(20%) (6%) 8% 22% 36% 50% 24/3/4 24/5/15 24/7/26 24/10/6 24/12/17 25/2/27 电子 沪深300 2025 年 03 月 03 日 行业周报 看好/维持 电子 电子 英伟达发布 FY25Q4 财报，Blackwell 出货超预期 走势比较 相关研究报告 << 太 平 洋 电 子 周 报 20250120- 20250124>>--2025-01-27 <<太平洋证券公司点评-汇顶科技 （603160）：收购云英谷科技，补全业 务版图协同效应优秀>>--2025-01- 22 <<太平洋证券公司点评-恒玄科技 （688608）：Q3 营收创新高，收益端 侧 AI 发展业绩持续提升>>--2025- 01-22 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 证券分析师：李珏晗 E-MAIL：lijuehan@tpyzq.com 分析师登记编号：S1190523080 ...

2025 年 03 月 03 日 行业周报 看好/维持 电子 电子 英伟达发布 FY25Q4 财报，Blackwell 出货超预期 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/4 24/5/15 24/7/26 24/10/6 24/12/17 25/2/27 电子 沪深300 相关研究报告 << 太 平 洋 电 子 周 报 20250120- 20250124>>--2025-01-27 <<太平洋证券公司点评-汇顶科技 （603160）：收购云英谷科技，补全业 务版图协同效应优秀>>--2025-01- 22 <<太平洋证券公司点评-恒玄科技 （688608）：Q3 营收创新高，收益端 侧 AI 发展业绩持续提升>>--2025- 01-22 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 证券分析师：李珏晗 E-MAIL：lijuehan@tpyzq.com 分析师登记编号：S1190523080 ...

Market Performance - The main board saw significant gains with companies like Kosen Technology (+10.04%), Heertai (+10.01%), and Taijing Technology (+5.86%) leading the charge [1] - The STAR Market also performed well, highlighted by Canxin Technology (+20.00%) and Chip Origin Technology (+13.24%) [1] - Active sub-industries included SW Digital Chip Design (+3.23%) and SW Semiconductor Materials (+1.41%) [1] Domestic News - Xiaomi announced the launch of its 15 Ultra smartphone featuring a 6000mAh battery with a 10% higher silicon content, claiming it to be the "strongest Xiaomi battery" with a daily usage endurance of 1.46 days and over 1000 effective charge cycles [1] - Xiaomi's founder Lei Jun announced the full-scale rollout of Xiaomi HAD, an end-to-end intelligent driving solution, with the Xiaomi SU7 Ultra pre-installed [1] - DeepSeek has open-sourced DeepGEMM, a library designed for efficient FP8 general matrix multiplication, which is implemented in CUDA and does not require compilation during installation [1] - Nullmax and Renesas Electronics signed a strategic cooperation agreement to develop reliable and user-friendly intelligent driving solutions by combining their respective strengths in AI software algorithms and chip performance [1] Company Announcements - Fudan Microelectronics reported a revenue of 3.59 billion yuan for 2024, a year-on-year increase of 1.51%, with a net profit of 573 million yuan [3] - Qingyi Optoelectronics announced a revenue of 1.11 billion yuan for 2024, up 20.35%, with a net profit of 172 million yuan, reflecting a 28.80% increase [3] - Juguang Technology reported a revenue of 619 million yuan for 2024, a year-on-year growth of 10.32% [3] - Yinjixin announced a revenue of 1.43 billion yuan for 2024, a 17.53% increase, with a net profit of 124 million yuan, marking a significant growth of 322.73% [3] Overseas News - Micron has begun shipping samples of its next-generation 1γ (1-gamma) 10nm DDR5 memory, achieving a data transfer rate of 9200MT/s, a 15% increase over previous products, while reducing power consumption by over 20% [3] - Canalys reported a strong performance in global AI computer shipments, reaching 15.4 million units in Q4 2024, accounting for 23% of total computer shipments, with Apple holding a dominant market share of 54% [3] - TrendForce indicated that global smartphone panel shipments reached 2.157 billion units in 2024, a year-on-year increase of 11.4%, attributed to rising sales of new smartphone models and demand for second-hand and refurbished devices [3] - Meta is discussing a $200 billion AI data center project [3]

Financial Performance - Total revenue for 2024 reached approximately RMB 358.95 million, a year-on-year increase of 1.51%[8] - Net profit attributable to shareholders of the parent company was approximately RMB 57.25 million, a decrease of 20.43% compared to the previous year[8] - Basic earnings per share were RMB 0.70, down 20.45% from RMB 0.88 in the previous year[6] - The company's gross profit margin decreased by 5.26 percentage points, leading to a gross profit decline of approximately RMB 156.22 million[8] - The weighted average return on net assets decreased by 4.41 percentage points to 10.27%[6] Assets and Equity - The company's total assets as of December 31, 2024, were approximately RMB 904.09 million, reflecting a growth of 7.48% from the beginning of the year[8] - The equity attributable to shareholders of the parent company increased to approximately RMB 589.40 million, up 11.15% from the start of the year[8] - The net asset per share attributable to shareholders of the parent company increased to RMB 7.18, a rise of 10.90% from the beginning of the year[6] Research and Development - Research and development expenses for the year amounted to approximately RMB 103.07 million, an increase of about RMB 2.01 million compared to the previous year[9] Impairment Losses - The company faced increased impairment losses due to higher accounts receivable and inventory valuation declines, with credit impairment losses rising by approximately RMB 3.20 million and asset impairment losses by approximately RMB 3.52 million[9]

