Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4][6][18]. Core Insights - The company experienced a temporary pressure on performance in 2024, with revenue declining by 6.99% year-on-year to 652 million yuan, and a net loss of 204 million yuan, which is an increase in losses by 419% year-on-year. The decline in revenue is attributed to the ongoing destocking cycle among end customers and a slower-than-expected recovery in downstream demand [1][2][4]. - Despite the challenges, the company demonstrated resilience compared to overseas competitors, with expectations for recovery in demand from sectors such as telecommunications, industrial control, and automotive in 2025. The inventory levels are gradually returning to normal, which is anticipated to improve revenue and gross margins [2][4]. - The introduction of new products, such as the PH1P from the Phoenix series, is aimed at expanding into new markets and customer segments, particularly in industrial control and automotive applications [3][4]. Summary by Sections Company Overview - The company is a leading domestic FPGA manufacturer, established in 2011, with a product range that includes FPGA chips, FPSoC, and specialized EDA software. Its products are widely used in various sectors including industrial control, network communication, consumer electronics, data centers, and smart automotive electronics [13][14]. Financial Forecast - Revenue projections for 2024 to 2026 are 652 million yuan, 818 million yuan, and 1.01 billion yuan, respectively, with year-on-year changes of -7.0%, +25.7%, and +23.4%. The net profit forecasts for the same period are -204 million yuan, -200 million yuan, and -167 million yuan [4][10][14]. - The report anticipates improvements in gross margins, with expectations of 31.0% in 2024, 38.1% in 2025, and 40.6% in 2026 [10][22]. Relative Valuation - The report compares the company with peers such as Zhaoyi Innovation, Fudan Microelectronics, and Unisoc, with a projected price-to-sales (PS) ratio of 22x for 2024, 18x for 2025, and 14x for 2026. The average PS ratio for comparable companies is noted to be around 21x for 2025 [18][19].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance relative to the market [6][4][18]. Core Insights - The company experienced a temporary decline in performance in 2024, with revenue of 652 million yuan, a year-on-year decrease of 6.99%, and a net loss of 204 million yuan, which represents an expanded loss of 4.19% compared to the previous year. The decline in revenue is attributed to ongoing inventory destocking by end customers and a slower-than-expected recovery in downstream demand [1][2][4]. - Despite the challenges, the company demonstrated resilience compared to overseas competitors, with expectations for recovery in demand from sectors such as telecommunications, industrial control, and automotive in 2025. The report anticipates improvements in revenue and gross margin as inventory levels normalize and the share of the Phoenix product line increases [2][4]. - The company is actively launching new products, such as the Phoenix series high-performance PH1P, which targets various applications including embedded control and machine vision. Additionally, the company is enhancing its automotive-grade FPGA ecosystem to meet the demands of new energy and intelligent driving [3][4]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 652 million yuan, 818 million yuan, and 1.01 billion yuan, reflecting year-on-year changes of -7.0%, +25.7%, and +23.4% respectively. The net profit forecasts for the same years are -204 million yuan, -200 million yuan, and -167 million yuan [4][10][14]. - The report highlights that the company is positioned as a leading domestic FPGA provider, with an increasing market share and product adoption, particularly as downstream demand begins to recover [4][18]. Product and Market Position - The company has established itself as a leader in the domestic FPGA market, with a diverse product portfolio that includes the ELF, EAGLE, and PHOENIX series, catering to various applications in industrial control, network communication, and high-performance computing [13][14]. - The introduction of new products and enhancements to existing lines are expected to drive future growth, particularly in the automotive sector, where the company is developing high-performance FPGA devices compliant with automotive standards [3][4].

