证券代码：603893 证券简称：瑞芯微 瑞芯微电子股份有限公司 投资者关系活动记录表 （2024 年第三季度业绩说明会） | --- | --- | --- | --- | --- | --- | |------------|---------------------------------------------------------------------------------------------|------------------------------------------|-------------------------------------------------------|--------|--------------------------------------------------------------------------| | | | | | | | | 投资者关系 | □特定对象调研 □分析师会议 | | □媒体采访 | | 业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | □现场参观 □ 其他 | | | | 参与单位 | 投资者提问 | ...

Investment Rating - Buy rating maintained for Rockchip Microelectronics (603893) [2] Core Views - Strong recovery in performance with new products expected to drive growth [2] - Downstream demand has fully rebounded, with potential for further improvement in gross margin [3] - New products are rapidly gaining market share, with multiple product lines expected to see increased market penetration [3] Financial Performance - Revenue for the first three quarters of 2024 reached 2.16 billion yuan, a year-on-year increase of 48.47% [2] - Net profit attributable to the parent company for the first three quarters of 2024 was 352 million yuan, a year-on-year increase of 354.90% [2] - Q3 2024 revenue was 911 million yuan, a year-on-year increase of 51.36%, and a quarter-on-quarter increase of 29.12% [2] - Q3 2024 net profit attributable to the parent company was 169 million yuan, a year-on-year increase of 221.68%, and a quarter-on-quarter increase of 46.75% [2] - Gross margin for Q3 2024 was 37.34%, up 1.26 percentage points year-on-year and 0.48 percentage points quarter-on-quarter [3] - Net profit margin for Q3 2024 was 18.54%, up 9.82 percentage points year-on-year and 2.23 percentage points quarter-on-quarter [3] Market and Product Analysis - Downstream demand recovery is evident in automotive electronics, industrial, and consumer markets, driven by AIoT demand [3] - New products such as RK3576, RK2118, and RV1103B are being rapidly adopted by leading customers in target markets [3] - RK3576 has been introduced to leading customers in target scenarios, while RK2118 is undergoing testing with leading automotive companies and collaborating with top audio manufacturers [3] - The company's "Goose Formation Strategy" with RK3588 series as the flagship has enabled it to serve diverse market needs, with further market share growth expected in AIoT product lines [3] Financial Projections - Revenue for 2024-2026 is projected to be 3.219 billion yuan, 4.225 billion yuan, and 5.323 billion yuan, respectively [4] - Net profit attributable to the parent company for 2024-2026 is projected to be 537 million yuan, 796 million yuan, and 1.086 billion yuan, respectively [4] - EPS for 2024-2026 is projected to be 1.28 yuan, 1.90 yuan, and 2.60 yuan, respectively [5] - PE ratios for 2024-2026 are projected to be 70x, 47x, and 35x, respectively [4] Valuation Metrics - Current PE ratio is 281.34 [1] - PB ratio for 2024-2026 is projected to be 10.05x, 8.29x, and 6.69x, respectively [5] - EV/EBITDA for 2024-2026 is projected to be 78.23x, 50.26x, and 35.34x, respectively [5]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 106.10 [4][7]. Core Insights - The company achieved a record high revenue of RMB 911 million in Q3 2024, representing a year-over-year increase of 51.36% and a quarter-over-quarter increase of 29.12%. The net profit attributable to the parent company was RMB 169 million, up 221.68% year-over-year and 46.75% quarter-over-quarter, slightly exceeding the forecasted median of RMB 163 million [4][5]. - The growth is attributed to the company's increasing market share in the AIoT sector, particularly in automotive electronics and various industrial and consumer markets. The third quarter is traditionally a peak season for the industry, contributing to the revenue surge [4][5]. - The gross margin for Q3 2024 reached 37.34%, an increase of 1.26 percentage points year-over-year and 0.48 percentage points quarter-over-quarter, driven by cost optimization and a higher proportion of mid-to-high-end products [5][6]. Summary by Sections Financial Performance - Q3 2024 revenue was RMB 911 million, with a year-over-year growth of 51.36% and a quarter-over-quarter growth of 29.12%. The net profit was RMB 169 million, reflecting a year-over-year increase of 221.68% [4][5]. - The company’s gross margin improved to 37.34%, benefiting from cost management and product mix enhancement [5][6]. Market Outlook - For Q4 2024, a seasonal fluctuation in consumer revenue is anticipated, but the company has diversified its market presence across multiple sectors, which should help mitigate these effects. The gross margin is expected to remain stable in the long term due to ongoing trends towards high-end products [6][7]. - The company has established a new marketing system focused on product lines, particularly the RK3588 series, to cater to various market needs, including automotive electronics and AIoT applications [6][7]. Revenue and Profit Forecast - Revenue forecasts for 2024-2026 have been revised upwards to RMB 30.74 billion, RMB 39.20 billion, and RMB 48.06 billion, respectively. Net profit forecasts have also been increased to RMB 5.03 billion, RMB 7.27 billion, and RMB 10 billion for the same period [7][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has exceeded expectations in its performance for Q1-Q3 2024, driven by the continuous penetration of edge AI and the ramp-up of new products, indicating strong growth potential [2][3] - The revenue for Q1-Q3 2024 reached 2.16 billion yuan, representing a year-on-year increase of 48.47%, while the net profit attributable to shareholders was 352 million yuan, up 354.90% year-on-year [2] - The company is expected to maintain robust growth with new products contributing significantly to revenue, with forecasts for net profit attributable to shareholders for 2024-2026 at 548 million, 855 million, and 1.25 billion yuan respectively [2][3] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 911 million yuan, a year-on-year increase of 51.36% and a quarter-on-quarter increase of 29.12% [2] - The gross margin for Q1-Q3 2024 was 36.52%, an increase of 1.70 percentage points year-on-year, while Q3 2024 gross margin was 37.34%, up 1.26 percentage points year-on-year [2] - The company’s new products, including RK3576, RK2118, and RV1103B, have shown promising adoption among leading clients, contributing to revenue growth [3] Market Demand and Product Development - The demand for AIoT products has been growing across various product lines, benefiting from the overall increase in the AIoT market and the company's strategic product matrix [3] - The company is positioned as a leader in AIoT SoC, with a diverse range of self-developed NPU capabilities, which is expected to enhance its competitive edge in the market [4] Future Outlook - Short-term outlook remains positive with new products expected to contribute to revenue in 2025, while long-term growth is anticipated as the company expands its AIoT chip product matrix [4] - The company’s financial forecasts indicate a significant recovery and growth trajectory, with expected revenue growth rates of 53.3%, 27.8%, and 28.7% for 2024, 2025, and 2026 respectively [5][6]

