Financial Performance - Revenue for Q1 2024 reached 1.378 billion yuan, a year-on-year increase of 33.16%[4] - Net profit attributable to shareholders of the listed company surged by 319.05% to 127.55 million yuan[4] - Operating revenue for Q1 2024 was 1,378,372,649.52, up from 1,035,149,855.80 in Q1 2023[21] - Operating costs increased to 1,259,913,219.90 from 985,013,292.60 year-over-year[21] - Operating profit for Q1 2024 reached RMB 129,086,543.77, a significant increase from RMB 26,222,850.91 in Q1 2023[22] - Net profit attributable to parent company shareholders was RMB 127,546,238.12 in Q1 2024, compared to RMB 30,437,312.40 in Q1 2023[22] - Basic and diluted earnings per share for Q1 2024 were RMB 0.30, up from RMB 0.07 in Q1 2023[23] - Total comprehensive income for Q1 2024 was RMB 128,734,567.89, a substantial increase from RMB 23,586,477.59 in Q1 2023[22] R&D and Innovation - R&D expenses for Q1 2024 amounted to 328.47 million yuan, a 16.28% increase compared to the same period last year[6] - The company successfully taped out its first 6nm commercial chip and a new Wi-Fi product supporting Wi-Fi 6, BT 5.4, and 802.15.4[7] - The 8K chip has passed operator certification tests and is set for mass commercial use in the domestic operator market[7] - The number of R&D personnel increased by 116 compared to Q1 2023, with R&D expenses rising by 46 million yuan[7] - R&D expenses grew to 328,471,312.14 from 282,475,546.21 compared to the same period last year[21] Cash Flow and Financial Position - Operating cash flow surged by 1,069.25% to 297.49 million yuan[4] - Cash received from sales of goods and services in Q1 2024 was RMB 1,445,958,386.70, a 42.4% increase from RMB 1,015,260,762.28 in Q1 2023[24] - Net cash flow from operating activities in Q1 2024 was RMB 297,491,433.44, a significant rise from RMB 25,442,945.66 in Q1 2023[25] - Net cash flow from investing activities in Q1 2024 was RMB 157,508,331.38, compared to RMB 87,775,598.57 in Q1 2023[25] - Net cash flow from financing activities in Q1 2024 was RMB 15,262,167.35, down from RMB 31,625,219.31 in Q1 2023[25] - Cash and cash equivalents at the end of Q1 2024 stood at RMB 1,250,183,035.94, slightly lower than RMB 1,265,150,579.63 at the end of Q1 2023[25] - The company's monetary funds increased to 3,057,662,265.56 RMB as of March 31, 2024, up from 2,506,951,127.95 RMB at the end of 2023[17] - Trade receivables rose to 224,297,604.91 RMB in Q1 2024, compared to 218,028,597.94 RMB at the end of 2023[17] - Inventory decreased slightly to 1,230,384,179.01 RMB in Q1 2024 from 1,244,553,356.80 RMB at the end of 2023[17] - Total current assets grew to 5,440,422,728.51 RMB in Q1 2024, up from 5,147,520,533.37 RMB at the end of 2023[17] - Total assets increased by 4.46% to 6.639 billion yuan compared to the end of the previous year[6] - Total assets increased to 6,639,296,912.72 from 6,356,060,784.25 compared to the previous quarter[18] - Non-current assets totaled 1,198,874,184.21, slightly down from 1,208,540,250.88 in the previous quarter[18] - Long-term equity investments remained stable at 81,702,704.41[18] - Fixed assets decreased to 256,432,963.98 from 262,768,275.68[18] - Total liabilities increased to 964,767,604.47 from 867,003,410.77[19] - Owner's equity rose to 5,674,529,308.25 from 5,489,057,373.48[19] Shareholder Information - The top shareholder, Amlogic (Hong Kong) Limited, holds 121,350,840 shares of common stock[13] - China Merchants Bank Co., Ltd. - ChinaAMC SSE STAR Market 50 ETF holds 19,332,542 shares, representing 4.62% of total shares[13] - China Merchants Bank Co., Ltd. - Invesco Great Wall Mix Fund holds 17,669,408 shares, representing 4.22% of total shares[13] - Industrial and Commercial Bank of China - E Fund SSE STAR Market 50 ETF holds 11,967,454 shares, representing 2.86% of total shares[13] - Huayu Automotive Systems (Shanghai) Co., Ltd. holds 11,350,124 shares, representing 2.71% of total shares[13] - Hong Kong Securities Clearing Company Limited holds 10,469,841 shares, representing 2.50% of total shares[14] Market and Product Expansion - The company expects further revenue growth in Q2 2024 and the full year, driven by new market expansion and product launches[7] - The T-series chip sales revenue grew by over 100% year-on-year in Q1 2024[7] Financial Expenses and Benefits - Financial expenses showed a significant improvement, with a net benefit of -36,137,365.88 compared to a cost of 5,552,350.69 in Q1 2023[21]

