Group 1 - Investment Rating: Strongly Recommended for China Merchants Bank (600036.SH) [2][7][11] - Core Viewpoint: The company's revenue and asset quality are significantly affected by macroeconomic conditions, but its long-term competitive advantage remains solid, with absolute revenue capability still leading the industry [2][11] - Financial Performance: In 2024, the company achieved operating revenue of 337.5 billion yuan, a year-on-year decrease of 0.48%, and a net profit attributable to shareholders of 148.4 billion yuan, a year-on-year increase of 1.22% [7][11] Group 2 - Investment Rating: Recommended for Xiaomi Group-W (1810.HK) [3][12] - Core Viewpoint: The addition of Xiaomi's automotive business creates a "people-car-home" ecosystem, with significant demand for its vehicles, which are currently in short supply [3][13] - Financial Projections: Expected net profits for Xiaomi from 2025 to 2027 are projected to be 35.4 billion, 49.6 billion, and 62.6 billion yuan respectively, indicating strong growth potential [3][14] Group 3 - Investment Rating: Recommended for Chipone Technology (688521.SH) [4][19] - Core Viewpoint: The company is a leading domestic semiconductor IP provider, with a focus on customized chip solutions and semiconductor IP licensing [4][19] - Financial Projections: Revenue forecasts for 2024 to 2026 are adjusted to 2.323 billion, 2.980 billion, and 3.668 billion yuan respectively, reflecting a downward revision from previous estimates [4][19] Group 4 - Investment Rating: Recommended for Jin Hong Gas (688106.SH) [21][24] - Core Viewpoint: The company reported a revenue of 2.525 billion yuan in 2024, with a year-on-year increase of 4.03%, despite a significant drop in net profit [21][24] - Business Growth: The on-site gas production project has become a new growth driver, with a revenue of 278 million yuan in 2024, a year-on-year increase of 39.06% [21][22] Group 5 - Investment Rating: Recommended for Ningde Times (300750.SZ) [30][33] - Core Viewpoint: The company achieved a revenue of 362.01 billion yuan in 2024, with a year-on-year decrease of 9.70%, but net profit increased by 15.0% [30][33] - Market Position: As a leading global lithium battery company, Ningde Times is well-positioned to benefit from the growing demand for power and energy storage batteries [30][33]

Core Viewpoint - The approval of the private placement project will enhance the company's technology matrix and support its growth in key sectors such as AIGC, smart mobility, and graphics processing [1][2]. Fundraising and Project Details - The company plans to raise up to 1.807 billion yuan through a private placement, with funds allocated to two major projects: 1. AIGC and smart mobility Chiplet solution platform development, with a total investment of 1.089 billion yuan over five years [2]. 2. New generation IP development for AIGC and graphics processing, with a total investment of 719 million yuan over five years [2]. Financial Performance and Orders - The company expects a revenue of 2.323 billion yuan in 2024, a slight decrease of 0.66% year-on-year, and a net loss of 605 million yuan, an increase in loss of 309 million yuan year-on-year [3]. - The company has maintained a high order backlog for five consecutive quarters, with an order backlog of 2.406 billion yuan, up nearly 13% from the previous quarter [4]. Market Position and Growth Potential - The implementation of the private placement project is expected to enrich the company's technology matrix and create profit growth points, addressing the demand for high-performance computing chips in the AIGC market [4]. - The company has a diverse product application across various sectors, including consumer electronics, automotive electronics, and data processing, with a strong client base [5]. Revenue Forecast - The revenue forecasts for 2024-2026 are adjusted to 2.323 billion yuan, 2.980 billion yuan, and 3.668 billion yuan, respectively, reflecting a downward revision from previous estimates [5].

Investment Rating - The investment rating for the company is "Recommended" [1][13]. Core Views - The company has received approval for a private placement project, which will enhance its technology matrix and support its growth in key areas such as AIGC, smart transportation, and graphics processing [4][8]. - The company is a leading domestic semiconductor IP provider, focusing on customized chip solutions and semiconductor IP licensing, with a diverse range of applications across consumer electronics, automotive electronics, and data processing [9][8]. Financial Summary - The company reported a revenue of 2,338 million yuan in 2023, with a projected slight decline to 2,323 million yuan in 2024, followed by growth to 2,980 million yuan in 2025 and 3,668 million yuan in 2026 [6][10]. - The net profit for 2023 was -296 million yuan, with further losses expected in 2024 at -605 million yuan, but a return to profitability is anticipated in 2026 with a net profit of 21 million yuan [6][10]. - The gross margin is projected to be 44.8% in 2023, slightly decreasing to 42.5% in 2024, and stabilizing around 42.4% to 42.7% in the following years [6][11]. Project Details - The company plans to raise up to 1.807 billion yuan through the private placement, with key projects including a Chiplet solution platform for AIGC and smart transportation, and a new generation of IP development for high-performance graphics processors and AI applications [8][9]. - The Chiplet project has a total investment of 1.089 billion yuan and aims to enhance the company's chip design capabilities and reduce costs for clients [8]. - The new IP development project is expected to require 719 million yuan and will focus on high-performance GPU IP and AI IP, further solidifying the company's market position [8]. Order and Revenue Outlook - The company has maintained a strong order backlog, with 2.406 billion yuan in orders as of the end of 2024, reflecting a 13% increase from the previous quarter [9]. - New orders signed in the fourth quarter of 2024 exceeded 940 million yuan, marking a significant increase compared to the first half of 2024 and the second half of 2023 [9].

