Investment Rating - The report assigns a "Buy" rating to the company with a target price of RMB 65.09 [46][48] Core Views - The company is a leading player in high-performance MEMS inertial sensors, with products reaching navigation-grade precision, comparable to international giants like Honeywell [55][46] - The company's MEMS gyroscopes and accelerometers are expected to benefit from domestic substitution and downstream demand expansion in areas such as autonomous driving, commercial aerospace, and robotics [46][65] - The global high-performance inertial sensor market is projected to grow from $3.1 billion in 2021 to $4.5 billion by 2027, driven by the increasing adoption of MEMS technology [46][66] MEMS Gyroscopes - MEMS gyroscopes are replacing traditional fiber optic and laser gyroscopes due to their smaller size, lower cost, and improved performance [2][3] - The company's MEMS gyroscopes have achieved a bias stability of less than 0.1°/h, meeting navigation-grade performance requirements [12][16] - In 2021, MEMS gyroscopes accounted for 86% of the global industrial market, with potential for further penetration into tactical and navigation-grade applications [3][12] MEMS Accelerometers - Capacitive MEMS accelerometers are replacing traditional high-performance accelerometers due to their high precision, low power consumption, and cost-effectiveness [7][8] - The company's MEMS accelerometers have a bias stability of less than 20μg, reaching international advanced levels [18][22] - MEMS accelerometers are widely used in consumer electronics, automotive, industrial, and high-reliability fields [7][8] Company Advantages - The company has a leading position in MEMS gyroscopes, with products that are globally competitive in terms of performance and cost [11][16] - The company is actively expanding into new product lines and markets, including automotive-grade IMUs and pressure sensors, which are expected to drive future growth [29][43] - The company has formed a closed-loop technology system in high-performance MEMS, with strong R&D investment and a high gross margin of over 80% [32][40] Market and Industry Trends - The global MEMS inertial sensor market is expected to grow from $3.7 billion in 2022 to $4.3 billion by 2025, with a CAGR of 5.2% [85] - The company is well-positioned to benefit from the increasing demand for high-performance MEMS sensors in emerging fields such as autonomous driving, commercial aerospace, and robotics [46][65] - The company's products are expected to replace traditional inertial sensors in high-end industrial and high-reliability applications, driven by their performance and cost advantages [46][66]

Company Overview - Anhui Core Motion Microsystems Co Ltd was established in 2012 and successfully listed on the Shanghai Stock Exchange STAR Market on June 30, 2023, with the stock code 688582 [2] - The company specializes in the R&D, testing, and sales of high-performance silicon-based MEMS inertial sensors, forming a proprietary product system and achieving mass production and application [2] - Core Motion has established a complete business process and supply chain system, covering key aspects such as MEMS inertial sensor chip design, MEMS process development, packaging, and testing [3] - The company's MEMS sensor chips have reached navigation-grade accuracy, with main technical indicators on par with international mainstream manufacturers, filling a domestic gap in high-performance silicon-based MEMS inertial sensors [3] Products and Applications - Core Motion's main products include high-performance MEMS inertial sensors, specifically gyroscopes and accelerometers, which are core components of inertial systems [3] - These products are widely used in various fields such as unmanned systems, industrial robots, autonomous driving, commercial aerospace, ships, oil exploration, high-speed railways, geological exploration, emergency communication, and disaster warning [3] - The company has recently launched a high-performance resonant accelerometer (FM accelerometer), which represents a significant breakthrough in the accelerometer field, with performance improved by an order of magnitude compared to traditional products [5] - Core Motion has successfully developed single-chip dual-axis and triple-axis products, enhancing product integration and providing more convenience to customers [5] Market and Growth - Core Motion's current market penetration rate is relatively low, with last year's revenue reaching only 300 million RMB, indicating significant room for growth [6] - The company's products have been widely used in multiple fields, gradually achieving volume growth, and the company is confident in maintaining steady business growth [6] - Core Motion plans to continue exploring new application areas to ensure sustained development and market competitiveness [6] Technological Advantages - High-performance MEMS inertial sensors are technology-composite products, involving multiple aspects across different fields, and any weakness in any aspect can hinder the production of high-quality products [6] - Core Motion has gathered top experts from various fields since its inception, undergoing a long R&D process from preparation in 2012 to mass production in 2017-2018, which has accumulated the company's technical strength and product advantages [6] Future Development - Core Motion will continue to focus on its areas of technical expertise, particularly in MEMS gyroscopes and accelerometers, while also pursuing technological innovation in pressure sensors [5] - The company has already started supplying small-range pressure sensors to customers and is actively developing new products such as large-range pressure sensors to meet diverse market needs [5] - Core Motion is developing a six-axis automotive chip, with higher integration potentially becoming increasingly advantageous as the automotive industry evolves [4]

