Core Viewpoint - The MOSFET industry in China is experiencing significant growth driven by the demand from sectors such as consumer electronics, communication, industrial control, and automotive electronics, with a projected market size of 42.944 billion yuan in 2024, reflecting a year-on-year growth of 7.67% [1][11]. Industry Overview - MOSFET (Metal-Oxide-Semiconductor Field-Effect Transistor) is a semiconductor device that controls current using electric fields, consisting of a metal gate, an insulating oxide layer, and a semiconductor substrate [2]. - The industry has evolved through four main stages, from initial development before 2010 to the current phase of domestic substitution, where local manufacturers are increasingly producing high-end products [4][5]. Industry Development History - The industry has transitioned from a pioneering phase before 2010 to a period of local alliances from 2011 to 2013, followed by structural reforms from 2014 to 2016, and now to a phase of domestic substitution since 2017 [4][5]. Industry Supply Chain - The upstream of the MOSFET industry includes raw materials and production equipment, while the midstream focuses on manufacturing, and the downstream applications span automotive electronics, consumer electronics, industrial control, and communication devices [7]. Market Size - The demand for MOSFETs is rising due to the proliferation of 5G technology, the boom in the electric vehicle market, and increasing industrial automation [11]. - The performance of silicon-based MOSFETs is improving, and third-generation semiconductor devices like SiC MOSFETs are being commercialized, enhancing charging efficiency and range for electric vehicles [11]. Key Companies' Performance - The competitive landscape of the MOSFET industry is characterized by dominance from overseas giants like Infineon and ON Semiconductor, while domestic firms such as Huazhu Microelectronics, Silan Microelectronics, and New Clean Energy are emerging as leaders [13]. - Huazhu Microelectronics reported a revenue of 2.355 billion yuan in Q1 2025, a year-on-year increase of 11.29%, with a net profit of 83 million yuan, up 150.68% [14]. - Silan Microelectronics achieved a revenue of 11.221 billion yuan in 2024, reflecting a growth of 20.14%, with R&D investment reaching 1.084 billion yuan, up 22.93% [16]. Industry Development Trends - The market size of the MOSFET industry is expected to continue expanding, particularly in the electric vehicle sector, where demand for high-performance MOSFETs is increasing [18]. - Technological innovation is accelerating, with third-generation semiconductor materials like SiC and GaN gaining traction, promising higher efficiency and performance [19][20]. - The trend of domestic substitution is strengthening, with local companies improving their competitiveness and reducing reliance on foreign products, while also integrating the supply chain [21].

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Composite Price Index increased by 1.69%, closing at 1189.26 points with a trading volume of 112.786 billion yuan [1] - The index has risen by 4.54% over the past month, decreased by 0.16% over the past three months, and increased by 7.73% year-to-date [1] - The index is composed of eligible securities from companies listed on the Sci-Tech Innovation Board, reflecting the overall performance of these companies [1] Group 2 - The top ten weighted stocks in the index include Haiguang Information (4.81%), Cambrian (3.64%), SMIC (2.57%), Kingsoft Office (1.89%), and others [1] - The index is fully composed of stocks listed on the Shanghai Stock Exchange, with a 100% market share [1] - The industry composition of the index shows that Information Technology accounts for 50.22%, Industrial for 24.15%, and Healthcare for 17.22% [2]

