Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding 15% over the next 6-12 months [6]. Core Insights - The company, Chipsea Technology (688595.SH), is transitioning from traditional consumer electronics to high-end sectors such as automotive electronics, computing and communication, mobile phones, BMS, and industrial control since 2019. The core products are high-performance SOCs [2]. - The company has seen a recovery in downstream demand, with product shipments gradually increasing. Revenue for 2024 is projected at 702 million yuan, a year-on-year increase of 62.22%, and Q1 2025 revenue is expected to be 158 million yuan, up 4.66% year-on-year [2]. - The company has launched multiple new products in the analog signal chain, with 2024 revenue from these products expected to reach 181 million yuan, a 137.11% increase year-on-year, driven by significant sales growth in BMS products [3]. - MCU chip revenue is projected to reach 326 million yuan in 2024, reflecting a 67.63% year-on-year growth, with notable increases in EC and HUB product shipments [4]. Summary by Sections Revenue and Growth - The company anticipates a revenue of 951 million yuan in 2025, with a growth rate of 35.36%, and 1.226 billion yuan in 2026, with a growth rate of 28.92% [5]. - The net profit forecast for 2025 is -13 million yuan, with a subsequent recovery to 23 million yuan in 2026 and 36 million yuan in 2027 [5]. Product Performance - The BMS series products have achieved cumulative shipments exceeding 100 million units, with the first automotive-grade BMS AFE chip set to be released soon [3]. - The company has established a broad product layout centered around EC, covering PD, HapticPad, USB 3.0 HUB, and BMS, with significant growth in shipments for these products [4]. Financial Metrics - The projected gross margin for 2024 is 34.2%, with an expected improvement to 39.3% by 2027 [12]. - The company’s total assets are projected to be 1.695 billion yuan in 2024, with total liabilities of 938 million yuan, resulting in a debt-to-asset ratio of 55% [11].

近日，国家知识产权局发布第二十五届中国专利奖获奖名单，30项专利荣获中国专利金奖，10项设计获 外观设计金奖。其中，广东省以11项金奖获奖数居各省份之首。6月9日，包括南网科技、嘉元科技、光 峰科技、芯海科技等多家上市粤企公告披露获奖情况，多为科创板企业。 据了解，中国专利奖是中国知识产权领域的最高荣誉。本届中国专利奖共评选出专利金奖30项、银奖60 项、优秀奖607项，外观设计金奖10项、银奖15项、优秀奖47项。 在30项专利金奖中，来自广东的比亚迪、腾讯、华为、中广核、南网科技、中兴通讯、康方药业等单位 的7项专利获得金奖，专利涉及技术领域包括车辆热管理控制、数据处理、信息通讯、堆焊修复、导线 追踪、双功能抗体药物等。 10项外观设计金奖中，来自广东的比亚迪、安克创新、大疆创新、绘王科技等单位的4项专利获得金 奖，包括汽车、无人机、充电支架、手写板等领域的创新设计获得认可。 其中，南网科技作为专利金奖获得者，其在公告中表示，公司核心专利"一种基于非向量空间控制策略 的导线追踪方法及装置"获得第二十五届中国专利金奖。南网科技公告称，该项获奖专利技术已应用于 自主可控的作业机器人、巡检机器人、无人机、摄像头 ...

Core Viewpoint - Chipsea Technology (Shenzhen) Co., Ltd. has been awarded the 25th China Patent Excellence Award for a patent focusing on high-precision, high-speed small signal measurement, which significantly enhances weak signal detection accuracy and addresses current interference issues [1][2]. Group 1 - The awarded patent utilizes dynamic detection compensation technology to effectively solve current interference problems in sensor measurements, marking a significant advancement in small signal detection technology for the Internet of Things era [1][2]. - The technology has been successfully applied in several self-developed signal conditioning core chips, including high-precision analog SoC, Force Touch SoC/AFE, high-precision ADC, and health measurement SoC/AFE [2]. - Future applications of this technology may extend to industrial automation and electric vehicle charging systems, promoting intelligent development in related industries [2]. Group 2 - The recognition from the award enhances the company's intellectual property advantages and strengthens its technological innovation capabilities and market competitiveness [2]. - The company emphasizes continuous innovation and increased R&D investment to build a strong intellectual property moat for technological advancements [2]. - The award is not expected to have a significant impact on the company's financial performance [3].

