Investment Rating - The investment rating for the company is "Buy-A" with a target price of 181.9 CNY, maintaining the rating [4][8]. Core Views - The company reported a significant increase in Q1 2025 revenue of 885 million CNY, up 62.95% year-on-year, and a net profit of 209 million CNY, up 209.65% year-on-year, with a gross margin of 40.95% [1]. - The growth in the AIoT market is driven by the open-sourcing of AI models like Deepseek, leading to rapid advancements in edge and AIoT applications across various sectors such as automotive electronics and industrial vision [2]. - The flagship chip RK3588 is experiencing rapid growth, contributing to the overall performance of the AIoT product lines, with expectations for continued benefits from the AIoT industry trends [3]. Financial Projections - Revenue projections for the company are estimated at 4.234 billion CNY, 5.293 billion CNY, and 6.616 billion CNY for the years 2025, 2026, and 2027 respectively, with net profits of 916 million CNY, 1.19 billion CNY, and 1.545 billion CNY for the same years [4][10]. - The company is expected to maintain a high growth rate in revenue, with a projected growth rate of 35% in 2025 and 25% in the following years [10]. Market Position - The company is positioned as a leading domestic SoC enterprise, focusing on the AI sector and benefiting from the increasing demand for AI computing power [4][8]. - The company has a comprehensive product lineup across high-end, mid-high-end, mid-range, and entry-level SoC platforms, which is expected to enhance its market presence [3].

Core Insights - The latest net value of Wanjiay Economic New Momentum Mixed C Fund (005312) is 1.6754 yuan, reflecting a decrease of 0.66% [1] - The fund has shown a return of 3.35% over the past month, ranking 200 out of 4491 in its category; a return of 32.05% over the past three months, ranking 29 out of 4444; and a year-to-date return of 33.98%, ranking 34 out of 4418 [1] Fund Holdings - The top ten stock holdings of Wanjiay Economic New Momentum Mixed C Fund account for a total of 75.95%, with the following allocations: - Ruixin Microelectronics (9.12%) - BeiGene-U (8.80%) - Deepin Technology (8.64%) - Innovent Biologics-U (7.88%) - Cambricon Technologies-U (7.65%) - iFlytek (7.51%) - Sierpo (7.46%) - Sanan Optoelectronics (6.89%) - BGI Genomics (6.18%) - Zhongwei Company (5.82%) [1] Fund Overview - Wanjiay Economic New Momentum Mixed C Fund was established on February 7, 2018, and as of March 31, 2025, it has a total scale of 1.223 billion yuan [1] - The fund manager is Huang Xingliang, who has extensive experience in the investment management industry [2]

2024 年业绩符合市场预期 注重研发投入，新品迭代驱动未来增长。公司持续保持高强度研发投入，2024 年研发费用达5.64 亿 元，占营业收入比例为18.0%。我们看好公司陆续推出新一代旗舰产品和NPU 边缘算力芯片，作为AIoT SoC 算力龙头，在端侧AI 浪潮中保持产品领先身位。我们看到公司盈利能力显著修复，2024 年全年毛 利率达37.59%，同比提升3.34ppt，我们认为在未来高端化进程中，公司毛利率有望稳中有升。 盈利预测与估值 由于端侧AI 行业需求增加，公司各下游客户拓展顺利、高端占比提升，我们上调25 年收入/净利润 22.4%/52.9%至44.36/9.42 亿元，首次引入26 年收入/净利润56.05/12.31 亿元。考虑到26 年高端占比更能 够代表公司产品结构，估值切换到2026 年，当前股价对应26 年54.2 倍市盈率。考虑到端侧AI 需求百花 齐放、行业估值中枢上移，我们维持跑赢行业评级，上调目标价150%至170 元，对应26 年57.8 倍市盈 率（6.7%上行空间）。 风险 需求/新产品导入不及预期，竞争加剧，贸易摩擦带来供应链不稳定性。 公司公布2024 年业 ...

