Summary of the Conference Call on Shengbang Co., Ltd. Company Overview - Shengbang Co., Ltd. is a domestic analog chip company established in 2007 and listed in 2017, focusing on product layout and continuous expansion in effect fields, indicating promising future growth potential [1][2][3] - The company has maintained a concentrated shareholding structure, with the controlling shareholder, Zhang Yilong, and his associates holding approximately 37% of the shares, facilitating operational management [1][2] Financial Performance - From 2017 to 2022, the company experienced a revenue compound annual growth rate (CAGR) of 43% and a profit CAGR of 56%, driven by strong domestic demand for domestic chips amid the US-China trade war [2][3] - In 2023, the company faced a short-term decline in performance due to weak demand and industry inventory issues, but is expected to return to a growth trajectory in 2024, with significant year-on-year growth anticipated in both revenue and profit [2][3] - The company's gross margin has stabilized above 50% after a short-term adjustment in 2023, indicating a recovery in profitability [3][7] Product and Market Position - Shengbang's primary revenue sources are power management and signal chain products, with a revenue structure ratio of approximately 70:30, aligning with industry norms [3][4] - The company has a diverse product portfolio with over 5,200 products across 32 categories, showing a significant increase in new product launches, from 500 in 2021 to over 900 in 2023 [7][8] - The analog chip industry is characterized by a strong reliance on experienced personnel and has a relatively low dependency on economic cycles, with a projected global market size of $84.3 billion by 2025, growing at 7% year-on-year [5][6] Industry Dynamics - The analog chip industry is undergoing a phase of domestic substitution, with a current localization rate of only 15%, indicating substantial growth opportunities for domestic players [6][7] - The industry is marked by high gross margins, with leading companies maintaining margins above 50%, despite some fluctuations [4][5] - The competitive landscape is fragmented, with major players like TI and ADI maintaining a market share of around 15%, emphasizing the importance of continuous R&D investment and strategic acquisitions for growth [5][6] Strategic Insights - Shengbang's growth strategy includes both organic development through R&D and external growth via acquisitions, enhancing its product offerings and market competitiveness [7][8] - The company has implemented employee stock ownership plans to align the interests of core personnel with those of shareholders, fostering long-term commitment and performance [7] - The future growth of Shengbang is supported by its robust R&D capabilities, product diversification, and strategic market positioning, making it a key player in the domestic analog chip market [1][3][8]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 95.16 yuan over a 6-month period [3]. Core Insights - The company's Q3 revenue reached 868 million yuan, representing a year-over-year increase of 18.52% and a quarter-over-quarter increase of 2.48%. The net profit attributable to the parent company was 106 million yuan, with a year-over-year increase of 102.74% but a quarter-over-quarter decrease of 14.50% [3]. - The overall gross margin remained stable at 51.88%, showcasing the company's resilience amid intensified industry competition. The product structure optimization and continuous new product development contributed to this stability [3][4]. - The company is expected to benefit significantly from the recovery in the consumer electronics sector and the anticipated recovery phase in the industrial sector, as well as the growing demand in the Chinese automotive market [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 2.445 billion yuan, a year-over-year increase of 29.96%, and a net profit of 285 million yuan, a year-over-year increase of 100.57%. The gross margin and net margin were 52.17% and 11.34%, respectively [3]. - The forecast for 2024 and 2025 indicates revenues of 3.258 billion yuan and 3.993 billion yuan, with net profits of 440 million yuan and 604 million yuan, respectively. The corresponding EPS is projected to be 0.94 yuan and 1.29 yuan per share, with P/E ratios of 102 and 74 times [4][3]. Market Position and Industry Trends - The company holds a product structure distribution of 53% in consumer electronics, 32% in industrial applications, 10% in communication, and 5% in automotive sectors. This diversified structure positions the company well to capitalize on the recovery trends in these markets [3]. - The report highlights that the industrial sector is showing positive bottom signals, with inventory destocking nearing completion, suggesting a potential recovery phase in the second half of 2024 [3].

