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]

证券代码：300661 证券简称：圣邦股份 公告编号：2024-048 圣邦微电子（北京）股份有限公司 关于公司 2023 年股票期权激励计划首次授予部分 1、首次授予部分股票期权第一个行权期符合行权条件的激励对象人数为 1,077 人，可行权的股票期权数量合计为 1,778,709 份，约占公司目前总股本的比 例为 0.38%；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。 2、本次行权采用自主行权模式。 3、本次行权事宜需在有关机构的手续办理结束后方可行权，届时将另行公 告，敬请投资者注意。 圣邦微电子（北京）股份有限公司（以下简称"公司"）2023 年股票期权激 励计划（以下简称"激励计划"）首次授予部分第一个行权期可行权的条件已满 足，经第四届董事会第二十次会议审议通过，目前公司 1,077 名激励对象在第一 个行权期可行权股票期权数量合计为 1,778,709 份，现对相关事项说明如下： 一、2023 年股票期权激励计划简述及已履行的审议程序 (一) 激励计划简述 1、激励工具：股票期权 2、标的股票来源：公司向激励对象定向发行公司 A 股普通股。 第一个行权期可行权的公告 本公 ...

圣邦微电子（北京）股份有限公司 独立董事候选人声明与承诺（唐春林） 声明人唐春林，作为圣邦微电子（北京）股份有限公司第五届董事会独立董 事候选人，已充分了解并同意由提名人圣邦微电子（北京）股份有限公司董事会 提名为圣邦微电子（北京）股份有限公司（以下简称"公司"）第五届董事会独 立董事候选人。现公开声明和保证，本人与该公司之间不存在任何影响本人独立 性的关系，且符合相关法律、行政法规、部门规章、规范性文件和深圳证券交易 所业务规则对独立董事候选人任职资格及独立性的要求，具体声明并承诺如下事 项： 一、本人已经通过圣邦微电子（北京）股份有限公司第四届董事会提名委员 会或者独立董事专门会议资格审查，提名人与本人不存在利害关系或者其他可能 影响独立履职情形的密切关系。 是 □ 否 如否，请详细说明：______________________________ 二、本人不存在《中华人民共和国公司法》第一百四十六条等规定不得担任 公司董事的情形。 如否，请详细说明：______________________________ 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易所 业务规则规定的独立董事任职 ...

证券代码：300661 证券简称：圣邦股份 公告编号：2024-044 圣邦微电子（北京）股份有限公司 关于董事会换届选举的公告 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"）第四届董事会任期 即将届满，现公司根据《中华人民共和国公司法》（以下简称《公司法》）、《深 圳证券交易所创业板股票上市规则》、《深圳证券交易所上市公司自律监管指引 第 2 号——创业板上市公司规范运作》（以下简称《创业板上市公司规范运作》） 等法律、行政法规、规范性文件及《圣邦微电子（北京）股份有限公司章程》（以 下简称《公司章程》）的相关规定进行董事会换届选举。 公司于 2024 年 8 月 29 日召开了第四届董事会第二十次会议，审议通过了《关 于公司董事会换届选举非独立董事的议案》《关于公司董事会换届选举独立董事 的议案》。经公司第四届董事会提名推荐，同意提名张世龙先生、张勤女士、林 林先生为公司第五届董事会非独立董事候选人，同意提名杜美杰女士、唐春林女 士为公司第五届董事会独立董事候选人（上述各董事候选人简历详见附件）。其 中， ...

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 2023 年股票期权激励计划预留授予等事项的 法律意见书 二零二四年八月 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 2023 年股票期权激励计划（以下简称"2023 年激励计划"）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》（以下简称《创业板上市规则》）《深圳证券 交易所创业板上市公司自律监管指南第 1 号——业务办理》及中华人民共和国（包括香 港特别行政区、澳门特别行政区和台湾地区，仅为本法律意见书之目的，特指中国大陆 地区，以下简称"中国"）其他相关法律、法规、规范性文件的有关 ...

关于会计政策变更的公告 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：2024-043 圣邦微电子（北京）股份有限公司 2、变更前采用的会计政策 本次会计政策变更前，公司执行财政部发布的《企业会计准则——基本准 则》和各项具体会计准则、企业会计准则应用指南、企业会计准则解释公告以 及其他相关规定。 3、变更后采用的会计政策 特别提示： 本次会计政策变更后，公司将按照《解释第 17 号》的相关要求执行。除上 本次会计政策变更系圣邦微电子（北京）股份有限公司（以下简称"公司"） 根据中华人民共和国财政部（以下简称"财政部"）发布的相关企业会计准则 解释等变更会计政策，本次会计政策变更是公司根据法律法规和国家统一的会 计制度的要求进行的变更，不涉及对以前年度进行追溯调整，不会对公司已披 露的财务报表产生影响，不会对公司财务状况、经营成果和现金流量产生重大 影响，无需提交公司董事会和股东大会审议。 一、会计政策变更概述 财政部于 2023 年 10 月 25 日发布了《关于印发<企业会计准则解释第 17 号>的通 ...