Core Viewpoint - *ST Huamei's controlling shareholder will change to Jilin Provincial State-owned Assets Supervision and Administration Commission, and the stock will resume trading on June 26, 2025 [2][3][4] Group 1: Shareholder Change - Shanghai Pengsheng Technology Industry Co., Ltd. plans to transfer all its shares in *ST Huamei, totaling 214 million shares (22.32% of total share capital), to Jilin Yadong State-owned Capital Investment Co., Ltd. [7][8] - The transfer proceeds will primarily be used to repay the occupied funds and interest amounting to 1.556 billion yuan [7][9] Group 2: Financial and Regulatory Issues - *ST Huamei has faced internal control issues due to fund occupation and false disclosures, resulting in a fine of 10 million yuan from the Jilin Regulatory Bureau of the China Securities Regulatory Commission [12] - If *ST Huamei fails to recover 1.491 billion yuan of occupied funds by August 12, 2025, the Shanghai Stock Exchange will impose trading suspension and potential delisting warnings [12][13] Group 3: Company Overview - *ST Huamei is a national high-tech enterprise engaged in the design, research and development of power semiconductor devices, chip processing, packaging testing, and product marketing [13] - The company has a product range that includes IPM and PM modules, wide bandgap semiconductors, IGBT, MOS, FRD, SBD, SCR, and BJT, widely used in strategic emerging fields such as clean energy and automotive electronics [13] Group 4: Market Performance - As of June 18, *ST Huamei's stock price was 7.86 yuan per share, with a total market capitalization of 7.5 billion yuan [14]

我们调整了华润微2025、2026 年盈利预测，下调目标价至人民币52.9元，潜在升幅15%，维持"买入"评 级。 重申华润微的"买入"评级：华润微今年一季度的利润在去年低基数上保持较好的恢复和增长。从下游景 气度来看，1）虽然汽车电子增速有所下降，但是总量仍然受益于电动化智能化行业趋势而增长；2）消 费电子领域逐渐进入旺季，随着AI 创新带来的变化，将保持成长；3）新能源领域的需求也有望保持上 行；4）工控领域需求保持稳定。因此，在今年重庆和深圳产能持续释放的过程中，公司有业绩增长的 基本动能。 目前，华润微远期市盈率为44.8x，相对历史高位估值还有上行空间，重申"买入"评级。 一季度收入和利润录得同比增长：1）华润微一季度营收23.6 亿元，同比增长11%，环比下降11%。毛 利率为25.3%，同比下降1.2 个百分点，环比下降2.1 个百分点。同比下降是受到高端掩膜产能工厂带来 的折旧影响，环比下降主要由于折旧和价格的影响。一季度营业费用率为19.3%，同比下降2.6 个百分 点，环比增长2.6 个百分点。公司营业利润为人民币1.4 亿元，同比增长46%，环比下降50%。公司录得 净利润8,322 万 ...