证券代码：300661 证券简称：圣邦股份 公告编号：2024-024 圣邦微电子（北京）股份有限公司 2023 年年度权益分派实施公告 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"、"本公司"） 2023 年年度权益分派方案已获 2024 年 5 月 17 日召开的 2023 年度股东大会审 议通过，现将权益分派事宜公告如下： 一、股东大会审议通过的权益分派方案情况 1、本公司 2023年度权益分派方案为：以截至 2023年度利润分配预案出具 之日的公司总股本 470,284,194 股为基数，向全体股东每 10 股派 1 元人民币现 金（含税），不送红股，不以资本公积金转增股本。若公司总股本发生变化， 公司将根据股权登记日的总股本按照"现金分红比例固定不变"的原则，相应 调整利润分配总额。 2、分派方案披露至实施期间公司总股本从 470,284,194股变为 470,727,093 股。 3、本次实施的分派方案与公司 2023 年度股东大会审议通过的分派方案及 其调整原则一致。 4、本次实施权益分派距离股 ...

Investment Rating - The report initiates coverage on the company with an "Accumulate" rating and sets a target price of 96 RMB, reflecting a 70x valuation for 2024 [3][12][20]. Core Views - The semiconductor industry is showing signs of recovery after a prolonged downturn, with consumer demand beginning to rebound. Industrial sectors are expected to recover in Q3 2024, while the automotive sector may enter a replenishment phase between Q4 2024 and Q1 2025 [2][11]. - The company has demonstrated resilience against pricing pressures from Texas Instruments (TI), with improvements in market share and gross margins, even exceeding pre-pandemic levels [2][11]. - The company's revenue structure is well-positioned to benefit from the anticipated recovery in industrial and automotive sectors, which together account for 47% of total revenue [3][13]. Summary by Sections Overall Perspective - The semiconductor industry has been in a downturn since Q1 2022, but signs indicate a bottoming out, with consumer electronics showing recovery. Industrial and automotive sectors are expected to follow suit [11][30]. - Concerns regarding TI's capacity expansion and aggressive pricing strategies are diminishing, as the company has shown strong performance despite these pressures [11][16]. Changes in Investment Logic - The company's first-quarter financials indicate that product structure optimization has helped mitigate the impact of declining prices, with a gross margin of 52.5%, up from 49.6% in the previous year [24][26]. - The domestic semiconductor market is showing signs of recovery, with the company poised to benefit from this trend as industrial and automotive markets begin to rebound [33][35]. - Despite a significant revenue base, the company is expected to maintain a long-term growth trajectory, supported by its product pricing trends and market share [3][13]. Financial Data and Valuation - The company is projected to achieve total revenue of 3,246 million RMB in 2024, reflecting a growth rate of 24.1%. Net profit is expected to reach 450 million RMB, with a growth rate of 60.2% [4]. - The company's earnings per share (EPS) is forecasted to be 0.96 RMB for 2024, with a price-to-earnings (P/E) ratio of 83 [4][17].

圣[Ta邦ble股_Sto份ckN（am3eR0p0tT6yp6e1] ） 公司研究/公司点评 业绩拐点已现，积极推出新品不断增强竞争力 投资评级：买入（首次） !"#$% [Table_Rank] 报告日期： 2024-06-06 l[ T事ab件le _Summary] 公司发布2023年年报，2023年实现收入26.16亿元，YoY -17.94%； [收Ta盘bl价e_（Ba元se）D ata] 79.46 近12个月最高/最低（元） 111.84/58.42 毛利率49.60%，同比下降9.38 pct；归母净利润2.81亿元，YoY -67.86%。其中，23Q4收入7.35亿元，YoY -5.25%，QoQ +0.25%； 总股本（百万股） 470 流通股本（百万股） 451 毛利率47.22%，环比下降1.79 pct；归母净利润1.39亿元，YoY 流通股比例（%） 95.85 +12.87%，QoQ +164.70%。 总市值（亿元） 374 公司发布24Q1财报，一季度实现收入7.29亿元，YoY +42.03%，QoQ 流通市值（亿元） 358 -0.75%；毛利率52.49%，环比提 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The downstream market is gradually recovering, leading to significant growth in performance. In Q1 2024, the company achieved revenue of 729 million yuan, a year-on-year increase of 42.03%, and a net profit attributable to the parent company of 54.38 million yuan, up 80.04% year-on-year [3] - The company is continuously launching new products, which supports long-term growth. By the end of 2023, the company had over 5,200 products available for sale across 32 categories, with hundreds of new products introduced annually [3] - The company emphasizes research and development, with 72.72% of its employees engaged in R&D as of the end of 2023. The implementation of a stock option incentive plan in 2023 has further motivated core talent [3] Financial Forecasts and Indicators - The company is expected to achieve net profits attributable to the parent company of 430 million, 640 million, and 930 million yuan for the years 2024, 2025, and 2026, respectively [3] - Revenue projections for 2024, 2025, and 2026 are 3.226 billion, 3.946 billion, and 4.840 billion yuan, reflecting growth rates of 23.34%, 22.32%, and 22.65% respectively [4][8] - The company's EBITDA is projected to be 497.63 million, 719.64 million, and 989.33 million yuan for 2024, 2025, and 2026, respectively [4][8]