| A 股证券代码：688385 | 证券简称：复旦微电 | 公告编号：2024-061 | | --- | --- | --- | | 港股证券代码：01385 | 证券简称：上海复旦 | | 上海复旦微电子集团股份有限公司 关于召开 2024 年第三季度业绩说明会公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 上海复旦微电子集团股份有限公司（以下简称"公司"、"复旦微电"）于 2024 年 10 月 31 日披露公司 2024 年第三季度报告。为便于广大投资者更全面 深入地了解公司报告期内的经营成果、财务状况，公司计划于 2024 年 11 月 7 日下午 16:00-17:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进 行交流。 一、说明会类型 本次投资者说明会以网络文字互动方式召开，公司将针对 2024 年第三季度 经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允 许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 会议召开时间：202 ...

Financial Performance - The company's revenue for Q3 2024 was approximately 889.55 million RMB, a decrease of 5.55% compared to the same period last year[4]. - Net profit attributable to shareholders for Q3 2024 was approximately 79.15 million RMB, down 60.60% year-on-year[4]. - The cumulative revenue from January to September 2024 was approximately 2.684 billion RMB, a decrease of 1.99% compared to the same period last year[3]. - The cumulative net profit attributable to shareholders from January to September 2024 was approximately 427.24 million RMB, a decrease of 34.29% year-on-year[3]. - The gross profit margin for the product lines decreased from 64.58% to 55.05% year-on-year[4]. - The net profit attributable to shareholders decreased by 60.60% in the current reporting period[8]. - The net profit attributable to shareholders for the year-to-date period decreased by 34.29% due to intense market competition and declining product sales prices[8]. - The basic earnings per share for the current period dropped by 60.00%[8]. - The diluted earnings per share for the current period decreased by 58.33%[8]. - The company's net profit for the first three quarters was impacted by increased financial expenses, which rose to CNY 30,912,304.13 from CNY 5,339,727.34[20]. - The net profit for Q3 2024 was CNY 410,937,493.42, a decrease of 38% compared to CNY 663,928,750.13 in Q3 2023[22]. - The total comprehensive income for Q3 2024 was CNY 410,707,235.92, down from CNY 665,640,026.72 in the same period last year[23]. - Basic earnings per share for Q3 2024 were CNY 0.52, compared to CNY 0.80 in Q3 2023, reflecting a decline of 35%[23]. Research and Development - R&D expenses for Q3 2024 totaled approximately 301.68 million RMB, accounting for 33.91% of revenue, an increase of 3.12 percentage points year-on-year[3]. - The company is facing challenges due to increased R&D expenses and a decline in comprehensive gross profit margin[8]. - Research and development expenses reached CNY 803,837,831.02, an increase of 6.1% compared to CNY 757,831,871.78 in the prior year[20]. Assets and Liabilities - The company's total assets as of the end of Q3 2024 were approximately 88.42 billion RMB, an increase of 5.12% from the end of the previous year[3]. - Total assets amounted to CNY 8,841,772,247.60, an increase from CNY 8,411,350,886.39, representing a growth of 5.1%[19]. - Total liabilities increased to CNY 2,500,835,885.21 from CNY 2,449,649,077.25, marking a rise of 2.1%[19]. Cash Flow and Investments - Cash and cash equivalents decreased to CNY 723,801,076.42 from CNY 1,003,337,496.96, a decline of 27.8%[17]. - Accounts receivable rose significantly to CNY 1,489,881,836.30, up 60.2% from CNY 929,619,309.54[17]. - Inventory increased slightly to CNY 3,219,853,349.45, compared to CNY 3,177,370,636.58, reflecting a growth of 1.3%[17]. - The company reported a decrease in cash flow from operating activities, indicating potential liquidity challenges moving forward[20]. - Cash flow from operating activities for the first three quarters of 2024 was CNY 115,359,903.56, a significant improvement from a negative cash flow of CNY -1,102,588,369.69 in the same period last year[25]. - Cash inflow from investment activities in Q3 2024 was CNY 765,352,925.37, compared to CNY 626,636,738.23 in Q3 2023, indicating a 22% increase[25]. - The company reported a net cash outflow from investment activities of CNY -506,311,590.08 for Q3 2024, worsening from CNY -378,716,377.86 in Q3 2023[25]. - Total cash and cash equivalents at the end of Q3 2024 were CNY 703,756,076.42, down from CNY 727,223,855.98 at the end of Q3 2023[25]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 26,083[9]. - The largest shareholder, Hong Kong Central Clearing Limited, holds 284,196,830 shares, accounting for 34.70% of total shares[9]. - The second largest shareholder, Shanghai Fudan Microelectronics Group Co., Ltd., holds 109,620,000 shares, representing 13.38%[9]. Market Competition - The company faced intense competition in the market, leading to adjustments in product pricing and a decline in overall gross margin[5]. - The company has reported a 59.77% decrease in net profit after deducting non-recurring gains and losses for the current period[8].