证券代码：688099 证券简称：晶晨股份 晶晨半导体（上海）股份有限公司投资者关系活动记录表 编号：2024-002 投 资 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 者 关 □新闻发布会 □路演活动 系 活 □现场参观 动 类 □其他 （请文字说明其他活动内容） 别 参 与 国信证券 太平基金 单 位 野村资管 名称 ...

证券代码：688099 证券简称：晶晨股份 晶晨半导体（上海）股份有限公司 2023 年年度股东大会会议资料 2024 年 5 月 | | 2023 年年度股东大会会议须知 1 | | --- | --- | | | 2023 年年度股东大会会议议程 3 | | | 2023 年年度股东大会会议议案 5 | | 议案一： | 关于《2023 年度董事会工作报告》的议案 5 | | 议案一附件： | 2023 年度董事会工作报告 6 | | 议案二： | 关于《2023 年度监事会工作报告》的议案 9 | | 议案二附件： | 2023 年度监事会工作报告 10 | | 议案三： | 年度财务决算报告及 关于《2023 2024 年度财务预算报告》的议案 16 | | 议案三附件： | 2023 年度财务决算报告 17 | | 议案三附件： | 2024 年度财务预算报告 21 | | 议案四： | 关于《2023 年年度报告》及其摘要的议案 23 | | 议案五： | 关于《2023 年年度利润分配预案》的议案 24 | | 议案六： | 关于聘任 2024 年度审计机构的议案 26 | | 议案七： 关于 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨晶晨股份（ ） 688099.SH [多Ta产b品le_开T花itle，] 业绩持续增长 报告要点 [2T0a2b3le年_S，u公mm司a实ry现] 营收53.71亿元、同比-3.14%，实现归母净利润4.98亿元、同比-31.46%。 2023Q4公司实现营收15.13亿元、同比+32.17%、环比+0.39%，实现归母净利润1.84亿元、 同比+296.79%、环比+42.82%。2024Q1，公司预计实现营收13.78亿元、同比+33.12%，实 现归母净利润1.25亿元、同比+310.68%。 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [5][8]. Core Insights - The company has shown a gradual recovery from the industry downturn, with a significant improvement in quarterly performance starting from Q2 2023. The Q4 2023 revenue reached 15.13 billion yuan, marking a year-on-year increase of 32.17% and a quarter-on-quarter increase of 0.39%. The net profit for Q4 2023 was 1.84 billion yuan, up 296.79% year-on-year and 42.82% quarter-on-quarter [3]. - For Q1 2024, the company is projected to achieve approximately 13.78 billion yuan in revenue, representing a year-on-year growth of about 33.12%, and a net profit of around 1.25 billion yuan, which is an increase of approximately 310.68% year-on-year [3]. - The company has maintained a high level of research and development investment, with R&D expenses amounting to 12.83 billion yuan in 2023, a year-on-year increase of 8.21%. The number of R&D personnel also increased by 99 [3]. Financial Summary - In 2023, the company reported total revenue of 53.71 billion yuan, a decrease of 3.14% year-on-year, and a net profit of 4.98 billion yuan, down 31.46% year-on-year. The projected revenues for 2024, 2025, and 2026 are 64.10 billion yuan, 78.32 billion yuan, and 94.15 billion yuan, respectively, with corresponding net profits of 7.13 billion yuan, 9.90 billion yuan, and 12.48 billion yuan [5][7]. - The company’s earnings per share (EPS) for 2023 was 1.19 yuan, with projections of 1.70 yuan for 2024, 2.37 yuan for 2025, and 2.98 yuan for 2026. The price-to-earnings (P/E) ratios for these years are expected to be 44.52, 31.10, 22.40, and 17.77, respectively [5][7].

