| 转让底价 (万元) | 48391.9220 | | | | --- | --- | --- | --- | | 标的名称 标的企业 所在地区 | 深圳中微电科技有限公司32.4778%股权 广东省深圳市南山区 | 所属行业 | 计算机、通信和其他电子设备制 造业 | 作为中国电子信息产业集团旗下企业，中微电堪称GPU研发领域的"国家队"。公司自2020年专注GPU研发以来，已取得 阶段性成果：2022年首款高性能桌面GPU"南风一号"成功点亮并实现量产；2024年"南风二号"核心IP研发完成。然而技 术突破的背后是持续的经营亏损，2023年公司营收5521万元却亏损8905万元，2024年前十月亏损3854万元。 此次股权转让方中国中电国际信息服务有限公司（简称：中电信息）为国务院国资委监管企业，其"清仓式"转让行为已 获股东批准。分析人士指出，这一动作折射出GPU研发面临的现实困境：一方面需要持续巨额投入，另一方面市场竞争 激烈，国际巨头占据主导地位。在当前半导体行业深度调整期，国资股东的战略调整或为优化资源配置之举。 值得关注的是，中微电股权结构显示，除国资股东外，公司还吸引了包括红杉资本、力合创投 ...

舜宇精工业务覆盖国内主要汽车产地集群，同时积极拓展海外客户与海外业务，目前部分产品已销往西班牙、德国、捷克、英国、 印度尼西亚等国家。 舜宇精工同时积极布局和深度研发智能机构件、智能照明、智能成像三大系列产品，凭借同步开发及一体化开发能力，舜宇精工在 细分市场拥有良好的品牌信誉度和稳定的客户群体，汽车功能件业务服务客户包括延锋、Novem、新泉股份等国内外知名汽车零部 件一级供应商，覆盖的车企品牌包括一汽红旗、上汽通用、比亚迪、梅赛德斯奔驰、宝马、Stellantis、吉利、沃尔沃等；同时也直 接服务于包括一汽红旗、上汽集团、上汽通用五菱、长城汽车、Renulat、上汽大众、一汽大众、一汽捷达、江铃福特、北汽新能 源、奇瑞等知名汽车厂商以及小鹏、理想、岚图、赛力斯、零跑等造车新势力。 近日，舜宇精工在接受机构调研时表示，随着公司配套车型产销量的增长及新定点车型项目不断投入量产，公司内饰功能件业务在 手订单规模进一步提升。公司模具业务是支撑内饰功能件业务拓展的重要能力，随着内饰功能件业务的增长而增长。公司AGV业务 的应用领域已由汽车主机厂拓展至汽车零部件制造商与物流等领域。 据介绍，舜宇精工内饰功能件业务一般 ...

Group 1 - The company 聚力成半导体 (Chongqing) is facing a critical moment regarding its survival as it is undergoing bankruptcy proceedings initiated by Guangdong Zhongbao Weian Security Service Co., Ltd. due to inability to repay debts and potential for restructuring [1] - The company was established in 2018 in Chongqing with a planned investment of 5 billion yuan to build 21 production lines for gallium nitride epitaxial wafers and chips, with an expected annual output value exceeding 10 billion yuan [1] - The core team of the company comes from leading firms such as TSMC and SMIC, possessing key technologies in silicon-based and silicon carbide-based gallium nitride epitaxial wafers [1] Group 2 - Both 聚力成上海 and 重庆聚力成 have been listed as dishonest executors, involved in multiple disputes including labor disputes and contract breaches [2] - If the bankruptcy liquidation application is approved, it would not only halt a 5 billion yuan project but also impact the entire gallium nitride industry chain [2] - The fate of the company is under close scrutiny as the domestic third-generation semiconductor localization process accelerates, raising questions about its future [2]

Core Viewpoint - Longli Technology is optimistic about the market potential of Mini-LED technology in automotive displays, driven by its superior display effects and energy-saving characteristics, indicating a significant growth opportunity in the sector [4]. Company Summary - Longli Technology has established itself as a leading player in Mini-LED automotive backlight display technology, leveraging its technological advantages and comprehensive solutions to expand its automotive business [4]. - The company has formed strong partnerships with notable Tier 1 clients such as Continental, Faurecia, and Visteon, as well as end customers like BYD, NIO, and Geely, positioning itself for rapid growth in the automotive display market [4]. Industry Summary - The global automotive display panel shipment is projected to reach 232 million units in 2024, reflecting a year-on-year growth of 6.2%, indicating a stable upward trend in the automotive display market [4]. - The trend towards intelligent, large, multi-screen, high-definition, and interactive automotive displays is becoming increasingly prominent as the penetration rate of smart cockpits accelerates [4]. Financial Performance - In 2024, Longli Technology achieved a revenue of 1.32 billion yuan, representing a year-on-year increase of 28.64%, with a net profit attributable to shareholders of 106 million yuan, up 132.90% [5]. - For the first quarter of 2025, the company reported a revenue of 340.73 million yuan, a year-on-year growth of 15.18%, and a net profit of 30.61 million yuan, reflecting a 51.88% increase [5]. - The overall profitability of the company continues to improve, demonstrating steady growth in performance [5].