Financial Performance - In 2024, the company achieved total operating revenue of 651.82 million RMB, a decrease of 6.99% compared to the previous year[7]. - The net profit attributable to the parent company was -205.46 million RMB, with a net profit excluding non-recurring gains and losses of -240.68 million RMB[7]. - Basic earnings per share were -0.5126 RMB, reflecting a slight decrease from -0.4924 RMB in the previous year[3]. - The weighted average return on net assets was -15.45%, a decrease of 2.52 percentage points compared to the previous year[3]. - Shareholders' equity attributable to the parent company was 1,215.22 million RMB, down 15.92% from the beginning of the period[6]. Assets and Equity - The company's total assets at the end of the reporting period were 1,388.60 million RMB, a decrease of 14.81% from the beginning of the period[7]. Revenue Decline Factors - The decline in revenue was primarily due to the ongoing destocking cycle of certain end-industry clients and uneven recovery in downstream market demand[7]. Investment and Development - The company continued to invest heavily in product research and development to strengthen its core competitiveness despite the negative net profit[7]. Financial Reporting and Risks - The financial data presented is preliminary and unaudited, with final figures to be confirmed in the annual report[10]. - Investors are advised to be cautious regarding investment risks associated with the company's financial performance[10].

Revenue Projections - The estimated annual revenue for 2024 is projected to be between RMB 620 million and RMB 680 million, representing a year-on-year decrease of RMB 80.79 million to RMB 20.79 million, or a decline of 11.53% to 2.97% compared to the previous year[3]. - The previous year's revenue was RMB 700.79 million, with a net profit attributable to the parent company of RMB -197.19 million[4]. Profit Projections - The estimated net profit attributable to the parent company for 2024 is expected to be between RMB -230 million and RMB -190 million, indicating continued losses compared to the previous year[3]. - The estimated net profit attributable to the parent company after deducting non-recurring gains and losses is projected to be between RMB -265 million and RMB -225 million[3]. Market Conditions - The decline in revenue is primarily due to the ongoing inventory destocking cycle among certain end-user industry clients and uneven recovery in downstream market demand[6]. Investment in R&D - The company continues to invest significantly in product research and development to strengthen its core competitiveness and expand its product range[6]. Financial Reporting - The financial data provided is preliminary and has not been audited by registered accountants, with the final figures to be disclosed in the audited annual report[8].

Core Viewpoint - Shanghai Weiyeda Electronics Co., Ltd. has been established with a registered capital of 11 million yuan, focusing on integrated circuit chip sales and related services [1] Company Summary - The legal representative of Shanghai Weiyeda Electronics Co., Ltd. is Wen Huawu [1] - The company is wholly owned by Anlu Technology [1] Business Scope - The business scope includes sales of integrated circuit chips and products, integrated circuit sales, integrated circuit chip design and services, software development, software sales, information system integration services, and information technology consulting services [1]

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、准确性和完整性依法承担法律责任。 上海安路信息科技股份有限公司（以下简称"公司"）于 2024 年 12 月 17 日分别召开了第二届董事会第八次会议和第二届监事会第五次会议，分别审议通 过了《关于部分募集资金投资项目调整内部投资结构的议案》，同意对两个募集 资金投资项目（以下简称"募投项目"）"新一代现场可编程阵列芯片研发及产 业化项目"、"现场可编程系统级芯片研发项目"的内部投资结构进行调整。公 司保荐机构中国国际金融股份有限公司（以下简称"保荐机构"）对本事项出具 了核查意见，该事项无需提交公司股东大会审议。现将相关情况公告如下： 一、募集资金基本情况 证券代码：688107 证券简称：安路科技 公告编号：2024-044 上海安路信息科技股份有限公司 关于部分募集资金投资项目调整内部投资结构的公告 经中国证券监督管理委员会出具的《关于同意上海安路信息科技股份有限公 司首次公开发行股票注册的批复》（证监许可[2021]3093 号）同意注册，公司 获准向社会公开发行人民币普通股 50,100,000 股 ...

