Investment Rating - Buy (Maintain Rating) [1] Core Viewpoints - The recent military conflict between India and Pakistan has highlighted the effectiveness of Chinese military equipment, particularly in the context of military exports [2][5] - The global arms trade is expected to enter a new cycle of prosperity due to increased demand driven by geopolitical tensions, with China's military exports likely to gain market share [3][4][26] Summary by Sections 1. Overview of the India-Pakistan Conflict - The conflict began with a terrorist attack in India, leading to India's "Operation Zhusha" and Pakistan's counteraction, showcasing the effectiveness of Chinese military equipment used by Pakistan [13][20] 2. Impact on the Military Industry - Global demand for military equipment is increasing, with military spending projected to reach $2.72 trillion in 2024, a 9.4% increase [23][26] - The arms trade saw a significant increase of 29% in 2022, with a projected export value of $28.938 billion TIV in 2024 [3][26] 3. China's Military Export Potential - China's military exports have surged from $1.358 billion TIV in 2021 to $2.982 billion TIV in 2023, with 45% of exports going to Pakistan [4][33] - The report emphasizes the transition of Chinese military equipment into a "DEEPSEEK" era, indicating advancements in technology and capabilities [42] 4. Investment Recommendations - The report suggests focusing on seven key areas for military trade-related investments: aviation equipment, missile systems, radar systems, drones, low-cost munitions, ground equipment, and communication data links [5][67]

8只科创板股大宗交易平台今日发生交易，合计成交4621.47万元。 证券时报·数据宝统计显示，5月13日共有8只科创板股发生大宗交易，合计成交9笔，累计成交量229.08 万股，成交额合计4621.47万元。 统计显示，成交金额最多的是康希通信，共有2笔大宗交易，合计成交量为90.00万股，成交金额合计 1041.30万元；其次是德邦科技、东微半导，今日大宗交易金额分别为821.94万元、806.80万元。 折溢价情况来看，今日出现大宗交易的科创板股中，均为折价成交，大宗交易成交价格相对收盘价折价 率居前的有中国通号、欧莱新材、芯动联科等，折价率分别为9.38%、2.99%、2.50%。 股价表现方面，今日科创50指数下跌0.15%，科创板股中，今日上涨的有197只，占33.62%，今日发生 大宗交易的科创板股平均下跌0.81%，其中，涨幅居前的为德马科技、康希通信等，涨幅分别为 0.83%、0.51%，跌幅居前的有富吉瑞、欧莱新材、东微半导等，分别下跌3.39%、1.63%、1.19%。 资金流向方面，今日发生大宗交易的科创板股中，有5股获主力资金净流入，净流入资金居前的有德马 科技、东微半导、中国通号等， ...

Core Viewpoint - The global semiconductor sales continue to grow in Q1 2025, but there is a significant performance divergence among major chip manufacturers, influenced by market and product differences, particularly in AI and storage sectors, while automotive chip manufacturers are struggling [1]. Chip Design (Including IDM) - Texas Instruments (TI) reported Q1 revenue of $4.07 billion, a year-over-year increase of 11% and a sequential increase of 2%. The company expects Q2 revenue between $4.17 billion and $4.53 billion [3]. - STMicroelectronics (ST) reported Q1 revenue of $2.52 billion, a year-over-year decline of 27.3%, with a net profit of $56 million, down 89.1% [5]. - NXP's Q1 revenue was $2.84 billion, down 9% year-over-year, with a significant decline in automotive market revenue [6]. - Qualcomm's Q1 revenue reached $10.98 billion, a year-over-year increase of 16.9%, driven by growth in mobile, automotive, and IoT sectors [8]. - MediaTek's Q1 revenue was NT$153.31 billion, up 14.9% year-over-year, exceeding operational targets due to increased market demand [9]. Semiconductor Manufacturing - TSMC's Q1 revenue was $25.53 billion, a year-over-year increase of 35.3%, with a gross margin of 58.8% [42]. - UMC reported Q1 revenue of NT$57.86 billion, a year-over-year increase of 5.9%, with a focus on 22/28nm process technology [46]. - World Advanced's Q1 revenue was NT$11.949 billion, a year-over-year increase of 24%, achieving a net profit of NT$2.414 billion [48]. Chip Distribution - WPG Holdings reported Q1 revenue of NT$248.83 billion, a year-over-year increase of 36.8%, driven by demand from AI and related sectors [58]. - Winstek Technology's Q1 revenue was NT$247.4 billion, a year-over-year increase of 28% [60]. - Arrow Electronics reported a 6% year-over-year decline in sales, totaling $5.3 billion [64]. Domestic Semiconductor Companies - Over 70% of semiconductor companies listed in A-shares reported year-over-year revenue growth in Q1 2025, with 60.63% of companies showing profit increases [35]. - Weir Shares reported a 14.68% year-over-year revenue increase in Q1, with a net profit increase of 55.25% [38]. - Zhaoyi Innovation's Q1 revenue was 1.909 billion yuan, a year-over-year increase of 17.32% [40].

