Core Viewpoint - Aojie Technology is one of the few companies covering multi-standard cellular and multi-protocol non-cellular chips, with a strong focus on mobile baseband and IoT sectors, and possesses key self-developed IP reserves [1] Group 1: Business Performance - The 5G mobile chip has been taped out and is expected to continue ramping up in the future [1] - The ASIC segment is projected to experience exponential growth, with expected performance in 2026 being several times higher than in 2024 [1] - In the IoT sector, the baseband chip is used in areas such as vehicle networking and wearables, with a market share of nearly 50% in the Cat.1bis segment for 2024, leading the industry [1] Group 2: Product Development - The shipment volume of Cat.4 is expected to double year-on-year in 2024, while the new generation Cat.7 product has been successfully introduced to clients such as ZTE [1] - In the mobile sector, the 4G octa-core smartphone chip has been successfully introduced to clients in the first half of 2025, and the 5G mobile chip is in the late stages of development, with client introduction expected in the second half of 2026 [1] Group 3: Future Outlook - Continuous product launches and client expansion are anticipated to drive sustained growth in baseband chip revenue [1] - AI ASIC is expected to become a second growth curve for the company, with good order intake for custom chip business, projecting several times growth in revenue by 2026 compared to 2024 [1]

Investment Rating - The report indicates a positive investment outlook for the ASIC industry, highlighting significant growth potential driven by increasing demand for AI applications and specialized chip designs [2]. Core Insights - The report emphasizes the distinct business models of ASIC and GPU, noting that ASICs are specialized chips tightly coupled with specific downstream applications, while GPUs are general-purpose chips [3][10]. - ASICs demonstrate superior cost-effectiveness and efficiency, with notable examples such as Google's TPU v5 achieving 1.46 times the energy efficiency of NVIDIA's H200, and Amazon's Trainium2 reducing training costs by 40% compared to GPU solutions [3][15]. - The report forecasts that the global AI ASIC market could reach $125 billion by 2028, with significant contributions from major players like Broadcom and Marvell [30]. Summary by Sections 1. AI Model Inference Driving ASIC Demand - The global AI chip market is projected to reach $500 billion by 2028-2030, with AI infrastructure spending expected to hit $3-4 trillion by 2030 [8]. - ASICs are recognized for their strong specialization, offering cost and efficiency advantages over GPUs, particularly in AI applications [9][14]. 2. High Complexity of ASIC Design and Value of Service Providers - ASIC design involves complex processes requiring specialized service providers, with Broadcom and Marvell being the leading companies in this space [41][42]. - The report highlights the importance of design service providers in optimizing performance and reducing time-to-market for ASIC products [55][60]. 3. Domestic Developments: Not Just Following Trends - Domestic cloud giants like Alibaba and Baidu have made significant strides in ASIC self-research, establishing independent ecosystems rather than merely following international trends [4][30]. - The report identifies key domestic design service providers such as Chipone, Aojie Technology, and Zhaoxin, which are well-positioned to benefit from the growing demand for ASICs [41]. 4. Key Trends in Domestic ASIC Development - The report identifies PD separation and supernode architectures as two core trends in domestic ASIC development, with companies like Huawei and Haiguang leading the way [4][30]. - These trends reflect a shift towards more flexible and efficient chip designs that cater to diverse industry needs [4]. 5. Valuation of Key Companies - The report includes a valuation table for key companies in the ASIC sector, indicating strong growth prospects and market positioning for firms like Broadcom and Marvell [5].

