Investment Rating - The report maintains an "Outperform" rating for the electronics industry [1][10]. Core Insights - The report highlights a transition from structural shortages to widespread price increases in the electronics sector, driven by sustained high demand for AI computing and storage capabilities. This inflationary trend is expected to enhance the earnings outlook for related companies [1]. - The report expresses optimism for 2026, predicting it to be a year of significant growth for domestic hard technology, driven by innovations in AI smartphones, AI glasses, and foldable screens [1]. - The report recommends focusing on companies involved in self-controllable manufacturing (foundry and equipment) and those in the overseas storage and computing supply chain [1]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 0.84%, while the electronics sector increased by 1.39%. Sub-sectors such as optical optoelectronics saw a rise of 3.21%, whereas consumer electronics declined by 0.69% [1][13]. - Global AI computing and storage demand continues to drive resource competition within the electronics supply chain, leading to price increases across various components [1]. Semiconductor and Storage - The report notes a significant increase in storage prices, with NAND Flash prices rising by 18% and DRAM prices by 33% over the past month. This has led to increased cost proportions for PC manufacturers [3]. - Companies like 德明利 (Demingli) and 江波龙 (Jiangbolong) are expected to see substantial profit growth due to the ongoing storage cycle [3]. PCB Industry - The report indicates that rising raw material prices and demand growth are positively impacting the performance of PCB upstream manufacturers. Companies in this sector are expected to exceed market expectations [4]. - Recommendations include companies like 生益科技 (Shengyi Technology) and 芯碁微装 (Xinqi Micro) [4]. Key Company Recommendations - The report recommends several companies for investment, including 蓝特光学 (Lante Optics), 翱捷科技 (Aojie Technology), and 中芯国际 (SMIC), among others, based on their potential in the current market environment [1][9].

Investment Rating - The report maintains an "Outperform" rating for the electronics industry [1][10]. Core Insights - The report highlights a transition from structural shortages and price increases to a more widespread inflation across the electronics industry, driven by sustained high demand for AI computing and storage capabilities [1]. - It emphasizes the optimistic outlook for 2026 as a year of significant growth in domestic hard technology, driven by innovations in AI smartphones, AI glasses, and foldable screens [1]. - The report recommends focusing on companies involved in self-controllable manufacturing and the overseas supply chain for storage and computing [1]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 0.84%, while the electronics sector increased by 1.39% over the past week, with optical electronics up by 3.21% and consumer electronics down by 0.69% [1][13]. - Global AI computing and storage demand continues to drive resource competition within the supply chain, leading to price increases across various components [1]. Semiconductor Developments - Alibaba's AI chip subsidiary, Pingtouge, is preparing for an independent IPO, indicating a strong trend towards domestic alternatives in computing chips [2]. - The report expresses confidence in the growth of domestic GPU and ASIC companies, such as Cambricon and Aojie Technology [2]. Storage Market Dynamics - NAND Flash prices have risen by 18% and DRAM prices by 33% in the past month, leading to increased cost proportions for PC manufacturers [3]. - Companies like Demingli and Jiangbolong are expected to see significant profit growth due to the ongoing storage cycle [3]. PCB Industry Insights - The report notes that rising raw material prices and increasing demand are positively impacting the performance of PCB upstream manufacturers [4]. - Companies such as Shenghong Technology and Jinan Guojiji are highlighted for their strong performance and market expectations [4]. Key Investment Recommendations - The report recommends several companies across different segments, including: - Optical Electronics: Lantech Optical, Aojie Technology, and others [1]. - Storage: Demingli, Jiangbolong, and others [3]. - PCB: Shengyi Technology and others [4]. - A focus on semiconductor companies like SMIC and Aojie Technology is also advised [9].

Core Viewpoint - The article highlights the significant contributions of Zhu Xudong in the semiconductor investment sector, emphasizing his role in establishing the Shanghai Semiconductor Equipment and Materials Industry Investment Fund and leading strategic transformations in companies within the semiconductor industry [2][3][4]. Group 1: Contributions to Semiconductor Investment - Zhu Xudong was instrumental in the establishment of the Shanghai Semiconductor Equipment and Materials Industry Investment Fund, which aimed to address financing challenges in the semiconductor sector, with a total scale of 100 billion yuan and an initial phase of 50 billion yuan [3]. - The fund has managed over 80 billion yuan and invested in more than 50 projects across the semiconductor value chain, including key companies like Chiplink, Aojie Technology, and Changjing Technology [3]. Group 2: Strategic Transformations - Zhu Xudong recognized the need for innovation and stable capital platforms, leading to the strategic transformation of Wanye Enterprises into the integrated circuit sector, including significant acquisitions such as the 3.98 billion yuan purchase of Kaishitong [4]. - Under his leadership, Wanye Enterprises also engaged in a management buyout (MBO) to enhance market operations, reducing state ownership to 49% [4]. Group 3: International Expansion and Innovation - Zhu Xudong pioneered the privatization of overseas semiconductor companies, notably leading the 6.9 billion USD acquisition of Lattice Semiconductor, which became a landmark event in cross-border mergers in the integrated circuit field [6]. - His investment philosophy focused on dual drivers of functionality and financial returns, prioritizing investments in critical areas like equipment and materials, while fostering a collaborative ecosystem between funds and listed companies [6].