Investment Rating - The report suggests a positive outlook for the silicon carbide (SiC) industry, indicating an "Overweight" rating for the sector, as it is expected to outperform the overall market [58]. Core Insights - Silicon carbide (SiC) exhibits advantages such as high temperature and pressure resistance, with significant potential for increased penetration. The penetration rate of SiC materials is projected to rise from 4% in 2020 to 15% by 2024 [3][8]. - The competitive landscape for SiC is shifting, with major overseas manufacturers reducing operations, which may lead to a more consolidated market [9][12]. - Domestic manufacturers are breaking monopolies across various segments of the SiC supply chain, showing strong growth and development [3][37]. Summary by Sections 1. Advantages of Silicon Carbide - SiC has superior breakdown electric field strength, saturation electron drift rate, thermal conductivity, and thermal stability compared to silicon, making it suitable for high-voltage, high-frequency, and high-power applications [3][8]. - The global penetration rate of SiC materials is expected to reach 15% by 2024, indicating a substantial growth opportunity [3][8]. 2. Competitive Landscape - Major overseas companies like Wolfspeed and Renesas Electronics are scaling back operations, which may lead to a more concentrated competitive environment [9][12]. - Domestic companies are gaining ground in substrate and epitaxy segments, with firms like BYD Semiconductor and others showing robust growth in SiC module production [3][37]. 3. Investment Opportunities - The report highlights several key players to watch, including Tianke Heda in the substrate segment, Tianyu Semiconductor in the epitaxy segment, and Xilinx Integration and Basic Semiconductor in the device segment [3][37]. - The AR glasses market is identified as a new growth avenue for SiC substrates, with potential demand reaching millions of units by 2030 [20][23]. 4. Market Growth Projections - The SiC power device market is projected to grow from $1.09 billion in 2021 to $6.3 billion by 2027, with a compound annual growth rate (CAGR) of 34% [36]. - The number of vehicle models using SiC power devices is expected to increase significantly, from 1 model in 2019 to over 200 models by 2024 [34][36].

重要内容提示： 证券代码：688396 证券简称：华润微 公告编号：2025-023 华润微电子有限公司 关于公司拟议注册地变更相关事项的公告 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、准确性和完整性依法承担法律责任。 华润微电子有限公司（以下简称"公司"）拟通过在中华人民共和国香港 特别行政区（以下简称"香港"）存续注册为股份公司并在开曼群岛撤销注册的方 式，将公司注册地由开曼群岛变更为香港（以下简称"拟议存续注册"或"拟议迁 册"）。 如拟议存续注册获得批准，公司注册地的司法管辖区自拟议存续注册生 效之日起将发生变化，但公司的业务和运营将保持不变。此外，拟议存续注册不 会对公司及公司子公司的经营产生任何重大影响。 如拟议存续注册获得批准，税务方面，公司本身的税务处理及公司境内 投资者从公司获得股息分配所得、买卖公司股份的税务处理不会因拟议存续注册 产生重大影响；境内投资者权益保护方面，公司迁册后涉及公司治理、运行规范 等相关事项将须适用境外注册地香港的相关法律法规，与公司目前注册于开曼群 岛时的相关公司治理实践存在一定差异，但其对境内投资者权益的 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on its integrated operations and expected recovery in power semiconductor demand [5][8]. Core Views - The company is expected to benefit from a recovery in the power semiconductor industry, with inventory levels returning to reasonable levels and gross margins beginning to rebound [7][10]. - The company operates a fully integrated supply chain, focusing on both product solutions and manufacturing services, which positions it well for growth in various applications, particularly in automotive electronics and industrial sectors [7][15]. Summary by Sections 1. Comprehensive Power Semiconductor Layout - The company employs an IDM model, integrating chip design, mask manufacturing, wafer fabrication, and packaging testing, which enhances operational efficiency [15][17]. - The product and solution segment focuses on power semiconductors, smart sensors, and smart control, while the manufacturing and service segment provides large-scale mask manufacturing, wafer fabrication, and packaging testing [7][15]. 2. Power Semiconductor: Diverse Product Series and Application Expansion - The global power semiconductor market is expected to grow steadily, with domestic manufacturers catching up [69]. - The company is expanding its MOSFET products into automotive electronics, industrial applications, and AI servers, with IGBT products dominating over 70% in industrial and automotive sectors [7][10]. 3. Manufacturing and Services: Specialized Process Platforms - The company has established multiple wafer manufacturing lines, including 8-inch and 12-inch lines, with a focus on high-performance products [21][23]. - The packaging and testing segment covers a wide range of semiconductor testing processes, ensuring comprehensive service offerings [21][23]. 4. Profit Forecast and Valuation - The company is projected to achieve net profits of 959 million, 1.205 billion, and 1.650 billion RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 25.80%, 25.63%, and 36.91% [6][8]. - The current price-to-earnings ratios are estimated at 64.88, 51.65, and 37.72 for the years 2025, 2026, and 2027, indicating a favorable valuation compared to peers [8][10].