Group 1 - The core viewpoint of the news highlights the positive momentum in the semiconductor sector, particularly the Sci-Tech Innovation Chip sector, as institutions have raised profit expectations for multiple stocks in this area [1][3] - The Sci-Tech Innovation Chip 50 ETF (588750) saw a significant increase, with a rise of over 1% and a trading volume exceeding 12 million yuan on March 26 [1] - Chip Yuan Co., Ltd. (688521) experienced a notable stock increase, rising over 10% at one point and currently up over 7%, driven by a successful fundraising project aimed at developing solutions for AIGC and smart transportation [2][3] Group 2 - The semiconductor industry is benefiting from the AI boom, with the top ten global IC design companies projected to achieve a combined revenue of approximately 249.8 billion USD in 2024, reflecting a 49% year-on-year growth [2] - Several semiconductor companies, including ZTE, Lexin Technology, and Cambrian, have seen significant upward adjustments in profit expectations for 2025, with Longxin Zhongke's net profit forecast raised by 500% by Huachuang Securities [3] - The NAND price recovery is faster than previously expected, and increased investments in data centers by companies like ByteDance and Alibaba are driving high growth in storage demand [3]

Core Viewpoint - The registration of the 1.807 billion yuan private placement project by Chiplet Co. has been approved, aimed at funding R&D projects in AIGC and smart mobility sectors, enhancing the company's capabilities in semiconductor IP and Chiplet solutions [1][2]. Group 1: Fundraising and Project Purpose - The company plans to raise no more than 1.807 billion yuan for R&D projects related to AIGC and new generation IP development [1]. - The Chiplet project targets market demands in data centers and smart mobility, allowing the company to upgrade to a Chiplet supplier while maintaining its semiconductor IP licensing business [1][2]. Group 2: Market Position and Performance - Chiplet Co. holds the largest market share in China's semiconductor IP licensing business and ranks eighth globally as of May 2024 [2]. - From 2020 to 2022, the company achieved a compound annual growth rate of approximately 33% in revenue, with a notable performance in 2022 [2]. Group 3: Financial Performance and Recovery - Despite a challenging industry environment, the company maintained positive net profits in the first half of 2023, with revenue showing signs of recovery in 2024 [3]. - In Q3 2024, the company's revenue reached a record high for that quarter, growing by 23.60% year-on-year, with an expected overall revenue for 2024 remaining stable compared to 2023 [3]. Group 4: Orders and R&D Investment - As of the end of 2024, the company had 2.406 billion yuan in hand orders, marking a 13% increase from the previous quarter [4]. - R&D expenses are projected to increase by approximately 32% in 2024, reflecting a strategic focus on enhancing R&D during the industry downturn [4].

证券代码：688521 证券简称：芯原股份 公告编号：2025-011 芯原微电子（上海）股份有限公司 关于2023年度向特定对象发行A股股票申请 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告上海证券交易所并按有关规定处理。 公司董事会将按照上述批复文件和相关法律法规的要求以及公司股东大会 的授权，在规定期限内办理本次向特定对象发行股票的相关事项，并及时履行信 息披露义务，敬请广大投资者注意投资风险。 特此公告。 芯原微电子（上海）股份有限公司董事会 2025 年 3 月 25 日 获得中国证券监督管理委员会同意注册批复的公告 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。 芯原微电子（上海）股份有限公司（以下简称"公司"）于近日收到中国证 券监督管理委员会出具的《关于同意芯原微电子（上海）股份有限公司向特定对 象发行股票注册的批复》（证监许可〔2025〕561 号）（以下简称"批复文件"）， 批复文件内容如下： 一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应严格按照报送上海 ...

芯原股份（688521）3月24日主力资金净流入 8598.17万元 金融界消息 截至2025年3月24日收盘，芯原股份（688521）报收于98.89元，上涨3.82%，换手率 4.18%，成交量20.84万手，成交金额20.41亿元。 资金流向方面，今日主力资金净流入8598.17万元，占比成交额4.21%。其中，超大单净流入2132.32万 元、占成交额1.04%，大单净流入6465.85万元、占成交额3.17%，中单净流出流入2147.90万元、占成交 额1.05%，小单净流出10746.07万元、占成交额5.26%。 通过天眼查大数据分析，芯原微电子(上海)股份有限公司共对外投资了20家企业，参与招投标项目68 次，知识产权方面有商标信息54条，专利信息210条，此外企业还拥有行政许可44个。 来源：金融界 芯原股份最新一期业绩显示，截至2024三季报，公司营业总收入16.50亿元、同比减少6.50%，归属净利 润39585.85万元，同比减少194.94%，扣非净利润42207.94万元，同比减少170.47%，流动比率1.995、速 动比率1.738、资产负债率51.05%。 天眼查商业履历信息 ...

