Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][19]. Core Insights - The company achieved a revenue of 1.504 billion yuan in 2024, representing a year-on-year growth of 15.38%. Although the net profit attributable to shareholders remained negative at -33 million yuan, it marked a significant reduction in losses compared to the previous year [2][4]. - The overall gross margin improved to 37.12%, an increase of 11.45 percentage points year-on-year, primarily due to product structure optimization and cost reductions [2][3]. - The company is actively enhancing its product structure across four major product lines, with significant growth in the AC/DC power chip and motor control chip businesses [3][4]. Financial Performance Summary - Revenue projections for 2025-2027 are 1.936 billion yuan, 2.362 billion yuan, and 2.504 billion yuan, respectively, with growth rates of 28.8%, 22.0%, and 6.0% [1][9]. - The net profit attributable to shareholders is expected to turn positive in 2025, reaching 96 million yuan, with a projected EPS of 1.09 yuan [1][9]. - The company has increased its R&D expenditure to 400 million yuan in 2024, a year-on-year increase of 36.04%, reflecting its commitment to innovation [2][4]. Business Development and Strategic Moves - The company initiated a significant asset restructuring in October 2024, planning to acquire 100% of Yichong Technology, which is expected to enhance product complementarity and market collaboration [4]. - Additionally, the company signed an agreement to acquire a 19.19% stake in Lingou Chuangxin for 143 million yuan, aiming to optimize resource allocation and improve profitability [4].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [7] Core Insights - The company achieved a revenue of 1.504 billion yuan in 2024, representing a year-on-year growth of 15.38%, and turned a profit in Q4 2024 with a net profit of 21.25 million yuan [1][5] - The gross margin improved by 11.45 percentage points to 37.12% due to product structure optimization and cost reduction [1] - The company has entered the NVIDIA recommended supplier list, marking a significant milestone in its high-performance computing product line [3] Financial Performance - In Q4 2024, the company reported revenue of 416 million yuan, a year-on-year increase of 7.32% and a quarter-on-quarter increase of 17.63% [1] - The company's R&D expenses grew by 36.04% to 400 million yuan, with an R&D expense ratio of 26.58% [1] - The company expects net profits of 119 million yuan in 2025, 192 million yuan in 2026, and 257 million yuan in 2027, with corresponding P/E ratios of 71, 44, and 33 times [5][6] Product Line Performance - The revenue from LED lighting driver chips decreased by 7.82% to 869 million yuan, accounting for 58% of total revenue, while the gross margin increased by 10.04 percentage points to 31.40% [2] - The AC/DC power chip revenue increased by 39.64% to 273 million yuan, with a gross margin of 42.17% [2] - The revenue from motor control driver chips surged by 95.67% to 318 million yuan, with a gross margin of 45.17% [2] - High-performance computing power chip revenue reached 43.13 million yuan, a staggering increase of 1402%, with a gross margin of 61.19% [2] Technological Advancements - The company has upgraded its high-voltage BCD-700V process platform, achieving full-scale production of the fifth-generation high-voltage process and completing the R&D of the sixth-generation platform, which is expected to optimize costs by 20% [4] - The first-generation 0.18μm BCD process platform for high-performance computing power chips has been mass-produced, with the second generation in testing [4]

