股票投资评级 买入 |维持 证券研究报告：电子 | 公司点评报告 个股表现 2025-03 2025-06 2025-08 2025-10 2026-01 2026-03 -19% -11% -3% 5% 13% 21% 29% 37% 45% 53% 帝奥微 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 20.43 | | --- | --- | | 总股本/流通股本（亿股）2.48 | / 2.48 | | 总市值/流通市值（亿元）51 | / 51 | | 52 周内最高/最低价 | 30.20 / 17.21 | | 资产负债率(%) | 5.0% | | 第一大股东 | 鞠建宏 | 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 帝奥微(688381) 光模块 AFE 发布，卡位高速光通信国产替代 l 投资要点 最新推出 DIO10904，有效支持高速光模块应用。模拟前端（AFE） 芯片 ...

个股表现 2025-03 2025-06 2025-08 2025-10 2026-01 2026-03 -19% -11% -3% 5% 13% 21% 29% 37% 45% 53% 帝奥微 电子 证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 帝奥微(688381) 光模块 AFE 发布，卡位高速光通信国产替代 l 投资要点 最新推出 DIO10904，有效支持高速光模块应用。模拟前端（AFE） 芯片作为光模块内实现信号调理、放大及状态监测的核心模拟器件， 对链路传输性能与功耗控制起到关键作用。在 400G/800G/1.6T 等高 速光模块应用场景下，AFE 需具备极低的输出噪声特性，以保证激光 器发射信号纯净稳定，避免传输干扰。AFE芯片集成多路高精度 ADC， 可实时对激光器工作电流、工作电压及输入光功率等关键参数进行精 准采集与监控，从而保障光模块在 ...

Core Viewpoint - Jiangsu Diaowei Microelectronics Co., Ltd. announced the transfer of 1.9388% equity in Jiangsu Yuntu Semiconductor Co., Ltd. to Hangzhou Yunkong Semiconductor Co., Ltd. for a price of 45.713973 million yuan, which represents a 14.28% premium over the book value of 40 million yuan [1][4]. Summary by Sections Transaction Details - The transaction involves the sale of 1.9388% equity in Jiangsu Yuntu, corresponding to a registered capital of 173,262 yuan, with a total transaction value of 45.713973 million yuan [1][4]. - The transaction does not constitute a related party transaction or a major asset restructuring [4]. - The board of directors has approved the transaction, and it does not require shareholder approval [4]. Financial Information - Hangzhou Yunkong Semiconductor, established in October 2025, reported a revenue of 12,377 million yuan and net assets of 13,258.90 million yuan for the fiscal year 2025 [6]. - The transaction is expected to enhance the company's asset structure, improve liquidity, and focus on core business development [6]. Future Implications - After the transaction, the company will no longer hold any equity in Jiangsu Yuntu and will not appoint any directors to the company [6]. - The transaction is aligned with the company's current development strategy and aims to strengthen its core competitiveness [6].

证券代码：688381 证券简称：帝奥微 公告编号：2026-004 江苏帝奥微电子股份有限公司 关于出售参股公司股权的公告 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、准确性和完整性承担法律责任。 重要内容提示： 交易简要内容：经友好协商，江苏帝奥微电子股份有限公司（以下简称 "公司"或"帝奥微"）拟与杭州云控半导体有限公司（以下简称"杭州云控"） 签订《江苏云途半导体有限公司股权收购协议》（以下简称"《股权收购协议》"） 等相关协议，由杭州云控以人民币 4,571.3973 万元受让公司持有的江苏云途半 导体有限公司（以下简称"江苏云途"）注册资本人民币 17.3262 万元（以下简 称"本次股权转让"），占江苏云途总注册资本比例为 1.9388%。 根据《上海证券交易所科创板股票上市规则》，鉴于本次出售后，公司连 续 12 个月累计出售江苏云途股权产生的利润占公司 2024 年度经审计净利润的 10％以上，且超过 100.00 万元，需提交董事会审议。上述交易事项已经公司第 二届董事会第二十二次临时会议审议通过，无需提交公司股东会审议。 风险提示 ...

Group 1 - The company announced that it expects to achieve operating revenue of 562.0464 million yuan in 2025, representing a year-on-year growth of 6.80% [2] - The net profit attributable to the parent company's owners is projected to be -70.0399 million yuan, which indicates an increase in losses of 22.9717 million yuan compared to the same period last year [2]

Core Viewpoint - The company reported a revenue of 562.05 million yuan for the fiscal year 2025, reflecting a year-on-year growth of 6.80%, but faced an increased net loss attributed to the parent company of 70.04 million yuan, which is an increase in loss of 22.97 million yuan compared to the previous year [1] Financial Performance - The company achieved an operating revenue of 56,204.64 million yuan, marking a 6.80% increase from the previous year [1] - The net profit attributable to the parent company was -7,003.99 million yuan, which is a deterioration of 2,297.17 million yuan compared to the same period last year [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was -12,923.70 million yuan, reflecting an increase in loss of 3,555.73 million yuan year-on-year [1] R&D and Sales Efforts - The company increased its R&D investment and expanded its product matrix, leading to an improvement in product performance and quality [1] - Despite intensified market competition, the company's product gross margin remained at 42.89% [1] - R&D and sales expenses rose by a total of 36.42 million yuan, representing a 14.22% increase compared to the previous year, contributing to the decline in profits [1]

