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]

Investment Rating - The report assigns an "Overweight" rating to the company, indicating a positive outlook for its stock performance [1] Core Views - The company demonstrated robust revenue growth in Q3 2024, with revenues reaching 868 million yuan, up 18.52% YoY and 2.48% QoQ [2] - Net profit attributable to shareholders surged 102.74% YoY to 106 million yuan in Q3 2024, despite a 14.50% QoQ decline [2] - Gross margin stabilized above 50% since Q4 2023, reflecting strong product competitiveness and favorable industry structure [3] - The company maintained revenue growth momentum in Q3 2024 despite weak seasonal demand in consumer electronics and moderate industrial recovery [3] Financial Performance - For the first three quarters of 2024, the company achieved revenues of 2.445 billion yuan, up 29.96% YoY [2] - Net profit attributable to shareholders reached 285 million yuan in the first three quarters of 2024, a remarkable 100.57% YoY increase [2] - Gross margin for the first three quarters of 2024 stood at 52.17%, with Q3 margin at 51.88% [3] - Operating expenses totaled 323 million yuan in Q3 2024, with R&D expenses accounting for 231 million yuan, up 14.87% YoY [4] Business Outlook - The company plans to launch approximately 700 new products annually over the next three years, supporting stable gross margins around 50% [3] - With comprehensive product coverage in signal chain and power management, the company is well-positioned to benefit from industry recovery and structural improvements [4] - Inventory levels reached 1.074 billion yuan at the end of Q3 2024, reflecting increased safety stock to support growing product portfolio [4] Financial Projections - Revenue is projected to grow to 3.25 billion yuan in 2024, 4.10 billion yuan in 2025, and 5.10 billion yuan in 2026 [5] - Net profit attributable to shareholders is forecasted to reach 412 million yuan in 2024, 671 million yuan in 2025, and 963 million yuan in 2026 [5] - The company's PE ratio is expected to decline from 101.2x in 2024 to 43.3x in 2026, reflecting strong earnings growth [5] Market Data - The company's closing price was 88.74 yuan on November 15, 2024 [1] - Total shares outstanding stood at 471.98 million, with 452.54 million shares in free float [1] - Net assets per share reached 9.09 yuan, with total assets of 5.32 billion yuan and net assets of 4.29 billion yuan [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][3]. Core Views - The company achieved a revenue of 2.445 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 29.96%. The net profit attributable to shareholders reached 285 million yuan, a significant increase of 100.57% year-on-year [3]. - In Q3, the revenue grew by 18.52% year-on-year, and the net profit doubled, indicating a recovery in the downstream market and increased product sales. The gross margin was 52.17%, up by 1.63% year-on-year [3]. - The company has invested 649 million yuan in R&D in the first three quarters, accounting for 26.54% of its revenue, focusing on trends in new energy vehicles, photovoltaic energy storage, artificial intelligence, and smart manufacturing [3]. Financial Summary - The company is projected to achieve net profits of 390 million yuan, 670 million yuan, and 970 million yuan for the years 2024, 2025, and 2026, respectively [3][4]. - Revenue is expected to grow from 2.616 billion yuan in 2023 to 3.261 billion yuan in 2024, reflecting a growth rate of 24.67% [4][7]. - The company's gross margin is projected to remain stable around 52% in the coming years, with net profit margins improving to 19.9% by 2026 [4][7].

Investment Rating - Buy rating maintained for the company [1][2] Core Views - The company achieved revenue of 2.445 billion yuan in the first three quarters of 2024, a year-on-year increase of 29.96%, with net profit attributable to the parent company reaching 285 million yuan, a year-on-year increase of 100.57% [2] - Gross margin improved to 52.17%, up 1.63 percentage points year-on-year [2] - Q3 revenue was 868 million yuan, up 2.48% quarter-on-quarter and 18.52% year-on-year, with net profit attributable to the parent company at 106 million yuan, up 102.74% year-on-year [2] - The company's new product launches, including high-side current detection operational amplifiers and automotive-grade high-speed low-side driver chips, are strengthening its competitive advantage [2] - Texas Instruments' reduction in CAPEX guidance from $5 billion to $2-5 billion by 2026 has alleviated market concerns about competitive pressures [2] Financial Performance and Projections - Revenue for 2024E, 2025E, and 2026E is projected to be 3.215 billion yuan, 4.048 billion yuan, and 5.146 billion yuan, respectively, with year-on-year growth rates of 22.9%, 25.9%, and 27.1% [3][5] - Net profit attributable to the parent company is expected to be 415 million yuan, 777 million yuan, and 1.095 billion yuan for 2024E, 2025E, and 2026E, respectively, with year-on-year growth rates of 47.9%, 87.2%, and 40.8% [3][5] - Gross margin is forecasted to increase from 50.0% in 2024E to 53.6% in 2026E [3][5] - ROE is projected to rise from 9.3% in 2024E to 17.3% in 2026E [3][5] Valuation Metrics - The company's P/E ratios for 2024E, 2025E, and 2026E are 105x, 56x, and 40x, respectively [2][3] - P/B ratios are expected to be 9.79x, 8.34x, and 6.90x for 2024E, 2025E, and 2026E, respectively [3][5] - EV/EBITDA ratios are projected at 82.05x, 45.44x, and 32.18x for 2024E, 2025E, and 2026E, respectively [3][5] Cash Flow and Balance Sheet - Operating cash flow is expected to grow significantly, from 686 million yuan in 2024E to 1.695 billion yuan in 2026E [4] - Net cash increase is projected to rise from 159 million yuan in 2024E to 1.213 billion yuan in 2026E [4] - Total assets are forecasted to increase from 5.469 billion yuan in 2024E to 7.694 billion yuan in 2026E [5] - Equity attributable to the parent company is expected to grow from 4.466 billion yuan in 2024E to 6.338 billion yuan in 2026E [5] Industry and Competitive Position - The company is steadily progressing along the growth path of analog companies, with accelerated new product launches enhancing its market position [2] - Industrial downstream demand is stabilizing, with inventory digestion nearing completion [2]

