晶合集成 20250429 摘要 • 晶合集成 2025 年一季度营收 25.7 亿元，同比增长约 15%，扣非净利润 约 1.35 亿元，现金流入接近 6 亿元，毛利率提升至 27%，显示出强劲的 增长势头和盈利能力改善。 • 公司积极进行产能扩充，计划 2025 年将产能从 13.8 万片提升至 16.5- 17 万片，主要用于 CIS 和高阶 55nm 产品，同时推进 40nm 和 28nm 节 点产品，其中 40nm 已量产，28nm 预计年底小批量生产。 • 技术应用领域方面，DDIC 营收占比从 67%降至 61%，CIS 从 18%升至 20%，PMIC 从 9%升至 11.5%，逻辑和 MCU 合计约 7%，表明公司在多 元化应用领域取得进展。 • 公司预计全年毛利率维持在 25%-27%之间，受益于稼动率提升和产品结 构调整，其中 DDIC 毛利率较高，CIS 随着放量逐步改善，电源管理也有 所好转。 • 40 纳米产品已进入批量生产阶段，28 纳米产品正处于客户验证阶段，预 计今年下半年可能实现小批量生产，高压工艺部分预计年底放量，但整体 进度因客户端需求调整有所放缓。 Q&A 请介绍一下 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 2.568 billion RMB in Q1 2025, representing a year-on-year growth of 15.25%, and a net profit attributable to the parent company of 135 million RMB, up 70.92% year-on-year [1][2] - The increase in net profit is primarily driven by revenue growth and high capacity utilization, along with a decrease in unit sales costs, leading to improved gross margins [1] - The semiconductor market is expected to continue its recovery, with the company benefiting from stable demand in LCD/TDDI and rapid revenue contributions from new platforms [2][3] Summary by Sections Q1 2025 Review - The global semiconductor market is recovering, with a projected sales increase of 20.3% year-on-year to 632.3 billion USD in 2024, positively impacting the company's revenue growth [2] - The company has successfully ramped up production of new platforms, including 55nm mid-to-high-end single-chip and stacked CIS chip processes, and has achieved mass production of 40nm high-voltage OLED chips [2] 2025 Outlook - The company is well-positioned to capitalize on growth opportunities in OLED, CIS, and automotive markets, with OLED demand expected to reach 860 million units in 2025, and a projected CAGR of 5.1% for the global CIS market from 2022 to 2028 [3] - The company is actively enhancing its OLED and CIS platform applications and has completed multiple automotive process certifications [3] Financial Projections and Valuation - The target price is set at 27.10 RMB, with projected net profits for 2025, 2026, and 2027 at 870 million, 1.12 billion, and 1.31 billion RMB respectively, corresponding to EPS of 0.44, 0.56, and 0.65 RMB [4] - The report assigns a PB of 2.50x for 2025, reflecting a discount to the industry average of 3.0x due to pricing pressures and high depreciation during the capacity expansion phase [4]

一、募集资金基本情况 经中国证券监督管理委员会于 2022 年 5 月 9 日出具的《关于同意合肥晶合 集成电路股份有限公司首次公开发行股票注册的批复》（证监许可（2022）954 号）同意,公司首次向社会公开发行人民币普通股(A 股)501.533.789 股。公 司每股发行价格 19.86 元,募集资金总额为 9,960,461,049.54 元,扣除发行费用 236,944,589.63 元后,募集资金净额为 9,723,516,459.91 元。容诚会计师事务所(特 殊普通合伙）对公司本次公开发行的资金到位情况进行了审验，并于 2023 年 4 月 26 日出具了《验资报告》（容诚验字[2023]230Z0099 号 ）。 募集资金到账后,公司已对募集资金进行了专户存储管理,公司与保荐机构、 存放募集资金的商业银行签订了《募集资金专户存储三方监管协议》。具体情况 详见 2023 年 5 月 4 日披露于上海证券交易所网站（www.sse.com.cn）的《晶合 集成首次公开发行股票科创板上市公告书》。 二、募集资金投资项目情况 中国国际会融股份有限公司 关于合肥晶合集成电路股份有限公司 使用部分闲置募 ...

