Core Viewpoint - Zhongwei Semiconductor announced a price increase of 15% to 50% for MCU and Nor flash products due to industry-wide chip supply tightness and rising costs [1][3][8] Price Adjustment Announcement - The price adjustment is effective immediately and is attributed to longer delivery cycles and significantly increased costs for packaging and testing [3][8] - The company emphasizes its commitment to providing stable delivery support and competitive business conditions during this challenging period [3][8] Financial Performance Forecast - Zhongwei Semiconductor expects to achieve approximately 1.122 billion yuan in revenue for the year 2025, representing a year-on-year growth of about 23.07% [8] - The projected net profit attributable to shareholders is around 284 million yuan, reflecting a substantial year-on-year increase of 107.55% [8] - The net profit after deducting non-recurring gains and losses is expected to be approximately 169 million yuan, marking an increase of 85.36% year-on-year [8] Industry Context - Another domestic chip manufacturer, Guokewai, has also announced a price increase, indicating a broader trend in the industry [8]

Core Viewpoint - Two semiconductor companies, Zhongwei Semiconductor and Guoke Micro, have announced price increases for their chip products due to industry-wide supply shortages and rising costs, with price adjustments ranging from 15% to 80% depending on the product type [2][3]. Group 1: Zhongwei Semiconductor - Zhongwei Semiconductor has issued a price adjustment notice indicating that the delivery cycle for packaged products has lengthened and costs have significantly increased due to supply chain pressures and rising costs [2]. - The company specializes in microcontroller (MCU) development and design, focusing on providing high-performance, low-power, and highly integrated chip products and system solutions for various smart terminal devices [2]. Group 2: Guoke Micro - Guoke Micro has also announced price increases for its KGD (Known Good Die) products, with price hikes of 40% for 512Mb, 60% for 1Gb, and 80% for 2Gb products, effective from January [2]. - The company is dedicated to the development of large-scale integrated circuits and solutions in fields such as smart ultra-high definition, smart vision, artificial intelligence, and automotive electronics [3].

中微半导（688380）今日发出涨价函，公司旗下部分芯片产品将不同程度涨价。 1月27日，中微半导发布涨价通知函：受当前全行业芯片供应紧张、成本上升等因素的影响，封装成品交付周期变长，成本较此前大幅度增 加，框架、封测费用等成本也持续上涨。鉴于当前严峻的供需形势以及巨大的成本压力，经过慎重研究，决定于即日起对MCU、Norflash 等产品进行价格调整，涨价幅度15%~50%。若后续成本再次发生大幅变动，价格也将跟进调整。 公开资料显示，中微半导是国内领先的智能控制解决方案供应商，以微控制器（MCU）研发与设计为核心，专注于芯片设计与销售，致力 为消费电子、智能家电、工业控制及汽车电子等各类智能终端设备提供高性能、低功耗、高集成度的芯片产品及系统解决方案。 截至今日收盘，中微半导股价报45.71元/股，最新市值183.01亿元。 东莞证券认为，AI驱动半导体产业链价格全线调涨，可能会对下游消费类电子（如手机、电脑等）成本端构成一定压力，进而影响终端出 货，但AI设施投入在2026年持续加大为确定性事件，建议关注半导体先进封装、先进封装相关设备、CPU的投资机遇。 责编：叶舒筠 校对： 陶谦 | 今开 | 41 ...

Group 1 - Zhongwei Semiconductor announced a price increase for MCU and Norflash products due to industry-wide chip supply shortages and rising costs, with price adjustments ranging from 15% to 50% [1] - Guokewi also issued a price increase notice, indicating that the supply gap for KGD chips is expected to widen, with price hikes of 40% for 512Mb KGD, 60% for 1Gb KGD, and 80% for 2Gb KGD products starting January 2026 [4] - Guokewi plans to adjust prices in the second quarter of 2026 based on market fluctuations of KGD prices, with specific strategies to be announced later [5] Group 2 - Zhongwei Semiconductor is a leading provider of intelligent control solutions in China, focusing on the research and design of microcontrollers (MCUs) and offering high-performance, low-power, and highly integrated chip products for various smart terminal devices [9] - Guokewi is dedicated to the development of large-scale integrated circuits and solutions in fields such as smart ultra-high definition, smart vision, artificial intelligence, and automotive electronics, with a range of proprietary chips including satellite HD chips and AI vision processing chips [9]