证券代码：688582 证券简称：芯动联科 公告编号：2024-044 安徽芯动联科微系统股份有限公司 首次公开发行部分限售股上市流通公告 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首发限售股份；股票认购方式为网下，上市股数为 3,200,000 股。 本次股票上市流通总数为 3,200,000 股。 本次股票上市流通日期为 2024 年 12 月 31 日。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会出具的《关于同意安徽芯动联科微系统股份有 限公司首次公开发行股票注册的批复》（证监许可[2023]1012 号），并经上海证券 交易所同意，安徽芯动联科微系统股份有限公司（以下简称"公司"或"芯动联科"） 首次公开发行人民币普通股（A 股）5,521 万股，并于 2023 年 6 月 30 日在上海证 券交易所挂牌上市。公司首次公开发行完成后，总股本为 40,001 万股，其中有限 售条件流通股为 353,937,615 股，无限售条件流通股为 46,072,385 股。 ...

关于安徽芯动联科微系统股份有限公司 首次公开发行部分限售股上市流通的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为安徽芯动联科微系统股份有限公司（以下简称"公司"或"芯动联科"）首 次公开发行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理 办法》《上海证券交易所科创板股票上市规则》《上海证券交易所上市公司自律监 管指引第 11 号——持续督导》等有关法律法规和规范性文件的要求，对芯动联 科首次公开发行部分限售股上市流通的事项进行了核查，具体情况如下： 一、本次上市流通股的限售股类型 根据中国证券监督管理委员会于 2023 年 5 月 9 日作出的《关于同意安徽芯 动联科微系统股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕 1012 号），芯动联科获准首次向社会公开发行人民币普通股（A 股）5,521.00 万 股，并于 2023 年 6 月 30 日在上海证券交易所科创板上市，发行完成后公司总股 本为 40,001.00 万股，其中有限售条件流通股 35,393.7615 万股，占公司总股本的 88.48%，无限售条件流通股合计 4,607.2 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 国枫律股字[2024]A0592 号 致：安徽芯动联科微系统股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席 并见证贵公司 2024 年第一次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》 （以下简称"《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》 （以下简称"《证券法律业务管理办法》"）、《律师事务所证券法律业务执业 规则（试行）》（以下简称"《证券法律业务执业规则》"）等相关法律、行政 法规、规章、规范性文件及《安徽芯动联科微系统股份有限公司章程》（以下简 称"《公司章程》"）的规定，就本次会议的召集与召开程序、召集人资格、出 席会议人员资格、会议表决程序及表决结果等事宜，出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明： ...

证券代码：688582 证券简称：芯动联科 公告编号：2024-043 安徽芯动联科微系统股份有限公司 2024 年第一次临时股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 12 月 5 日 （二） 股东大会召开的地点：北京市海淀区知春路 7 号致真大厦 A 座 19 层 1901 号公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 102 | | --- | --- | | 普通股股东人数 | 102 | | 2、出席会议的股东所持有的表决权数量 | 229,295,373 | | 普通股股东所持有表决权数量 | 229,295,373 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 57.2370 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比 ...