Investment Rating - The report maintains a "Buy" rating for SG Micro (300661 SZ) [1] Core Views - SG Micro's Q3 2024 gross margin remained at a high level, with net profit doubling year-over-year [1] - The company's profitability improved significantly due to scale effects, with gross margin increasing by 1 6 percentage points year-over-year to 52 2% [1] - Revenue for the first three quarters of 2024 reached 2 445 billion yuan, up 30 0% year-over-year, while net profit attributable to the parent company was 2 85 billion yuan, up 100 6% year-over-year [1] - Q3 2024 revenue was 868 million yuan, up 18 5% year-over-year and 2 5% quarter-over-quarter, with net profit attributable to the parent company reaching 1 06 billion yuan, up 102 7% year-over-year [1] - The company's R&D investment continues to increase, with R&D expenses reaching 2 31 billion yuan in Q3 2024, up 14 9% year-over-year and 10 3% quarter-over-quarter [1] Financial Performance Revenue and Profit - 2024E revenue is projected to be 3 27 billion yuan, up 25% year-over-year, with net profit attributable to the parent company expected to reach 387 million yuan, up 38% year-over-year [1] - 2025E revenue is forecasted to grow 28% year-over-year to 4 178 billion yuan, with net profit attributable to the parent company expected to increase 78% year-over-year to 688 million yuan [1] - 2026E revenue is projected to reach 5 259 billion yuan, up 26% year-over-year, with net profit attributable to the parent company expected to grow 50% year-over-year to 1 03 billion yuan [1] Profitability Ratios - Gross margin is expected to remain stable at around 52% from 2024E to 2026E [2] - Net profit margin is projected to increase from 11 5% in 2024E to 19 0% in 2026E [2] - ROE is forecasted to improve from 9 3% in 2024E to 17 9% in 2026E [2] Valuation Metrics - The company's P/E ratio is expected to decline from 106 5x in 2024E to 40 0x in 2026E [1] - P/B ratio is projected to decrease from 9 8x in 2024E to 7 1x in 2026E [1] Industry Analysis - The global analog IC industry is showing positive changes, with leading companies like TI revising down capital expenditure plans, which may alleviate concerns about oversupply [1] - In China, the industry is undergoing consolidation, with listed companies actively engaging in M&A activities, leading to improved competitive dynamics [1] - Downstream customers are optimizing their supply chains, favoring leading companies with cost advantages and better product quality [1] Growth Drivers - The company's strong R&D investment and product line expansion are expected to drive long-term growth [1] - New product launches and market share gains are anticipated to contribute to high growth elasticity [1] - The company's inventory level increase is attributed to strategic stockpiling for new product models, indicating a robust pipeline of new products [1]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 2.445 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 29.96%. The net profit attributable to shareholders reached 285 million yuan, up 100.57% year-on-year, while the net profit excluding non-recurring items was 249 million yuan, reflecting a 165.77% increase year-on-year [1] - The gross margin improved year-on-year, with a gross margin of 52.17% for the first three quarters of 2024, an increase of 1.63 percentage points. The gross margin for Q3 2024 was 51.88%, up 2.87 percentage points year-on-year [2] - The company continues to advance new product development, launching several new products recently. The demand in the industry is gradually improving, particularly in the automotive sector, which is expected to drive long-term performance recovery for the company [3] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 868 million yuan, a year-on-year increase of 18.52% and a quarter-on-quarter increase of 2.48%. The net profit excluding non-recurring items was 90 million yuan, up 102.65% year-on-year but down 15.96% quarter-on-quarter [1][2] - The company’s management and sales expense ratios for the first three quarters of 2024 were 3.26% and 7.39%, respectively, both showing a decrease of 0.4 percentage points year-on-year [2] - The company’s net profit forecast for 2024-2026 is 405 million yuan, 612 million yuan, and 793 million yuan, respectively, with year-on-year growth rates of 44.21%, 51.06%, and 29.60% [3][4]