Core Insights - Two semiconductor companies, Zhongwei Semiconductor and Guoke Micro, have issued price increase notices for their chip products due to tight supply and rising costs in the industry [1][2]. Group 1: Price Increases - Zhongwei Semiconductor announced a price adjustment for products such as MCU and Norflash, with increases ranging from 15% to 50% effective immediately [1]. - Guoke Micro will raise prices for its KGD products starting in January, with increases of 40% for 512Mb, 60% for 1Gb, and 80% for 2Gb products [1]. Group 2: Company Profiles - Zhongwei Semiconductor is a leading provider of intelligent control solutions, focusing on the research and design of microcontrollers (MCUs) and offering high-performance, low-power, and highly integrated chip products for various smart terminal devices [1]. - Guoke Micro specializes in large-scale integrated circuits and solutions in fields such as smart ultra-high definition, smart vision, artificial intelligence, and automotive electronics, with a range of proprietary chips including 4K/8K decoding and AI vision processing chips [2].

Core Viewpoint - The company Zhongwei Semiconductor has announced a price increase for its products due to industry-wide chip supply shortages and rising costs, with price adjustments ranging from 15% to 50% [1] Group 1: Company Actions - Zhongwei Semiconductor issued a price adjustment notice citing significant increases in delivery cycles and costs for packaged products [1] - The company has decided to raise prices for MCU and Nor flash products in response to the current supply-demand situation and cost pressures [1] Group 2: Industry Context - The semiconductor industry is experiencing tight supply conditions, leading to prolonged delivery times and increased costs across various components, including packaging and testing fees [1] - The overall cost pressures in the industry are prompting companies to reconsider pricing strategies to maintain profitability [1]

截至11月28日，中微半导股东户数2.44万，较上期减少7.84%；人均流通股6918股，较上期增加8.50%。 2025年1月-9月，中微半导实现营业收入7.73亿元，同比增长19.03%；归母净利润1.52亿元，同比增长 36.78%。 分红方面，中微半导A股上市后累计派现3.80亿元。 机构持仓方面，截止2025年9月30日，中微半导十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股227.81万股，相比上期增加108.28万股。南方科创板3年定开混合（506000）位居第七大流 通股东，持股125.89万股，持股数量较上期不变。南方中证1000ETF（512100）位居第十大流通股东， 持股110.41万股，相比上期减少7523.00股。华夏中证1000ETF（159845）退出十大流通股东之列。 1月26日，中微半导涨1.46%，成交额13.96亿元。两融数据显示，当日中微半导获融资买入额1.65亿 元，融资偿还1.48亿元，融资净买入1631.12万元。截至1月26日，中微半导融资融券余额合计5.49亿 元。 融资方面，中微半导当日融资买入1.65亿元。当前融资余额5.47亿元，占流通 ...