这份报告是关于盛邦股份的一篇深度那我们会认为盛邦股份作为国内的一个模拟公司整个公司基于公司产品的一个布局以及效应领域的持续开拓那整个公司未来的一个持续成长性是值得期待的那本篇报告的话主要是分为三个部分进行讲解那第一部分的话是围绕着公司的一个基本情况以及 公司的一个整体的财务呀包括股权结构做一个简单的讲解那第二第二第二章的话主要是围绕着整个模拟行业的一个特征包括国内模拟行业的一个现状做一个具体的阐述那第三章则是重点去分析声邦股份作为国内的一个模拟芯片公司公司整体上不管是从产品标号还是从 整个基本面或者是说整个公司的一个财务数据上来讲是显著优于行业平均水平的那同时也是对声邦股份的一个核心竞争力做一个简单的分析那首先我们来看第一章那是我们会认为声邦股份作为国内的一个 整体上的业绩其实也是来到今年也是正式回到了一个增长的赛道所以说整个盛邦股份它公司未来的一个持续成长其实是非常值得期待的它首先盛邦股份作为国内模拟芯片的融合公司 公司是成立于2007年也是正式于2017年正式上市那公司从上市以来其实始终坚持的是内生外延产品目录式的一个发展策略在内生方面的话公司是长期专注于电源管理和信号链持续展开新品的一个研发从而实现公司 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][11]. Core Views - The company achieved a revenue of 2.445 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 29.96%, and the net profit attributable to the parent company doubled to 285 million yuan, with a net profit margin increasing by 4.1 percentage points to 11.34% [1][2]. - The gross margin for the first three quarters of 2024 was 52.17%, an increase of 1.63 percentage points year-on-year, while the gross margin for Q3 2024 was 51.88%, up 2.87 percentage points year-on-year but down 0.32 percentage points quarter-on-quarter [1]. - The company is focused on the analog chip market, with expectations for growth in the global analog chip market of 6.7% in 2025, driven by new product launches and recovery in demand from the Chinese market [1][2]. Financial Performance Summary - For 2024, the company is projected to have a revenue of 3.235 billion yuan, a 23.7% increase from 2023, and a net profit of 392 million yuan, reflecting a 39.6% increase [2]. - The earnings per share (EPS) for 2024 is estimated at 0.83 yuan, with a projected PE ratio of 114.5x based on the October 25, 2024 stock price [2][3]. - The company’s R&D expenses increased by 17.89% to 649 million yuan in the first three quarters of 2024, with an R&D expense ratio of 26.54%, down 2.7 percentage points year-on-year [1][2].

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 95.16 | | 流通股本 ( 亿股 ) | 4.53 | | 每股净资产 ( 元 ) | 9.09 | | 总股本 ( 亿股 ) | 4.72 | | 最近 12 月市场表现 | | -29% -15% -2% 11% 25% 38% 圣邦股份 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. 《收入同环比稳健提升，利润同环比 超翻倍增长》 2024-09-01 2. 《24Q1 毛利率改善，模拟龙头有望 受益行业复苏》 2024-04-29 3. 《23Q4 净利环比高增，模拟龙头稳 证券研究报告 ❖ 事件：公司发布 2024 年三季报，2024 年前三季度公司实现收入 24.45 亿元， 同比 ...

Financial Performance - Revenue for the third quarter reached 868.41 million yuan, an increase of 18.52% year-over-year[2] - Net profit attributable to shareholders of the listed company was 106.25 million yuan, a significant increase of 102.74% year-over-year[2] - Operating revenue rose to 2,444,835,135.79 yuan, up from 1,881,173,936.03 yuan in the previous period, indicating strong revenue growth[17] - Net profit attributable to the parent company's owners grew to 2,289,965,860.51 yuan, up from 2,052,136,942.30 yuan, showing improved profitability[15] - Net profit for the quarter reached 277.3 million yuan, a significant increase from 136.27 million yuan in the same period last year[18] - Sales revenue from goods and services reached 2.59 billion yuan, up from 1.93 billion yuan in the previous year[20] - Basic earnings per share for the quarter were 0.6054 yuan, compared to 0.3044 yuan in the same period last year[18] - Diluted earnings per share for the quarter were 0.6035 yuan, up from 0.2995 yuan in the previous year[18] - Total comprehensive income for the quarter was 273.41 million yuan, compared to 146.13 million yuan in the same period last year[18] Asset and Liability Management - Total assets as of the end of the reporting period were 5.32 billion yuan, up 13.06% compared to the end of the previous year[2] - Total assets increased to 5,321,558,794.17 yuan from 4,706,853,231.69 yuan, reflecting growth in both current and non-current assets[15] - Total liabilities increased to 1,041,663,589.38 yuan from 863,028,745.99 yuan, driven by higher current and non-current liabilities[15] - Inventory levels rose to 1,074,401,385.10 yuan from 901,367,136.07 yuan, indicating potential stock buildup or increased production[14] - Accounts receivable increased to 197,310,644.76 yuan from 166,472,282.93 yuan, suggesting higher sales on credit[14] - Long-term equity investments