本次获奖专利成果解决了模拟前端信号在实现高精度与低功耗协同测量方面 的关键技术难点。其应用潜力覆盖各类移动设备和物联网终端，为万物互联与智 能化提供了重要的技术基础。目前，该技术已成功应用于公司自主研发的多款信 号调理核心芯片，包括高精度模拟 Soc、Force Touch SoC/AFE、高精度 ADC 以及 健康测量 Soc/AFE 等产品。未来应用可进一步拓展至工业自动化（如工业压力传 1 | 证券代码：688595 | 证券简称：芯海科技 | 公告编号：2025-022 | | --- | --- | --- | | 债券代码：118015 | 债券简称：芯海转债 | | 芯海科技（深圳）股份有限公司 关于自愿披露获得第二十五届中国专利优秀奖的公告 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。 近日，国家知识产权局发布《国家知识产权局关于第二十五届中国专利奖授 奖的决定》（国知发运字〔2025〕20 号），芯海科技（深圳）股份有限公司（以 下简称"公司"）的一项专利荣获第二十五届中国专利优秀奖，具体情况如下： | ...

Group 1 - The core viewpoint of the news is that Chonghai Technology has shown significant growth in its gross margin and is making strides in various technology sectors, including automotive electronics and robotics [1] - Chonghai Technology's gross margin is expected to increase by approximately 3 percentage points year-on-year in Q1 2025, primarily due to product structure optimization [1] - The company has successfully entered Lenovo's VL list with its EC series products, indicating validated reliability, compatibility, and long-term supply assurance, which accelerates its entry into the global supply chain [1] - In the automotive electronics sector, Chonghai Technology has developed its first high-performance automotive MCU and multiple automotive chips covering smart cockpit and vehicle fast charging scenarios [1] - In the humanoid robotics field, the company provides high-precision DC, MCU, and tactile feedback chips to support key applications [1] - Several of Chonghai Technology's chips, such as high-precision DC chips and EC series chips, have achieved domestic substitution [1] - The pressure touch control chip has been sold in OPPO Find X8 and vivo X200 Ultra series [1] - The company is laying out its AI strategy across cloud, edge, and application terminals, offering a full-stack solution of "chip + algorithm + data" [1] Group 2 - Shanghai Chongyang Investment Management Co., Ltd. is a limited liability company established in 2009, based on the foundation of Shanghai Chongyang Investment Co., Ltd., which was founded in 2001 [2] - Chongyang Investment focuses on managing financial wealth for clients using various standardized financial tools, aiming for sustainable asset growth [2] - The company emphasizes research-driven investment and the importance of a rigorous and scientific investment process [2]

Core Viewpoint - The 2025 Taipei International Computer Show (COMPUTEX) focuses on "AI Next," showcasing nearly 1,400 tech companies discussing the new ecosystem of the computing industry, with Chipsea Technology (688595.SH) highlighting its innovations in peripheral chips for PCs [1] Group 1: Company Innovations and Product Development - Chipsea Technology launched its first domestic 32-bit high-performance EC chip CSC2E101 in 2022, breaking the long-standing monopoly of foreign manufacturers and achieving Intel PCL certification [2] - The company's EC products now feature high performance, security, and computing power, integrating various functionalities such as secure boot and environmental sensing, thus redefining industry standards [2] - Chipsea's EC chip E2010 boasts a core performance 20 times that of similar international products while maintaining a sleep power consumption of only 30%, showcasing superior energy efficiency [2] Group 2: Market Strategy and Ecosystem Integration - The entry into the PC market is a strategic decision based on insights into future market prospects and aligns with the company's technological capabilities [4] - Chipsea has established a comprehensive ecosystem by integrating sensing, control, power, and connectivity technologies, enhancing its alignment with the growing demand for precise sensing and control in the PC peripheral market [4] - The company has successfully integrated into Intel's global supply chain and collaborated with the HarmonyOS ecosystem, leading to significant project opportunities and product shipments [5] Group 3: Research and Development Investment - In 2024, Chipsea's R&D investment reached 240 million yuan, accounting for 34.15% of its revenue, reflecting an 8.01% year-on-year increase, with a strong patent portfolio including 856 invention patents [5] - The company has developed a robust supply chain with R&D subsidiaries across multiple cities in China, ensuring reliable production capacity and quick response to market demands [5] Group 4: Future Growth and Market Position - Chipsea's PC business is rapidly developing, with a product ecosystem covering various PC peripherals and a focus on AI PCs, which are expected to dominate the market by 2027 [6] - The company is transitioning from "domestic substitution" to "competitive substitution," aiming to capture market share and achieve its goal of becoming a world-class supplier of computing peripheral chips [6] - Analysts predict that Chipsea's net profit will reach 18 million yuan in 2025 and 123 million yuan in 2026, indicating a promising growth trajectory [6]

