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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][11]. Core Views - The company achieved a revenue of 2.445 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 29.96%, and the net profit attributable to the parent company doubled to 285 million yuan, with a net profit margin increasing by 4.1 percentage points to 11.34% [1][2]. - The gross margin for the first three quarters of 2024 was 52.17%, an increase of 1.63 percentage points year-on-year, while the gross margin for Q3 2024 was 51.88%, up 2.87 percentage points year-on-year but down 0.32 percentage points quarter-on-quarter [1]. - The company is focused on the analog chip market, with expectations for growth in the global analog chip market of 6.7% in 2025, driven by new product launches and recovery in demand from the Chinese market [1][2]. Financial Performance Summary - For 2024, the company is projected to have a revenue of 3.235 billion yuan, a 23.7% increase from 2023, and a net profit of 392 million yuan, reflecting a 39.6% increase [2]. - The earnings per share (EPS) for 2024 is estimated at 0.83 yuan, with a projected PE ratio of 114.5x based on the October 25, 2024 stock price [2][3]. - The company’s R&D expenses increased by 17.89% to 649 million yuan in the first three quarters of 2024, with an R&D expense ratio of 26.54%, down 2.7 percentage points year-on-year [1][2].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] 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 [2][3] - In Q3 2024, the company achieved a revenue of 868 million yuan, which is an 18.52% increase year-on-year and a 2.48% increase quarter-on-quarter. The net profit for the same quarter was 106 million yuan, reflecting a year-on-year increase of 102.74% but a quarter-on-quarter decrease of 14.50% [2][3] - The company maintained a gross margin of 51.88% in Q3 2024, which is a year-on-year increase of 2.87 percentage points, while the net margin was 12.01%, up 5.13 percentage points year-on-year [2][3] - The operating cash flow turned positive in Q3 2024, with a net cash flow from operating activities of 90 million yuan [2][3] - The company continues to invest in R&D, with R&D expenses in Q3 2024 amounting to 231 million yuan, marking a year-on-year increase of 14.87% and a quarter-on-quarter increase of 10.27% [2][3] Financial Forecasts - The company is expected to generate revenues of 3.194 billion yuan, 4.010 billion yuan, and 4.855 billion yuan for the years 2024, 2025, and 2026, respectively. The net profits for the same years are projected to be 358 million yuan, 640 million yuan, and 875 million yuan, respectively [3][4] - The corresponding PE ratios for 2024, 2025, and 2026 are expected to be 125.56, 70.13, and 51.36 times, respectively [3][4]

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]

关于 2023 年股票期权激励计划预留授予登记完成的公告 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。 重要内容提示： 根据《上市公司股权激励管理办法》《圣邦微电子（北京）股份有限公司 2023 年股票期权激励计划（草案）》以及深圳证券交易所、中国证券登记结算 有限责任公司深圳分公司有关业务规则的规定，圣邦微电子（北京）股份有限公 司（以下简称"公司"）已完成 2023 年股票期权激励计划（以下简称"本激励 计划"）预留授予登记工作，现将有关情况公告如下： 证券代码：300661 证券简称：圣邦股份 公告编号：2024-065 圣邦微电子（北京）股份有限公司 一、本激励计划已履行的审批程序 （一）2023 年 8 月 28 日，公司召开第四届董事会第十五次会议、第四届监 事会第十四次会议审议通过了《关于<圣邦微电子（北京）股份有限公司 2023 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。 （六）2024 年 4 月 26 日，公司第四届董事会第十八次会议和第四届监事会 第十七次会议审议通过了《关于注销部分股票 ...