Financial Performance - The company achieved total operating revenue of RMB 56,204.64 million, an increase of 6.80% compared to the same period last year[5] - The net profit attributable to shareholders of the parent company was a loss of RMB 7,003.99 million, an increase in loss of RMB 2,297.17 million year-on-year[7] - The net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, was a loss of RMB 12,923.70 million, an increase in loss of RMB 3,555.73 million year-on-year[7] - The basic earnings per share were RMB -0.30, compared to RMB -0.19 in the same period last year[5] Assets and Equity - The company's total assets at the end of the reporting period were RMB 279,234.03 million, a decrease of 3.56% from the beginning of the period[6] - The equity attributable to shareholders of the parent company was RMB 253,259.52 million, a decrease of 7.88% from the beginning of the period[6] Expenses and Profit Margins - The company increased R&D and sales expenses by RMB 36.42 million, a growth of 14.22%, impacting profit margins[9] - The gross profit margin for the company's products was 42.89%, despite increasing market competition[9] - The company recognized share-based payment expenses of RMB 28.76 million for the first complete accounting year of the stock incentive plan, significantly increasing related costs[10] Financial Data Disclaimer - Investors are advised to note that the financial data presented are preliminary and unaudited, and may differ from the final annual report[11]

Core Viewpoint - The company reported a revenue of 562.05 million yuan for 2025, reflecting a year-on-year growth of 6.80%, despite an increase in net losses [1] Financial Performance - The net profit attributable to the parent company was -70.04 million yuan, which is an increase in loss of 22.97 million yuan compared to the same period last year [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was -129.24 million yuan, representing an increase in loss of 35.56 million yuan year-on-year [1] R&D and Product Development - The company has increased its R&D investment to enhance its product matrix and improve product performance and quality [1] - Despite intensifying market competition, the company's product gross margin reached 42.89% [1]

Core Viewpoint - On February 23, a total of 34 listed companies had their restricted shares unlocked, with a total market value of approximately 19.007 billion yuan [1] Group 1: Restricted Share Unlocking Details - Luzhou Laojiao (000568) had 2.0425 million shares unlocked under equity incentive restrictions - AVIC Xi'an Aircraft Industry (000768) had 4.3606 million shares unlocked under equity incentive restrictions - Hubei Energy (000883) had 19.2779 million shares unlocked under equity incentive restrictions - Jining Pharmaceutical (000919) had 1.92 million shares unlocked under equity incentive restrictions - Guangji Pharmaceutical (000952) had 2.5209 million shares unlocked under equity incentive restrictions - China Software (600536) had 57,200 shares unlocked under equity incentive restrictions - Xinhua Medical (600587) had 1.7845 million shares unlocked under equity incentive restrictions - Baoxin Software (600845) had 10.2578 million shares unlocked under equity incentive restrictions - China Railway (601390) had 55.9338 million shares unlocked under equity incentive restrictions - China Communications Construction (601800) had 5.593 million shares unlocked under equity incentive restrictions - StarNet Ruijie (002396) had 2.8342 million shares unlocked under equity incentive restrictions - Lopuskin (002333) had 22.3212 million shares unlocked under A-share issuance to legal persons - Wanbangda (300055) had 33.6538 million shares unlocked under A-share issuance to legal persons - Hangyang Co., Ltd. (002430) had 5.2049 million shares unlocked under equity incentive restrictions - Taijia Co., Ltd. (002843) had 949,600 shares unlocked under equity incentive restrictions - Nanda Optoelectronics (300346) had 130,000 shares unlocked under equity incentive restrictions - Anhui Natural Gas (603689) had 2.5064 million shares unlocked under equity incentive restrictions - Zhongyan Dadi (003001) had 97,200 shares unlocked under equity incentive restrictions - Yuanxiang New Materials (301300) had 30.2983 million shares unlocked with extended lock-up period - Yidao Information (001314) had 88.6187 million shares unlocked under pre-issuance restrictions - Tongda Electric (603390) had 579,500 shares unlocked under equity incentive restrictions - Yangzhou Jinqiao (603307) had 50 million shares unlocked under pre-issuance restrictions - Aili Home (603221) had 2.29 million shares unlocked under equity incentive restrictions - Zhili Fang (301312) had 333,900 shares unlocked under equity incentive restrictions - Kuntai Co., Ltd. (001260) had 83.25 million shares unlocked under pre-issuance restrictions - Entropy Technology (301330) had 92.5223 million shares unlocked with extended lock-up period - Yatong Precision (603190) had 596,100 shares unlocked under pre-issuance restrictions - Sanwang Communication (688618) had 87,400 shares unlocked - Longxun Co., Ltd. (688486) had 30.6312 million shares unlocked - Dize Pharmaceutical (688192) had 991,100 shares unlocked - Haohan Depth (688292) had 57.5177 million shares unlocked - Haizheng Biomaterials (688203) had 78.5601 million shares unlocked - Diaomicro (688381) had 55.9536 million shares unlocked - Zhongrun Optics (688307) had 29.8507 million shares unlocked [1]

Group 1 - The company, DiAo Microelectronics, expects to achieve an operating revenue of approximately 562 million yuan in 2025, representing an increase of 35.75 million yuan or 6.79% year-on-year [1] - The company anticipates a net loss attributable to shareholders of the parent company ranging from 55 million to 82 million yuan for 2025, a decrease of 7.93 million to 34.93 million yuan compared to the previous year, reflecting a year-on-year decline of 16.85% to 74.22% [1] - The expected net loss excluding non-recurring gains and losses for 2025 is projected to be between 112 million and 139 million yuan, which is a deterioration of 18.32 million to 45.32 million yuan compared to the previous year, indicating an increase in loss of 19.56% to 48.38% [1] Group 2 - DiAo Microelectronics was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 23, 2022, with a public offering of 63.05 million shares at a price of 41.68 yuan per share [2] - The stock reached a peak price of 55.50 yuan on its first trading day, which remains the highest price since its listing, but is currently in a state of decline [2] - The total amount raised from the initial public offering was approximately 2.63 billion yuan, with a net amount of 2.42 billion yuan after deducting issuance costs, exceeding the original plan by 915.60 million yuan [2]