Core Viewpoint - The credit rating agency maintains the credit rating of Chipsea Technology (Shenzhen) Co., Ltd. and its convertible bond at A+ with a stable outlook, reflecting the company's competitive position and growth potential despite facing industry challenges [1][5][8]. Company Overview - Chipsea Technology primarily engages in the design, research, and sales of analog signal chain chips, MCU chips, and AIoT chips, operating under a Fabless model [10][11]. - As of March 2025, the company reported total assets of 1.601 billion yuan and equity of 744 million yuan, with a debt-to-asset ratio of 53.53% [10][11]. Financial Performance - The company experienced a year-on-year increase in revenue and gross profit from its main chip business, benefiting from a recovery in downstream demand [7][10]. - In 2024, the company reported a total profit of -0.26 billion yuan, continuing to face negative profit margins due to increased share-based payment expenses and inventory write-downs [10][11]. Competitive Advantages - The company has enhanced its product technology and expanded sales scale, maintaining a competitive edge in high-precision ADC and reliable MCU design fields [7][8]. - In 2024, Chipsea Technology increased its R&D efforts in automotive MCU chips, computer peripherals, AIoT chips, and industrial-grade high-precision ADC chips, resulting in 61 new invention patents [7][8]. Industry Analysis - The integrated circuit design industry is experiencing growth driven by increasing demand in traditional and emerging sectors such as automotive electronics and 5G [15][16]. - The global integrated circuit sales are projected to recover in 2024, with a significant increase expected in 2025 due to advancements in AI, IoT, and electric vehicles [15][16]. Debt and Funding - The company issued the "Chipsea Convertible Bond" in July 2022, with a total amount of 410 million yuan, primarily used for R&D and working capital [11][12]. - As of March 31, 2025, the company had converted 2.5 million yuan of the convertible bond into shares, with a remaining convertible bond amount of 409.975 million yuan [11][12].

信用等级通知书 东方金诚债跟踪评字【2025】0017 号 芯海科技（深圳）股份有限公司： 东方金诚国际信用评估有限公司根据跟踪评级安排对贵公司及"芯 海转债"的信用状况进行了跟踪评级，经信用评级委员会评定，此 次跟踪评级维持贵公司主体信用等级为 A+，评级展望为稳定，同 时维持"芯海转债"信用等级为 A+。 东方金诚国际信用评估有限公司 信评委主任 二〇二五年五月二十二日 东方金诚债跟踪评字【2025】0017 号 信用评级报告声明 为正确理解和使用东方金诚国际信用评估有限公司（以下简称"东方金诚"）出具的 信用评级报告（以下简称"本报告"），本公司声明如下： 1.本次评级为委托评级，东方金诚与受评对象不存在任何影响本次评级行为独立、客 观、公正的关联关系，本次项目评级人员与评级对象之间亦不存在任何影响本次评级 行为独立、客观、公正的关联关系。 2.本次评级中，东方金诚及其评级人员遵照相关法律、法规及监管部门相关要求，充 分履行了勤勉尽责和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的 原则。 5.本报告仅为受评对象信用状况的第三方参考意见，并非是对某种决策的结论或建议。 东方金诚不对发行人使用/ ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) has weakened as of May 19, 2025, with mixed performance among constituent stocks [1] - Zhongyou Technology (688648) led the gains with an increase of 7.19%, while Tianzhun Technology (688003) experienced the largest decline at 4.66% [1] - The Sci-Tech Innovation Board Artificial Intelligence ETF (588930) fell by 1.57%, with the latest price at 1.13 yuan, but has seen a cumulative increase of 3.52% over the past month as of May 16, 2025 [1] Group 2 - The liquidity of the Sci-Tech Innovation Board Artificial Intelligence ETF was 2.6% during intraday trading, with a transaction volume of 20.98 million yuan [1] - The average daily transaction volume of the Sci-Tech Innovation Board Artificial Intelligence ETF over the past year was 82.25 million yuan [1] - The latest share count for the Sci-Tech Innovation Board Artificial Intelligence ETF reached 713 million, marking a new high since its inception [1] Group 3 - Minsheng Securities indicates that AI Agents are key to the software revolution, addressing the application limitations of generative AI models and advancing AI technology towards practical and intelligent applications [2] - AI Agents consist of a model, tools, and an orchestration layer, enabling autonomous goal achievement [2] - The commercialization path for AI Agents emphasizes different payment models for C-end (consumer) and B-end (business) applications, focusing on generality and extensibility for C-end, and task completion and accuracy for B-end [2] Group 4 - The future outlook suggests that the task length of AI Agents may double approximately every seven months, leading to a closed-loop development cycle where Agents can develop other Agents [2]

Group 1 - The three major indices opened lower on May 16, with the ChiNext and Shenzhen indices turning positive during the day, while the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index rebounded [1] - The AI ETF (588930) closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index, which selects 30 large-cap stocks that provide resources, technology, and application support for AI [1] - Alibaba's CEO stated that the "user-first, AI-driven" strategy has yielded results, with core business growth accelerating and significant investments in AI infrastructure and technology to maintain global competitiveness [1] Group 2 - Tencent's Q1 2025 earnings forecast indicated solid growth in high-quality revenue, with AI capabilities contributing significantly to advertising and gaming businesses [2] - Long-term prospects for domestic AI development require substantial investment and time to catch up with advanced domestic processes, according to a report from Industrial Securities [2]