证券代码：300661 证券简称：圣邦股份 公告编号：2024-023 2023 年度股东大会决议公告 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。 特别提示： 1、本次股东大会不存在否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议； 3、为保护中小投资者利益，提高中小投资者对公司股东大会决议事项的 参与度，本次股东大会就中小投资者对有关议案的表决进行单独计票。中小投 资者（即中小股东）是指除上市公司董事、监事、高级管理人员以及单独或者 合计持有公司 5%以上股份的股东以外的其他股东。 一、会议召开和出席情况 (一)会议召开情况 1、会议召集人：公司董事会 2、会议召开时间： 圣邦微电子（北京）股份有限公司 为准。 4、股权登记日：2024 年 5 月 13 日（星期一） 5、现场会议地点：公司会议室（北京市海淀区西三环北路 87 号国际财经 中心 D 座 1106 室） 6、现场会议主持人：公司副董事长、副总经理兼董事会秘书张勤女士 7、会议召开的合法、合规性： （1）现场会议时间：2024 年 5 月 17 日（星期五）下午 14:3 ...

2023 年度股东大会的法律意见书 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"）受圣邦微电子（北京）股份有 限公司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称 《公司法》）、《上市公司股东大会规则》（以下简称《股东大会规则》）等法律、 法规、规章及《圣邦微电子（北京）股份有限公司章程》（以下简称《公司章程》） 的有关规定，就公司 2023 年度股东大会（以下简称"本次股东大会"）有关事宜 出具本法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序、出席本次股东大会人员 的资格、召集人资格、会议表决程序是否符合中国有关法律、法规及《公司章程》 的规定以及表决结果是否合法有效发表意见，并不对本次股东大会所审议的议案 内容以及该等议案所表述的相关事实或数据的真实性、准确性或合法性发表意 见。 为出具本法律意见书之目的，本所指派律师列席本次股东大会会议，对本次 会议进行见证，并根据有关法律法规的规定和要求，按照律师行业公认的业务标 准、道德规范和勤勉尽责精神，对公司提供的与本次股东大会有关的文件和事实 进行了核查和验证。在此基础上，本所对法律意见出具之日及以 ...

证券代码：300661 证券简称：圣邦股份 公告编号：2024-021 圣邦微电子（北京）股份有限公司 特此公告。 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。 圣邦微电子（北京）股份有限公司（以下简称"公司"）于2024年4月26日 召开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 于注销部分股票期权及作废部分限制性股票的议案》。具体内容详见公司于2024 年4月27日在巨潮资讯网（http://www.cninfo.com.cn/new/index）上披露的《关于 注销部分股票期权及作废部分限制性股票的公告》（公告编号：2024-018）。 鉴于公司《2018年股票期权激励计划》中首次授予部分的两名激励对象个人 绩效考核结果为"合格"，其已获授但不符合行权条件的2,811份股票期权由公 司予以注销；预留授予部分的两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（其中一名激励对象当期个人绩效考核结果为"合格"），前述已获 授但不符合行权条件的合计9,457份股票期权由公司予以注销。 鉴于公司《2 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company demonstrated robust growth in Q1 2024, achieving revenue of 729 million yuan, a year-on-year increase of 42.03%, and a net profit of 54 million yuan, up 80.04% year-on-year, driven by the recovery in consumer electronics and demand from the industrial sector [5]. - Despite a challenging 2023 with a revenue decline of 17.94% to 2.616 billion yuan and a net profit drop of 67.86% to 281 million yuan, the company maintained operational resilience due to its diverse product offerings [5]. - The company continues to strengthen its R&D capabilities, with R&D expenses increasing by 17.78% to 737 million yuan, representing 28.18% of revenue, and has launched over 900 new products across various sectors [6]. - The outlook remains positive with expectations of continued growth driven by demand recovery and product expansion, forecasting net profits of 406 million, 691 million, and 1.025 billion yuan for 2024, 2025, and 2026 respectively [6]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 2.616 billion yuan, a decrease of 17.94% year-on-year, and a net profit of 281 million yuan, down 67.86% [5]. - For Q1 2024, revenue was 729 million yuan, reflecting a 42.03% increase year-on-year, while net profit reached 54 million yuan, up 80.04% year-on-year [5]. - The gross margin for Q1 2024 was 52.49%, showing a slight year-on-year decrease but a quarter-on-quarter improvement of 5.27 percentage points [5]. R&D and Product Development - The company invested 737 million yuan in R&D in 2023, which is 28.18% of its revenue, and increased its R&D personnel by 14.84% to 1,029 [6]. - The product portfolio includes over 5,200 SKUs across 32 categories, enhancing the company's competitive edge in the market [6]. Future Outlook - The company aims to become a leading brand in the global analog chip industry, with expectations of sustained growth driven by expanding product lines and applications [6]. - Forecasted net profits for the next three years are 406 million yuan in 2024, 691 million yuan in 2025, and 1.025 billion yuan in 2026 [6].

