半导体行业25Q1稳健增长，SoC厂商业绩表现亮眼 半导体行业(中信)25Q1营业收入为1436.56亿元，同比增长12.99%，25Q1归母净利润为85.54亿元，同比 增长33.22%;半导体行业25Q1毛利率同环比持续回升。25Q1国内SoC厂商瑞芯微、炬芯科技、恒玄科 技、全志科技、乐鑫科技等营收及归母净利润均实现同比高速增长，业绩表现亮眼，端侧AI有望助力 SoC厂商持续高速成长。 全球半导体月度销售额继续同比增长，存储器月度价格环比持续回升 智通财经APP获悉，中原证券发布研报称，人工智能技术高速发展，AI大模型持续迭代升级，特别是以 DeepSeek为代表的大模型技术开源化，DeepSeek通过技术创新实现大模型训练及推理极高性价比，为 端侧AI应用发展带来颠覆性变革，随着端侧AI开发门槛显著降低，端侧AIoT迎来快速发展期。25Q1国 内SoC厂商瑞芯微、炬芯科技、恒玄科技、全志科技、乐鑫科技等营收及归母净利润均实现同比高速增 长，业绩表现亮眼。 根据Omdia的数据，2024年全球AI眼镜出货量达188万部，预计2025年将同比增长265%至686万部，预 计2028年将进一步增长至2650 ...

2023年全球蓝牙设备出货量突破50亿台，2024年，全球真无线耳机（TWS）市场出货量达到3.3亿台，同比增长13%，恢复了两位数增长。到2028年，预 计蓝牙设备年出货量将达到75亿台，未来五年复合年增长率 (CAGR) 将达到8%。这一数据的背后，是消费电子市场复苏与物联网设备需求的叠加效应。 来源：蓝牙技术联盟 长期以来，蓝牙芯片高端市场被高通、Nordic等国际巨头垄断，但近年来国产厂商通过技术迭代逐步打破壁垒。恒玄科技的BES2600YP芯片以"蓝牙+降噪 +入耳检测"三合一方案打入高端耳机市场，其股价一年内上涨超两倍。炬芯科技则推出全球首款三核异构AI音频芯片，整合CPU、DSP和NPU，算力提升 3倍以上，支持低延迟语音交互和实时翻译。 中科蓝讯的转型更具代表性。过去其产品以单价1元的白牌芯片为主，2023年通过"讯龙三代"芯片与字节跳动火山引擎合作，实现与大模型的软硬件适 配，产品单价提升至中高端水平。这种从"量"到"质"的转变，标志着国产芯片正从成本竞争转向技术驱动。 | | | | 2024及2025Q1五家蓝牙芯片公司业绩/亿元 | | | | | --- | --- | --- | ...

Overview - The semiconductor industry is experiencing a structural recovery driven by multiple factors including AI technology penetration, deepening domestic substitution, and cyclical inventory replenishment, leading to growth across various segments [23][24]. Semiconductor Equipment - The global semiconductor equipment market is expected to reach $121 billion by 2025, with China leading in capacity expansion, projected to grow to 10.1 million wafers per month [2][28]. - Domestic high-end equipment still relies on imports, but local manufacturers are accelerating their catch-up in high-end equipment sectors due to favorable policies and external sanctions [2][28]. - In Q1 2025, selected domestic equipment companies reported a total revenue of 16.97 billion yuan, a year-on-year increase of 35.7%, and a net profit of 2.49 billion yuan, up 34.8% [2][28]. Semiconductor Materials - The global sales of wafer manufacturing materials and packaging materials are projected to be $42.9 billion and $24.6 billion in 2024, respectively, benefiting from advanced process developments [3][29]. - The semiconductor materials market is expected to exceed $84 billion by 2028, driven by AI development [3][29]. - From 2019 to 2024, the compound annual growth rate (CAGR) for selected semiconductor materials companies is projected to be 18.58% [3][29]. Semiconductor Components - The revenue and profit growth in the semiconductor components industry have significantly accelerated since 2020, with a CAGR of 27% from 6.77 billion yuan in 2019 to 22.34 billion yuan in 2024 [4][30]. - The net profit for the same period increased from 670 million yuan to 2.69 billion yuan, with a CAGR of 32% [4][30]. Packaging and Testing - The packaging and testing sector has seen continuous revenue growth for six consecutive quarters, with Q1 2025 revenue reaching 21.8 billion yuan, a year-on-year increase of 24% [5][31]. - The sector's gross margin in Q1 2025 was 13.3%, with a net profit of 420 million yuan, up 8% year-on-year [5][31]. Storage - The storage sector is expected to see an upward trend in average selling prices (ASP), driven by AI demand [7][27]. - In Q1 2025, the revenue of certain module manufacturers increased by 54% year-on-year, indicating a recovery in the sector [7][27]. Consumer Electronics - The global smartphone shipment is projected to reach 1.22 billion units in 2024, a 7% year-on-year increase, marking a rebound after two years of decline [12][32]. - The consumer electronics sector is experiencing a recovery trend, with Q1 2025 revenue reaching 400.85 billion yuan, a 22% year-on-year increase [12][32]. PCB - The PCB sector is expected to see comprehensive growth in 2024, driven by high-end demand from AI applications [13][34]. - In Q1 2025, PCB companies reported significant revenue growth, with some companies like Shenghong Technology achieving an 80.3% year-on-year increase [13][34]. Passive Components - The revenue of key listed companies in the passive components sector reached 9.383 billion yuan in Q1 2025, a year-on-year increase of 16.76% [14][35]. - The average gross margin for the sector was 27.93%, indicating stable performance despite seasonal fluctuations [14][35].

