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Report release date: October 22, 2024

Report Name: Jingfeng Mingyuan (688368. SH) - Revenue increased by 19% year-on-year in the first three quarters, and a major asset restructuring is planned

Analyst: Hu Jian (Jin Qilin Analyst) S0980521080001/Hu Hui (Jin Qilin Analyst) S0980521080002/

Contact: Lian Xinran

Revenue for the first three quarters increased by 19% year-on-year, and the loss decreased year-on-year after excluding share-based payment expenses

In the first three quarters of 2024, the company achieved revenue of 1.088 billion yuan (YoY +18.78%), net profit attributable to the parent company of -54.3 million yuan, net profit deducted from non-attributable to the parent company of -23.13 million yuan, net profit deducted from the net profit of -78.91 million yuan in the same period last year, excluding the impact of share payment, the net profit attributable to the parent company was -16 million yuan, a decrease of 85.10% over the same period of last year, and the net profit attributable to the parent company was -13 million yuan, a loss of 91.10% from the same period last year. Among them, 3Q24 achieved revenue of 353 million yuan (YoY +17.5%, QoQ -15.1%), net profit attributable to the parent company of -23.79 million yuan, net profit attributable to the parent company of -5.3 million yuan, excluding the impact of share-based payment expenses, the net profit attributable to the parent company was -10 million yuan, a decrease of 87.48% over the same period of last year, and the net profit attributable to the parent company was -20 million yuan, a decrease of 72.46% over the same period of last year.

In the third quarter, the gross profit margin increased year-on-year, and the proportion of LED lighting power management chip revenue decreased

The company's gross profit margin in the first three quarters of 2024 was 36.11%, an increase of 11.7pct year-on-year, of which the gross profit margin in 3Q24 was 37.52%, an increase of 13.6pct year-on-year and 0.8pct quarter-on-quarter. The increase in gross profit margin in the third quarter was mainly due to multiple factors such as the iteration of the company's mature market product technology, the increase in the proportion of second-curve revenue with a high gross profit margin, and the decline in supply chain costs. From the perspective of revenue composition in the third quarter, the revenue of LED lighting power management chips was 199 million yuan, accounting for 56.4%; AC/DC power management chip revenue was 64 million yuan, accounting for 18.1%; the revenue of motor control drive chips was 76 million yuan, accounting for 21.5%; The revenue of DC/DC power management chips was 14 million yuan, accounting for 4.0%. Compared with the first half of the year, the revenue proportion of LED lighting power management chips decreased by about 4pct.

The 16-phase multiphase controller has achieved mass production, and the self-developed process has helped a variety of DrMOS models to be shipped in batches

The company's DC/DC power chip products have been certified by two well-known foreign main chip manufacturers and many domestic main chip manufacturers, and have achieved mass production in AIC, PC, server and other fields. At the same time, the improvement of the maturity of the company's self-developed low-voltage process has helped a number of DrMOS products to be shipped in batches; Launched high-power-density power module products and mass-produced them simultaneously; It can be adapted to the 16-phase multiphase controller of many GPU customers at home and abroad to achieve mass production.

Planned a major asset restructuring and purchased the control of Sichuan Yichong

The company is planning to purchase the control of Sichuan Yichong by issuing shares, issuing directional convertible corporate bonds and paying cash, and intends to raise matching funds, which is expected to constitute a major asset restructuring and related party transactions. Founded in 2016, Sichuan Yichong's products include wireless charging chips, protocol chips, analog power supplies, and front-mounted wireless chargers for automobiles.

Risk Warning

New product development is less than expected; Customer verification is less than expected; Demand fell short of expectations.

Guoxin Electronics Team

Hu Jian: Chief analyst of electronics industry, bachelor of electronics of Fudan University, master of world economy of Fudan University, exchange student of EDHEC Business School in France. He joined Guoxin Research Institute in August 2021, and before that, he served as the chief of the consumer electronics industry of Huatai Research Institute, ranked 3rd in the electronics industry in 2018 CBN Best Analyst, ranked 2nd in the electronics industry in the 2019 Securities Times Golden Wing Award Analyst, was shortlisted in the technology industry in II China in 2019, ranked 1st in the electronics industry in 2019 Sina Finance Golden Kirin Emerging Analyst, and ranked 2nd in the technology industry in II China in 2020. (Practising Qualification Number: S0980521080001).

Hu Hui: Senior analyst of the electronics industry, bachelor's degree in accounting from Shanghai University of Finance and Economics, Ph.D. in physics from Peking University, CPA, CFA, published a number of SCI papers, and obtained 1 national invention patent, joined Guoxin Research Institute in August 2021, and previously served as the head of the electronics team of Huajin Research Institute, mainly covering the semiconductor sector. (Qualification Number: S0980521080002).

Ye Zi (Jin Qilin Analyst): Bachelor of Chemistry from Beijing Normal University, Ph.D. in Materials Science and Engineering from Chinese University of Hong Kong, Postdoctoral Fellow in Department of Physics, Chinese University of Hong Kong, Visiting Scholar at Shenzhen-Hong Kong School of Microelectronics, Southern University of Science and Technology, research areas include semiconductor physics and thin film deposition technology, photoelectrochemistry, etc.; In 2020, he joined Guosen Securities as a postdoctoral fellow in applied economics, mainly covering the semiconductor sector. (Practising Qualification Number: S0980522100003).

Zhan Liuyang: Bachelor and Master of Engineering from the Department of Electronic Engineering, Tsinghua University, Bachelor of Economics (second degree) from the School of Economics and Management, Tsinghua University, Intermediate Economist (Finance). He has participated in the scientific research projects of the National High-tech Research and Development Program (863 Program), published 1 SCI paper, and participated in relevant academic conference reports abroad. He joined Guosen Research Institute in June 2022 and was previously the Head of Investment Management of China Resources Land. (Practising Qualification Number: S0980122060008).

Shuying Li: Bachelor of Statistics from Chinese University of Hong Kong, Shenzhen, Master of Finance, University of Sydney, joined Guosen Research Institute in August 2022. (Practicing Certificate: S0980122080309).

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