Core Viewpoint - 瑞芯微 is experiencing significant growth driven by the recovery of the electronics industry and the explosion of edge applications, particularly in automotive electronics and machine vision sectors [1] Financial Performance - In Q1 2025, 瑞芯微 achieved revenue of 885 million yuan, a year-on-year increase of approximately 60%, with net profit attributable to shareholders reaching 209 million yuan, a year-on-year growth of about 200%, resulting in basic earnings per share of 0.5 yuan [1] - For the year 2024, 瑞芯微 reported revenue of 3.136 billion yuan, a nearly 47% increase year-on-year, and net profit of 595 million yuan, a year-on-year growth of 341%, with basic earnings per share of 1.42 yuan [1] - The company announced a cash dividend of 9 yuan (including tax) for every 10 shares [1] Market Trends and Product Development - The AIoT market is rapidly growing, with significant increases in automotive electronics, industrial vision, industrial inspection, and various robotics applications [1] - 瑞芯微 is leveraging its AIoT SoC chip platform to offer a comprehensive product lineup across high-end, mid-high-end, mid-range, and entry-level segments, with flagship chip RK3588 driving substantial growth [2] - The company's gross margin improved by 3.34 percentage points year-on-year to 37.59% [2] - Operating cash flow remained significantly positive, with a net cash flow from operating activities of 1.379 billion yuan in 2024 [2] Research and Development - 瑞芯微 maintains a high level of R&D investment, with R&D expenses of 569 million yuan last year, consistently representing around 20% of revenue for over a decade [3] - The company successfully launched several new products, including RK3576, RK2118, RV1103B, and RK3506, while continuing to advance core technology IP and collaborative projects [3] - 瑞芯微's product lines cover various sectors, including automotive electronics, machine vision, industrial applications, education, commercial finance, smart home, and consumer electronics [3] Strategic Positioning - The majority of AIoT applications are concentrated in China, and 瑞芯微 is confident in its growth trajectory based on its core technology, product offerings, and application scenarios [3] - The company has observed that the impact of the U.S. "reciprocal tariff" policy is minimal, as its chips primarily reach international markets through end products of clients, with a low overall export ratio to the U.S. [3] Shareholder Activity - In Q1 2025, major shareholders such as 银河创新成长, 香港中央结算, and 国家集成电路产业基金 reduced their holdings in 瑞芯微, while 万家行业优选混合型证券投资基金 and 华夏国证半导体芯片交易型开放式指数证券投资基金 became new shareholders [4]

| 301053 | 远信工 | 0.5900 | 4835.74 | 164.10 | 61638.28 | 26.31 | | --- | --- | --- | --- | --- | --- | --- | | | 业 | | | | | | | 301116 | 益客食 | 0.2200 | 10016.94 | 158.59 | 2083727.00 | -4.80 | | | 品 | | | | | | | 300473 | 德尔股 | 0.2200 | 3242.75 | 151.73 | 451348.48 | 4.98 | | | 份 | | | | | | | 300135 | 宝利国 | 0.0240 | 2230.22 | 149.91 | 196947.19 | -8.23 | | | 际 | | | | | | | 688076 | 诺泰生 | 1.8800 | 40439.00 | 148.19 | 162480.19 | 57.21 | | | 物 | | | | | | | 688118 | 普元信 | 0.0710 | 654.66 | 141.79 | 41983.35 ...

Market Overview - The market is currently experiencing narrow fluctuations and remains in a state of consolidation [1][24] - Major U.S. stock indices rebounded significantly, with the Dow Jones up 2.66%, S&P 500 up 2.51%, and Nasdaq up 2.71%, marking the largest single-day gains in recent weeks [3] Economic Forecasts - The International Monetary Fund (IMF) has significantly downgraded global economic growth forecasts, predicting a decline to 2.8% in 2025 and 3% in 2026, down from earlier estimates of 3.3% for both years [4] - The U.S. economic growth forecast for 2025 has been reduced to 1.8%, with a 40% probability of recession, up from 27% previously [4] Corporate Developments - Baidu released an AI white paper and action plan focusing on generative AI patent layout [9] - Boeing agreed to sell part of its digital aviation solutions business to Thoma Bravo for $10.55 billion [7] - Gree Electric's shareholders approved the re-election of Dong Mingzhu as chairman, with a dividend plan of 10 yuan per 10 shares [12] - Meituan's self-developed fourth-generation drone received a nationwide operational certificate for low-altitude logistics [13] Financial Performance - Newye Semiconductor reported a 384.54% increase in net profit for Q1 2025, with revenue of 4.052 billion yuan, up 264.13% [20] - Hailanxin's Q1 2025 net profit surged by 1324.75%, driven by project completions [21] - Zhonghong Medical's Q1 2025 net profit increased by 1370% [22] - Erkang Pharmaceutical reported a net profit of 28.11 million yuan for Q1 2025, up 868.91% [23] Industry Trends - The pharmaceutical sector is expected to continue its upward trend due to improved fundamentals and technological advancements [24]

Core Viewpoint - The company, Rockchip Electronics Co., Ltd., reported significant growth in revenue and net profit for the year 2024, indicating strong performance in the AIoT market and a robust business model in the semiconductor industry. Group 1: Financial Performance - The company achieved operating revenue of 3,136,370,678.42 yuan, representing a year-on-year increase of 46.94% [21] - The net profit attributable to shareholders reached 594,862,210.27 yuan, marking a substantial year-on-year growth of 341.01% [21] - The total cash dividend proposed for 2024 is 377,011,440.90 yuan, which accounts for 63.38% of the net profit attributable to shareholders [4] Group 2: Industry Overview - The company operates in the integrated circuit design sector, classified under the computer, communication, and other electronic equipment manufacturing industry [5] - The integrated circuit industry is characterized by high technical and capital intensity, strong policy-driven development, and collaborative innovation across the entire industry chain [5] - Recent government policies aim to enhance the competitiveness of the domestic integrated circuit industry, focusing on tax incentives and support for emerging technologies [6][7] Group 3: Company Position and Business Model - The company is recognized as a leader in AIoT SoC chip design in China, with over 20 years of experience in integrated circuit design [8] - The company employs a Fabless business model, concentrating on chip design and innovation while outsourcing manufacturing and testing [13] - The main products include general-purpose smart application processors and mixed-signal chips, widely used across various AIoT applications [14][19] Group 4: Product Offerings - The company’s smart application processors include both AI-enabled and general-purpose chips, catering to diverse market needs [15][18] - The AI application processors feature built-in NPU capabilities, enhancing performance for AI tasks with varying computational power [16] - The mixed-signal chips include power management, interface conversion, and wireless connection chips, complementing the smart application processors [19] Group 5: Awards and Recognition - The company received multiple awards, including recognition in the AspenCore 2024 China IC Design Fabless 100 and various technology innovation awards [9][10][11][12]