证券时报·数据宝统计显示，5月6日共有12只科创板股发生大宗交易，合计成交21笔，累计成交量522.69 万股，成交额合计2.30亿元。 12只科创板股大宗交易平台今日发生交易，合计成交2.30亿元。 资金流向方面，今日发生大宗交易的科创板股中，有7股获主力资金净流入，净流入资金居前的有芯动 联科、爱科赛博、凌云光等，净流入资金为1755.59万元、1156.24万元、886.49万元，净流出资金居前 的有希荻微、灿芯股份、东微半导等，净流出资金为2155.66万元、866.68万元、369.54万元。 科创板股5月6日大宗交易概况 | 代码 | 简称 | 成交笔 | 大宗交易数量 | 平均成交价格 | 相对收盘价折溢价 | 大宗交易金额 | | --- | --- | --- | --- | --- | --- | --- | | | | 数 | （万股） | （元） | （%） | （万元） | | 688333 | 铂力特 | 1 | 127.05 | 68.00 | -0.41 | 8639.46 | | 688536 | 思瑞浦 | 1 | 39.00 | 155.77 | 0.00 | 6075. ...

Core Viewpoint - The company has completed the registration of the second batch of shares for the first vesting period of the 2023 restricted stock incentive plan, with a total of 109,260 shares to be listed for trading on May 7, 2025 [2][9]. Summary by Sections Stock Listing and Incentive Plan - The stock listing type is for equity incentive shares, with a total of 109,260 shares to be listed [2]. - The company received the securities change registration certificate from China Securities Depository and Clearing Corporation Limited, Shanghai Branch [2]. Decision-Making Process - On October 10, 2023, the company held its 17th meeting of the first board of directors, approving the draft of the 2023 restricted stock incentive plan and related proposals [2]. - The independent directors expressed clear agreement on the matters discussed [2]. Public Disclosure and Voting Rights - On October 11, 2023, the company disclosed the public solicitation of proxy voting rights for the upcoming extraordinary general meeting [3]. - The names and positions of the proposed incentive objects were publicly announced from October 11 to October 20, 2023, with no objections received [3]. Shareholder Meeting and Approvals - The extraordinary general meeting on October 26, 2023, approved the relevant proposals regarding the incentive plan [4]. - The company disclosed a self-examination report regarding insider trading on October 27, 2023 [4]. Stock Vesting Details - A total of 800,010 shares are eligible for vesting, with 109,260 shares belonging to specific directors and senior management [6]. - The stock source is from the company's directed issuance of A-share common stock [6]. Listing and Trading Restrictions - The shares will be listed for trading on May 7, 2025, with specific transfer restrictions for directors and senior management [7]. - The transfer of shares by directors and senior management is limited to 25% of their total holdings annually during their tenure [7]. Financial Impact - The newly vested shares will not significantly impact the company's financial status, as they represent approximately 0.027% of the total shares before vesting [9]. - The basic earnings per share for the first quarter of 2025 will be diluted based on the new total share count [8][9].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company has demonstrated significant growth in revenue and profitability, with a 291.77% year-on-year increase in Q1 2025 revenue and a return to profitability with a net profit of 44.37 million yuan [4]. - The company is a leader in the MEMS gyroscope field, with a strong performance in various application areas, including high-end industrial, surveying, oil exploration, commercial aerospace, intelligent driving, and high-reliability sectors [5][6]. - The company has secured substantial orders, including contracts worth approximately 270 million yuan and 163.75 million yuan for gyroscopes and accelerometers, which are expected to positively impact operational performance [7][8]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 405 million yuan, a year-on-year increase of 27.57%, and a net profit of 222 million yuan, up 34.33% [5]. - The company forecasts revenues of 628 million yuan, 881 million yuan, and 1.198 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.80, 1.07, and 1.43 yuan [9][11]. Product Development - The company has made significant advancements in MEMS gyroscopes and has introduced high-performance FM accelerometers, marking a breakthrough in the accelerometer field [6]. - The company is actively developing a range of pressure sensors to meet diverse market demands, including low-range and high-range products [6]. Market Position - The company has established a strong market presence with increasing penetration rates and a growing number of end customers across various sectors [5]. - The company is focusing on the automotive sector, with plans to develop six-axis chips for future applications and collaborations with automotive manufacturers [8].