Investment Rating - The report gives a "Buy" rating for the company [5]. Core Insights - The company is expected to achieve revenues of 45.80 billion, 57.35 billion, and 70.72 billion yuan in 2025, 2026, and 2027 respectively, with corresponding price-to-sales (PS) ratios of 10, 8, and 7 times [5][12]. - The company is one of the few that covers multi-standard cellular and multi-protocol non-cellular chips, focusing on mobile baseband and IoT fields, with significant self-developed IP reserves [5][12]. - The 5G mobile chip has been taped out and is expected to continue ramping up in the future [5][12]. - The ASIC segment is expected to see significant growth, with projected revenue in 2026 being several times higher than in 2024 [5][12]. Summary by Sections Company Overview - The company provides wireless communication and large-scale chip solutions, with products including cellular baseband chips, non-cellular IoT chips, custom chip services, and semiconductor IP licensing [2][29]. - It has established partnerships with major clients such as ZTE, Quectel, Midea, Xiaomi, and OPPO [2][29]. Market Position and Growth - The IoT baseband segment is growing steadily, with the company holding nearly 50% market share in the Cat.1bis segment in 2024, leading the industry [2][12]. - The Cat.4 shipment volume is expected to double year-on-year in 2024, and the new Cat.7 products have been successfully introduced to clients like ZTE [2][12]. - In the mobile sector, the 4G octa-core smartphone chip has been successfully introduced to clients in the first half of 2025, while the 5G mobile chip is in the late stages of development, with client introduction expected in the second half of 2026 [2][12]. ASIC and Custom Chip Services - The company is one of the few domestic chip design firms with a presence on both the "cloud" and "edge" sides, having previously customized large inference and training chips for clients [3][30]. - The ASIC business is expected to see substantial revenue growth, with projections of 8.39 billion, 10.91 billion, and 14.18 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 150%, 30%, and 30% [13][30]. - The custom chip business is expected to have a gross margin of 45%, 46%, and 48% over the same period [13][30]. Financial Projections - The company anticipates revenues of 2.6 billion yuan in 2023, growing to 3.386 billion in 2024, and reaching 4.58 billion, 5.735 billion, and 7.072 billion in 2025, 2026, and 2027 respectively, with corresponding growth rates of 21.5%, 30.2%, 35.3%, 25.2%, and 23.3% [3][12]. - The net profit attributable to shareholders is projected to improve from a loss of 506 million yuan in 2023 to a profit of 175 million yuan in 2027 [3][12]. Valuation and Target Price - The report suggests a target market value of 574.25 billion yuan for 2026, with a target price of 137.28 yuan based on the company's unique position in the domestic baseband communication chip market and its advantages in the ASIC field [18][12].

Core Viewpoint - Aojie Technology's stock performance and financing activities indicate a high level of market interest, with significant trading volume and a notable financing balance, despite a reported net loss in the latest financial period [1][2]. Group 1: Stock Performance - On September 25, Aojie Technology's stock rose by 1.76%, with a trading volume of 1.756 billion yuan [1]. - The financing buy-in amount for Aojie Technology on the same day was 218 million yuan, while the financing repayment was 236 million yuan, resulting in a net financing outflow of 18.42 million yuan [1]. - As of September 25, the total financing and securities lending balance for Aojie Technology was 739 million yuan [1]. Group 2: Financing Activities - The current financing balance of Aojie Technology is 731 million yuan, accounting for 1.84% of its market capitalization, which is above the 90th percentile of the past year [1]. - On September 25, Aojie Technology repaid 2,979 shares in securities lending and sold 5,747 shares, with a selling amount of 632,200 yuan based on the closing price [1]. - The remaining securities lending amount is 73,700 shares, with a balance of 8.1034 million yuan, exceeding the 70th percentile of the past year [1]. Group 3: Financial Performance - For the first half of 2025, Aojie Technology reported a revenue of 1.898 billion yuan, representing a year-on-year growth of 14.67% [2]. - The net profit attributable to the parent company for the same period was -245 million yuan, showing a year-on-year increase of 7.29% in losses [2]. - As of June 30, 2025, the number of shareholders for Aojie Technology increased by 5.28% to 20,800, while the average circulating shares per person decreased by 5.01% to 17,307 shares [2].

Group 1 - The core viewpoint of the news is that Aojie Technology's stock has seen a significant increase, with a rise of 5.21% to 106.64 CNY per share, and a total market capitalization of 446.08 billion CNY as of September 22 [1] - Aojie Technology, established on April 30, 2015, specializes in the research, design, and sales of wireless communication chips, with 92.39% of its revenue coming from chip product sales [1] - The company is located in the China (Shanghai) Free Trade Zone and was listed on January 14, 2022 [1] Group 2 - Huatai Bairui Fund has a significant holding in Aojie Technology, with the Sci-Tech Innovation Index (588880) increasing its position by 4,851 shares, making it the fifth-largest holding in the fund [2] - The fund's net asset value proportion for Aojie Technology is 2.18%, and it has generated a floating profit of approximately 336,100 CNY as of the report date [2] - The Sci-Tech Innovation Index has shown a year-to-date return of 51.17% and a one-year return of 108.87%, ranking 355 out of 4,222 and 299 out of 3,813 respectively [2] Group 3 - The fund manager of the Sci-Tech Innovation Index is Tan Hongxiang, who has been in the position for nearly 5 years, managing assets totaling 273.42 billion CNY [3] - During his tenure, the best fund return achieved was 79.52%, while the worst return was -37.2% [3]

昀冢科技9月18日公告，公司控股子公司池州昀冢电子科技有限公司近日收到与资产相关的政府补助款 项共计2012万元，为与资产相关的政府补助。 ...