证券代码：688099 证券简称：晶晨股份 晶晨半导体（上海）股份有限公司投资者关系活动记录表 编号：2024-001 投 资 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 者 关 □新闻发布会 □路演活动 系 活 □现场参观 动 类 □其他 （请文字说明其他活动内容） 别 参 与 香港惠理基金 国泰基金 单 位 中邮证券 名称 ...

Investment Rating - Buy (Maintained) with a target price of 68.00 yuan (6 months) [1] Core Views - The company achieved revenue of 5.37 billion yuan in 2023, a year-on-year decrease of 3.1%, and net profit attributable to the parent company of 500 million yuan, a year-on-year decrease of 31.5% [2] - For Q1 2024, the company expects revenue of 1.38 billion yuan, a year-on-year increase of 33.1%, and net profit attributable to the parent company of 130 million yuan, a year-on-year increase of 310.7% [2] - Q4 2023 saw significant improvement in gross margin, reaching 39.1%, up 3.1 percentage points quarter-on-quarter [2] - The company's first 6nm commercial chip has been successfully taped out, with potential applications in automotive and smart devices [2] - The company's WiFi tri-mode chip (WiFi 6+BT 5.4+802.15.4) has been successfully taped out, supporting Thread/Zigbee and enabling applications in IoT gateways and Matter controllers [2] - The 8K chip has passed operator certification tests and is expected to enter mass commercial use in the domestic operator market [2] Financial Performance - Revenue for 2023 was 5.37 billion yuan, a year-on-year decrease of 3.1% [2] - Net profit attributable to the parent company for 2023 was 500 million yuan, a year-on-year decrease of 31.5% [2] - Q4 2023 revenue was 1.51 billion yuan, a year-on-year increase of 32.2%, with net profit attributable to the parent company of 180 million yuan, a year-on-year increase of 296.8% [2] - Gross margin in Q4 2023 improved to 39.1%, up 3.1 percentage points quarter-on-quarter [2] - R&D expenses in Q1 2024 were 330 million yuan, with share-based payment expenses of 40 million yuan [2] Product and Market Outlook - Global smart set-top box shipments are expected to grow by 8.79% in 2024, driven by economic stabilization and the "smart replacement" trend [2] - The company has deepened cooperation with Google, Amazon, Roku, and RDK TV, and added new ecosystem partners such as Xumo and TIVO TV in 2023 [2] - The company's S-series chips are benefiting from the recovery in set-top box demand, while the T-series is gaining market share overseas [9] - The W-series WiFi6 products were successfully shipped in 2023, and the new tri-mode chip is expected to enter mass production soon [9] Financial Projections - Revenue for 2024-2026 is projected to be 6.54 billion yuan (+21.8%), 7.89 billion yuan (+20.7%), and 9.55 billion yuan (+21%) respectively [9] - Net profit attributable to the parent company for 2024-2026 is projected to be 710 million yuan (+42.5%), 940 million yuan (+31.9%), and 1.13 billion yuan (+21%) respectively [9] - EPS for 2024-2026 is projected to be 1.70 yuan, 2.24 yuan, and 2.71 yuan respectively [9] - The company's PE ratio for 2024-2026 is projected to be 32x, 24x, and 20x respectively [9] Valuation - The target price of 68.00 yuan is based on a 40x PE ratio for 2024 [9] - The average PE ratio of three comparable companies in the chip design industry is 57x for 2024 [9] - The company's three-year compound growth rate for net profit is expected to be 31.5% [9]

