华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------|------------------|-------------------------------------------------|-------------------------|----------------| | 2024 年 10 月 22 日 \n晶丰明源（ 688368.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 电子 \| | 集成电路Ⅲ | | 24Q3 毛利率稳中有升，自主研发&外延并购并举 | 投资评级 | | 买入-A(维持 | ) | | 投资要点 | 股价 | (2024-10-21) | | 104.82 元 | | 2024 年 10 月 21 日，公司发布 2024 年第三季度报告和关于筹划重大资产重组的停牌 | 交易数据 | | | | | 公告。 ...

开 源 证 券 证 券 研 究 报 告 公司信息更新报告 电子/半导体 公 司 研 究 晶丰明源（688368.SH） 2024 年 10 月 22 日 2024Q3 毛利率持续改善，拟外延并购打开远期空间 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|--------------| | 日期 | 2024/10/21 | | 当前股价 ( 元 ) | 104.82 | | 一年最高最低 ( 元 ) | 121.88/47.50 | | 总市值 ( 亿元 ) | 92.06 | | 流通市值 ( 亿元 ) | 92.06 | | 总股本 ( 亿股 ) | 0.88 | | 流通股本 ( 亿股 ) | 0.88 | | 近 3 个月换手率 (%) | 71.73 | 股价走势图 -60% -30% 0% 30% 60% 2023-10 2024-02 2024-06 晶丰明源 沪深300 数据来源：聚源 相关研究报告 《2024Q2 业绩同环比双增，各业务板 块进展顺利—公司信息更新报告》 -2024.8.30 《2023Q4 毛 ...