Core Viewpoint - Solid growth in core business is essential for companies to navigate through economic cycles [1] Performance Growth Highlights - **XianDao Intelligent (300450)**: Expected net profit of 150 million to 180 million, a year-on-year increase of 424.29% to 529.15% due to recovery in global battery demand and internal digital transformation [6] - **YongChuang Intelligent (603901)**: Expected net profit of 12.8 million to 15.5 million, a year-on-year increase of 721.57% to 894.86% driven by improved delivery efficiency and product structure optimization [7] - **DaoShi Technology (300409)**: Expected net profit growth of 206.01% to 269.76% due to increased production capacity and recovery in cobalt prices [8] - **FuDa Alloy (603049)**: Expected net profit growth of 119.14% to 219.95% supported by stable demand in power equipment and new energy sectors [9] - **ZhaoJin Gold (000506)**: Expected net profit of 12.2 million to 18.2 million, a turnaround from a loss of 127 million last year, driven by increased production and rising gold prices [10] - **SiTeWei (688213)**: Expected net profit of 97.635 million to 103.053 million, a year-on-year increase of 149% to 162% due to increased shipments of smartphone camera products [11] - **ZhongWei Semiconductor (688380)**: Expected net profit of around 28.4 million, a year-on-year increase of approximately 107.55% due to new product launches [12] - **Hunan Gold (002155)**: Expected net profit of 127 million to 160.8 million, a year-on-year increase of 50% to 90% driven by rising sales prices [13] - **NanFang Precision (002553)**: Expected net profit of 30 million to 37 million, a year-on-year increase of 1,130% to 1,417% due to investment project evaluations [14] - **Shanghai YiZhong (688091)**: Expected net profit of 6 million to 7 million, a year-on-year increase of 760.18% to 903.54% due to inclusion in the national medical insurance directory [15] - **RunTu Co., Ltd. (002440)**: Expected net profit of 60 million to 70 million, a year-on-year increase of 181.05% to 227.89% driven by improved operating profits [16] Major Performance Changes - **HeFu China (603122)**: Expected net loss of 36 million to 25 million, a shift from profit due to changes in the macro environment and industry policies [17] - **ChangJiu Logistics (603569)**: Expected net loss of 75 million to 50 million, a shift from profit due to asset impairment and operational challenges [18] - **ZhiChun Technology (603690)**: Expected net loss of 45 million to 30 million, a shift from profit due to increased competition and rising R&D costs [19] - **BaYi Steel (600581)**: Expected net loss of 205 million to 185 million, a shift from profit due to supply-demand imbalance in the steel industry [20] - **AoKeMa (600336)**: Expected net loss of 22 million to 17 million, a shift from profit due to increased competition in the home appliance sector [21] - **HuiDa Sanitary Ware (603385)**: Expected net loss of 21.6 million to 18 million, a shift from profit due to market demand decline [22] - **DongFeng Co. (600006)**: Expected net loss of 48 million to 39 million, a shift from profit due to competitive pressures in the commercial vehicle market [23] Industry Trend Analysis - **High Growth Industries**: Stable demand in new energy sectors benefits companies like FuDa Alloy [24] - **Performance Changes in Industries**: - New energy and lithium battery equipment sectors are experiencing explosive growth [25] - Gold and precious metals sectors are seeing significant profit improvements due to high prices [26] - Semiconductor and automotive electronics are benefiting from trends in smart vehicles [27] - Medical circulation is under pressure from cost control policies [28] - Logistics and transportation are facing profitability challenges due to falling prices [29] - Semiconductor equipment is experiencing short-term performance declines due to cyclical fluctuations [30] - Traditional manufacturing sectors like steel and home appliances are facing intensified competition [31]

新京报贝壳财经讯1月25日，中微半导发布业绩预告，预计公司2025年实现营收11.22亿元左右，同比增 长23.07%左右；预计2025年实现现归属于母公司所有者的净利润2.84亿元左右，同比增长107.55%左 右；预计2025年实现归属于母公司所有者扣除非经常性损益后的净利润1.69亿元左右，同比增长85.36% 左右。 ...

Investment Rating - The report assigns a "Buy" rating for Advanced Micro-Fabrication Equipment (AMEC) [6]. Core Insights - AMEC's preliminary results for 2025 indicate a net profit increase of 29%-35% year-over-year, reaching Rmb2.08 billion to Rmb2.18 billion, with the midpoint aligning with Bloomberg consensus but exceeding CitiE by 12% due to higher investment income [1]. - Despite a contraction in gross profit margin (GPM) by 1.8 percentage points year-over-year, AMEC's gross profit rose by 31% year-over-year to Rmb4.87 billion, driven by a 37% increase in etching machine revenue and a 224% increase in film deposition equipment revenue [1][2]. - The report highlights that AMEC's High Aspect Ratio (HAR) etching machines have entered mass production for advanced logic and memory clients in China, with total etching machine shipments reaching 6,800 units by the end of 2025 [3]. Summary by Sections Earnings Summary - For 2025, AMEC's net profit is projected at Rmb1.902 billion, with a diluted EPS of Rmb3.058, reflecting a 17.6% growth [4]. - The expected P/E ratio for 2025 is 120.2, with a P/B ratio of 10.7 and an ROE of 9.2% [4]. Revenue and Profit Growth - The report indicates that AMEC's revenue for 2025 is expected to grow by 37% year-over-year, with net profit growth of 29%-35% [9]. - In 4Q25, net profit growth remained strong at 31% year-over-year, despite a slowdown in top-line growth to 21% year-over-year from 51% in 3Q25 [2]. Market Position and Outlook - AMEC is positioned as a key beneficiary of the ongoing import replacement trend in China and the expansion of its semiconductor equipment product portfolio [8]. - The report suggests a solid outlook for AMEC despite GPM pressures, indicating confidence in the company's growth trajectory [4].