表决程序均符合《中华人民共和国公司法》和《圣邦微电子 （北京）股份有限公司章程》的有关规定，会议决议合法有效。 二、董事会会议审议情况 经与会董事表决，形成如下决议： (一)审议通过《关于注销部分股票期权的议案》 与会董事认为：鉴于公司《2022 年股票期权激励计划》首次授予部分第一个 行权期已于 2024 年 11 月 16 日届满，根据公司《2022 年股票期权激励计划》的 规定，公司董事会同意当期可行权但 ...

证券代码：300661 证券简称：圣邦股份 公告编号：2024-071 圣邦微电子（北京）股份有限公司 第五届监事会第四次会议决议的公告 本公司及监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、监事会会议召开情况 圣邦微电子（北京）股份有限公司（以下简称"公司"）第五届监事会第四 次会议于 2024 年 12 月 13 日通过通讯形式发出通知，于 2024 年 12 月 20 日上午 9:30 召开。会议由监事会主席黄小琳女士召集并主持，本次会议应参会监事 3 名，实参会监事 3 名。本次会议的召集、召开和表决程序均符合《中华人民共和 国公司法》和《圣邦微电子（北京）股份有限公司章程》的有关规定，会议决议 合法有效。 二、监事会会议审议情况 (一) 审议通过《关于注销部分股票期权的议案》 经审议，监事会认为：本次涉及的注销部分股票期权符合《上市公司股权激 励管理办法》《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》等相关法律、行政法规及公司《2022 年股票期权激励计划》《2023 年股票期 权激励计划》的规定，不会对公司的财务状况和经营成果产 ...

圣邦微电子（北京）股份有限公司 证券代码：300661 证券简称：圣邦股份 公告编号：2024-072 关于注销部分股票期权的公告 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。 圣邦微电子（北京）股份有限公司（以下简称"公司"）于 2024 年 12 月 20 日召开第五届董事会第四次会议审议并通过了《关于注销部分股票期权的议 案》，上述议案涉及公司《2022 年股票期权激励计划》《2023 年股票期权激励 计划》，现将有关事项说明如下： 一、股权激励计划已履行的审批程序 (一) 2022年股票期权激励计划 1、2022 年 8 月 1 日，公司召开第四届董事会第九次会议、第四届监事会第 八次会议审议通过了《关于<圣邦微电子（北京）股份有限公司 2022 年股票期权 激励计划（草案）>及其摘要的议案》等相关议案。公司独立董事发表了同意的 独立意见。 2、2022 年 8 月 2 日至 2022 年 8 月 11 日，公司对本激励计划拟首次授予激 励对象的姓名和职务在公司内部进行了公示。在公示期限内，公司监事会未收到 任何异议。2022 年 8 月 11 日， ...

Company Establishment - Shanghai Shengbang Junying Microelectronics Co Ltd was recently established with a registered capital of RMB 30 million [1] - The company's legal representative is Xu Qianjiang [1] - The business scope includes integrated circuit design, chip design and services, and sales of integrated circuits and chips [1] Ownership Structure - The company is wholly owned by Shengbang Microelectronics [2]