Investment Rating - Industry investment rating: Outperform the market (expected to outperform the market by more than 5% in the next 6 months) [34] Core Insights - RISC-V architecture is driving diverse demand in the chip ecosystem under AI influence, with a projected CAGR of 75% from 2020 to 2024 and an expected annual growth rate of nearly 50% until 2030 [2][9] - International market changes are expected to increase the contract price growth of memory products in Q2 2025, with both DRAM and NAND Flash prices anticipated to rise more than previously expected due to heightened trading momentum [4][5] - The global smartphone market showed a modest growth of only 1% in Q1 2025, with Samsung leading at 20% market share, followed by Apple at 18% [12][13] - QD-OLED displays are projected to account for 73% of OLED display shipments in 2025, up from 68% in 2024, indicating strong competitiveness in high-end display technology [18][19] Summary by Sections RISC-V and AI - RISC-V is recognized for its innovative architecture, offering better performance and smaller chip sizes, making it suitable for AI accelerator designs [2][9] - The market for processors utilizing RISC-V technology is expected to grow significantly, with a 10-year CAGR of approximately 57% from 2020 to 2030 [2][9] Memory Market Outlook - The memory market is experiencing a shift in supply and demand strategies due to international circumstances, leading to increased contract price expectations for DRAM and NAND Flash in Q2 2025 [4][5] - Price forecasts indicate a potential increase in memory prices, with DRAM and NAND Flash expected to rise by 3-8% in Q2 2025 after a decline in Q1 2025 [6] Smartphone Market Analysis - The smartphone market's growth remains sluggish, with a mere 1% increase in Q1 2025, attributed to macroeconomic challenges and consumer confidence issues [12][13] - Major players like Samsung and Apple continue to dominate the market, with Xiaomi, vivo, and OPPO following [12][13] Display Technology Trends - The rise of QD-OLED technology is expected to enhance the quality and performance of displays, catering to high-end users and gamers [18][19] Investment Recommendations - The report suggests focusing on semiconductor manufacturing and equipment due to the clear trend of domestic substitution, with specific companies recommended for investment [29][33]

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.2700 | 0.1200 | 125 | 2.0200 | | 每股净资产（元） | 0 | 10.67 | -100 | 8.72 | | 每股公积金(元) | 9.24 | 9.35 | -1.18 | 7.45 | | 每股未分配利润(元) | 0.51 | 0.26 | 96.15 | 0.25 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 92.49 | 72.44 | 27.68 | 100.51 | | 净利润(亿元) | 5.33 | 2.12 | 151.42 | 30.45 | | 净资产收益率(%) | 2.52 | 1.09 | 131.19 | 26.91 | 数据四舍五入，查看更多财务数据>> 10派1元(含税) 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 62356.01万股，累计占流通股 ...

中国国际金融股份有限公司 关于合肥晶合集成电路股份有限公司 2024 年度持续督导工作现场检查报告 上海证券交易所： 经中国证券监督管理委员会《关于同意合肥晶合集成电路股份有限公司首次 公开发行股票注册的批复》（证监许可﹝2022﹞954 号）同意注册，并经上海证券 交易所批准，合肥晶合集成电路股份有限公司（以下简称"晶合集成"或"公司"） 向社会公众首次公开发行人民币普通股（A 股）（以下简称"首次公开发行"或"本 次发行"）并于 2023 年 5 月 5 日在上海证券交易所上市。根据中国证券监督管理 委员会、上海证券交易所的相关规定，中国国际金融股份有限公司（以下简称"保 荐机构"）作为公司首次公开发行的保荐机构将履行持续督导的相关职责，持续 督导期为 2023 年 5 月 5 日至 2026 年 12 月 31 日。 1 的资金往来、募集资金使用情况、关联交易、对外担保、重大对外投资、公司经 营状况以及承诺履行情况等。 （五）现场检查手段：对公司相关人员进行访谈；查阅公司公告、公司治理 文件、公司定期报告及重大资金往来凭证等底稿文件；查阅公司募集资金使用凭 证、募集资金专户银行对账单等资料；查阅公司本持 ...