Company Overview - Founded in 2012 and listed on the Shanghai Stock Exchange's STAR Market in June 2023 [2] - Specializes in high-performance silicon-based MEMS inertial sensors, including gyroscopes and accelerometers [2] - Achieved navigation-grade precision, filling a domestic gap in high-performance MEMS inertial sensors [3] - Products applied in unmanned systems, industrial robots, autonomous driving, commercial aerospace, and more [3] Product Development and Technology - MEMS gyroscopes and accelerometers are core components of inertial systems [3] - MEMS sensors offer advantages of small size, lightweight, and low cost compared to earlier generations [4] - Current products address limitations of first and second-generation gyroscopes, such as large size and high cost [4] - Developing high-precision resonant MEMS atmospheric pressure sensors and industrial-grade pressure sensors [6] - Small-range resonant pressure sensors have been finalized and are being sampled to customers [7] Manufacturing and Competitive Advantage - Manufacturing process involves multiple technical challenges across MEMS and ASIC chip production [7] - Maintains competitive edge through continuous R&D in design, algorithms, packaging, and testing [7] - Focuses on further integration, miniaturization, and cost reduction [7] Market Applications and Future Trends - Inertial navigation systems provide autonomous navigation, platform stabilization, and attitude control [5][6] - Combines with satellite navigation systems to enhance accuracy and reliability [5] - Emerging opportunities in automotive market with the advent of L3 and L4 autonomous driving [8] - Potential for domestic chips to meet local demand and expand globally as Chinese automakers increase overseas presence [8] Strategic Partnerships - Collaborating with automakers to establish quality systems and processes [8] - Developing automotive-grade six-axis chips to meet IMU product requirements [8]

证券简称：芯动联科 证券代码：688582 安徽芯动联科微系统股份有限公司 2024 年第一次临时股东大会 会议资料 中国 北京 二零二四年十二月五日 | 股东大会会议须知…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………2 | | --- | | 股东大会会议议程 | | 议案一:《关于选举独立董事的议案》 | 安徽芯动联科微系统股份有限公司 2024 年第一次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股东大会规则》以及《公司章程》《股东大会议事规则》等相关规定， 特制定股东大会须知。 一、为保证本次大会的严肃性和正常秩序，切实维护与会股东（或股东代理 人）的合法权益，除出席会议的股东（或股东代理人）、公司董事、监事、高级 管理人员、见证律师及董事会邀请的人员外，公司有权依法拒绝其 ...

重要内容提示: 一、 转让方情况 (一)转让方基本情况 截至 2024 年 11 月 14 日，转让方所持芯动联科股份的数量及占芯动联科总股 本的比例情况如下： 证券代码：688582 证券简称：芯动联科 公告编号：2024-042 安徽芯动联科微系统股份有限公司 股东询价转让结果报告书暨持股 5%以上股东 权益变动达到 1%的提示性公告 北方电子研究院有限公司（以下简称"转让方"或"电子院"）保证向安徽芯 动联科微系统股份有限公司（以下简称"芯动联科"或"公司"）提供的信息内容 不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性和完整性 依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 | 序号 | 股东名称 | 持股数量（股） | 持股占总股本比例 | | --- | --- | --- | --- | | 1 | 北方电子研究院有限公司 | 24,000,000 | 5.99% | 本次询价转让的转让方与其一致行动人安徽北方微电子研究院集团有限公司合 计持有芯动联科的股份比例超过 5%；本次询价转让的转让方非芯动联科控股股东、 实际控制人、董事、监事及 ...

中信建投证券股份有限公司 关于安徽芯动联科微系统股份有限公司 股东向特定机构投资者询价转让股份的核查报告 上海证券交易所： 中信建投证券股份有限公司（以下简称"中信建投证券"或"组织券商"） 受委托担任北方电子研究院有限公司（以下简称"电子院"或"出让方"）以 向特定机构投资者询价转让（以下简称"询价转让"）方式减持所持有的安徽 芯动联科微系统股份有限公司（以下简称"公司"或"芯动联科"）首次公开 发行前已发行股份的组织券商。 经核查，组织券商就本次询价转让的股东、受让方是否符合《上海证券交 易所科创板上市公司自律监管指引第 4 号——询价转让和配售》（以下简称 "《询价转让和配售指引》"）要求，本次询价转让的询价、转让过程与结果 是否公平、公正，是否符合《询价转让和配售指引》的规定作出如下报告说明。 一、本次询价转让概况 （一）本次询价转让出让方 截至 2024 年 11 月 14 日，出让方所持公司股份的数量、占公司总股本比例 情况如下： 《询价转让和配售指引》有关规定以向特定机构投资者询价转让方式转让股份。 （四）本次询价转让价格下限确定原则 出让方与组织券商综合考虑出让方自身资金需求等因素，协商确定本 ...