[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 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Views - The company has shown steady growth in the first half of 2024, with a significant increase in revenue and net profit [4][6] - The product matrix continues to innovate, with a strong focus on power management products driving revenue growth [4][5] - The company is committed to increasing R&D investment, focusing on emerging market trends such as new energy vehicles and artificial intelligence [6][7] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 1.576 billion yuan, a year-on-year increase of 37.27% - The net profit attributable to shareholders was 179 million yuan, up 99.31% year-on-year, while the net profit excluding non-recurring items reached 158 million yuan, growing by 223.43% [3][4] Product Development - The company has a comprehensive product matrix covering signal chain and power management, with 32 categories and over 5,200 products available for sale - New products launched include a dual-channel 2A flash LED driver and various high-efficiency power management chips, enhancing the product portfolio [5][6] R&D Investment - The company has consistently increased R&D spending, which reached 418 million yuan in the first half of 2024, accounting for 26.49% of revenue - The R&D team consists of 1,085 personnel, representing 73.06% of the total workforce, indicating a strong commitment to innovation [6][7] Earnings Forecast - Revenue projections for 2024-2026 are 3.235 billion, 4.022 billion, and 4.906 billion yuan, respectively - EPS estimates for the same period are 0.98, 1.57, and 2.04 yuan, with corresponding P/E ratios of 71.6, 44.5, and 34.3 times [7][9]

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Insights - The company has experienced significant improvement in profitability, with a strong recovery in downstream markets leading to high growth in performance. In the first half of the year, the company achieved operating revenue of 1.576 billion yuan, a year-on-year increase of 37.27%. The gross profit margin was 52.33%, up 0.82% year-on-year, and the net profit attributable to the parent company reached 179 million yuan, a year-on-year increase of 99.31% [3]. - The company is actively expanding its product offerings and has made progress in research and development, with R&D expenses amounting to 418 million yuan, representing 26.49% of operating revenue. The company has a stable core technical team and is focusing on trends in various application fields such as new energy vehicles and artificial intelligence [3]. Financial Forecast and Metrics - The company is projected to achieve net profits attributable to the parent company of 410 million yuan, 680 million yuan, and 970 million yuan for the years 2024, 2025, and 2026, respectively [4]. - The expected operating revenue for the years 2023 to 2026 is 2.616 billion yuan, 3.261 billion yuan, 3.989 billion yuan, and 4.893 billion yuan, with growth rates of -17.94%, 24.67%, 22.33%, and 22.67% respectively [9]. - The earnings per share (EPS) is forecasted to be 0.59 yuan, 0.87 yuan, 1.44 yuan, and 2.06 yuan for the years 2023 to 2026, with corresponding price-to-earnings (P/E) ratios of 120.83, 82.61, 49.94, and 34.86 [4][9].

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]