Core Viewpoint - The Shanghai Stock Exchange National New Sci-Tech Board State-Owned Enterprise Index (950253) experienced a rise of 2.44%, closing at 896.2 points, with a trading volume of 23.945 billion yuan. However, the index has seen a decline of 16.83% over the past month, 5.94% over the past three months, and 10.07% year-to-date [1]. Group 1 - The index is composed of state-owned enterprises listed on the Sci-Tech Board or companies with state capital participation without actual control, reflecting the overall performance of state-owned enterprises in the Sci-Tech Board [1]. - The index was established with a base date of December 30, 2022, and a base point of 1000.0 [1]. - The top ten weighted stocks in the index include Haiguang Information (6.01%), Huazhong Microelectronics (5.79%), Huahai Qingke (5.79%), SMIC (5.65%), Western Superconducting (5.2%), Zhongwei Company (4.19%), Jinghe Integrated (4.06%), China Communication Signal (3.64%), Huahong Semiconductor (3.54%), and Zhongke Star Map (3.43%) [1]. Group 2 - The index's holdings are entirely from the Shanghai Stock Exchange, with a sector breakdown of 55.44% in Information Technology, 28.95% in Industry, 9.40% in Materials, 3.61% in Healthcare, and 2.61% in Communication Services [1]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]. - In special circumstances, the index may undergo temporary adjustments, and companies that are delisted or undergo mergers, acquisitions, or splits will be handled according to specific maintenance guidelines [2].

来源：金融界 专利摘要显示，本发明提供了一种半导体结构的制作方法，应用于半导体技术领域。在本发明中，在形 成第二导电层前，先对基底进行离子注入工艺，以在深沟槽下方的基底内形成第一离子注入区，且同步 在深沟槽两侧的基底内形成第二离子注入区，节省了一道离子注入制程工艺，以及利用第一离子注入区 （位于控制栅和漏极之间）与基底的导电类型相反，载流子可相互耗尽，达到增大耗尽区和击穿电压的 目的；随后又在深沟槽内形成沉积第二导电层，并结合位于深沟槽侧壁上的第一导电层，形成特殊形状 的控制栅，从而实现减小控制栅和漏极之间的交叠面积，减小功率半导体器件的栅漏电容、降低开关损 耗，并最终提升开关速度的目的。 天眼查资料显示，合肥晶合集成电路股份有限公司，成立于2015年，位于合肥市，是一家以从事计算 机、通信和其他电子设备制造业为主的企业。企业注册资本200613.5157万人民币，实缴资本 152959.1001万人民币。通过天眼查大数据分析，合肥晶合集成电路股份有限公司共对外投资了7家企 业，参与招投标项目620次，财产线索方面有商标信息41条，专利信息1068条，此外企业还拥有行政许 可16个。 金融界2025年3月29 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 一、本次交易概述 合肥晶合集成电路股份有限公司（以下简称"公司"或"晶合集成"）于2024年2月28日召开第一届董事会 第二十五次会议和第一届监事会第十二次会议、于2024年3月15日召开2024年第一次临时股东大会分别 审议通过了《关于拟购买土地使用权及在建工程项目暨关联交易的议案》。为满足公司未来业务发展需 要，公司向合肥蓝科投资有限公司（以下简称"合肥蓝科"）收购其所拥有的位于合肥市综合保税区内新 蚌埠路以东、大禹路以西的土地使用权及在建工程项目（包括房屋建筑物、构筑物和厂务设备）（以下 简称"标的资产"），并由合肥蓝科根据公司需求继续完成后续工程建设。经双方协商，交易对价暂定为 人民币543,272.04万元（含税），待竣工验收及决算审计后，公司与合肥蓝科共同委托评估机构进行整 体评估，并根据评估结果签订补充协议调整资产转让最终价格。股东大会授权董事会及其授权人士在不 超过50,000万元（含税）的范围内，与合肥蓝科协 ...

本报告依据中国资产评估准则编制 合肥蓝科投资有限公司拟向合肥晶合集成电路 股份有限公司转让其持有的部分资产所涉及的 电子信息标准化厂房厂务设施及配套项目 相关资产的市场价值 资产评估报告 中水致远评报字[2025]第 020093 号 (共1册,第1册) 中水致远资产评估有限公司 二〇二五年三月四日 合肥蓝科投资有限公司拟向合肥晶合集成电路股份有限公司转让其持有的 部分资产所涉及的电子信息标准化厂房厂务设施及配套项目相关资产的市场价值 ·资产评估报告 目 录 | 声明 . | | --- | | 摘要 . | | 正文 . | | 一、委托人、产权持有人和资产评估委托合同约定的其他资产评估报告 | | 使用人概况 . | | 二、评估目的 . | | 三、评估对象和评估范围 - 10 - | | 四、价值类型 . | | 五、评估基准目 | | 六、评估依据 . | | 七、评估方法 | | 八、评估程序实施过程和情况 | | 九、评估假设 …………………………………………………………………………………………………… - 27 - | | 十、评估结论 . | | 十一、特别事项说明 | | 十二、资产评估报 ...