grew to 503,945,454.93 yuan from 423,359,692.94 yuan, reflecting strategic investments in other entities[14] - Total equity attributable to the parent company's owners increased to 4,292,095,132.21 yuan from 3,850,547,539.29 yuan, indicating stronger shareholder value[15] - Other non-current assets surged to 352,870,278.26 yuan from 42,518,433.24 yuan, signaling significant investments in long-term assets[15] Cash Flow and Investments - The company's operating cash flow for the first three quarters of 2024 was 404.98 million yuan, a substantial increase of 666.75% year-over-year[2] - The company's investment in construction projects increased by 48.02% to 112.67 million yuan, reflecting ongoing expansion efforts[6] - The company's intangible assets grew by 39.99% to 64.76 million yuan, primarily due to increased software purchases[6] - The company's other non-current assets surged by 729.92% to 352.87 million yuan, mainly due to an increase in fixed deposits[6] - Operating cash flow for the quarter was 404.98 million yuan, compared to a negative 71.46 million yuan in the previous year[20] - Investment cash flow showed a net outflow of 960.5 million yuan, an increase from 465.56 million yuan in the previous year[20] - Financing cash flow had a net inflow of 106.95 million yuan, up from 29.58 million yuan in the same period last year[21] - Cash and cash equivalents at the end of the quarter stood at 850.91 million yuan, down from 1.14 billion yuan at the end of the previous year[21] - The company's cash flow from operating activities showed a significant improvement, with a net inflow of 404.98 million yuan compared to a net outflow of 71.46 million yuan in the previous year[20] Shareholder and Ownership Structure - Hong Kong Securities Clearing Company Limited holds 3.46% of the company's shares, totaling 16,357,106 shares[8] - Industrial and Commercial Bank of China Limited - Noah Growth Hybrid Securities Investment Fund holds 3.33% of the company's shares, totaling 15,703,630 shares[8] - Chongqing Hongshun Xiangtai Enterprise Management Co., Ltd. holds 90,345,865 shares, making it the largest shareholder[8] - Chongqing Baoli Hongya Enterprise Management Co., Ltd. holds 39,009,322 shares[8] - Hongwei International Development Co., Ltd. holds 22,148,073 shares[8] - Industrial and Commercial Bank of China Limited - E Fund ChiNext ETF holds 1.79% of the company's shares, totaling 8,463,588 shares[8] - China Construction Bank Corporation - GF Technology Pioneer Hybrid Securities Investment Fund holds 1.93% of the company's shares, totaling 9,106,375 shares[8] - China Minsheng Bank Co., Ltd. - GF Industry Strict Selection Three-Year Holding Period Hybrid Securities Investment Fund holds 1.61% of the company's shares, totaling 7,595,156 shares[8] - Shanghai Pudong Development Bank Co., Ltd. - GF Small Cap Growth Hybrid Securities Investment Fund (LOF) holds 7,137,857 shares[8] Corporate Governance and Strategic Initiatives - The company completed the election of the fifth board of directors and board of supervisors on September 19, 2024[12] - The company's weighted average return on equity (ROE) for the reporting period was 2.53%, an increase of 1.08 percentage points year-over-year[2] - R&D expenses increased to 648,769,567.82 yuan, compared to 550,314,861.54 yuan in the prior period, highlighting continued investment in innovation[17] - The company's short-term borrowings stood at 36.57 million yuan, a new addition due to bank loans taken during the reporting period[6] - The company's long-term borrowings were 16.08 million yuan, also a new addition due to bank loans during the reporting period[6]

关于 2023 年股票期权激励计划预留授予登记完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 根据《上市公司股权激励管理办法》《圣邦微电子（北京）股份有限公司 2023 年股票期权激励计划（草案）》以及深圳证券交易所、中国证券登记结算 有限责任公司深圳分公司有关业务规则的规定，圣邦微电子（北京）股份有限公 司（以下简称"公司"）已完成 2023 年股票期权激励计划（以下简称"本激励 计划"）预留授予登记工作，现将有关情况公告如下： 证券代码：300661 证券简称：圣邦股份 公告编号：2024-065 圣邦微电子（北京）股份有限公司 一、本激励计划已履行的审批程序 （一）2023 年 8 月 28 日，公司召开第四届董事会第十五次会议、第四届监 事会第十四次会议审议通过了《关于<圣邦微电子（北京）股份有限公司 2023 年股票期权激励计划（草案）>及其摘要的议案》等相关议案。公司独立董事发 表了同意的独立意见。 （六）2024 年 4 月 26 日，公司第四届董事会第十八次会议和第四届监事会 第十七次会议审议通过了《关于注销部分股票 ...