Investment Rating - The investment rating for CR Micro (688396.SS) has been upgraded from Underweight to Equal-weight with a target price increase from Rmb28.10 to Rmb40.00 [3][5]. Core Insights - The report identifies three key investment themes in the Chinese automotive semiconductor sector: Power Discrete Devices, Advanced Driver Assistance Systems (ADAS), and Microcontrollers (MCU) [4][23]. - China's electric vehicle (EV) market is projected to grow significantly, with EV penetration expected to rise from 28% in 2024 to 42% by 2030, indicating a strong demand for automotive semiconductors [3][27]. - The report emphasizes the importance of localization in the semiconductor supply chain, noting that most global automotive chip companies are still in the early stages of implementing localization strategies in China [4][28]. Summary by Sections Investment Themes - The three key investment areas are: 1. **Power Discrete Devices**: Chinese companies have made solid progress in IGBT and SiC substrates, with opportunities in MOSFET and SiC devices [4][40]. 2. **ADAS**: The ADAS SoC market is expected to have the highest compound annual growth rate (CAGR), benefiting various suppliers including SoC vendors and peripheral chip manufacturers [4][24]. 3. **MCU**: The self-sufficiency rate for automotive MCUs is very low, at less than 5% in 2024, indicating significant growth potential for leading local companies [4][41]. Market Dynamics - China consumed 56% of the global electric vehicle production, and the report forecasts that the domestic automotive semiconductor market will continue to grow faster than global peers due to the increasing demand for EVs and government support for supply chain localization [3][27]. - The report highlights that the automotive semiconductor supply chain in Greater China currently accounts for less than 5% of the global supply, with a self-sufficiency rate of only 15% [37][38]. Company Ratings and Strategies - The report recommends specific companies for investment based on their positions in the identified themes: - **Power Semi**: Companies like Starpower (603290.SS), Yangjie Technology (300373.SZ), and SICC (688234.SS) are highlighted for their growth potential [5][23]. - **ADAS**: Companies such as Horizon Robotics (9660.HK) and Will Semiconductor (603501.SS) are noted for their strong positions in the ADAS market [5][23]. - **MCU**: GigaDevice (603986.SS) is recognized for its potential to benefit from localization trends [5][23]. Future Projections - The report anticipates that by 2027, the self-sufficiency rate for automotive chips in China will reach 28%, reflecting the ongoing efforts to enhance local production capabilities [16][53]. - The expected growth in the electric vehicle market is projected to triple by 2030, with significant implications for the semiconductor industry [33][34].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company's revenue in Q1 2025 showed a year-on-year improvement of 11.29%, with a steady increase in the proportion of automotive electronics [1]. - The product and solution segment's revenue for 2024 increased by 10.35%, with automotive electronics' share rising from 19% in 2023 to 21% [2]. - The manufacturing and service segment's revenue for 2024 decreased by 7.72%, but the company is upgrading its process platforms [3]. - The company is expected to achieve net profits of 9.63 billion, 11.84 billion, and 14.60 billion for 2025 to 2027, respectively, with a maintained "Outperform the Market" rating [4]. Summary by Sections Revenue and Profitability - In 2024, the company achieved a revenue of 101.2 billion (YoY +2.2%), but the net profit attributable to the parent company was 6.44 billion (YoY -42.87%) with a gross margin of 27.49% (YoY -5.03 percentage points) [1]. - For Q1 2025, the company reported a revenue of 23.55 billion (YoY +11.29%, QoQ -11.04%) and a net profit of 0.65 billion (YoY -12.5%, QoQ -62.6%) with a gross margin of 25.29% (YoY -1.18 percentage points, QoQ -2.06 percentage points) [1]. Product and Solution Segment - The product and solution segment generated a revenue of 51.53 billion in 2024 (YoY +10.35%), with automotive electronics accounting for 21% of the revenue [2]. - The company expects a 15% growth in MOSFET products and approximately 50% growth in IGBT products for 2025 [2]. Manufacturing and Service Segment - The manufacturing and service segment's revenue for 2024 was 46.88 billion (YoY -7.72%), with ongoing upgrades to process platforms [3]. - Advanced packaging business revenue grew by 44%, and the power packaging business revenue increased by 237% [3]. Research and Development - The company's R&D expenditure in 2024 was 11.67 billion, accounting for 11.53% of revenue, with key projects progressing smoothly [3]. Financial Forecast - The company is projected to achieve revenues of 11.30 billion, 12.68 billion, and 14.01 billion from 2025 to 2027, with net profits expected to rise from 963 million in 2025 to 1.46 billion in 2027 [5].