证券研究报告 | 2025年03月14日 晶丰明源（688368.SH） 优于大市 四季度归母净利润扭亏为盈，进入英伟达推荐供应商名单 2024 年收入同比增长 15%，4Q24 归母净利润扭亏为盈。公司 2024 年实现收 入 15.04 亿元(YoY +15.38%)，归母净利润-3305 万元，扣非归母净利润-901 万元，亏损收窄，毛利率由于产品结构优化和成本下降提高 11.45pct 至 37.12%，研发费用增长36.04%至 4.00 亿元，研发费率提高 4.0pct 至 26.58%。 其中 4Q24 营收 4.16 亿元(YoY +7.32%, QoQ +17.63%)，归母净利润 2125 万 元，扣非归母净利润 1412 万元，毛利率 39.77%（YoY +11.2pct，QoQ +2.2pct）。 各产品线毛利率均提高，LED 照明驱动芯片收入占比下降。分产品线看，2024 年公司 LED 照明驱动芯片收入 8.69 亿元(YoY -7.82%)，占比 58%，毛利率提 高 10.04pct 至 31.40%；AC/DC 电源芯片收入 2.73 亿元(YoY +39.64%)，占 比 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a sales revenue of 1.504 billion yuan in 2024, representing a year-on-year growth of 15.38%. The net profit attributable to the parent company was -33 million yuan, but after excluding share-based payment expenses, the adjusted net profit was 9 million yuan [4][5] - The gross margin improved significantly to 37.12%, an increase of 11.45 percentage points year-on-year [5] - The high-performance computing power supply product line has entered mass production, with sales revenue reaching 43 million yuan in 2024, a staggering year-on-year increase of 1,402.25% [6] - The motor control driver chip segment generated revenue of 318 million yuan, with a notable year-on-year growth of 69.32% [7] - The AC/DC power chip segment saw sales revenue of 273 million yuan, up 39.64% year-on-year, with significant growth in household appliances [8] Financial Summary - The company is projected to achieve revenues of 1.942 billion yuan, 3.629 billion yuan, and 4.742 billion yuan in 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is expected to be 82 million yuan, 133 million yuan, and 204 million yuan for the same years [10][12] - The earnings per share (EPS) is forecasted to improve from -0.38 yuan in 2024 to 2.32 yuan in 2027 [12][15] - The company’s asset-liability ratio is projected to remain stable, around 38.7% in 2024, increasing slightly to 44.7% by 2027 [15]

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-03 2024-05 2024-08 2024-10 2024-12 2025-03 -25% -10% 5% 20% 35% 50% 65% 80% 95% 110% 125% 晶丰明源 电子 资料来源：聚源，中邮证券研究所 公司基本情况 整体营收持续增长，毛利率显著提升。2024 年，公司在稳固 LED 照明驱动芯片业务的同时，积极拓展 AC/DC 电源芯片及电机控制驱动 芯片业务，并推动高性能计算电源芯片进入规模量产阶段。通过优化 产品结构、加强供应链管理、提升工艺技术等方式，公司实现销售收 入 15.04 亿元，同比增长 15.38%；实现归母净利润-0.33 亿元，剔 除股份支付费用影响，实现归母净利润 0.09 亿元，毛利率 37.12%， 同比提升 11.45pct。 | 最新收盘价（元） | 93.50 | | --- | --- | | 总股本/流通股本（亿股）0.88 | / 0.88 | | 总市值/流通市值（亿元）82 | / 82 | | 周内最高/最低价 52 | 125.78 / 47.83 | ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a sales revenue of 1.504 billion yuan in 2024, representing a year-on-year growth of 15.38%. The net profit attributable to the parent company was -33 million yuan, but after excluding share-based payment expenses, the net profit was 9 million yuan [4][5] - The gross margin improved significantly to 37.12%, an increase of 11.45 percentage points year-on-year [5] - The high-performance computing product line has entered large-scale sales, with revenue from high-performance computing power chips reaching 43 million yuan, a year-on-year increase of 1,402.25% [6] - The motor control driver chip business saw revenue of 318 million yuan, with a subsidiary achieving a revenue increase of 69.32% [7] - The AC/DC power chip segment generated revenue of 273 million yuan, growing by 39.64% year-on-year, with significant contributions from home appliance applications [8] Financial Projections - The company is expected to achieve revenues of 1.942 billion yuan, 3.629 billion yuan, and 4.742 billion yuan in 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is projected to be 82 million yuan, 133 million yuan, and 204 million yuan for the same years [10][12]