Core Viewpoint - 瑞芯微 achieved significant growth in 2024, driven by its AIoT chip platform, but its high dividend payout strategy raises concerns about future investments and business expansion [1][4][7] Financial Performance - The company reported total revenue of 3.136 billion yuan, a year-on-year increase of 46.94% [1] - Net profit attributable to shareholders reached 595 million yuan, a substantial year-on-year growth of 341.01% [1] - The proposed cash dividend is 377 million yuan, accounting for 63.38% of net profit, which has sparked market debate regarding its sustainability [1][4] AIoT Chip Platform Development - 瑞芯微's AIoT strategy has shown remarkable results, with flagship chip RK3588 leading the growth across various sectors including automotive electronics and industrial applications [4] - The company’s gross margin improved to 37.59%, an increase of 3.34 percentage points from 2023, indicating better sales structure optimization [4] - Operating cash flow remained strong, with a net cash flow from operating activities of 1.379 billion yuan, supporting long-term sustainability [4] R&D Investment and Product Launches - R&D expenses reached 569 million yuan, maintaining around 20% of total revenue, reflecting the company's commitment to innovation [5] - New products launched include RK3576 and RK2118, enhancing the AIoT SoC chip platform [5][6] Market Position and Competition - 瑞芯微's market share in AIoT products expanded, with significant progress in automotive electronics and machine vision [7] - Despite growth, the company faces intense competition from international giants in the high-end chip market, necessitating further technological advancements and market strategies [6][7]

Group 1: Major Announcements - China Energy Engineering Corporation's subsidiary won an EPC project worth approximately 5.118 billion yuan for the construction of a thermal power project [1] - Aladdin plans to invest 41.17 million yuan to acquire a 25% stake in Yamei Biological, a company focused on life science research tools [3] - ST Mingcheng intends to sell a 45% stake in its subsidiary, Time Media, which will positively impact the company's capital efficiency [4] - Chengdi Xiangjiang's subsidiary is a candidate for a 1.632 billion yuan EPC project with China Mobile [5] - YTO Express's controlling shareholder plans to increase its stake in the company by 100 million to 200 million yuan [6] Group 2: Financial Performance - Baofeng Energy reported a net profit of 2.437 billion yuan for Q1 2025, a year-on-year increase of 71.49% [7] - Chunzhong Technology's net profit for 2024 is expected to grow by 390.75%, with a proposed cash dividend of 2.5 yuan per 10 shares [8] - Ruixin Microelectronics anticipates a net profit increase of 341.01% for 2024, proposing a cash dividend of 6.5 yuan per 10 shares [9] - Hunan Gold's Q1 2025 net profit increased by 104.63% to 332 million yuan [14] - Zhejiang Shibao's Q1 2025 net profit grew by 123.77% to 48.735 million yuan [15] - ZTE Corporation reported a net profit decline of 10.5% for Q1 2025, totaling 2.453 billion yuan [16] Group 3: Shareholder Actions - Double Tower Foods plans to repurchase shares worth 200 million to 300 million yuan for employee stock ownership plans [11] - BYD announced a profit distribution plan involving a cash dividend of 39.74 yuan per 10 shares and a stock dividend of 8 shares for every 10 shares held [12] - Yuanxin Industrial expects a net profit increase of 164.1% for 2024, proposing a cash dividend of 3 yuan per 10 shares [17]

瑞芯微电子股份有限公司 第四届监事会第四次会议决议公告 本公司监事会及全体监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。 一、 监事会会议召开情况 证券代码：603893 证券简称：瑞芯微 公告编号：2025-027 瑞芯微电子股份有限公司（以下简称"公司"）第四届监事会第四次会议通 知和材料于 2025 年 4 月 11 日以邮件方式向全体监事发出，会议于 2025 年 4 月 21 日在公司会议室以现场结合通讯会议方式召开。会议应到监事 3 人，实到监 事 3 人，会议由监事会主席简欢先生主持。本次会议的召集、召开符合有关法律、 法规、规范性文件及《公司章程》的规定，会议合法有效。 二、监事会会议审议情况 1、审议通过《关于<2024 年年度报告>及其摘要的议案》 经审核，监事会认为： （1）公司 2024 年年度报告的编制和审议程序符合法律法规、上海证券交易 所相关规定的要求，报告的内容能够真实、准确、完整地反映公司 2024 年度的 财务状况和经营成果。 （2）2024 年年度报告编制过程中，未发现公司参与 2024 年年度报告编制 和 ...