Revenue Estimates - For the period from January 1, 2024, to September 30, 2024, the estimated revenue is expected to be between RMB 2,660 million and RMB 2,700 million, representing a year-on-year decrease of 2.85% to 1.39%[2]. - The previous year's revenue was RMB 2,738 million, and the net profit attributable to the parent company was RMB 650 million[2]. Profit Estimates - The estimated net profit attributable to the parent company is expected to be between RMB 400 million and RMB 450 million, reflecting a year-on-year decrease of 38.48% to 30.78%[2]. - The estimated net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between RMB 370 million and RMB 400 million, indicating a year-on-year decrease of 38.69% to 33.72%[2]. Factors Affecting Performance - The decline in revenue and profit is attributed to intense market competition, price adjustments, and changes in product mix, leading to a decrease in overall gross margin[3]. - R&D expenses have increased due to ongoing product and technology iterations and a diversified supplier base[3]. Forecast Accuracy - The company has not identified any significant uncertainties affecting the accuracy of this earnings forecast[4]. - The data provided is preliminary and subject to change, with the final figures to be disclosed in the official Q3 2024 report[5].

| A 股证券代码：688385 | 证券简称：复旦微电 | 公告编号：2024-058 | | --- | --- | --- | | 港股证券代码：01385 | 证券简称：上海复旦 | | 上海复旦微电子集团股份有限公司 1、上海政本企业管理咨询合伙企业（有限合伙） | 名称 | 上海政本企业管理咨询合伙企业（有限合伙） | | --- | --- | | 注册地址 | 上海市杨浦区国泰路11号1层展示厅A179室 | | 执行事务合伙人 | 上海晔莘企业管理有限公司注 | | 注册资本 | 522.6727万元 | 本次权益变动系上海政本企业管理咨询合伙企业（有限合伙）（以下简称： "上海政本"）及其一致行动人上海年锦企业管理咨询合伙企业（有限 合伙）（以下简称"上海年锦"）因减持、被动稀释、司法处置导致其持 有的复旦微电股份比例变动至 5%以下，不触及要约收购。 本次权益变动后，信息披露义务人（上海政本、上海年锦）合计持有公 司股份比例由 8.185%（总股本以 816,656,500 股计）减少至 4.800%（总 股本以 819,060,400 股计），不再是公司持股 5%以上的股东，本次变动不 ...

根据本次发行项目进展和公司实际情况，结合已披露的公司 2024 年半 年度报告，公司按照中国证监会《监管规则适用指引——发行类第 7 号》等 规定的要求会同中介机构对募集说明书等申请文件的财务数据及其他变动 事 项 进 行 了 同 步 更 新 ， 具 体 内 容 详 见 公 司 同 日 在 上 交 所 网 站 （http://www.sse.com.cn）披露的《上海复旦微电子集团股份有限公司向不特 定对象发行 A 股可转换公司债券募集说明书（注册稿）（2024 年半年度财务 数据更新版）》等相关文件。 公司董事会将根据相关法律法规及上述批复文件的要求，在公司股东大 会的授权范围内办理本次向不特定对象发行可转换公司债券的相关事宜。公 司本次向不特定对象发行可转换公司债券有效期续期的事项尚需获得股东 大会通过，公司将根据该事项的进展情况，按照有关规定和要求及时履行信 1 息披露义务。 敬请广大投资者注意投资风险。 | A 股证券代码：688385 | 证券简称：复旦微电 | 公告编号：2024-056 | | --- | --- | --- | | 港股证券代码：01385 | 证券简称：上海复旦 | | 上海 ...

| A 股证券代码：688385 | 证券简称：复旦微电 | 公告编号：2024-052 | | --- | --- | --- | | 港股证券代码：01385 | 证券简称：上海复旦 | | 上海复旦微电子集团股份有限公司 根据中国证券监督管理委员会于 2021 年 6 月 1 日出具的《关于同意上海复 旦微电子集团股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕 1874 号），同意公司首次公开发行股票的注册申请。公司本次向社会公开发行 人民币普通股 12,000.00 万股，每股发行价格为人民币 6.23 元，募集资金总额 为人民币 74,760.00 万元；扣除发行费用后实际募集资金净额为人民币 68,028.28 万元。天健会计师事务所（特殊普通合伙）于 2021 年 7 月 30 日对本 次发行的资金到位情况进行了审验，并出具了天健验〔2021〕6-70 号《验资报 告》。 为规范公司募集资金管理和使用，保护投资者权益，公司设立了相关募集 资金专项账户。募集资金到账后，已全部存放于募集资金专项账户内，本公司 已与保荐人中信建投证券股份有限公司及存放募集资金的商业银行签订了《募 集资 ...