证券代码：688368 证券简称：晶丰明源 公告编号：2025-016 上海晶丰明源半导体股份有限公司 关于调整部分限制性股票激励计划股票来源的公告 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。 上海晶丰明源半导体股份有限公司（以下简称"公司"）于 2025 年 3 月 10 日召开了第三届董事会第二十二次会议和第三届监事会第十九次会议，审议通 过了《关于调整部分限制性股票激励计划股票来源的议案》，同意公司根据《上 市公司股权激励管理办法》（以下简称"《管理办法》"）、《上海晶丰明源半导体 股份有限公司 2021 年限制性股票激励计划（草案）》（以下简称"《2021 年激励 计划（草案）》"）、《上海晶丰明源半导体股份有限公司 2021 年第二期限制性股 票激励计划（草案）》（以下简称"《2021 年第二期激励计划（草案）》"）的有关 规定，对公司 2021 年限制性股票激励计划（以下简称"2021 年激励计划"）、 2021 年第二期限制性股票激励计划（以下简称"2021 年第二期激励计划"）的 股票来源进行调整。该事 ...

上海君澜律师事务所 关于 上海晶丰明源半导体股份有限公司 调整 2021 年及 2021 年第二期限制性股票激励计划 之 法律意见书 二〇二五年三月 上海君澜律师事务所 法律意见书 上海君澜律师事务所 股票来源相关事项 关于上海晶丰明源半导体股份有限公司 调整 2021 年及 2021 年第二期限制性股票激励计划 股票来源相关事项之 致：上海晶丰明源半导体股份有限公司 上海君澜律师事务所（以下简称"本所"）接受上海晶丰明源半导体股份有限公司 （以下简称"公司"或"晶丰明源"）的委托，根据《中华人民共和国公司法》（以下简 称"《公司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司 股权激励管理办法》（以下简称"《管理办法》"）《上海证券交易所科创板股票上市 规则》（以下简称"《上市规则》"）《科创板上市公司自律监管指南第 4 号—股权激 励信息披露》（以下简称"《监管指南》"）《上海晶丰明源半导体股份有限公司 2021 年限制性股票激励计划》（以下简称"《2021 年激励计划》"）及《上海晶丰明源半导 体股份有限公司 2021 年第二期限制性股票激励计划》（以下简称"《2021 年第二期激 ...

上海晶丰明源半导体股份有限公司 审计报告及财务报表 二〇二四年度 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进 上海晶丰明源半导体股份有限公司 审计报告及财务报表 (2024 年 01 月 01 日至 2024 年 12 月 31 日止) | 目录 | 页次 | | --- | --- | | 审计报告 | 1-6 | | 财务报表 | | | 合并资产负债表和母公司资产负债表 | 1-4 | | 合并利润表和母公司利润表 | 5-6 | | 合并现金流量表和母公司现金流量表 | 7-8 | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | 财务报表附注 | 1-112 | 审计报告 信会师报字[2025]第 ZA10103 号 上海晶丰明源半导体股份有限公司全体股东: 一、审计意见 我们审计了上海晶丰明源半导体股份有限公司(以下简称晶丰明 源)财务报表,包括2024年12月31日的合并及母公司资产负债表, 2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并 及母公司所有者权益变动表以及相关财务报表附注。 我们认 ...

上海晶丰明源半导体股份有限公司 内部控制审计报告 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定,建立健全和有效实施内部控制,并评 价其有效性是晶丰明源董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的 有效性发表审计意见,并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、内部控制的固有局限性 明该审计报告是否用具有执业许可 您可使用手机"扫一扫"或进入"注册会计师 2024 年 12月 31 日 内部控制审计报告 信会师报字[2025]第 ZA10104 号 上海晶丰明源半导体股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求,我们审计了上海晶丰明源半导体股份有限公司(以下简称晶 丰明源）2024年12月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 内部控制具有固有局限性,存在不能防止和发现错报的可能性。 此外,由于情况的变化可能导致内部控制变得不恰当,或对控制政策 内部控制审计报告 第1页 7信会计师事务所(特殊普通合 HINA SHU LUN PAN C ...