证 券 研 究 报 告 晶合集成（688249）2024 年半年报点评 强推（维持） 2024H1 业绩稳健增长，CIS 平台加速放量 目标价：19.2 元 事项： 2024 年 8 月 13 日，公司发布 2024 年半年度报告： 1）2024H1：公司实现营业收入 43.98 亿元，同比+48.09%；毛利率 24.43%， 同比+6.21pct；归母/扣非归母净利润 1.87/0.95 亿元，同比扭亏为盈； 2）2024Q2：公司实现营业收入 21.70 亿元，同比/环比+15.43%/-2.60%；毛利 率 23.86%，同比/环比-0.27pct/-1.13pct；归母净利润 1.08 亿元，同比/环比62.45%/+35.94%；扣非归母净利润 0.37 亿元，同比/环比-84.38%/-34.80%。 评论： 2024H1 业绩同比显著改善，持续扩产助力远期成长。DDIC、CIS 行业景气度 回暖，叠加新技术/新产品放量，带动公司业绩和盈利能力显著提升，2024H1 收入同比增长 48.09%至 43.98 亿元，毛利率同比+6.21pct 至 24.43%。2024H1 公司 DDIC、CIS ...

2024 年半年度报告 公司代码：688249 公司简称：晶合集成 合肥晶合集成电路股份有限公司 2024 年半年度报告 1 / 224 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险，敬请查阅本报告"第三 节管理层讨论与分析"之"五、风险因素",请投资者注意投资风险。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人蔡国智、主管会计工作负责人朱才伟及会计机构负责人（会计主管人员）王兴亚 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 请投资者注意投资风险。 九、 是否存在被控股股东及其他关联 ...

为践行"以投资者为本"的发展理念，维护公司全体股东利益，基于对公司 未来发展前景的信心、对公司价值的认可和切实履行回报社会的责任感，合肥晶 合集成电路股份有限公司（以下简称"公司"）于 2024 年 4 月 15 日发布了《晶 合集成 2024 年度"提质增效重回报"行动方案》（以下简称"行动方案"）， 为公司 2024 年度提质增效重回报行动制定出明确的工作方向。2024 年上半年， 公司根据行动方案内容，积极开展和落实各项工作，现将行动方案在报告期内的 实施和效果评估情况报告如下： 一、聚焦经营主业，提升核心竞争力 公司主要从事 12 英寸晶圆代工业务及其配套服务。公司致力于研发并应用 行业先进的工艺，为客户提供多种制程节点、多种应用的工艺平台晶圆代工业务， 并提供光刻掩模板制造等配套服务。随着行业景气度逐渐回升，公司持续优化产 品结构，进入试产及量产阶段的项目滚动增多，从今年 3 月份起产能持续维持满 载状态，产品的市场渗透率稳步提升。2024 年上半年，公司实现营业收入 439,777.73 万元，较上年同期增长 48.09%；实现归属于母公司所有者的净利润 18,700.25 万元，较上年同期增长 ...

证券代码：688249 证券简称：晶合集成 公告编号：2024-049 合肥晶合集成电路股份有限公司 第二届监事会第五次会议决议公告 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。 （二）审议通过《关于公司<2024 年半年度募集资金存放与实际使用情况的 专项报告>的议案》 监事会认为：公司 2024 年半年度募集资金的存放与使用符合《上海证券交 易所科创板股票上市规则》《上市公司监管指引第 2 号——上市公司募集资金管 理和使用的监管要求》等法律、法规、规范性文件以及公司《募集资金管理制度》 等规定，对募集资金进行了专户存储和专项使用，并及时履行了相关信息披露义 务，募集资金的存放与使用情况同公司募集资金相关信息披露的内容一致，不存 在变相改变募集资金用途和损害股东利益的情况，不存在违规使用募集资金的情 形。因此，监事会同意《晶合集成 2024 年半年度募集资金存放与实际使用情况 的专项报告》的内容。 本次会议召开符合《中华人民共和国公司法》《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 ...

中国国际金融股份有限公司 关于合肥晶合集成电路股份有限公司 2024 年半年度持续督导跟踪报告 中国国际金融股份有限公司（以下简称"保荐机构"）根据《证券发行上市保荐 业务管理办法》《上海证券交易所科创板股票上市规则》《上海证券交易所上市公司 自律监管指引第 11 号——持续督导》等相关规定，作为合肥晶合集成电路股份有 限公司（以下简称"晶合集成"或"公司"）持续督导工作的保荐机构，针对晶合集成 2024 年 1 月 1 日至 2024 年 6 月 30 日（以下简称"报告期"）经营情况，出具本持 续督导半年度跟踪报告。 1 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | | | 件，切实履行其所作出的各项 | | | | 承诺。 | | | 督导上市公司建立健全并有效执行公司治理制度，包括但 | 保荐机构督促晶合集成依照相 | | 7 | 不限于股东大会、董事会、监事会议事规则以及董事、监 | 关规定健全完善公司治理制 | | | 事和高级管理人员的行为规范等 | 度，并严格执行公司治理制度。 | | | 督导上市公司建立健全并有效执行内控制度，包括但不限 | 保荐 ...