Investment Rating - Buy (Maintained) [2] Core Views - The company, Jingcheng Co Ltd (688099 SH), has shown a steady recovery from the industry downturn, with revenue increasing for three consecutive quarters in 2023 and a significant year-on-year growth of 33 12% in Q1 2024 [4] - Despite a decline in net profit in 2023, the company achieved a 42 82% quarter-on-quarter increase in Q4 2023, indicating a turnaround in profitability [4] - The company has maintained high R&D investment during the industry downturn, leading to the successful launch of new products such as 8K ultra-high-definition SoC chips and next-generation T-series chips [5] - The company has expanded its product matrix and accumulated a stable customer base, including major players like ZTE, Alibaba, Google, and BMW [5] - The company expects further revenue growth in 2024, supported by its stock incentive plan and continuous product innovation [4] Financial Performance and Forecast - In 2023, the company reported revenue of 5 371 billion yuan, a year-on-year decrease of 3 14%, and net profit of 498 million yuan, a year-on-year decrease of 31 46% [4] - For Q1 2024, the company expects revenue of 1 378 billion yuan, a year-on-year increase of 33 12%, and net profit of 125 million yuan, a year-on-year increase of 310 68% [4] - The company's gross margin in 2023 was 36 41%, slightly down by 0 69 percentage points due to rising raw material costs [4] - The company forecasts revenue of 6 525 billion yuan, 8 018 billion yuan, and 10 037 billion yuan for 2024, 2025, and 2026, respectively, with net profit expected to reach 753 million yuan, 1 111 billion yuan, and 1 493 billion yuan in the same periods [5] - The company's PE ratio is projected to be 29x, 20x, and 15x for 2024, 2025, and 2026, respectively [5] Product and Market Development - The company has successfully launched several new products, including 8K ultra-high-definition SoC chips, next-generation T-series chips, and second-generation Wi-Fi Bluetooth chips, which have been commercialized and adopted by major clients [5] - The company's automotive electronics chips have been mass-produced and adopted by leading car manufacturers such as BMW, Lincoln, and Zeekr [5] - The company has established a strong presence in both domestic and international markets, with its products widely used by major operators and enterprises, including China Mobile, Xiaomi, and Samsung [5] R&D and Innovation - The company increased its R&D personnel by 99 in 2023, with R&D expenses reaching 1 283 billion yuan, an increase of 97 million yuan compared to 2022 [5] - The company's R&D efforts have resulted in significant technological advancements, including the adoption of 12nm FinFET technology in its T-series chips and the development of Wi-Fi 6 2T2R and BT 5 4 chips [5] Stock Incentive Plan - The company implemented two stock incentive plans in 2023, with expected payments of 99 05 million yuan, 47 44 million yuan, 17 45 million yuan, and 3 30 million yuan for 2024, 2025, 2026, and 2027, respectively, reflecting confidence in future performance [4]

集成电路 晶晨股份（688099.SH） 买入-A(首次) 业绩逐季修复，新品驱动第二成长曲线 2024年4月15日 公司研究/动态分析 公司近一年市场表现 投资要点： 公司发布2023年年报，以及2024年一季度业绩预告。2023年公司实现营收 53.71亿元，同比-3.14%；归母净利润4.98亿元，同比-31.46%；扣非后归母 净利润3.85亿元，同比-42.39%。2023年四季度营收15.13亿元，同比+32.17%， 归母净利润 1.84 亿元，同比+296.79%，扣非归母净利润 1.18 亿元，同比 +331.96%。预计2024年一季度营收13.78亿元左右，同比增长33.12%左右； 市场数据：2024年4月15日 归母净利润1.25亿元左右，同比增长310.68%左右；扣非归母净利润1.17亿 收盘价（元）： 53.18 元左右，同比+390.97%左右。 总股本（亿股）： 4.18 流通股本（亿股）： 4.18 流通市值（亿元）： 222.47 事件点评：  营收端2023年半导体行业下行影响公司收入增长，营收出现下滑，下半 基础数据：2023年12月31日 年逐季修复，24年一季 ...

晶晨股份（688099.SH）2023年年报点评 业绩快速回暖，新产品放量节奏顺利 2024年04月13日 ➢ 事件：4月12日，晶晨股份发布2023年年度报告及1Q24业绩预告。2023 推荐 维持评级 年度，公司实现营业收入53.71亿元，同比下降3.14%；归属于母公司所有者的 当前价格： 49.35元 净利润4.98亿元，同比下降31.46%；归属于母公司所有者的扣除非经常性损益 的净利润3.85亿元，同比下降42.39%。其中第四季度营业收入15.13亿元，同 比增长32.17%，第四季度归母净利润1.84亿元，同比增长296.79%。预计2024 年第一季度实现营业收入13.78亿元左右，同比增长33.12%左右；归属于母公 [T able_Author] 司所有者的净利润1.25亿元左右，同比增长310.68%左右；归属于母公司所有 者的扣除非经常性损益的净利润1.17亿元左右，同比增长390.97%左右。 ➢ 业绩快速回暖，盈利能力持续改善。公司多元化产品策略成果显著，市场份 额稳步提升，毛利率持续改善，4Q23 公司销售毛利率为 39.08%，环比提升 8.62pct。费用率来看，1Q24公 ...