| 证券代码：605358 | 证券简称：立昂微 | 公告编号：2026-013 | | --- | --- | --- | | 债券代码：111010 | 债券简称：立昂转债 | | 杭州立昂微电子股份有限公司 可转债转股结果暨股份变动公告 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、准确性和完整性承担个别及连带责任。 重要内容提示： 累计转股情况："立昂转债"的转股期为 2023 年 5 月 18 日起至 2028 年 11 月 13 日。 截至 2026 年 3 月 31 日，累计已有 764,000 元"立昂转债"转换为公司股份，累计转股股数为 20,387 股，占"立昂转债"转股前公司已发行股份总额的 0.003%。 （一）可转债获核准发行基本情况 经中国证券监督管理委员会《关于核准杭州立昂微电子股份有限公司公开发行可转换公司 债券的批复》（证监许可[2022]2345号）核准，杭州立昂微电子股份有限公司（以下简称"公 司"）于2022年11月18日公开发行可转换公司债券 33,900,000 张，每张面值 100 元，发行总 额人民币339 ...

Investment Rating - The report rates the phased array T/R chip industry as a strong growth sector with significant potential for investment, projecting a market size increase from 841 million RMB in 2020 to 2.48 billion RMB in 2025, and further to 4.48 billion RMB by 2030, indicating a compound annual growth rate (CAGR) of 24.15% from 2020 to 2025 and 12.96% from 2026 to 2030 [4][41]. Core Insights - The phased array T/R chip is a core component of phased array radar, crucial for radar antenna parameters and overall performance, with demand driven by military applications and the expansion of smart driving and 5G base stations [4][5]. - The industry is characterized by a wide range of applications, strong military strategic significance, and high profit margins, with companies like Chengchang Technology and Zhenlei Technology reporting gross margins of 66.1% and 93.2% respectively [10][12]. - The growth of the industry is supported by advancements in satellite internet and the rapid development of the smart driving industry, which are expected to further increase demand for phased array T/R chips [4][42]. Industry Definition - Phased array T/R chips are essential components of phased array radar, integrated within T/R modules to perform key functions such as signal transmission, reception, and amplitude-phase control [5]. Industry Classification - The phased array T/R chip industry can be classified into three categories based on functionality: amplifier chips, amplitude-phase control chips, and passive chips [6]. Industry Characteristics - The industry features broad application fields, significant military strategic importance, and generally high profit margins [10]. Development History - The phased array T/R chip technology began in the 1960s, with significant advancements made by Western companies, leading to the establishment of a competitive landscape that includes both military and satellite communication applications [13][14][16]. Industry Chain Analysis - The industry chain consists of upstream raw materials and equipment supply, midstream chip design and manufacturing, and downstream chip application [19]. - Upstream, the supply of wafers is critical, with domestic production capacity increasing and the price of polysilicon, a key raw material, showing significant fluctuations [20][27]. - Downstream applications are primarily in satellite internet and military defense, with the rapid expansion of satellite constellations driving demand for phased array T/R chips [21][39]. Market Size and Growth - The market size for phased array T/R chips is projected to grow significantly, driven by the expansion of smart driving technologies and the construction of 5G base stations [41][42]. - The demand for phased array T/R chips is expected to increase as the Chinese military continues to modernize its equipment and as satellite internet projects accelerate [39][40]. Future Trends - The report highlights that advancements in rocket technology will reduce satellite launch costs, facilitating faster deployment of satellite constellations and increasing demand for phased array T/R chips [46][47]. - The smart driving industry is also expected to grow, with the introduction of higher-level autonomous driving technologies leading to increased demand for 5G millimeter-wave technology and phased array T/R chips [48][49].

Investment Rating - The report rates the phased array T/R chip industry as a high-potential investment opportunity due to its rapid growth and strategic importance in both military and civilian applications [4]. Core Insights - The phased array T/R chip market is projected to grow from 841 million RMB in 2020 to 2.48 billion RMB in 2025, with a compound annual growth rate (CAGR) of 24.15%. It is expected to reach 4.48 billion RMB by 2030, with a CAGR of 12.96% [4][38]. - The growth is driven by the expansion of smart driving and 5G base station demands, as well as the acceleration of military-civilian integration [4][39]. - The industry features high profit margins, with companies like Chengchang Technology reporting a gross margin of 66.1% for their phased array T/R chip products [9]. Industry Definition - Phased array T/R chips are core components of phased array radars, responsible for signal transmission, reception, and phase control, directly influencing radar performance [5]. Industry Classification - The phased array T/R chip industry can be categorized into amplifier chips, phase control chips, and passive chips based on their functions [6]. Industry Characteristics - The industry is characterized by its wide application fields, strong military strategic significance, and generally high profit margins [7][8]. Development History - The phased array T/R chip technology began in the 1960s, with significant advancements made by Western companies, leading to the establishment of standards and performance improvements [10][12]. - Chinese private enterprises entered the market around 2010, achieving advanced levels in both passive and active phased array technologies [10][13]. Industry Chain Analysis - The upstream of the industry chain involves raw materials and equipment supply, with wafer procurement costs constituting over 91% of total costs for companies like Chengchang Technology [16][22]. - The domestic wafer production capacity is steadily increasing, with a projected global market share of 42% by 2028 [16][23]. - The downstream applications are primarily in satellite internet and military defense, with significant growth in satellite constellation projects driving demand for phased array T/R chips [18][20]. Market Size - The phased array T/R chip market is expected to grow significantly, driven by the increasing demand from smart driving technologies and the expansion of 5G base stations [39][40]. Future Market Changes - The satellite internet sector is anticipated to accelerate its constellation deployment, significantly increasing the demand for phased array T/R chips [43]. - The smart driving industry is also expected to grow, with the approval of higher-level autonomous driving technologies, further driving the demand for 5G millimeter-wave technology and phased array T/R chips [45][46].