圣邦股份（ [Table_StockNameRptType] 300661） 公司点评 Q2 业绩延续好转态势，公司竞争力不断提升 | --- | --- | --- | |-------------------------------------|------------|-------------| | | | | | [Table_Rank] 投资评级：买入（维持） | | | | 报告日期： | 2024-09-03 | | | [Table_BaseData] 收盘价（元） | | 70.20 | | 近 12 个月最高/最低（元） | | 98.29/58.42 | | 总股本（百万股） | | 472 | | 流通股本（百万股） | | 452 | | 流通股比例（ % ） | | 95.88 | | 总市值（亿元） | | 331 | | 流通市值（亿元） | | 318 | [公司Table_Chart] 价格与沪深 300 走势比较 -36% -20% -5% 11% 27% 9/23 12/23 3/24 6/24 圣邦股份 沪深300 [Table_Author] 分析师：陈耀波 执业 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [3][11]. Core Insights - The company reported a significant recovery in revenue and profit, with a 37.27% year-on-year increase in revenue to 1.576 billion yuan and a 99.31% increase in net profit to 179 million yuan for the first half of 2024 [3][4]. - The company benefits from the recovery in the semiconductor market, particularly in the power management sector, which remains the primary growth driver [4][7]. - The company has a comprehensive product matrix in the analog integrated circuit design industry, covering 32 categories and over 5,200 products [4][7]. Summary by Sections Financial Performance - Revenue for 2024 is projected to reach 3.383 billion yuan, with a year-on-year growth of 29.3% [4][8]. - Net profit is expected to grow to 480 million yuan in 2024, reflecting a 71.0% increase [4][8]. - The gross margin improved to 52.33%, up 0.82 percentage points from the previous year [4][7]. Product Development - The company launched several new products in the first half of 2024, including a dual-channel 2A flash LED driver and a high-efficiency synchronous buck converter [4][7]. - The company is actively tracking market trends in sectors such as new energy vehicles and artificial intelligence, ensuring a strong product pipeline [7]. Market Position - The company is positioned as a leading player in the domestic analog chip market, with strong capabilities in both power management and signal chain segments [4][7]. - The company’s market expansion in new fields like electric vehicles and industrial control is progressing well, indicating a positive outlook for future growth [7][8].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][4][12] Core Views - The company reported a revenue growth of 37% year-on-year for the first half of 2024, with net profit nearly doubling [1] - The gross margin improved by 0.8 percentage points to 52.33%, while R&D expenses increased by 19.63% to 418 million yuan [1] - The company has successfully launched new products with independent intellectual property rights and is actively expanding its customer base in various sectors including electric vehicles and AI [1] Financial Performance Summary - Revenue for Q2 2024 reached 847 million yuan, up 33% year-on-year and 16% quarter-on-quarter [1] - Net profit for Q2 2024 was 124 million yuan, reflecting a year-on-year increase of 109% and a quarter-on-quarter increase of 129% [1] - The company’s revenue for the first half of 2024 was 1.576 billion yuan, with a net profit of 179 million yuan [1] - The revenue from power management products was 1.038 billion yuan, accounting for 66% of total revenue, with a gross margin increase of 3.8 percentage points [1] - Signal chain products generated 538 million yuan in revenue, representing 34% of total revenue, although with a slight decrease in gross margin [1] R&D and Product Development - The company has 1,085 R&D personnel, making up 73.06% of total employees, with 372 having over 10 years of experience in the integrated circuit industry [1] - New products launched include various high-efficiency power management chips and operational amplifiers, indicating strong R&D progress [1] Market Position and Strategy - The company is tracking market changes and expanding its customer base in emerging fields such as renewable energy and smart manufacturing [1] - The company aims to leverage its product performance and market responsiveness to capture opportunities and expand its market share both domestically and internationally [1] Financial Forecasts - The company’s projected net profits for 2024, 2025, and 2026 are 416 million yuan, 685 million yuan, and 960 million yuan respectively, with corresponding PE ratios of 76x, 46x, and 33x [2][4]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 98.60 [2][5]. Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching RMB 1.576 billion, a year-on-year increase of 37.27%, and net profit of RMB 179 million, up 99.31% year-on-year [2][3]. - The gross margin for the first half of 2024 was 52.33%, showing a slight increase of 0.8 percentage points year-on-year, indicating stable profitability [2][3]. - The company is benefiting from a recovery in demand in certain sectors such as industrial and automotive, and is positioned as a leading domestic analog device manufacturer [2][4]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a record revenue of RMB 847 million, representing a year-on-year increase of 33.42% and a quarter-on-quarter increase of 16.23% [2][3]. - The net profit for Q2 2024 was RMB 124 million, reflecting a year-on-year growth of 109.10% and a quarter-on-quarter growth of 128.50% [2][3]. - The company’s R&D expenses accounted for 26.5% of its revenue, with a total expenditure of RMB 420 million in the first half of 2024 [3]. Product and Market Outlook - The company has over 5,200 products available for sale across 32 categories, with a continuous increase in customer penetration [3]. - The revenue from signal chain products was RMB 540 million, accounting for 34% of total revenue, while power management products generated RMB 1.04 billion, making up 66% of total revenue [3]. - The company is expanding its product offerings, including new products for electric vehicles, industrial control, 5G communications, and smart home applications [4]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at RMB 3.248 billion, RMB 4.016 billion, and RMB 4.995 billion, respectively, with corresponding net profits of RMB 459 million, RMB 643 million, and RMB 906 million [5][6]. - The company is expected to maintain a net profit margin recovery, with a projected PE ratio of 72.5 times for 2025, compared to a historical median of 86.5 times since its listing [5].

证券代码：300661 证券简称：圣邦股份 公告编号：2024-047 圣邦微电子（北京）股份有限公司 监事会关于2023年股票期权激励计划预留授予 激励对象名单的核查意见 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。 圣邦微电子（北京）股份有限公司（以下简称"公司"）第四届监事会第十 九次会议于 2024 年 8 月 29 日召开，审议通过了《关于向激励对象授予 2023 年 预留股票期权的议案》。 （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处 罚或者采取市场禁入措施； （4）具有《公司法》规定的不得担任公司董事、高级管理人员情形的； （5）法律法规规定不得参与上市公司股权激励的； （6）中国证监会认定的其他情形。 2、本激励计划预留授予激励对象为在公司任职的核心技术（业务）骨干， 激励对象中不包括公司独立董事、监事，不包括单独或合计持有公司 5%以上股 份的股东或实际控制人及其配偶、父母、子女。 公司监事会根据《中华人民共和国公司法》（以下简称《公司法》）、《 ...