1月22日，翱捷科技涨0.44%，成交额7.89亿元。两融数据显示，当日翱捷科技获融资买入额6487.28万 元，融资偿还6332.87万元，融资净买入154.41万元。截至1月22日，翱捷科技融资融券余额合计6.07亿 元。 资料显示，翱捷科技股份有限公司位于中国(上海)自由贸易试验区科苑路399号10幢8层(名义楼层9层)， 成立日期2015年4月30日，上市日期2022年1月14日，公司主营业务涉及无线通信芯片的研发、设计及销 售,同时提供芯片定制服务及半导体IP授权服务。主营业务收入构成为：芯片产品销售92.39%，芯片定 制业务6.64%，半导体IP授权0.96%，测试服务与其他0.02%。 截至9月30日，翱捷科技股东户数2.34万，较上期增加12.16%；人均流通股15431股，较上期减少 10.84%。2025年1月-9月，翱捷科技实现营业收入28.80亿元，同比增长13.42%；归母净利润-3.27亿元， 同比增长20.62%。 机构持仓方面，截止2025年9月30日，翱捷科技十大流通股东中，银河创新混合A（519674）位居第五 大流通股东，持股1200.49万股，为新进股东。香港中央结算 ...

Core Viewpoint - The company, Aojie Technology Co., Ltd., anticipates a revenue increase for 2025, while also projecting a reduction in net losses compared to 2024 [2][3]. Financial Performance Forecast - The company expects to achieve an annual revenue of approximately 3.817 billion yuan in 2025, an increase of about 431 million yuan, representing a year-on-year growth of approximately 12.73% [2][3]. - The projected net loss attributable to the parent company for 2025 is around 399 million yuan, a decrease of approximately 294 million yuan from 2024, reflecting a year-on-year reduction of about 42.38% [2][3]. - The net loss attributable to the parent company after excluding non-recurring gains and losses is expected to be around 579 million yuan, a decrease of approximately 127 million yuan, which is an 18.04% reduction compared to the previous year [3]. Research and Development Investment - The company plans to maintain significant R&D investments, with an expected expenditure of approximately 1.302 billion yuan in 2025, an increase of about 61 million yuan, representing a year-on-year growth of approximately 4.89% [2][7]. - The R&D focus includes extensive investments in smartphone chip platforms and related technologies, enhancing the company's core competitiveness [7]. Previous Year Performance - In 2024, the company reported an annual revenue of 3.386 billion yuan [6]. - The total profit for 2024 was a loss of 662 million yuan, with a net loss attributable to the parent company of 693 million yuan [6]. - The net loss attributable to the parent company after excluding non-recurring gains and losses was 707 million yuan, with an earnings per share of -1.70 yuan [6].

Core Viewpoint - The company, Aojie Technology, forecasts a revenue of approximately 3.817 billion yuan for the year 2025, representing an increase of about 431 million yuan from 2024, with a year-on-year growth of approximately 12.73% [2] Financial Performance - The company expects a net loss attributable to shareholders of approximately -399 million yuan for 2025, which is an improvement of about 294 million yuan compared to the net loss of -693 million yuan in the same period of 2024, reflecting a significant year-on-year reduction of approximately 42.38% [2] - After excluding non-recurring gains and losses, the net loss attributable to shareholders is projected to be around -579 million yuan, a decrease of about 18.04% compared to the previous year [2] Revenue Drivers - The changes in the company's performance during the reporting period are primarily driven by the impact of core business operations and non-recurring gains and losses [2] - The substantial growth in chip sales, driven by an expanding product range and application scenarios, has contributed to the continuous increase in overall revenue [2] Research and Development - The company maintains a high level of investment in research and development, with an expected R&D expenditure of approximately 1.302 billion yuan for 2025, reflecting a year-on-year increase of about 4.89% [2] - The focus of R&D efforts includes deepening the product layout, particularly in the smartphone chip platform [2] Non-Recurring Gains - The impact of non-recurring gains and losses, including government subsidies recognized in the current period, is expected to be approximately 180 million yuan on net profit [2]

（编辑 袁冠琳） 证券日报网讯 1月21日，翱捷科技发布2025年年度业绩预告称，公司预计2025年年度实现营业收入为 38.17亿元左右，较2024年增加4.31亿元左右，同比增长12.73%左右；预计归属于母公司所有者的净利 润为-3.99亿元左右，亏损同比减少42.38%左右。 ...