证券代码：688249 证券简称：晶合集成 公告编号：2025-015 合肥晶合集成电路股份有限公司 关于购买土地使用权及在建工程项目 暨关联交易的进展公告 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、准确性和完整性依法承担法律责任。 一、本次交易概述 合肥晶合集成电路股份有限公司（以下简称"公司"或"晶合集成"）于 2024 年 2 月 28 日召开第一届董事会第二十五次会议和第一届监事会第十二次会议、于 2024 年 3 月 15 日召开 2024 年第一次临时股东大会分别审议通过了《关于拟购买土地使 用权及在建工程项目暨关联交易的议案》。为满足公司未来业务发展需要，公司向合 肥蓝科投资有限公司（以下简称"合肥蓝科"）收购其所拥有的位于合肥市综合保税 区内新蚌埠路以东、大禹路以西的土地使用权及在建工程项目（包括房屋建筑物、构 筑物和厂务设备）（以下简称"标的资产"），并由合肥蓝科根据公司需求继续完成后续 工程建设。经双方协商，交易对价暂定为人民币 543,272.04 万元（含税），待竣工验 收及决算审计后，公司与合肥蓝科共同委托评估机构进行整体评 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 34.52 CNY based on a projected PB of 3.05 times for 2025 [2][5]. Core Views - The company is experiencing performance growth driven by capacity expansion and product structure optimization, benefiting from an improving industry outlook [1][27]. - The semiconductor market is showing strong growth, with a significant increase in demand for foundry services, particularly in China, which is expected to continue [8][45]. - The company is focusing on expanding its production capacity and optimizing its product mix, particularly in the automotive chip market, which is seeing robust demand [8][57]. Financial Forecast and Investment Suggestions - The company is projected to achieve earnings per share of 0.27 CNY, 0.40 CNY, and 0.59 CNY for the years 2024, 2025, and 2026 respectively, with a significant recovery in net profit expected [4][2]. - Revenue is expected to grow from 92.49 billion CNY in 2024 to 143.91 billion CNY in 2026, reflecting a compound annual growth rate (CAGR) of approximately 23% [4][2]. - The company’s gross margin is anticipated to improve to 25.6% in 2024, up from previous levels, indicating a recovery in profitability [31][4]. Company Overview - The company is a leading 12-inch wafer foundry in China, established in 2015, with a total planned investment exceeding 100 billion CNY and a designed capacity of 320,000 wafers per month [13][16]. - It specializes in semiconductor wafer manufacturing services, offering various process nodes from 150nm to 55nm, with ongoing advancements in technology [13][16]. - The company has seen a significant increase in its market share, ranking third among domestic foundries and ninth globally as of Q4 2024 [14][13]. Market Trends - The global semiconductor market is projected to grow significantly, with the foundry market expected to reach 139.4 billion USD by 2024, driven by advancements in technologies such as 5G and AI [45][51]. - The domestic integrated circuit market in China is also expanding rapidly, with a projected market size of 1.43 trillion CNY in 2024, indicating strong growth potential for local foundries [64][71]. - The demand for automotive chips is increasing, with the company actively participating in the automotive chip market and forming alliances to enhance its ecosystem [8][57].

核心观点 盈利预测与投资建议 ⚫ 我们预测公司 24-26年每股净资产分别为 10.41、11.32、11.91元，根据可比公司 25 年平均 3.05 倍 PB 估值水平，给予 34.52 元目标价，首次给予买入评级。 风险提示 ⚫ 下游需求不及预期；产品结构改善不及预期；技术开发进度不及预期。 公司主要财务信息 | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 10,051 | 7,244 | 9,249 | 11,743 | 14,391 | | 同比增长 (%) | 85% | -28% | 28% | 27% | 23% | | 营业利润(百万元) | 3,142 | 116 | 483 | 834 | 1,252 | | 同比增长 (%) | 82% | -96% | 318% | 73% | 50% | | 归属母公司净利润(百万元) | 3,045 | 212 | 532 | 798 | 1,192 | | 同比增长 (%) | 76% | -93% | ...