Revenue and Sales Performance - Revenue for Q3 2024 reached RMB 353.31 million, a 17.51% increase year-over-year[2] - LED lighting power supply chip sales for Q3 2024 were RMB 199 million, contributing significantly to overall revenue[4] - Total operating revenue for the first three quarters of 2024 reached 1,088,020,033.15 yuan, an increase from 915,979,711.90 yuan in the same period of 2023[17] - Revenue for the first three quarters of 2024 was 890,033,389.93 yuan, up from 849,672,900.60 yuan in the same period last year[26] - Sales revenue from goods and services for the first nine months of 2024 was 914,133,285.04 RMB, a slight decrease from 941,112,266.92 RMB in the same period last year[28] Profit and Loss - Net profit attributable to shareholders for Q3 2024 was RMB -23.79 million, a 143.82% decrease year-over-year[2] - Net profit attributable to shareholders decreased by 143.82% due to equity incentive plan adjustments and increased share-based payment expenses[8] - Net profit for the first three quarters of 2024 was -29,583,101.21 yuan, slightly better than -30,064,424.43 yuan in 2023[18] - Net profit for the third quarter of 2024 was -3,167,640.94 RMB, compared to -14,830,790.74 RMB in the same period last year[27] - Total comprehensive income for the first three quarters of 2024 was -29,480,327.59 yuan, compared to -30,085,421.23 yuan in 2023[19] - Total comprehensive income for the third quarter of 2024 was -3,167,640.94 RMB, compared to -14,830,790.74 RMB in the same period last year[28] R&D Investment - R&D investment for Q3 2024 totaled RMB 108.74 million, a 61.15% increase year-over-year[2] - R&D investment increased by 61.15% year-to-date, driven by continuous R&D efforts[9] - R&D investment as a percentage of revenue increased by 7.08 percentage points year-to-date[9] - R&D expenses for the first three quarters of 2024 surged to 292,632,983.99 yuan, compared to 181,589,135.13 yuan in 2023[18] - R&D expenses increased to 170,264,805.85 yuan in the first three quarters of 2024 from 110,511,951.13 yuan in the same period last year[26] Assets and Liabilities - Total assets as of September 30, 2024, were RMB 2.21 billion, a 7.07% decrease compared to the end of 2023[3] - Total assets decreased to 2,205,238,415.37 RMB from 2,373,077,954.72 RMB compared to the end of 2023[16] - Current assets decreased to 1,112,904,061.19 RMB from 1,142,761,589.98 RMB compared to the end of 2023[14] - Non-current assets decreased to 1,092,334,354.18 RMB from 1,230,316,364.74 RMB compared to the end of 2023[15] - Total liabilities decreased to 791,936,938.66 RMB from 901,614,707.89 RMB compared to the end of 2023[16] - Current liabilities decreased to 670,947,200.97 RMB from 683,430,548.27 RMB compared to the end of 2023[15] - Non-current liabilities decreased to 120,989,737.69 RMB from 218,184,159.62 RMB compared to the end of 2023[15] - Shareholders' equity decreased to 1,413,301,476.71 RMB from 1,471,463,246.83 RMB compared to the end of 2023[16] - Total assets decreased to 2,521,242,705.27 yuan in Q3 2024 from 2,664,777,655.02 yuan in Q3 2023[24] - Long-term equity investments increased to 908,022,617.47 yuan in Q3 2024 from 860,864,408.61 yuan in Q3 2023[24] - Total liabilities decreased to 917,151,663.82 yuan in Q3 2024 from 1,036,514,760.61 yuan in Q3 2023[25] Cash Flow - Operating cash flow for Q3 2024 was RMB 53 million, driven by supplier prepayment returns and tax benefits[5] - Net cash flow from operating activities for the first three quarters of 2024 was 261,473,899.53 yuan, slightly higher than 259,060,884.31 yuan in 2023[21] - Net cash flow from investing activities for the first three quarters of 2024 was 15,727,937.98 yuan, a significant improvement from -165,057,395.19 yuan in 2023[21] - The company's cash and cash equivalents increased by 45,705,172.90 yuan in Q3 2024, compared to a decrease of 72,804,225.02 yuan in the same period last year[22] - The company's cash flow from financing activities was negative 231,856,994.26 yuan in Q3 2024, compared to negative 169,748,196.42 yuan in Q3 2023[22] - Operating cash flow for the first nine months of 2024 was 176,175,511.66 RMB, a decrease from 327,078,515.83 RMB in the same period last year[28] - Investment cash flow for the first nine months of 2024 was -8,631,522.52 RMB, an improvement from -228,735,973.67 RMB in the same period last year[28] - Financing cash flow for the first nine months of 2024 was -185,848,179.78 RMB, compared to -183,453,396.48 RMB in the same period last year[29] - Cash and cash equivalents at the end of the third quarter of 2024 were 155,695,386.60 RMB, a decrease from 174,740,391.06 RMB at the beginning of the year[29] Shareholder Information - The top shareholder, Hu Liqiang, holds 21,428,995 shares, representing 24.40% of the total shares[10] - The second-largest shareholder, Xia Feng, holds 19,630,184 shares, representing 22.35% of the total shares[10] - Hainan Jingzherui Venture Capital Partnership holds 14,253,830 shares, representing 16.23% of the total shares[10] - Shanghai Xuanding Private Fund Management holds 1,761,305 shares, representing 2.01% of the total shares[10] Earnings Per Share and Return on Equity - Basic earnings per share decreased by 144.13% compared to the same period last year[9] - Weighted average return on equity decreased by 5.32 percentage points in the reporting period[9] - Basic earnings per share for the first three quarters of 2024 were -0.62 yuan, down from -0.40 yuan in 2023[19] - Basic and diluted earnings per share for the third quarter of 2024 were both -0.04 RMB, compared to -0.17 RMB in the same period last year[28] Non-Recurring Items - Non-recurring gains for Q3 2024 included RMB 3.32 million in government subsidies and RMB 6.71 million in financial asset gains[6] - Non-recurring losses amounted to -18,498,206.99 RMB, primarily due to equity incentive plan adjustments and one-time expenses[7] - Investment income for the third quarter of 2024 was 14,790,940.39 RMB, compared to 13,784,577.97 RMB in the same period last year[27] - Fair value change loss for the third quarter of 2024 was -14,810,436.54 RMB, compared to a gain of 27,029,536.62 RMB in the same period last year[27] Operating Costs and Expenses - Gross margin for Q3 2024 improved to 37.52%, up 13.58 percentage points year-over-year[4] - Operating costs for the first three quarters of 2024 were 695,153,365.96 yuan, slightly up from 692,168,445.17 yuan in 2023[17] - Sales expenses for the first three quarters of 2024 increased to 45,125,790.84 yuan from 25,768,228.81 yuan in 2023[18] - Management expenses for the first three quarters of 2024 rose to 100,625,914.82 yuan from 68,571,253.64 yuan in 2023[18] - Share-based compensation expenses for Q3 2024 were RMB 14 million, impacting net profit and other financial metrics[5] Monetary Funds and Receivables - Monetary funds increased to 289,300,690.09 RMB from 245,096,454.37 RMB compared to the end of 2023[13] - Accounts receivable increased to 216,997,238.53 RMB from 208,057,531.09 RMB compared to the end of 2023[14] - Inventory increased to 250,164,788.22 RMB from 246,640,084.28 RMB compared to the end of 2023[14]

证券时报e公司讯，晶丰明源(688368)10月21日晚间公告，公司正在筹划以发行股份、发行定向可转换 公司债券及支付现金方式购买四川易冲科技有限公司（简称"四川易冲"）控制权，同时拟募集配套资 金。 本次交易预计构成重大资产重组，公司股票将于2024年10月22日（星期二）开市起停牌，预计停牌时间 不超过5个交易日。 ...

因筹划重大资产重组事项,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 688368 | 晶丰明源 | 股 A | 停牌 | 2024/10/22 | | | | 一、停牌原因及工作安排 证券代码：688368 证券简称：晶丰明源 公告编号：2024-067 上海晶丰明源半导体股份有限公司 关于筹划重大资产重组的停牌公告 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： 证券停复牌情况：适用 本次交易对方主要为广州市玮峻思投资企业(有限合伙)、上海锦聚礼合企业 管理中心(有限合伙)、成都市智合聚信企业管理中心(有限合伙)、成都市智合聚 成企业管理中心(有限合伙)、智合聚德有限公司等四川易冲股东。鉴于本次交易 事项尚在协商过程中，最终交易对方请以公司后续披露的公告信息为准。 上述交易对方的基本信息如下： （1）广州市 ...