Company and Industry Summary Company Overview - The company reported a revenue of **24.45 billion** CNY for the first three quarters, an increase of **29.96%** year-on-year [1] - The revenue for the third quarter was **8.68 billion** CNY, which is an **18.52%** increase compared to the same quarter last year and a **2.48%** increase from the second quarter [1] - Gross margin for the first three quarters was **52.17%**, up **1.63%** year-on-year, while the third quarter gross margin was **51.88%**, an increase of **2.87%** year-on-year but a decrease of **0.32%** from the second quarter [1][2] - R&D expenses totaled **6.49 billion** CNY for the first three quarters, a **17.89%** increase year-on-year, accounting for **26.54%** of revenue [1][2] - Net profit for the first three quarters was **2.85 billion** CNY, a **100.57%** increase year-on-year, with the third quarter net profit at **1.06 billion** CNY, up **102.74%** year-on-year but down **14.50%** from the second quarter [2] Industry Insights - The company operates in the semiconductor industry, focusing on analog chips, with a balanced investment in signal chain and power management products [3] - The product revenue distribution has historically been stable, fluctuating between **37%** for power management and **64%** for signal chain products [3] - The automotive sector's revenue contribution increased to **8%** in the third quarter, up from **5.9%** in the second quarter, indicating a growing focus on automotive electronics [7] Market Trends and Outlook - The company anticipates a normal seasonal decline in revenue for the fourth quarter, particularly in consumer electronics, which typically sees fluctuations [5][19] - The overall economic environment is described as a weak recovery, impacting consumer electronics demand, particularly in mobile phones [5][6] - The automotive electronics sector is expected to grow steadily, with a target of reaching **10%** of total revenue in the next three to five years [7][23] R&D and Product Development - The company plans to maintain a **10%** growth rate in R&D personnel, with R&D expenses expected to grow by **15% to 18%** [14][29] - The introduction of new products is projected to increase, with a target of **700 new products** annually in the coming years [12][29] - The company emphasizes the importance of balancing high-end and mid-range products to maintain a stable gross margin around **50%** [10][18] Inventory and Supply Chain Management - The company is experiencing a gradual increase in inventory levels due to the introduction of new products and an expanding customer base [14][15] - The inventory turnover remains stable, with a healthy management structure in place to control inventory levels [15][16] Competitive Landscape - The company faces competition from international peers but maintains a unique product offering that minimizes overlap with competitors [21] - The semiconductor market is characterized by stable pricing, with no significant disruptions observed in recent quarters [11][34] Conclusion - The company is positioned for steady growth in the semiconductor industry, with a focus on expanding its automotive electronics segment and maintaining a balanced product portfolio. The outlook remains cautious but optimistic, with a commitment to R&D and product innovation driving future performance [38]

Investment Rating - The report maintains a "Recommendation" rating for the company [1] Core Views - The company achieved a revenue of 2.445 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 29.96% [3][4] - The net profit attributable to shareholders reached 285 million yuan, up 100.57% year-on-year, with a non-recurring net profit of 249 million yuan, reflecting a growth of 165.77% year-on-year [3][4] - The overall gross margin and net margin for the first three quarters of 2024 were 52.17% (up 1.63 percentage points YoY) and 11.34% (up 4.1 percentage points YoY), respectively [4] - The company has successfully launched several new products in the first half of 2024, including a dual-channel 2A flash LED driver and a high-side current sensing operational amplifier [5][6] Financial Summary - For 2024, the company is projected to achieve a net profit of 427 million yuan, with estimates for 2025 and 2026 at 607 million yuan and 804 million yuan, respectively [6] - The expected P/E ratios for 2024, 2025, and 2026 are 102, 72, and 54 times, respectively [6] - The company has a total market capitalization of 43.4 billion yuan and a circulating A-share market value of 41.6 billion yuan [1] Revenue and Profitability Forecast - The company’s revenue is expected to grow from 3.335 billion yuan in 2024 to 5.422 billion yuan by 2026, with a compound annual growth rate of 27.5% [5][9] - The net profit is projected to increase from 427 million yuan in 2024 to 804 million yuan in 2026, indicating a strong growth trajectory [5][9] - The gross margin is expected to improve from 50% in 2024 to 53% in 2026, while the net margin is anticipated to rise from 12.8% to 14.8% over the same period [9]