证券代码：688249 证券简称：晶合集成 公告编号：2024-048 合肥晶合集成电路股份有限公司 2024年半年度募集资金存放与实际使用情况的 专项报告 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。 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 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，合肥晶合集成电路股份有限公司（以下简称"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）。 （ ...

证券代码：688249 证券简称：晶合集成 公告编号：2024-047 合肥晶合集成电路股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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法律责任。 重要内容提示： | 回购方案首次披露日 | 2023/12/25 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 3 月 日~2025 年 | 15 | 月 | 14 | 日 | 3 | | | 预计回购金额 | 元~1,000,000,000 500,000,000 | | | | | | 元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | 累计已回购股数 | 股 54,771,427 | | | | | | | | 累计已回购股数占总股本比例 | 2.73% | | | | | ...

Group 1: Financial Performance - The company expects to achieve a revenue of 450,000.00 million yuan in the first half of the year, representing a year-on-year growth of 44.80% to 51.53% [2] - The net profit attributable to shareholders is projected to be between 15,000.00 million yuan and 22,000.00 million yuan, with a year-on-year increase of 443.96% to 604.47% [2] - Key growth drivers include maintaining full capacity utilization, an increase in the proportion of main business revenue from products, and steady progress in R&D for new products [2] Group 2: Product Development - The company has successfully entered mass production of BSI products, which have become the second major product line [2] - The development of 40nm high-voltage products is progressing steadily, with expectations for continued full capacity in the third quarter [2] - The company has produced its first semiconductor photomask and plans to commence mass production in the fourth quarter of this year [3] Group 3: Market Strategy - The company is gradually introducing products into the aftermarket, with some already in the market [3] - There is a commitment to maximize the use of domestic equipment and materials while ensuring operational needs are met, promoting domestic supply chain substitution [4]

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The company is expected to report a median revenue of 4.4 billion RMB for H1 2024, representing a year-over-year increase of 48%. The net profit attributable to the parent company is forecasted to be 0.93 billion RMB, indicating a turnaround from losses [3][4] - The company has maintained full capacity utilization in Q2 2024, with a utilization rate of 110%, and this high demand is expected to reflect positively in the second half of the year [3][4] - The OLED platform is progressing steadily, and the company is actively expanding its CIS production capacity [4] Summary by Sections Revenue and Profitability - The company forecasts H1 2024 revenue between 4.3 billion and 4.5 billion RMB, with a median of 4.4 billion RMB, showing a year-over-year growth of 48%. The net profit is expected to be between 0.75 billion and 1.10 billion RMB, with a median of approximately 0.93 billion RMB, indicating a return to profitability [4][5] - For Q2 2024, the revenue is projected at 2.172 billion RMB, reflecting a quarter-over-quarter decrease of 3% but a year-over-year increase of 16% [4] Capacity and Production - The company has been operating at full capacity from March to June 2024, with a utilization rate of 110%. Orders have exceeded production capacity, and prices for some products have been adjusted upwards [4][5] - The company anticipates maintaining full capacity in Q3 2024, with production expected to reflect in Q3 and Q4 results due to the typical 2-3 month lead time from wafer production to delivery [4] Product Development - The company has achieved small-scale production of its 40nm high-voltage OLED process, and the 28nm OLED process is under steady development. The automotive-grade DDIC has also begun gradual production [4] - The CIS segment has become the company's second-largest product line, with full capacity in mid-to-high-end CIS production in H1 2024. The company plans to increase its 12-inch capacity by 30,000 to 50,000 wafers per month in 2024 [4][5] Valuation - The estimated EPS for 2024, 2025, and 2026 is projected to be 0.37 RMB, 0.59 RMB, and 0.73 RMB respectively. As of July 15, 2024, the company's market capitalization is approximately 30.2 billion RMB, corresponding to PE ratios of 40.7, 25.7, and 20.6 for the respective years [4][5]

Financial Performance Expectations - The company expects to achieve operating revenue of between 430 million to 450 million CNY for the first half of 2024, representing a year-on-year increase of 44.80% to 51.53%[2]. - The projected net profit attributable to the parent company for the first half of 2024 is between 150 million to 220 million CNY, reflecting a significant year-on-year growth of 443.96% to 604.47%[2]. - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between 75 million to 110 million CNY, indicating a year-on-year increase of 151.30% to 175.24%[2]. Operational Capacity and Product Development - The company has maintained full capacity utilization since March 2024, leading to rapid growth in overall sales and steady improvement in operating revenue and product gross margin[5]. - The company continues to enhance its product structure in the wafer foundry sector, with CIS becoming the second major product line, while DDIC maintains its competitive advantage[5]. - The company has increased its R&D investment, with 55nm mid-to-high-end single-chip and stacked CIS chip technology platforms already in mass production[5]. - The 40nm high-voltage OLED chip technology platform has achieved small-scale production, and the 28nm chip technology platform is progressing steadily[5]. - Some DDIC chips have been applied in the automotive sector, aligning with the demands of the automotive supply chain[5]. Financial Data and Investment Risks - The financial data in the performance forecast has not been audited by a registered accountant and is based on preliminary calculations by the company's finance department[6]. - Investors are advised to pay attention to investment risks as the forecast data is preliminary and the final financial data will be disclosed in the official half-year report[7].