Summary of Key Points Core Viewpoint - On April 29, a total of 10 stocks listed on the STAR Market experienced block trading, with a cumulative transaction amount of 2.09 billion yuan and a total trading volume of 611.49 million shares [1]. Block Trading Overview - The stock with the highest transaction amount was Pioneering Technology, with a block trading volume of 3.0563 million shares and a transaction amount of 122.25 million yuan [1]. - Other notable stocks included Guobo Electronics and Yuenan New Materials, with transaction amounts of 33.11 million yuan and 14.05 million yuan, respectively [1]. - The average transaction prices and their respective premiums or discounts relative to the closing prices varied across the stocks, with Pioneering Technology priced at 40.00 yuan per share, reflecting a discount of 1.60% [1].

证券代码：688582 证券简称：芯动联科 公告编号：2025-017 安徽芯动联科微系统股份有限公司 关于 2023 年限制性股票激励计划首次授予部分第一个归属期第二批 次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 109,260股。 本次股票上市流通总数为109,260股。 本次股票上市流通日期为2025 年 5 月 7 日。 安徽芯动联科微系统股份有限公司（以下简称"公司"或"本公司"）于近日 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》，公 司完成了 2023 年限制性股票激励计划首次授予部分第一个归属期第二批次的股份 登记工作。现将有关情况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 （一）2023 年 10 月 10 日，公司召开第一届董事会第十七次会议，审议通过 《关于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司 <2023 年限制性股 ...

Core Viewpoint - The company has signed significant contracts with client P, indicating strong demand and growth potential in the coming years, with an upward revision of profit expectations and target price [1][4]. Group 1: Contract and Revenue Growth - The company announced a sales contract with client P for gyroscope and accelerometer products totaling 164 million yuan, expected to be completed in 2025 [1]. - Combined with a previous contract of 270 million yuan signed on January 17, the total confirmed revenue contracts for 2025 amount to 434 million yuan, surpassing the entire revenue of 400 million yuan for 2024 [1]. - The company is expected to see accelerated order growth in 2025, with an increase in product variety and repeat purchases from major clients [1]. Group 2: Financial Performance in Q1 2025 - In Q1 2025, the company reported revenue of 88 million yuan, a year-on-year increase of 291.8% but a quarter-on-quarter decrease of 33.9% [2]. - The net profit attributable to shareholders was 44 million yuan, reflecting a year-on-year increase of 2869.2% and a quarter-on-quarter decrease of 47.2% [2]. - The company achieved a gross margin of 83.9%, indicating stable order delivery quality and profitability [2]. Group 3: Future Outlook and Product Development - The impact of tariffs on the company is limited, as nearly 100% of revenue comes from domestic clients, with a supply chain primarily using non-U.S. suppliers [3]. - New product orders are expected to increase, with mass shipments of FM resonant accelerometers and pressure sensors since 2024, and the introduction of cost-effective six-axis IMU chips for the civilian market in 2025 [3]. - The company aims to expand its customer base in high-performance and high-reliability sectors, including commercial aerospace and autonomous driving [3]. Group 4: Profit Forecast and Valuation - The company has revised its revenue forecasts for 2025, 2026, and 2027 upwards by 10%, 10%, and 6% respectively, to 670 million, 940 million, and 1.26 billion yuan [4]. - The net profit forecasts for the same years have also been increased by 15%, 15%, and 14% to 360 million, 450 million, and 580 million yuan [4]. - The target price has been raised to 79.28 yuan, reflecting a premium over comparable company valuations due to expected profit growth [4].

Investment Rating - The investment rating for the company is "Buy" with a target price of 79.28 RMB [7][8]. Core Views - The company has signed significant contracts totaling 434 million RMB for 2025, indicating strong revenue growth potential. This is an increase from the previous year's total revenue of 400 million RMB [1]. - The company is expected to see accelerated order growth in 2025, driven by new product launches and increased customer demand [3][4]. - The company's revenue and net profit forecasts for 2025, 2026, and 2027 have been raised by 10%, 10%, and 6% respectively, reflecting a positive outlook on order volume and profitability [4]. Summary by Sections 1Q25 Review - In the first quarter of 2025, the company reported revenue of 88 million RMB, a year-over-year increase of 291.8%, and a net profit of 44 million RMB, up 2869.2% year-over-year. This performance aligns with prior forecasts [2]. 2025 Outlook - The impact of tariffs on the company is expected to be limited, as nearly 100% of its revenue comes from domestic customers. The supply chain is primarily supported by non-US suppliers [3]. - New product orders, including a cost-effective six-axis IMU chip for the civilian market, are anticipated to ramp up in 2025, enhancing the company's product portfolio [3]. Profit Forecast and Valuation - The company’s revenue projections for 2025, 2026, and 2027 are now set at 6.68 billion RMB, 9.47 billion RMB, and 12.57 billion RMB respectively. The net profit estimates for the same years have been adjusted to 360 million RMB, 450 million RMB, and 580 million RMB [4][6]. - The target price has been revised to 79.28 RMB, reflecting a 20% premium over comparable company valuations [4].