证券代码：688249 证券简称：晶合集成 公告编号：2025-023 合肥晶合集成电路股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 投资种类：安全性高、流动性好的保本型投资产品（包括但不限于结构 性存款、大额存单、定期存款、通知存款、收益凭证等）。 投资金额及期限：合肥晶合集成电路股份有限公司（以下简称"公司"） 使用额度不超过人民币 15 亿元（含本数）的暂时闲置募集资金进行现金管理， 使用期限自本次董事会审议通过之日起 12 个月内。在前述额度及使用期限范围 内，资金可以循环滚动使用，现金管理到期后将归还至募集资金专户。 已履行的审议程序：公司于 2025 年 4 月 28 日召开第二届董事会第二十 次会议和第二届监事会第十二次会议，审议通过了《关于使用部分闲置募集资金 进行现金管理的议案》，公司保荐机构中国国际金融股份有限公司对上述事项出 具了无异议的核查意见。 特别风险提示：本次现金管理方式是使用闲置募集资金购买安全性高、 流动性好的保本 ...

证券代码：688249 证券简称：晶合集成 公告编号：2025-024 合肥晶合集成电路股份有限公司 关于使用闲置自有资金进行现金管理的公告 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、准确性和完整性依法承担法律责任。 合肥晶合集成电路股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日 召开第二届董事会第二十次会议、第二届监事会第十二次会议，审议通过了《关 于使用闲置自有资金进行现金管理的议案》。同意公司（含合并报表范围内子公 司）在确保不影响公司日常经营业务开展及资金安全的前提下，使用不超过人民 币 80 亿元（含）的闲置自有资金进行现金管理，用于购买安全性高、流通性好、 中低风险、稳健型金融机构产品，授权期限自本次董事会审议通过之日起 12 个 月内有效。在上述额度及期限内，资金可循环滚动使用。现就该事项的具体情况 公告如下： 一、本次使用闲置自有资金进行现金管理的基本情况 （一）现金管理目的 为提高公司闲置资金使用效益，在不影响正常经营和保证资金安全，并有效 控制风险的前提下，使用部分闲置自有资金进行现金管理，以增加公司收益，为 ...

证券代码：688249 证券简称：晶合集成 公告编号：2025-025 合肥晶合集成电路股份有限公司 第二届监事会第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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 合肥晶合集成电路股份有限公司（以下简称"公司"）第二届监事会第十二 次会议于 2025 年 4 月 28 日以现场和通讯相结合的方式在公司会议室召开。本次 会议的通知于 2025 年 4 月 22 日以电子邮件方式送达全体监事。本次会议由监事 会主席杨国庆主持，应参加本次监事会会议的监事 3 名，实际参加本次监事会会 议的监事 3 名。 本次会议召开符合《中华人民共和国公司法》《中华人民共和国证券法》《上 海证券交易所科创板股票上市规则》等有关法律、行政法规、部门规章、规范性 文件和《合肥晶合集成电路股份有限公司章程》（以下简称"《公司章程》"）的规 定，会议决议合法、有效。 二、监事会会议审议情况 （一）审议通过《关于公司 2025 年第一季度报告的议案》 监事会认为：公司 2025 年第一季度报告的编制和审议程序符 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥2,567,682,999.65, representing a year-on-year increase of 15.25% compared to ¥2,227,893,274.41 in the same period last year[4] - Net profit attributable to shareholders was ¥135,472,184.74, a significant increase of 70.92% from ¥79,258,819.88 in the previous year[4] - The net profit after deducting non-recurring gains and losses reached ¥122,598,689.06, marking a 113.92% increase from ¥57,309,730.50 year-on-year[4] - Basic and diluted earnings per share were both ¥0.07, reflecting a 75.00% increase from ¥0.04 in the previous year[4] - Net profit for Q1 2025 was ¥85,828,122.69, compared to ¥81,851,707.70 in Q1 2024, reflecting a growth of approximately 4.0%[21] - Earnings per share for Q1 2025 were ¥0.07, an increase from ¥0.04 in Q1 2024[22] Cash Flow and Liquidity - The net cash flow from operating activities was ¥586,407,326.79, up 48.50% from ¥394,884,867.30 in the same period last year[4] - Cash inflow from operating activities in Q1 2025 totaled ¥2,435,990,421.80, compared to ¥2,223,743,938.85 in Q1 2024, marking an increase of about 9.5%[24] - The ending balance of cash and cash equivalents decreased to 2,852,372,302.26 from 6,645,849,022.59, indicating a significant reduction in liquidity[27] - The company reported a total cash inflow from financing activities of 169,000,000.00, down from 6,798,710,582.66, highlighting a decrease in new borrowings[25] - The cash outflow for employee compensation was 382,480,519.22, slightly lower than 385,030,250.77 in the previous period, showing stable payroll expenses[25] - The cash paid for taxes was 9,291,873.01, down from 10,273,871.34, indicating a potential decrease in tax liabilities[25] Research and Development - Total R&D investment amounted to ¥337,999,455.77, which is a 13.53% increase compared to ¥297,716,502.67 in the same period last year[5] - The proportion of R&D investment to operating revenue decreased slightly to 13.16% from 13.36% year-on-year[5] - Research and development expenses for Q1 2025 amounted to ¥337,999,455.77, up from ¥297,716,502.67 in Q1 2024, indicating a rise of approximately 13.5%[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥49,197,619,010.94, a decrease of 2.38% from ¥50,398,579,443.20 at the end of the previous year[5] - The company's total assets amounted to RMB 49.20 billion, a decrease from RMB 50.40 billion as of December 31, 2024, reflecting a decline of approximately 2.4%[15] - The total current liabilities decreased from RMB 7.43 billion to RMB 6.40 billion, a reduction of approximately 14%[18] - The company reported a significant increase in other non-current financial assets from RMB 607.39 million to RMB 809.31 million, an increase of about 33%[17] - The company reported a decrease in minority shareholders' equity from ¥5,218,656,470.54 in the previous year to ¥5,169,012,408.49[19] - The company’s total liabilities decreased from RMB 24.31 billion to RMB 23.00 billion, a decline of approximately 5.4%[18] Shareholder Actions - The company repurchased a total of 62,088,500 shares, accounting for 3.09% of the total share capital, with an average repurchase price of RMB 14.36 per share, totaling RMB 891.68 million[13] - The company plans to implement a restricted stock incentive plan for 2025, proposing to grant 62,088,500 shares to incentive targets, pending shareholder approval[13] Strategic Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[20]