证券代码：688521 证券简称：芯原股份 公告编号：2025-010 芯原微电子（上海）股份有限公司 关于 2020 年限制性股票激励计划 部分限制性股票归属结果暨股份上市的公告 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。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 497,750 股。 本次股票上市流通总数为 497,750 股。 本次股票上市流通日期为 2025 年 3 月 21 日。 根据中国证监会、上海证券交易所、中国证券登记结算有限责任公司上海分公 司有关业务规则的规定，公司 2020 年限制性股票激励计划部分限制性股票归属于 2025 年 3 月 17 日完成归属登记手续，已收到中国证券登记结算有限责任公司上海 分公司出具的《证券变更登记证明》。现将有关情况公告如下： 3、2020 年 12 月 3 日至 2020 年 12 月 12 日，公司对本激励计划拟激励对象的 姓名和职务在公司内部进行了公示。在公示期内，公司监事会未收到与本激励计划 的激励对象有关的任何异议。2 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Insights - The company reported a revenue of 2.323 billion yuan for 2024, a slight decrease of 0.66% year-on-year, and a net profit attributable to shareholders of -605 million yuan, a decline of 3.09 billion yuan compared to the previous year [1]. - The company has a strong order backlog of 2.406 billion yuan as of the end of 2024, reflecting a 13% increase from the previous quarter and maintaining a high level for five consecutive quarters [2]. - The company is actively advancing in the Chiplet sector, leveraging its technical reserves and project experience to design high-performance chips based on Chiplet architecture [3]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 2.323 billion yuan, with a growth rate of -0.66% compared to 2023. The net profit is expected to be -605 million yuan, down from -296 million yuan in 2023 [5]. - The company maintained a high R&D expense ratio of 53.35% in the first three quarters of 2024 [1]. Order and Market Position - The company secured over 940 million yuan in new orders in Q4 2024, with total orders in the second half of 2024 increasing by 38% compared to the first half [2]. - The company is recognized for its leading video codec technology, with successful shipments of its data center video transcoding platforms [2]. Chiplet Development - The company has developed advanced packaging technologies and a scalable high-performance hardware architecture based on Chiplet design, applicable in sectors such as automotive and smart transportation [3]. - The company is enhancing its capabilities in advanced packaging technology and has introduced high-performance GPGPU Chiplet and AI Chiplet [3]. Profitability and Valuation - The forecasted net profit for 2025 is 7 million yuan, with a significant recovery expected in 2026, projected at 93 million yuan [3]. - The company is positioned as a rare domestic IP supplier with significant growth potential due to increasing demand for chip localization and edge AI computing [3].

Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Views - The company is expected to achieve a revenue of 2.323 billion yuan in 2024, a slight decrease of 0.66% year-on-year. However, it is projected to recover in subsequent years with revenues of 2.945 billion yuan in 2025 and 3.540 billion yuan in 2026, reflecting growth rates of 26.78% and 20.23% respectively [2][11][13]. - The company has a strong order backlog of 2.406 billion yuan at the end of 2024, indicating robust demand and a solid foundation for future business expansion [2]. - The semiconductor industry is gradually recovering, with the company's unique business model minimizing product inventory risks and allowing for flexibility across application domains. This has led to a quick turnaround in operational performance starting from the second quarter of 2024 [2][3]. Summary by Sections Financial Performance - The company reported a revenue of 2.338 billion yuan in 2023, with a projected revenue of 2.323 billion yuan in 2024, followed by 2.945 billion yuan in 2025 and 3.540 billion yuan in 2026 [13][16]. - The net profit attributable to the parent company is expected to be -605.24 million yuan in 2024, with a forecasted recovery to 7.94 million yuan in 2025 and 100.35 million yuan in 2026 [11][13]. Business Model and Market Position - The company operates a semiconductor IP business model, providing customized chip design services and IP licensing, which has positioned it as a preferred partner for system manufacturers and large internet companies [3][8]. - The company has developed a comprehensive range of IP solutions, including GPU, NPU, VPU, DSP, ISP, and Display Processor IPs, catering to various applications such as AI, consumer electronics, and data centers [3][7]. Future Outlook - The company anticipates significant growth in its chip design business, with expected revenue growth of approximately 81% year-on-year in the second half of 2024 [2][11]. - The report highlights the company's proactive approach in advancing RISC-V technology and building an ecosystem around it, which is expected to drive future growth [10].