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-17 | | 收盘价 ( 元 ) | 78.89 | | 流通股本 ( 亿股 ) | 0.88 | | 每股净资产 ( 元 ) | 15.04 | | 总股本 ( 亿股 ) | 0.88 | | 最近 12 月市场表现 | | -46% -32% -18% -5% 9% 23% 晶丰明源 沪深300 上证指数 半导体 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 王矗 SAC 证书编号：S0160524090001 wangchu01@ctsec.com 相关报告 1. 《电源管理细分龙头，内生+外延打 开新成长曲线》 2024-09-01 晶丰明源(688368) / 半导体 / 公司跟踪研究报告 / 2024.10.18 50 系显卡或 1Q2025 发布，产业链备货有望开启 证券研究报告 ❖ 50 系显卡或定档 1Q2025 发布。根据 Wccftech 当地时间 ...

10月18日盘中科创板股晶丰明源涨停，截至11:27，股价报94.67元，成交3.66亿元，换手率4.70%，振幅 20.12%。 科创板个股中，截至发稿上涨的共有522只，涨幅在10%以上的共有7只，涨幅较高的有晶丰明源、晶华 微、生益电子等，分别上涨20.00%、20.00%、18.37%，下跌的有48只，跌幅较大的有永信至诚、天微 电子、普元信息，分别下跌4.10%、3.16%、3.13%。 资金面上，晶丰明源上一交易日主力资金净流出369.52万元，近5日净流出5873.55万元。 融资融券数据显示，该股最新（10月17日）两融余额为1.12亿元，其中，融资余额为1.11亿元，较上一 个交易日减少2.87万元，降幅为0.03%；融券余额为70.61万元，较上一个交易日减少1.01万元，降幅为 1.42%。 近10日两融余额合计增加6173.46万元，增幅为123.56%，其间融资余额增长123.84%，融券余额增长 86.60%。 （数据宝）注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 科创零距离、超级复盘市场、涨停板、封板、复盘、上涨、股价 ...

证券代码：688368 证券简称：晶丰明源 上海晶丰明源半导体股份有限公司投资者关系活动记录表 编号：2024-22 | --- | --- | --- | |----------------|-------------------------|-------------------------------------------| | | ■ | 特定对象调研 □分析师会议 | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | 类别 | □ 新闻发布会 □路演活动 | | | | □现场参观 □其他 | | | 参与单位名称及 | 华鑫证券 | | | 人员姓名 | | | | 时间 | 2024 年 9 月 25 | 日 15:00-16:00 | | 地点 | 上海市浦东新区申江路 | 5005 弄 3 号楼 10 层 | | 上市公司接待人 | | | | 员姓名 | 董事会秘书：张漪萌 | | | 投资者关系活动 | 一、问答环节 | | | 主要内容介绍 | 1、AC/DC | 电源芯片的竞争优势是什么？ | | | 答： 2024 | 上半年 AC/DC 电源芯片产品在各细分市场 | ...

证券代码：688368 证券简称：晶丰明源 公告编号：2024-066 上海晶丰明源半导体股份有限公司 关于公司核心技术人员离职的公告 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： 上海晶丰明源半导体股份有限公司（以下简称"公司"）核心技术人员陈 一辉先生因个人原因于近日申请辞去所任职务，并已办理完成离职手续。离职后， 陈一辉先生将不再担任公司任何职务。 陈一辉先生与公司签有《保密协议》，其任职期间参与研发的知识产权所 有权均归属于公司，不存在涉及职务成果、知识产权相关的纠纷或潜在纠纷的情 形，其离职不会影响公司专利等知识产权的完整性。 陈一辉先生负责的工作已完成交接，目前公司的生产经营与技术研发工 作均正常开展，其离职不会对公司技术研发、核心竞争力和持续经营能力产生实 质性影响，不会影响公司现有核心技术及研发项目的工作开展。 截至本公告披露日，陈一辉先生直接持有公司股票13,707股；其通过公司 2020年限制性股票激励计划获授的105,000股限制性股票已完成归属42,000股， 剩余63,000股已 ...

证券代码：688368 证券简称：晶丰明源 上海晶丰明源半导体股份有限公司投资者关系活动记录表 编号：2024-21 | --- | --- | --- | --- | --- | --- | |----------------|----------------------------------------------|--------------------------|-------|-----------|-------| | | ■ 特定对象调研 □分析师会议 | | | | | | 投资者关系活动 | □媒体采访 ■业绩说明会 | | | | | | 类别 | □ 新闻发布会 □路演活动 | | | | | | | □现场参观 □其他 | | | | | | 参与单位名称及 | 山西证券、东北证券 | | | | | | 人员姓名 | 通过上交所上证路演中心参加业绩说明会的投资者 | | | | | | 时间 | 2024 年 9 月 11 日 | 10:00-11:00、14:00-16:00 | | | | | | 上海市浦东新区申江路 | 5005 弄 3 | | 号楼 10 | 层 | | ...