Investment Rating - Maintain "Buy" rating for the semiconductor silicon wafer industry [5] Core Insights - The silicon wafer industry is experiencing a recovery driven by AI demand, particularly for 12-inch wafers, which are expected to see significant growth due to their economic advantages and increased usage in advanced semiconductor applications [3][4][9] - The global semiconductor silicon wafer market is projected to exceed $20 billion by 2030, with a compound annual growth rate (CAGR) of approximately 5-6% [3][29] - The shift towards larger silicon wafer sizes, particularly 12-inch wafers, is driven by the need for higher efficiency and lower production costs in semiconductor manufacturing [2][17] Summary by Sections Section 1: Silicon Wafer Demand and Market Dynamics - Silicon wafers are fundamental to chip manufacturing, accounting for 30% of wafer manufacturing materials, with over 95% of semiconductor devices using silicon wafers as substrates [1][9] - The demand for 12-inch silicon wafers is significantly increasing, with AI servers requiring 3.8 times more 12-inch wafers compared to general servers [3][26] - The global market for silicon wafers is dominated by a few key players, with Shin-Etsu and SUMCO holding substantial market shares, indicating a high concentration in the industry [33][37] Section 2: Technological Advancements and Production Capacity - The transition to larger wafer sizes, particularly 12-inch, is driven by Moore's Law, which allows for more chips to be produced per wafer, thus reducing costs [2][17] - By 2026, the number of 12-inch wafer production facilities is expected to increase from 193 to 230 globally, with a corresponding rise in production capacity from 8.34 million wafers per month to 9.89 million [26] - Domestic manufacturers in China are rapidly expanding their production capabilities, with companies like Hu Silicon Industry and Xi'an Yicai leading the way in 12-inch wafer supply [61][62] Section 3: Future Outlook and Growth Drivers - The semiconductor industry is projected to recover in 2024, with a 5.06% increase in silicon wafer shipments anticipated [29] - AI technology is a significant growth driver for the silicon wafer market, with increasing demand for high-performance GPUs and HBM stacks in AI servers [3][54] - The overall demand for silicon wafers is expected to grow as the industry adapts to new technologies and applications, particularly in high-end markets such as AI and cloud computing [3][4][61]

Investment Rating - Maintain "Buy" rating for the semiconductor silicon wafer industry [5] Core Insights - The demand for silicon wafers is expected to continue growing, driven by advancements in AI and the increasing use of 12-inch wafers, which offer greater economic benefits compared to smaller sizes [2][3][4] - The global semiconductor silicon wafer market is projected to exceed $20 billion by 2030, indicating significant growth potential [3][29] Summary by Sections Silicon Wafer Demand and Supply - Silicon wafers are fundamental to chip manufacturing, accounting for 30% of wafer manufacturing materials, with over 95% of semiconductor devices using silicon wafers as substrates [1][9] - The shift towards larger silicon wafer sizes, particularly 12-inch wafers, is driven by the need for cost efficiency and higher chip production per wafer [2][17] AI and Market Trends - The AI sector is significantly increasing the demand for 12-inch silicon wafers, with AI servers requiring 3.8 times more wafers than general servers [3][26] - The global market for 12-inch wafers is expected to grow, with a forecasted increase in production capacity from 8.34 million wafers per month in 2024 to 9.89 million in 2026, reflecting a compound annual growth rate of 8.9% [26][29] Industry Outlook - Major companies like Sumco and Shin-Etsu are optimistic about the recovery of the 300mm silicon wafer market, driven by AI-related demand and a resurgence in other sectors [4][37] - Domestic manufacturers are making strides in increasing production capacity and improving technology, with companies like Hu Silicon and Xi'an Yicai leading the way in the 12-inch wafer market [61][62] Market Dynamics - The silicon wafer industry is characterized by high entry barriers due to technological, financial, and certification challenges, leading to a concentrated market dominated by a few key players [31][33] - The top five silicon wafer manufacturers hold approximately 80% of the market share, indicating a strong oligopolistic structure [33][34]

