证 2024 年 09 月 09 日 研 报 告 公 司 研 究 上半年业绩稳步增长，产品矩阵持续创新 —圣邦股份（300661.SZ）公司事件点评报告 买入(维持) 事件 分析师：毛正 S1050521120001 maozheng@cfsc.com.cn 联系人：张璐 S1050123120019 zhanglu2@cfsc.com.cn | --- | --- | |-----------------------|------------| | 基本数据 | 2024-09-09 | | 当前股价（元） | 69.9 | | 总市值（亿元） | 330 | | 总股本（百万股） | 472 | | 流通股本（百万股） | 452 | | 52 周价格范围（元） | 59.58-94.9 | | 日均成交额（百万元） | 223.77 | 市场表现 -30 -20 -10 0 10 20 30 (%) 圣邦股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《圣邦股份（300661）：24Q1 业 绩同比好转显著，扩充产品品类加 强影响力》2024-05-06 2、《圣邦股份（300661） ...

证券研究报告：电子 | 公司点评报告 2024 年 9 月 6 日 股票投资评级 圣邦股份(300661) 买入|维持 个股表现 圣邦股份 电子 -29% -25% -21% -17% -13% -9% -5% -1% 3% 7% 11% 资料来源：聚源，中邮证券研究所 公司基本情况 | --- | --- | |---------------------------|----------------------| | | | | 最新收盘价（元） | 71.89 | | 总股本 / 流通股本（亿股） | 4.72 / 4.52 | | 总市值 / 流通市值（亿元） | 339 / 325 | | 52 周内最高 / 最低价 | 94.90 / 59.58 | | 资产负债率 (%) | 18.3% | | 市盈率 | 119.60 | | | 重庆鸿顺祥泰企业管理 | | 第一大股东 | 有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:万玮 SAC 登记编号:S1340123050022 Email:wanwe ...

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]

Q2 收入创新高，毛利率稳健 ，平台 化布局加快 华泰研究 中报点评 投资评级(维持): 买入 目标价(人民币): 98.60 2024 年 8 月 30 日│中国内地 半导体 风险提示：全球半导体进入下行周期，手机等需求不及预期，行业竞争加剧。 研究员 谢春生 SAC No. S0570519080006 SFC No. BQZ938 xiechunsheng@htsc.com +(86) 21 2987 2036 研究员 丁宁 SAC No. S0570522120003 dingning021681@htsc.com +(86) 21 2897 2228 研究员 吕兰兰 SAC No. S0570523120003 lyulanlan@htsc.com +(86) 21 2897 2228 1H24 业绩高增，研发进展加快，需求回暖看好公司成长性 圣邦股份发布半年报，2024 年 H1 实现营收 15.76 亿元（yoy+37.27%），归 母净利 1.79 亿元（yoy+99.31%）。其中 Q2 实现营收 8.47 亿元（yoy+33.42%， qoq+16.23%），归母净利 1.24 亿元（yo ...

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》）、《 ...

圣邦微电子（北京）股份有限公司 2024 年半年度报告全文 （）》 圣邦微电子（北京）股份有限公司 2024 年半年度报告 2024 年 8 月 1 圣邦微电子（北京）股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人张世龙、主管会计工作负责人张绚及会计机构负责人(会计主 管人员)张绚声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及公司未来规划、发展战略或经营计划等前瞻性陈述的， 均不构成公司对投资者的实质承诺，投资者及相关人士均应对此保持足够的 风险认识，并且应当理解计划、预测与承诺之间的差异。公司在本报告第三 节"管理层讨论与分析"之"十、公司面临的风险和应对措施"部分，详细 描述了公司经营中可能存在的风险，敬请广大投资者仔细阅读相关内容并注 意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 圣邦徽电子（北京）股份有限公司 20 ...

圣邦微电子（北京）股份有限公司 章 程 | 第一章 | 总 | 则 | 2 | | --- | --- | --- | --- | | 第二章 | | 经营宗旨和范围 | 3 | | 第三章 | 股份 | | 3 | | 第一节 | | 股份发行 | 3 | | 第二节 | | 股份增减和回购 | 4 | | 第三节 | | 股份转让 | 5 | | 第四章 | | 股东和股东大会 | 7 | | 第一节 | | 股东 | 7 | | 第二节 | | 股东大会的一般规定 | 10 | | 第三节 | | 股东大会的召集 | 14 | | 第四节 | | 股东大会的提案与通知 | 15 | | 第五节 | | 股东大会的召开 | 17 | | 第六节 | | 股东大会的表决和决议 | 20 | | 第五章 | 董事会 | | 23 | | 第一节 | | 董事 | 24 | | 第二节 | | 独立董事 | 26 | | 第三节 | | 董事会 | 32 | | 第四节 | | 董事会秘书 | 37 | | 第六章 | | 总经理及其他高级管理人员 | 39 | | 第七章 | 监事会 | | 41 | | 第 ...