Financial Performance - The company reported a revenue of 300 million RMB for the first half of 2024, representing a year-on-year increase of 15%[7] - The company's operating revenue for the reporting period reached ¥1,576,425,612.27, an increase of 37.27% compared to the same period last year[12] - Net profit attributable to shareholders was ¥178,649,747.68, representing a 99.31% increase year-over-year[12] - The net profit after deducting non-recurring gains and losses was ¥158,134,468.36, up 223.43% from the previous year[12] - The net cash flow from operating activities was ¥314,787,580.02, a significant increase of 894.05% compared to the same period last year[12] - The company's total assets at the end of the reporting period were ¥4,998,048,588.81, reflecting a 6.19% increase from the end of the previous year[12] - The company's total operating revenue for the first half of 2024 reached ¥1,576,425,612.27, a significant increase of 37.3% compared to ¥1,148,433,937.33 in the same period of 2023[116] - The net profit for the first half of 2024 was ¥172,995,995.60, compared to ¥85,829,459.64 in the first half of 2023, representing a growth of 101.5%[118] - The total liabilities amounted to CNY 877,026,426.80, slightly up from CNY 863,028,745.99, indicating a growth of approximately 1.15%[112] Research and Development - The company plans to invest 50 million RMB in R&D for new product development in the next fiscal year[7] - Research and development expenses amounted to ¥417,579,293.29, which is 26.49% of the operating revenue, reflecting a 19.63% increase compared to the previous year[36] - The company emphasizes R&D as a core competitive advantage, continuously increasing investment in technology innovation[21] - The company has launched several new products with independent intellectual property rights, including a 6A efficient synchronous buck power conversion chip and a high-side current detection operational amplifier[36] - The company is exploring partnerships with tech firms to leverage advancements in AI and IoT technologies[7] - The company plans to enhance its R&D investment and expand its R&D team to ensure sufficient resources and technical accumulation for developing new products with technological advantages[62] Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[7] - Future guidance indicates a projected revenue growth of 10-15% for the second half of 2024[7] - The company is actively expanding into new markets and customers, particularly in industrial and automotive electronics[24] - A strategic acquisition of a local semiconductor firm is expected to enhance production capabilities and reduce costs by 10%[7] - The company is positioned as a leading player in the domestic analog integrated circuit design industry, enhancing brand influence and market share[27] Risks and Challenges - The management highlighted potential risks including supply chain disruptions and increased competition in the semiconductor industry[2] - New product development risks include long development cycles and potential misjudgment of market needs, which could lead to incorrect product positioning[60] - The company faces talent retention risks due to increased competition in the integrated circuit design industry, despite efforts to attract and retain high-quality talent[60] - Fluctuations in raw material and packaging prices, particularly for wafers and testing, could significantly impact the company's operating performance[61] - The company is facing intensified market competition in the domestic analog integrated circuit industry, which may lead to a loss of market share and impact profitability if competitors develop more competitive products[62] Shareholder and Equity Information - The company will not distribute cash dividends for this fiscal year, focusing on reinvestment for growth[2] - The basic earnings per share for the reporting period is 0.3801 CNY, an increase of 97.76% compared to the same period last year[96] - The diluted earnings per share for the reporting period is 0.3793 CNY, an increase of 100.05% compared to the same period last year[96] - The net asset per share attributable to ordinary shareholders is 8.7636 CNY, an increase of 6.31% compared to the end of the previous year[96] - The company has a total of 18,732 ordinary shareholders at the end of the reporting period[98] Financial Management and Governance - The company adheres to the enterprise accounting standards and reports financial information based on the accrual basis of accounting, ensuring accurate financial representation[151] - The company has established a governance structure with a board of directors and supervisory board, ensuring compliance and oversight in its operations[150] - The company’s financial statements reflect a commitment to continuous operation, adhering to relevant accounting policies and estimates[154] - The company evaluates control over subsidiaries based on the ability to influence returns and reassesses control definitions when relevant facts change[160] Employee Compensation - The company recognizes liabilities for employee compensation, including wages, bonuses, and social insurance contributions, during the accounting period when services are provided[200] - Employee compensation liabilities are included in the current period's profit or related asset costs[200] - The company contributes to medical, work injury, maternity insurance, and housing provident fund as part of employee compensation[200] - The company ensures compliance with regulations regarding employee compensation and benefits[200]