北京国枫律师事务所 关于瑞芯微电子股份有限公司 2022 年股票期权与限制性股票激励计划之 注销部分股票期权的 法律意见书 国枫律证字[2022] AN012-14号 GRANDWAY 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 邮编: 100005 电话（Tel）: 010-88004488/66090088 传真（Fax）: 010-66090016 北京国枫律师事务所 关于瑞芯微电子股份有限公司 2022 年股票期权与限制性股票激励计划之 注销部分股票期权的 法律意见书 国枫律证字[2022]AN012-14 号 致: 瑞芯微电子股份有限公司（以下称"瑞芯微"或"公司"） 根据《中华人民共和国公司法》(以下称"《公司法》")、《中华人民共 和国证券法》(以下称"《证券法》")、《上市公司股权激励管理办法》(以 下称"《管理办法》")等有关法律、法规、规章及规范性文件的规定,北京国 枫律师事务所(以下称"本所")接受瑞芯微的委托,担任瑞芯微2022年股票 期权与限制性股票激励计划(以下称"本次股权激励计划")的特聘专项法律顾 问 ...

一、本次注销股票期权的授权及批准情况 1、2022 年 2 月 16 日，公司召开 2022 年第一次临时股东大会，审议通过《关 于<瑞芯微电子股份有限公司 2022 年股票期权与限制性股票激励计划（草案）> 及其摘要的议案》《关于提请股东大会授权董事会办理公司 2022 股票期权与限 制性股票激励计划相关事项的议案》。 2、2022 年 12 月 13 日，公司召开 2022 年第三次临时股东大会，审议通过 《关于<瑞芯微电子股份有限公司 2022 年第二期股票期权与限制性股票激励计 划（草案）>及其摘要的议案》《关于提请股东大会授权董事会办理公司 2022 第二期股票期权与限制性股票激励计划相关事项的议案》。 证券代码：603893 证券简称：瑞芯微 公告编号：2024-067 瑞芯微电子股份有限公司 关于注销部分股票期权的公告 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、准确性和完整性承担个别及连带责任。 重要内容提示： 本次注销股票期权数量：31,500 份 瑞芯微电子股份有限公司（以下简称"公司"）于 2024 年 10 月 22 日分别 召 ...