Core Insights - The Chinese semiconductor diode industry is experiencing rapid development and transformation, with a projected market size of $2.257 billion in 2024, reflecting a year-on-year growth of 15.33% driven by strong demand from sectors such as electric vehicles, 5G communications, and industrial control [1][10] - Domestic companies are accelerating breakthroughs in technology, focusing on the application of third-generation semiconductor materials like silicon carbide (SiC) and gallium nitride (GaN), which are pushing diodes towards high frequency, high efficiency, and high voltage capabilities [1][10] - Innovations in optoelectronic integration have emerged, such as a three-electrode optoelectronic diode structure proposed by the University of Science and Technology of China, which enhances optical communication bandwidth by 60% [1][10] Industry Overview - Semiconductor diodes are electronic devices made from semiconductor materials (like silicon and germanium) with a core PN junction structure, enabling unidirectional conductivity essential for various electronic functions [2] - The industry has evolved through four main stages: initial development (1956-1960s), exploration and challenges (1970s-1980s), technology introduction and catch-up (1980s-1990s), and rapid development and independent innovation (2000s-present) [4][6][7] Market Dynamics - The upstream of the semiconductor diode industry includes raw materials, production equipment, and R&D, while the downstream applications span consumer electronics, communications, automotive electronics, industrial control, and new energy sectors [9] - In the first four months of 2025, China imported 160.8 billion semiconductor devices, marking a 2.16% increase in quantity but a 0.81% decrease in value, indicating persistent domestic demand despite reliance on imports for certain categories [12] Key Companies - Leading companies such as Huazhong Microelectronics, Yangjie Technology, and Suzhou Good Drive dominate the market due to their technological accumulation and production capacity [14] - Yangjie Technology reported a revenue of 1.579 billion yuan in Q1 2025, up 18.90% year-on-year, with a net profit increase of 51.22% [16] - Suzhou Good Drive, one of the largest diode manufacturers globally, produced 250 million units monthly, holding an 8%-9% market share [18] Industry Trends - The industry is moving towards high-end technology, with third-generation semiconductor materials becoming a core driver for advancements [20] - There is a surge in demand from downstream sectors, particularly in electric vehicles and 5G communications, leading to increased applications of diodes in battery management and motor drive systems [21][22] - The industry is witnessing enhanced collaboration across the supply chain, with domestic companies integrating resources to improve high-end manufacturing capabilities and reduce reliance on imports [23]

Core Points - The company announced a cash dividend of CNY 0.058 per share, totaling CNY 76,996,705.08, based on a total share capital of 1,327,529,398 shares [1][2] - The dividend distribution plan was approved at the annual shareholders' meeting on May 23, 2025 [1] - The cash dividend will be distributed to shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, after the market closes on the registration date [1] Dividend Distribution Details - The cash dividend will be distributed as follows: - For individual shareholders holding shares for more than one year, the dividend is exempt from personal income tax, resulting in a net cash dividend of CNY 0.058 per share [3] - For shares held for one year or less, the company will not withhold personal income tax at the time of distribution; tax will be calculated and withheld upon the transfer of shares [3] - For Qualified Foreign Institutional Investors (QFIIs), a 10% corporate income tax will be withheld, resulting in a net cash dividend of CNY 0.0522 per share [4] - For investors holding shares through the Shanghai-Hong Kong Stock Connect, the same 10% tax applies, leading to a net cash dividend of CNY 0.0522 per share [5] - Other corporate shareholders are responsible for their own tax declarations, with a gross cash dividend of CNY 0.058 per share [5] Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the Board Office at 0510-85893998 or via email at crmic_hq_ir_zy@crmicro.com [5]

证券代码：688396 证券简称：华润微 公告编号：2025-022 华润微电子有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证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。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/11 | 2025/6/12 | 2025/6/12 | 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 23 日的2024年年度股东会审议通过。 二、 分配方案 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/11 | 2025/6/12 | 2025/6/12 | 四、 配实施办法 1. 实施办法 除自行发放的股东外，其他股东的红利委托中国结算上海分公司通过其资金 清算系统向股权登记日上海证券交易所收市后登记在册并在上海证券交易所各会 员办理了指定交易的股东派发。已办理指定交易的投资者可于红利发放日在其指 定的证券营业部领取 ...