Group 1: Profit Forecasts - Limin Co. expects a net profit of 465 million to 500 million yuan for 2025, representing a year-on-year increase of 471.55% to 514.57% [1] - Guohui Energy anticipates a net profit of 1.32 billion to 1.47 billion yuan for 2025, reflecting a decline of 50.03% to 55.13% year-on-year [2] - Jiajia Yue forecasts a net profit of 198 million to 228 million yuan for 2025, indicating a growth of 50.06% to 72.79% year-on-year [3] - Xianghe Industry projects a net profit of 120 million to 148 million yuan for 2025, with an expected increase of 59.17% to 96.31% year-on-year [4] - Aojie Technology predicts a net profit of 90 million to 120 million yuan for 2025, showing a growth of 228.34% to 337.79% year-on-year [14] - Shanghai Electric expects a net profit of 1.1 billion to 1.32 billion yuan for 2025, representing an increase of approximately 47% to 76% year-on-year [15] - Tianfu Communication anticipates a net profit of 1.881 billion to 2.15 billion yuan for 2025, reflecting a growth of 40% to 60% year-on-year [16] - Yichang Technology forecasts a net profit of 150 million to 225 million yuan for 2025, indicating a year-on-year increase of 58% to 138% [29] - Shanghai Yizhong expects a net profit of 60 million to 70 million yuan for 2025, representing a significant increase of 760.18% to 903.54% year-on-year [41] Group 2: Loss Forecasts - Kexin Electromechanical anticipates a net profit of 55 million to 70 million yuan for 2025, reflecting a decline of 58.65% to 67.51% year-on-year [11][12] - Kexin Technology expects a net loss of 900 million to 1.2 billion yuan for 2025, which is an increase in loss of 78.67% to 84% year-on-year [10] - Tianyang New Materials forecasts a net loss of 250 million to 180 million yuan for 2025, compared to a loss of 213 million yuan in the previous year [20] - Bo Rui Data anticipates a net loss of 90 million to 100 million yuan for 2025, which is an increase in loss of 15.17 million to 25.17 million yuan year-on-year [19] - Xinlian Integrated expects a net loss of 577 million yuan for 2025, which is a reduction in loss of approximately 40.02% compared to the previous year [40] - Fangshilong forecasts a net loss of 4 million to 6 million yuan for 2025 [30] Group 3: Strategic Developments - Lianlong signed a strategic framework agreement with Runyinglian to enhance the reliability and efficiency of the lubricant additive supply chain in China and the Asia-Pacific region [7] - Han Jian Heshan is planning to acquire a 52.51% stake in Liaoning Xingfu New Materials Co., Ltd., with stock suspension expected for up to 9 trading days [13] - Kai Zhong Precision plans to invest 116 million yuan in a technical transformation and expansion project to meet future capacity demands [34] - Tianfu Communication is expected to engage in clinical trials for its ABA001 injection, which has received approval from the National Medical Products Administration [17]

人民财讯1月21日电，翱捷科技(688220)1月21日公告，公司预计2025年实现归属于母公司所有者的净利 润为亏损3.99亿元左右，较2024年亏损金额减少2.94亿元左右，报告期内，随着公司产品的不断丰富， 产品覆盖的应用场景进一步拓展，芯片销量较上年同期实现大幅增长，带动整体营业收入实现持续增 长，收入增长幅度为12.73%左右；公司在研发方面继续保持大额投入，预计2025年研发投入13.02亿元 左右，较上年同期增长4.89%左右。 ...

每经AI快讯，1月21日，翱捷科技(688220.SH)发布2025年度业绩预告，预计归属于母公司所有者的净利 润为-3.99亿元左右，较上年同期亏损减少2.94亿元，亏损同比减少42.38%。报告期内，公司产品覆盖的 应用场景进一步拓展，芯片销量大幅增长，带动营业收入同比增长12.73%；同时持续加大研发投入， 深化产品布局，尤其对智能手机芯片平台及相关技术进行了大量的研发投入，核心竞争力不断增强。预 计2025年研发投入13.02亿元左右，较上年同期增长4.89%左右。 ...