中国国际金融股份有限公司 经中国证券监督管理委员会出具的《关于同意上海安路信息科技股份有限公司首 次公开发行股票注册的批复》（证监许可〔2021〕3093 号）同意注册，公司获准向社 会公开发行人民币普通股 50,100,000 股，每股面值人民币 1.00 元，每股发行价格为人 民币 26.00 元。截至 2021 年 11 月 9 日止，公司募集资金总额为人民币 1,302,600,000.00 元，扣除各项发行费用（不含增值税）人民币 101,957,537.70元，实际募集资金净额为 人民币 1,200,642,462.30 元。上述资金到位情况业经立信会计师事务所（特殊普通合伙） 审验，并由其出具信会师报字〔2021〕第 ZA15786 号验资报告验资确认。 募集资金到账后，公司对募集资金进行了专户存储管理，公司与保荐机构、存放 募集资金的商业银行签订了《募集资金专户存储三方监管协议》，明确了各方的权利 与义务。上述专项账户仅用于公司募集资金的存储和使用，不用作其他用途。 二、募集资金投资项目情况 根据《上海安路信息科技股份有限公司首次公开发行股票并在科创板上市招股说 明书》，公司募集资金投资项目具 ...

证券代码：688107 证券简称：安路科技 公告编号：2024-043 上海安路信息科技股份有限公司 第二届监事会第五次会议决议公告 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、准确性和完整性依法承担法律责任。 一、 监事会会议召开情况 上海安路信息科技股份有限公司（以下简称"公司"）第二届监事会第五次 会议于 2024 年 12 月 17 日在公司会议室以现场结合通讯方式召开。会议通知日 前以电子邮件方式送达全体监事。会议应出席监事 3 人，实际出席监事 3 人，会 议由监事会主席周热情先生主持。会议的召集和召开程序符合有关法律、行政法 规、部门规章、规范性文件和《公司章程》的规定，会议决议合法、有效。 二、 监事会会议审议情况 表决结果：3 票赞成，0 票反对，0 票弃权。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《关 于部分募集资金投资项目调整内部投资结构的公告》（公告编号：2024-044）。 1 特此公告。 上海安路信息科技股份有限公司监事会 2024 年 12 月 19 日 2 （一）审议通过《关于部分 ...

Group 1: Financial Performance - In Q3 2024, the company achieved a revenue of 179 million CNY, marking a continuous quarter-on-quarter growth for three consecutive quarters [3] - The R&D expenditure for the first three quarters of 2024 totaled 285 million CNY, accounting for 57.52% of the operating revenue [2] - Inventory decreased from 763 million CNY in the previous year to 590 million CNY by the end of Q3 2024 [4] Group 2: Product Development - The company launched the new PH1P high-performance FPGA product series, which includes models PH1P-35, PH1P-50, and PH1P-100, aimed at enhancing performance and efficiency [2] - Over 160 IPs and reference designs have been developed across 12 major application categories, improving customer product development efficiency [4] - The company is focusing on enhancing the quality of its products through a comprehensive quality culture initiative [4] Group 3: Market Trends and Strategy - The semiconductor market is experiencing a mild recovery, with demand gradually increasing from downstream industries [3] - The company is expanding its product matrix and service capabilities to meet the growing market demand for FPGA and FPSoC solutions [5] - The FPGA industry has diverse applications across various sectors, including industrial control, network communication, and consumer electronics [4] Group 4: Talent Management - The company has a strong talent pool with 436 R&D personnel, representing 81.95% of the total workforce, with 63.07% holding master's or doctoral degrees [5] - A postdoctoral research station has been established to enhance talent retention and development [5]

证券代码：688107 证券简称：安路科技 公告编号：2024-042 上海安路信息科技股份有限公司 关于参加 2024 年上海辖区上市公司三季报集体业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： （网址：http://roadshow.sseinfo.com/） 会议召开方式：线上文字互动 投资者可于 2024 年 11 月 12 日（星期二）16:00 前通过邮件、电话等形式将 需要了解和关注的问题提前提供给公司。公司将在业绩说明会上对投资者普遍关 注的问题进行回答。 上海安路信息科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日对外披露了公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解 公司 2024 年前三季度的经营成果、财务状况、发展理念等，公司将参加由上海 上市公司协会联合上证所信息网络有限公司共同举办的"2024 年上海辖区上市 公司三季报集体业绩说明会"，此次活动采用线上文字互动的方式举行，投资者 可登录上海证券交易所上证路演中心（h ...