此外，公司截至2025年一季度末货币资金余额为1450.07万元，负债合计1.55亿元，若无法足额筹集交易资金或交易后承担标的公司大额债务， 可能对经营业绩产生负面影响。标的公司客户集中度较高，若重要客户需求变化或新客户开发受阻，亦将影响其业绩。 公告显示，*ST宇顺股价变动（2025年3月31日至5月15日）、当前静态市盈率、市净率等估值指标较同行业可比上市公司有较大的偏离。截至 2025年5月15日，公司市净率为16.07倍。公司所属中上协行业分类制造业-电气、电子及通讯-计算机、通信（C39）的静态市盈率为37.99倍，市 净率为3.22倍。公司敬请广大投资者充分了解股票市场风险因素，注意投资风险。 （校对/黄仁贵） 5月16日，*ST宇顺发布公告，提示公司股票存在被终止上市的风险。根据2024年年度报告，公司2024年度经审计的净亏损为1757.48万元，扣除 非经常性损益后的净亏损为2142.91万元，且扣除后营业收入为2.2亿元，低于3亿元，触及《深圳证券交易所股票上市规则》相关规定，自2025 年5月6日起被实施退市风险警示。若2025年度出现净利润或净资产为负、财务报告被出具非标意见等情形，公 ...

Core Insights - Geely Auto reported Zeekr Group's Q1 performance, with total revenue of 22.019 billion yuan (3.034 billion USD), a year-on-year increase of 1.1% but a quarter-on-quarter decrease of 37.8% [2][3] - Gross profit reached 4.213 billion yuan (580 million USD), up 18.8% year-on-year but down 33.8% from the previous quarter, resulting in a gross margin of 19.1% [2][3] - The operating loss for Q1 was 1.259 billion yuan (174 million USD), a reduction of 25.7% year-on-year but an increase of 16.3% from the previous quarter [2][3] Revenue and Profitability - Automotive sales revenue was 19.096 billion yuan (2.631 billion USD), reflecting a year-on-year increase of 16.1% but a quarter-on-quarter decrease of 38.4% [4] - The automotive profit margin stood at 16.5%, compared to 13.1% in Q1 2024 and 14.3% in Q4 2024, indicating a significant improvement [4] - Zeekr brand delivered 41,403 vehicles in Q1, a year-on-year increase of 25.2%, while Lynk & Co delivered 72,608 vehicles, up 18.9% year-on-year, with 52.4% of deliveries coming from new energy vehicles [4] Loss Metrics - The net loss for Q1 was 763 million yuan (105 million USD), a significant reduction of 60.2% year-on-year but an increase of 21.3% from the previous quarter [3][4] - Adjusted net loss (non-GAAP) for Q1 was 640 million yuan (88 million USD), down 66.5% year-on-year but up 18.5% from Q4 2024 [3][4]

在成本控制方面，公司通过业务流程优化、套期保值对冲原材料波动、数字化管理及费用管控等举措，有效降低运营成本并提升资金效率。针对毛利率提 升计划，公司表示将深化半导体、光伏等高增长领域资源配置，加强技术研发与生产协同，同时强化内部资源整合，推动经营质量稳步修复。 展望未来，公司认为增长潜力来自新能源汽车、5G通讯、光伏等新兴产业的持续爆发，以及海外市场的拓展成效。目前客户覆盖华为、比亚迪、隆基股 份、海康威视等各行业龙头企业，并通过富士康等EMS厂商间接服务惠普、戴尔等国际品牌。 （校对/黄仁贵） 公司通过持续研发投入与技术升级，构建了电子装联材料与可靠性材料的双业务矩阵，形成了覆盖热学、力学、防腐蚀等电子新材料的一站式解决方案， 显著降低客户采购与管理成本，助力国产材料在产业链中的渗透率提升。 2024年，公司营业收入同比增长25.75%，主要受益于产品销量稳步增长及原材料锡金属价格传导效应。未来，公司将坚定执行"六五战略规划"，聚焦大客 户战略、渠道优化及海外市场拓展，加速布局东南亚、美洲等区域。目前已在香港、新加坡、墨西哥等6地设立分支机构，并计划在南通及墨西哥新建生 产基地，进一步提升全球交付能力。此外 ...