Group 1 - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 4.00% to 4.25% on September 17 [1] - The A-share and Hong Kong stock markets reacted positively, with all three major indices turning red, and the Sci-Tech Innovation 50 Index rising over 4% [1] - Over 2100 stocks in the Shanghai, Shenzhen, and Beijing markets saw gains [1] Group 2 - The semiconductor industry chain experienced significant gains, with companies like SMIC and Haiguang Information both rising over 6% and reaching historical highs [2] - Other semiconductor stocks such as Ruixin Micro and Huicheng Shares saw increases of over 10% [2][5] - The Sci-Tech Innovation 50 Index rose over 3%, with constituent stocks like Zhongwei Company and Haiguang Information increasing by over 8% and 7% respectively [3] Group 3 - The Hang Seng Index surpassed the 27,000-point mark, reaching its highest level since July 2021 [4]

Core Viewpoint - The semiconductor stocks in the A-share market experienced significant gains, with several companies reaching their daily limit up or showing substantial increases in share prices, indicating a strong market sentiment towards the semiconductor sector [1][2]. Company Performance - Huicheng Co., Ltd. (汇成股份) saw a 19.99% increase, with a total market capitalization of 13.7 billion [2]. - Liyang Chip (利扬芯片) rose by 16.53%, with a market cap of 7.958 billion [2]. - Zhongwei Company (中微公司) increased by 14.15%, with a market cap of 162.4 billion [2]. - New Xiangwei (新相微) gained 11.69%, with a market cap of 1.23 billion [2]. - Canxin Co., Ltd. (灿芯股份) rose by 10.06%, with a market cap of 954.1 million [2]. - Ruixin Microelectronics (瑞芯微) reached a 10% increase, with a market cap of 9.64 billion [2]. - Other notable performers include Shengke Communication (盛科通信) up by 9.90%, Beifang Huachuang (北方华创) up by 9.35%, and Haiguang Information (海光信息) up by 8.32% [2]. Industry Developments - On September 16, CCTV's "News Broadcast" highlighted the achievements of China Unicom's Sanjiangyuan Green Power Intelligent Computing Center project, which involves several domestic AI chip brands such as Alibaba's Pingtouge, Muxi Co., Ltd., and others that have signed or are expected to sign contracts [1].

经中国证券监督管理委员会《关于同意翱捷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]3936 号）批复，翱捷科技股份有限公司（以 下简称"上市公司"、"公司"或"发行人"）首次公开发行股票 4,183.0089 万股，每 股面值人民币 1 元，每股发行价格人民币 164.54 元，募集资金总额为人民币 688,272.28 万元，扣除发行费用后，实际募集资金净额为人民币 654,643.20 万元。 本次发行证券已于 2022 年 1 月 14 日在上海证券交易所上市。国泰海通证券股份 有限公司（以下简称"保荐机构"或"国泰海通"）担任其持续督导保荐机构，持 1 国泰海通证券股份有限公司 关于翱捷科技股份有限公司 2025 年度持续督导半年度跟踪报告 | 保荐机构名称：国泰海通证券股份有限公司 | 被保荐公司简称：翱捷科技 | | --- | --- | | 保荐代表人姓名：王鹏程、龚思琪 | 被保荐公司代码：688220.SH | 重大事项提示 2025 年 1-6 月，翱捷科技归属于上市公司股东的净利润为-2.45 亿元，仍为 负值。 2025 年上半年公司实现营业收入 18.98 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10] Core Views - The company's revenue for H1 2025 reached 1.9 billion yuan, representing a year-on-year growth of 14.7%, driven primarily by the strong performance of its core cellular baseband chip business, which now accounts for over 85% of total revenue [3][6] - The company is expected to achieve revenues of 4.52 billion yuan in 2025, with a projected growth rate of 33% year-on-year [2][6] - The company is focusing on expanding its product offerings in both 4G and 5G markets, with significant growth in its 4G cellular IoT and 5G RedCap sectors [6] Summary by Sections Financial Performance - H1 2025 revenue was 1.9 billion yuan, with a 14.7% increase year-on-year; net profit attributable to shareholders was -245 million yuan, a reduction in loss by 19 million yuan [3][6] - Q2 2025 revenue was 988 million yuan, up 19.8% year-on-year, with a net profit of -123 million yuan, showing a narrowing of losses [6] - The gross margin for H1 2025 was 24.7%, an increase of 0.45 percentage points year-on-year [6] Business Segments - The core cellular baseband chip business saw sales increase by over 50% year-on-year, with revenue growth exceeding 30% and gross profit growth over 60% [6] - Custom chip and IP licensing services generated 144 million yuan in revenue, a decrease of 49.8% year-on-year due to strategic resource allocation towards self-developed chips [6] Research and Development - The company invested in 15 R&D projects in H1 2025, with total R&D expenses reaching 668 million yuan, a 12.4% increase year-on-year [6] - The company is advancing its 5G and smart SoC chip offerings, with significant orders and expected product launches in the near future [6] Market Position - The company is positioned as a leader in the domestic mobile phone baseband chip market, with notable advantages in technology and customer relationships [6]