Core Viewpoint - The company reported strong financial performance for 2024, with significant revenue and profit growth driven by a recovering semiconductor market and improved operational efficiency [1][2]. Financial Performance - In 2024, the company achieved revenue of 9.25 billion yuan, a year-on-year increase of 27.7%, and a net profit attributable to shareholders of 530 million yuan, up 151.8% year-on-year [1]. - For Q4 2024, revenue was 2.47 billion yuan, reflecting an 11.1% year-on-year growth and a 4.1% quarter-on-quarter increase; net profit for the same period was 254 million yuan, up 41.3% year-on-year and 176.2% quarter-on-quarter [1]. Market and Product Development - The recovery in the global semiconductor market has led to increased sales and high capacity utilization for the company [2]. - The company has diversified its product offerings, with new platforms achieving mass production, including 40nm OLED display driver chips and 55nm mid-to-high-end CIS image sensor chips [2]. - The revenue contribution from the CIS platform increased significantly from 6% in 2023 to 17% in 2024, making it the second-largest revenue source for the company [2]. Future Outlook - The company plans to continue optimizing its product lines and accelerate the development and mass production of OLED, high-end CIS, and power management chips (PMIC) [3]. - Key developments include the large-scale production of 55nm mid-to-high-end BSI and stacked CIS chips, and the successful lighting of 110nm Micro OLED chips [3]. - The company aims to enhance its product structure and improve gross margins through ongoing R&D investments [3]. Valuation and Rating - The target price is set at 27.10 yuan, maintaining a "buy" rating based on diversified product structure supporting long-term growth [4]. - The net profit forecasts for 2025 and 2026 have been adjusted upward by 6% and 3% to 870 million yuan and 1.12 billion yuan, respectively [4]. - The estimated EPS for 2025, 2026, and 2027 are projected to be 0.44, 0.56, and 0.65 yuan, respectively [4].

证券代码：688249 证券简称：晶合集成 公告编号：2025-022 合肥晶合集成电路股份有限公司 首次公开发行部分战略配售限售股上市流通公告 本次股票上市类型为首发战略配售股份（限售期 24 月）；股票认购方式为网 下，上市股数为10,030,676股。本公司确认，上市流通数量等于该限售期的全 部战略配售股份数量。 本次股票上市流通总数为10,030,676股。 本次股票上市流通日期为2025 年 5 月 6 日。（因 2025 年 5 月 5 日为非交易日， 故顺延至下一交易日）。 一、本次上市流通的限售股类型 经中国证券监督管理委员会于 2022 年 5 月 9 日出具的《关于同意合肥晶合集 成电路股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕954 号） 同意，公司首次向社会公开发行人民币普通股（A 股）501,533,789 股。公司于 2023 年 5 月 5 日在上海证券交易所科创板挂牌上市，公司首次公开发行 A 股前总股本 为 1,504,601,368 股，首次公开发行 A 股后总股本为 2,006,135,157 股，其中有限售 条件流通股 1,657,372,031 股 ...