证券代码：300661 证券简称：圣邦股份 公告编号：2024-064 圣邦微电子（北京）股份有限公司 关于 2022 年股票期权激励计划首次授予部分第一个行权期 采用自主行权模式的提示性公告 4、首次授予的股票期权共分为四个行权期，第一个行权期行权期限为 2024 年 10 月 28 日起至 2024 年 11 月 16 日止（因行权日需为交易日，本次行权实际 截止日期为 2024 年 11 月 15 日）。 5、第一个行权期可行权的股票期权若全部行权，公司股份仍具备上市条件。 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日召开的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 于公司 2022 年股票期权激励计划首次授予部分第一个行权期可行权的议案》。具 体内容详见公司在巨潮资讯网（http://www.cninfo.com.cn/new/index）上披露的《关 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可行权的公告》（公 告编号：2024-062）。 截至本公告发布之日，本次自主行权条件已获深圳证券交易所审核通过，且 公司已在中国证券 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [4][8]. Core Insights - The company has shown significant growth in the first half of 2024, with revenue reaching 1.576 billion yuan, a year-on-year increase of 37.27%, and a net profit attributable to shareholders of 179 million yuan, up 99.31% [2]. - The product matrix is robust and continuously innovated, with strong R&D capabilities leading to a series of products that meet market demands, particularly in the signal chain and power management sectors [2][3]. - The company has invested heavily in R&D, with expenditures of 418 million yuan in the first half of 2024, representing a R&D expense ratio of 26.49% [3]. Financial Performance - For the first half of 2024, the company achieved a revenue of 1.576 billion yuan, with a net profit of 179 million yuan, and a non-recurring net profit of 158 million yuan, reflecting year-on-year growth rates of 37.27%, 99.31%, and 223.43% respectively [2]. - The second quarter of 2024 saw revenue of 850 million yuan, a year-on-year increase of 33.42% and a quarter-on-quarter increase of 16.23% [2]. - The main business segments, signal chain and power management, generated revenues of 538 million yuan and 1.038 billion yuan, with year-on-year growth rates of 22.66% and 46.30% respectively [2]. Future Projections - The company is projected to achieve revenues of 3.245 billion yuan, 4.006 billion yuan, and 4.895 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 423 million yuan, 668 million yuan, and 950 million yuan [4][5]. - The expected price-to-earnings ratios for the years 2024, 2025, and 2026 are 106.57x, 67.46x, and 47.45x respectively [4][5].

本次会议由董事长张世龙先生召集并主持，应参会董事 5 人，实际参会董事 5 人，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《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 证券代码：300661 证券简称：圣邦股份 公告编号：2024-058 圣邦微电子（北京）股份有限公司 第五届董事会第二次会议决议的公告 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"）第五届董事会第二 次会议于 2024 年 10 月 9 日通过通讯形式发出通知，于 2024 年 10 月 11 日上午 9:00 以通讯方式召开。会议召集人按照《圣邦微电子（北京）股份有限公司章程》 （以下简称《公司章程》）的规定对本次临时召开会议向各位参会董事进行了说 明，全体董事一致同意豁免本次董事会提前通知期限。 表决结果：5 票同意、0 票反对、0 票弃权。同意票数占本次董事会有效表 决票数的 100%，表决通过。 (二) 审议通过《关于 2021 年 ...

二零二四年十月 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 2022 年股票期权激励计划首次授予部分第一个行权期可行权等 事项的 法律意见书 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首次授予部分第一个行权期可行权等事项的 法律意见书 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 2021 年限制性股票激励计划（以下简称"2021 年激励计划"）以及 2022 年股票期权激励计划（以下简称"2022 年激励计划"，与 2021 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 ...

监事会关于2022年股票期权激励计划首次授予部分 第一个行权期可行权名单的核查意见 证券代码：300661 证券简称：圣邦股份 公告编号：2024-063 圣邦微电子（北京）股份有限公司 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。 本次可行权的激励对象符合《公司法》《证券法》等法律、行政法规和规范 性文件以及《公司章程》规定的任职资格，符合《管理办法》《上市规则》等法 律、行政法规和规范性文件规定的激励对象条件，符合本激励计划规定的激励对 象范围，其作为公司本激励计划激励对象的主体资格合法、有效，激励对象获授 股票期权的行权条件已经成就。 圣邦微电子（北京）股份有限公司监事会 2024 年 10 月 11 日 圣邦微电子（北京）股份有限公司（以下简称"公司"）第五届监事会第二 次会议于 2024 年 10 月 11 日召开，审议通过了《关于公司 2022 年股票期权激励 计划首次授予部分第一个行权期可行权的议案》。 公司监事会根据《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》（ ...