Group 1 - The company has confirmed that its CVD anode materials are ready for mass production, with existing customers already utilizing them. The variety of silicon-based products is tailored to customer application needs and cost considerations [2] - Despite the attention on domestic CVD anode materials, overall demand remains low due to high costs and unresolved issues [2] - The company is focused on biomass anode materials, which are low-cost and have low carbon emissions, aligning with future development trends. Current performance is satisfactory, but there may be niche demands requiring specialized designs where polymer materials have advantages [2] Group 2 - In the solid-state battery sector, the company has stated that its solid-state battery materials are ready for mass production, suitable for both digital and power battery needs. The actual production pace will depend on the validation cycles of downstream cell manufacturers and end vehicle companies [2] - The semi-solid battery system is expected to achieve large-scale application first, while the industry-wide mass production of all-solid-state batteries is generally projected for 2027. The company emphasizes its early layout and deep technical accumulation in core materials like sulfide solid electrolytes [2] - The third-generation deposited silicon-carbon products have entered mass production, with costs comparable to industry standards. The company's specialized graphite shows better compatibility with silicon, significantly enhancing performance while keeping costs manageable [3] Group 3 - The company plans to focus on new energy materials as its core, promoting positive electrode materials in the ternary field and expanding into overseas markets. It aims to transition into a battery materials system solution provider [3] - Both positive and negative electrode businesses are developing simultaneously, with plans to incorporate new materials like electrolytes and enhance ESG competitiveness through a closed-loop recycling system [3] - Although current anode prices are affected by industry overcapacity and technological iterations, the company remains optimistic about profit margins in overseas markets and the application of fast-charging technologies [3]

Group 1 - The company has implemented the oxygen-enriched side-blowing process in its Indonesia Zhongqing project, marking the first industrial application of this technology for laterite nickel ore smelting, creating a new technical route for this process [2] - The Zhongqing project is expected to complete its main construction in Q2 of this year, with all six production lines operational, leading to rapid production debugging and capacity ramp-up, which will enhance industrial synergy and reduce overall production costs [2] - The company anticipates a 50% year-on-year increase in total lithium iron phosphate production, reaching 2.38 million tons in 2024, while maintaining its leading position in nickel and cobalt materials [2] Group 2 - The company emphasizes the environmental and cost advantages of the pyrometallurgical process, with the oxygen-enriched side-blowing process having lower carbon emissions compared to traditional RKEF technology, and the ability to utilize waste heat for energy generation [3] - The company has established and is constructing smelting capacity of 195,000 metal tons in Indonesia, with an expected actual capacity of 155,000 tons by the end of 2024, and an annual nickel production of nearly 100,000 tons [3] - The company plans to further expand its lithium resources in South America to enhance its global raw material supply chain [3]

Core Viewpoint - Guanghe Technology has commenced trial production in Thailand, with plans for official production in June 2024, driven by the growing demand for AI computing infrastructure [2] Group 1: Company Performance - Guanghe Technology expects to achieve a revenue of 3.734 billion yuan in 2024, representing a year-on-year growth of 39.43%, and a net profit of 676 million yuan, up 63.04% [2] - In Q1 2025, the company anticipates continued high growth, with revenue reaching 1.117 billion yuan and net profit of 240 million yuan, reflecting year-on-year increases of 42.41% and 65.68% respectively [2] Group 2: Product and Market Strategy - The company's product focus includes server and switch products for data centers, with a significant portion of revenue (2.705 billion yuan) coming from server PCB business, accounting for 77.7% of total revenue in 2024, and over 20% from AI-related products [3] - Guanghe Technology plans to enhance its global footprint by accelerating the production in Thailand and improving the overseas supply chain for upstream materials to mitigate market risks [2] Group 3: Operational Insights - The company has applied for a total of 418 patents and has participated in the formulation of 13 industry standards, achieving technological breakthroughs in high-layer PCB and advanced HDI products [2] - The company’s two factories in Guangzhou have added an annual production capacity of approximately 600 million yuan through technological upgrades, with total capacity expected to reach 4 billion yuan by 2025 [3] Group 4: Cost Management - In Q1, the prices of raw materials such as copper and fiberglass were affected by commodity price fluctuations, but the costs of high-speed material boards remained stable, with the company implementing measures to hedge against exchange rate and cost pressures [3]