瑞芯微电子股份有限公司（以下简称"公司"）第三届董事会第三十四次会 议通知和材料于 2024 年 10 月 18 日以电子邮件方式向全体董事、监事及高级管 理人员发出，会议于 2024 年 10 月 22 日在公司会议室以现场结合通讯会议方式 召开。会议应出席董事 5 名，实际出席董事 5 名，公司监事及高级管理人员列席 了本次会议。会议由董事长励民先生主持。本次会议的召集、召开符合有关法律、 法规、规范性文件及《公司章程》的规定，会议合法有效。 第三届董事会第三十四次会议决议公告 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、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 二、董事会会议审议情况 1、审议通过《关于<2024 年第三季度报告>的议案》 公司 2024 年第三季度报告的编制和审议程序符合法律法规、上海证券交易 所相关规定的要求，报告的内容能够真实、准确、完整地反映公司 2024 年第三 季度的财务状况和经营成果。 证券代码：603893 证券简称：瑞芯微 公告编号：2024-064 瑞芯微电子股份有限公司 1 公司董事会同意继 ...

拟聘任的会计师事务所名称：天健会计师事务所（特殊普通合伙）（以 下简称"天健会计师事务所"） 重要内容提示： 证券代码：603893 证券简称：瑞芯微 公告编号：2024-066 瑞芯微电子股份有限公司 关于续聘会计师事务所的公告 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、准确性和完整性承担个别及连带责任。 瑞芯微电子股份有限公司（以下简称"公司"或"本公司"）于 2024 年 10 月 22 日召开第三届董事会第三十四次会议，审议通过《关于续聘会计师事务所 的议案》，该议案尚需提交公司股东大会审议。现将具体情况公告如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 上年度末，天健会计师事务所累计已计提职业风险基金 1 亿元以上，购买的 职业保险累计赔偿限额超过 1 亿元，职业风险基金计提及职业保险购买符合财政 部关于《会计师事务所职业风险基金管理办法》等文件的相关规定。天健会计师 事务所近三年未因执业行为在相关民事诉讼中被判定需承担民事责任。 3、诚信记录 天健会计师事务所近三年（2021 年 1 月 1 日至 2023 年 12 月 31 ...

GRANDWAY 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 邮编: 100005 电话（Tel）: 010-88004488/66090088 传真（Fax）: 010-66090016 北京国枫律师事务所 关于瑞芯微电子股份有限公司 2024 年第一期股票期权与限制性股票激励计划 注销部分股票期权的 法律意见书 国枫律证字[2024]AN025-5号 北京国枫律师事务所 关于瑞芯微电子股份有限公司 2024 年第一期股票期权与限制性股票激励计划 注销部分股票期权的 法律意见书 国枫律证字[2024]AN025-5 号 致:瑞芯微电子股份有限公司（以下称"瑞芯微"或"公司"） 根据《中华人民共和国公司法》(以下称"《公司法》")、《中华人民共 和国证券法》(以下称"《证券法》")、《上市公司股权激励管理办法》(以 下称"《管理办法》")等有关法律、法规、规章及规范性文件的规定,北京国 枫律师事务所(以下称"本所")接受瑞芯微的委托,担任瑞芯微 2024年第一 期股票期权与限制性股票激励计划(以下称"本次股权激励计划")的特聘专项 ...

证券代码：603893 证券简称：瑞芯微 公告编号：2024-065 第三届监事会第三十二次会议决议公告 本公司监事会及全体监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、准确性和完整性承担个别及连带责任。 一、 监事会会议召开情况 瑞芯微电子股份有限公司（以下简称"公司"）第三届监事会第三十二次会 议通知和材料于2024年10月18日以电子邮件方式向全体监事发出，会议于2024 年 10 月 22 日在公司会议室以现场结合通讯会议方式召开。会议应到监事 3 人， 实到监事 3 人，会议由监事会主席方赛鸿先生主持。本次会议的召集、召开符合 有关法律、法规、规范性文件及《公司章程》的规定，会议合法有效。 二、监事会会议审议情况 1、审议通过《关于<2024 年第三季度报告>的议案》 经核查，监事会认为： 1、公司 2024 年第三季度报告的编制和审议程序符合法律法规、上海证券交 易所相关规定的要求，报告的内容能够真实、准确、完整地反映公司 2024 年第 三季度的财务状况和经营成果。 2、2024 年第三季度报告编制过程中，未发现公司参与 2024 年第三季度报 告编制和审议 ...