证券代码：300661 证券简称：圣邦股份 公告编号：2024-064 圣邦微电子（北京）股份有限公司 关于 2022 年股票期权激励计划首次授予部分第一个行权期 采用自主行权模式的提示性公告 4、首次授予的股票期权共分为四个行权期，第一个行权期行权期限为 2024 年 10 月 28 日起至 2024 年 11 月 16 日止（因行权日需为交易日，本次行权实际 截止日期为 2024 年 11 月 15 日）。 5、第一个行权期可行权的股票期权若全部行权，公司股份仍具备上市条件。 圣邦微电子（北京）股份有限公司（以下简称"公司"）于 2024 年 10 月 11日召开的第五届董事会第二次会议和第五届监事会第二次会议审议通过了《关 于公司 2022 年股票期权激励计划首次授予部分第一个行权期可行权的议案》。具 体内容详见公司在巨潮资讯网（http://www.cninfo.com.cn/new/index）上披露的《关 于公司 2022 年股票期权激励计划首次授予部分第一个行权期可行权的公告》（公 告编号：2024-062）。 截至本公告发布之日，本次自主行权条件已获深圳证券交易所审核通过，且 公司已在中国证券 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [4][8]. Core Insights - The company has shown significant growth in the first half of 2024, with revenue reaching 1.576 billion yuan, a year-on-year increase of 37.27%, and a net profit attributable to shareholders of 179 million yuan, up 99.31% [2]. - The product matrix is robust and continuously innovated, with strong R&D capabilities leading to a series of products that meet market demands, particularly in the signal chain and power management sectors [2][3]. - The company has invested heavily in R&D, with expenditures of 418 million yuan in the first half of 2024, representing a R&D expense ratio of 26.49% [3]. Financial Performance - For the first half of 2024, the company achieved a revenue of 1.576 billion yuan, with a net profit of 179 million yuan, and a non-recurring net profit of 158 million yuan, reflecting year-on-year growth rates of 37.27%, 99.31%, and 223.43% respectively [2]. - The second quarter of 2024 saw revenue of 850 million yuan, a year-on-year increase of 33.42% and a quarter-on-quarter increase of 16.23% [2]. - The main business segments, signal chain and power management, generated revenues of 538 million yuan and 1.038 billion yuan, with year-on-year growth rates of 22.66% and 46.30% respectively [2]. Future Projections - The company is projected to achieve revenues of 3.245 billion yuan, 4.006 billion yuan, and 4.895 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 423 million yuan, 668 million yuan, and 950 million yuan [4][5]. - The expected price-to-earnings ratios for the years 2024, 2025, and 2026 are 106.57x, 67.46x, and 47.45x respectively [4][5].

证券代码：300661 证券简称：圣邦股份 公告编号：2024-061 圣邦微电子（北京）股份有限公司（以下简称"公司"）第五届监事会第二 次会议于 2024 年 10 月 11 日召开，审议通过了《关于 2021 年限制性股票激励计 划预留授予部分第二个归属期归属条件成就的议案》。 公司监事会根据《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》）、《深圳证券交易所创业板股票上市规则》（以下简称《上市规 则》）等有关法律、行政法规和规范性文件以及《圣邦微电子（北京）股份有限 公司章程》（以下简称《公司章程》）的规定，对公司 2021 年限制性股票激励计 划（以下简称"本激励计划"）预留授予限制性股票的第二个归属期归属名单进 行审核，发表核查意见如下： 本次归属的激励对象符合《公司法》《证券法》等法律、行政法规和规范性 文件以及《公司章程》规定的任职资格，符合《管理办法》《上市规则》等法律、 行政法规和规范性文件规定的激励对象条件，符合本激励计划规定的激励对象范 围，其作为公司本激励计划激励对象的主体资格合法、 ...