证券代码：605358 证券简称：立昂微 公告编号：2026-012 债券代码：111010 债券简称：立昂转债 杭州立昂微电子股份有限公司 关于为控股子公司提供担保的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | 被担保人名称 | 本次担保金额 | | 实际为其提供的担 保余额（不含本次担 | | 是否在前 期预计额 | 本次担保是 否有反担保 | | --- | --- | --- | --- | --- | --- | --- | | | | | 保金额） | | 度内 | | | 金瑞泓科技（衢州）有限公司 | 30,000 | 万元 | 36,729.20 | 万元 | 是 | 否 | | 金瑞泓微电子（衢州）有限公 | 10,000 | 万元 | 43,900 | 万元 | 是 | 否 | | 司 | | | | | | | | 海宁立昂东芯微电子有限公司 | 1,000 | 万元 | 61,453.64 | 万元 | 是 | 否 | 累计担保情况 | 对外担保逾期 ...

Group 1 - The core point of the article is that Lian Microelectronics (605358.SH) announced that its subsidiary, Jinruihong Technology (Quzhou) Co., Ltd., received a government subsidy related to revenue amounting to 27 million yuan, which represents 10.16% of the company's audited net profit attributable to shareholders for the most recent fiscal year [1]

Group 1 - The company Li'ang Micro announced on February 27 that its subsidiary Jinruihong Technology (Quzhou) Co., Ltd. received a government subsidy of 27 million yuan, which accounts for 10.16% of the absolute value of the net profit attributable to the shareholders of the listed company for the most recent audited fiscal year [1] Group 2 - In February, China's AI usage surpassed that of the United States for the first time, with four domestic models ranking among the top five globally, indicating an exponential growth in demand for domestic computing power [1]

证券代码：605358 证券简称：立昂微 公告编号：2026-011 债券代码：111010 债券简称：立昂转债 杭州立昂微电子股份有限公司（以下简称"公司"）控股子公司金瑞泓科技（衢州）有限 公司于近日收到与收益相关的政府补助 2,700.00 万元，占公司最近一个会计年度经审计归属 于上市公司股东的净利润绝对值的 10.16%。 二、补助的类型及其对上市公司的影响 杭州立昂微电子股份有限公司 关于获得政府补助的公告 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、准确性和完整性承担个别及连带责任。 一、获取补助的基本情况 特此公告。 杭州立昂微电子股份有限公司董事会 2026 年 2 月 28 日 根据《企业会计准则第 16 号--政府补助》有关规定，上述政府补助资金均为与收益相关 的政府补助，预计计入 2026 年度当期损益的金额为 2,700.00 万元,将对公司 2026 年度净利润 产生积极影响。最终的会计处理以及对公司当年利润产生的影响以会计师年度审计确认后的结 果为准。敬请投资者注意投资风险。 ...

Core Viewpoint - A price increase wave is sweeping through the semiconductor industry, with multiple companies announcing price hikes ranging from 10% to 80% due to rising costs of raw materials and supply chain pressures [1][12]. Price Increases - Companies such as Huazhong Micro, Zhongwei Semiconductor, and others have issued price increase notices, with the hikes affecting various product categories including MCU, NOR Flash, and power devices [1][12]. - The price adjustments are primarily attributed to significant increases in the costs of upstream raw materials and key precious metals, alongside an imbalanced supply-demand situation [1][12]. Raw Material Costs - The price surge in copper, silver, and tin has been identified as a major factor driving the increase in chip product prices, rather than the cost of silicon wafers [13]. - As of January 29, 2026, copper prices reached 101,600 CNY per ton, marking a year-on-year increase of 35.08% [13]. - Analysts predict that copper prices may continue to rise due to geopolitical tensions and supply constraints, despite high global inventories [14]. Supply-Demand Imbalance - The current supply-demand dynamics and production capacity constraints are significant contributors to the ongoing price increases in semiconductor products [21]. - Companies like Zhongwei Semiconductor have announced price hikes of 15% to 50% for products like MCU and NOR Flash due to severe supply-demand conditions [21]. - The semiconductor industry is expected to continue experiencing price increases as downstream inventory replenishment efforts exceed expectations and upstream metal prices remain high [21][22]. Company Responses - Huazhong Micro has initiated a price increase of at least 10% across its entire range of microelectronic products, effective from February 1, 2026, to address rising costs and maintain profitability [18]. - Other companies, including Silan Micro and New Clean Energy, have also announced similar price adjustments, reflecting the widespread nature of the cost pressures across the industry [19][16].