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company's revenue faced short-term pressure in 2023 but showed significant improvement in Q1 2024 [2] - The company is strengthening its core technologies and expanding its product categories [2] - The company's performance is expected to continue improving in 2024 due to growing demand in AI, high-performance computing, and new energy vehicles, as well as a recovery in the consumer electronics market [2] Financial Performance - In 2023, the company achieved revenue of RMB 2.616 billion, a YoY decrease of 17.94%, and net profit attributable to shareholders of RMB 281 million, a YoY decrease of 67.86% [2] - In Q1 2024, the company achieved revenue of RMB 729 million, a YoY increase of 42.03%, and net profit attributable to shareholders of RMB 54.38 million, a YoY increase of 80.04% [2] - The company's R&D investment in 2023 was RMB 737 million, accounting for 28.18% of revenue, a YoY increase of 17.78% [3] Product and Technology - The company has strong independent R&D capabilities and innovation, with 72.72% of employees being R&D personnel [3] - In 2023, the company applied for 230 new patents and launched over 900 new products with independent intellectual property rights [3] - The company's new products include high-precision voltage references, ultra-low insertion loss high-isolation high-bandwidth dual-channel differential analog switches, and high-efficiency DC/DC buck chips with ultra-fast transient response [3] Market and Industry - The global semiconductor industry was in a downturn in 2023, with weak demand and slowing sales, but some segments like new energy vehicles showed growth [2] - The company's main business is the R&D and sales of analog integrated circuits, which have stable growth and strong anti-cyclical capabilities [2] Strategic Partnerships - The company maintains stable and continuous strategic cooperation with major suppliers, including TSMC for wafer manufacturing and top global packaging and testing companies like JCET, Tongfu Microelectronics, and Huatian Technology [4] - The company is building an integrated circuit testing center in Jiangyin, Jiangsu Province, which will undertake part of the testing business upon completion [4] Financial Forecast - The company's revenue is forecasted to be RMB 3.235 billion, RMB 4.022 billion, and RMB 4.906 billion for 2024, 2025, and 2026, respectively [5] - EPS is forecasted to be RMB 0.98, RMB 1.57, and RMB 2.05 for 2024, 2025, and 2026, respectively [5] - The current stock price corresponds to a PE ratio of 78.4x, 48.8x, and 37.6x for 2024, 2025, and 2026, respectively [5] Key Financial Metrics - The company's gross margin was 49.6% in 2023 and is expected to be 45.4%, 48.5%, and 48.1% in 2024, 2025, and 2026, respectively [7] - The net profit margin was 10.3% in 2023 and is expected to be 14.0%, 18.1%, and 19.2% in 2024, 2025, and 2026, respectively [7] - ROE was 7.3% in 2023 and is expected to be 10.8%, 15.1%, and 16.7% in 2024, 2025, and 2026, respectively [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company reported a significant improvement in gross margin in Q1 2024, marking the first notable increase during the down cycle, driven by the introduction of high-margin new products and stable pricing for existing products [4][5]. - The overall financial performance is strong, with expectations for continued growth in net profit and revenue, supported by a recovery in demand in the semiconductor industry and the company's competitive advantages [4][5]. - The report highlights the irreversible trend of domestic production, particularly in the automotive analog IC sector, which remains resilient despite global demand challenges [4][5]. Financial Forecast and Valuation - Revenue projections for the company are as follows: - 2023: 2,616 million yuan - 2024E: 3,191 million yuan (growth rate of 22% YoY) - 2025E: 4,000 million yuan (growth rate of 25% YoY) - 2026E: 5,013 million yuan (growth rate of 25% YoY) [2][5]. - Net profit forecasts are: - 2023: 281 million yuan - 2024E: 335 million yuan (growth rate of 19% YoY) - 2025E: 685 million yuan (growth rate of 104% YoY) - 2026E: 1,075 million yuan (growth rate of 57% YoY) [2][5]. - The price-to-earnings (P/E) ratios based on the closing price on April 29, 2024, are projected to be 108.3 for 2024E, 52.9 for 2025E, and 33.7 for 2026E [2][5]. Industry Insights - The report notes a consolidation in the industry as smaller companies face financial pressures, which is expected to benefit leading firms like the one being analyzed [4][5]. - The trend towards domestic production is highlighted as a significant factor, with leading companies benefiting from cost advantages and improved competitive positioning [4][5]. - The semiconductor industry is experiencing a recovery phase, with the company positioned well to capitalize on this trend through its extensive product offerings and customer base [4][5].