Group 1 - The company is a leading domestic low-power wearable SoC manufacturer, experiencing strong recovery in performance due to downstream demand recovery and the launch of new products like BES 2800 [1][2] - In 2024, the company's revenue is expected to reach 32.63 billion yuan, with a compound annual growth rate of 32.42% from 2020 to 2024, despite a dip in 2022 due to demand fluctuations [2][13] - The company’s net profit for 2024 is projected to be 4.60 billion yuan, a year-on-year increase of 272.47%, with Q1 2025 net profit expected to reach 1.91 billion yuan, up 590.22% year-on-year [2][13] Group 2 - AI is expected to drive innovation in TWS, smartwatches, and smart glasses, with global TWS market shipments projected to reach 330 million units in 2024, a 13% year-on-year increase [3][17] - The domestic smartwatch and wristband market is also recovering, with shipments expected to reach 61.16 million units in 2024, a 19.3% increase [3][17] - The company’s high-end products, including the 6nm BES 2800 chip, are set to enhance performance and reduce power consumption in smartwatches and smart glasses [4][26] Group 3 - The company has established a strong brand strategy with a diverse customer base, including major global smartphone brands and internet companies [11] - Continuous high-level R&D investment is crucial for maintaining the company's competitive edge, with R&D expenses reaching 6.17 billion yuan in 2024 [25] - The BES 2800 chip, which integrates multiple functionalities, is expected to solidify the company's position in the market and support various downstream applications [25][26]

Summary of Key Points from Conference Call Records Industry Overview - **Industry**: Electronics Industry, specifically focusing on AI and AR glasses market - **Market Trends**: Significant development expected in the AI glasses market in the second half of the year, driven by new product launches from companies like Meta and domestic firms such as Rocket [1][4] Core Companies and Their Insights 1. **Crystal Optoelectronics (水晶光电)** - **Partnerships**: Strong collaboration with Meta in reflective films and display modules, leading to anticipated performance improvements [1][6] - **Financial Projections**: Expected revenue of approximately 1.26 billion yuan in 2025, with a potential increase of 20% to 30% [1][9] - **Market Position**: Positioned well in the AR field with a focus on mass production breakthroughs [5][9] 2. **Source Technology (源杰科技)** - **Competitive Advantage**: Holds a material positioning advantage in glass diffraction, with deep partnerships with major manufacturers [1][10] - **Profit Growth**: Projected net profit growth of 50% to 60% in 2025, reaching 340 million yuan, with a similar potential for stock price increase [1][10] 3. **Shunluo Electronics (顺络电子)** - **Growth Areas**: Significant growth in consumer electronics, automotive, and server sectors, with a projected growth rate of about 30% in 2025 [1][11] - **Profit Expectations**: Expected profit of 1.08 billion yuan in 2025, with a potential increase of 20% to 30% [1][12] 4. **Biyang Technology (生益科技)** - **Market Performance**: High operating rates in the copper-clad laminate industry, with expectations of price increases due to rising copper prices [3][14] - **Future Outlook**: Transitioning to high-end materials, with projected revenue of 2.7 billion yuan in 2025 [16] Market Dynamics - **AI Asset Performance**: Divergence in performance of AI assets in the US stock market, with a shift towards mid and micro-enterprise factors influencing stock opportunities [1][8] - **AR Glasses Supply Chain**: Key components include display modules and waveguide technology, with a focus on long-term solutions like reflection and diffraction [5][6] Additional Insights - **Product Launches**: Anticipated peak in new product releases from various companies, including Meta's Hypernova, expected to enhance user experience significantly [2][4] - **Investment Recommendations**: Companies like Crystal Optoelectronics and Blue Special Optics are recommended due to their strong partnerships and unique technological advantages in the AR glasses market [6][7] Conclusion - The electronics industry, particularly in AI and AR glasses, is poised for significant growth driven by technological advancements and strategic partnerships. Key players are expected to see substantial revenue increases and market share growth in the coming years.

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [10][16]. Core Insights - The company achieved record high revenue in Q1 2025, with a revenue of 9.95 billion yuan, representing a year-on-year growth of 52.25% and a quarter-on-quarter growth of 25.88%. The net profit attributable to shareholders reached 1.91 billion yuan, a staggering year-on-year increase of 590.22% [4][5]. - The growth in revenue is primarily driven by the continuous expansion of the smart wearable market, government subsidies boosting consumer demand, and an increase in the sales proportion of smart watch chips [5][6]. - The company's gross margin improved significantly, reaching 38.47% in Q1 2025, up 5.54 percentage points year-on-year, due to product structure optimization and economies of scale [5][6]. Financial Performance - For the fiscal year 2024, the company reported a revenue of 32.63 billion yuan, a year-on-year increase of 49.94%, and a net profit of 4.60 billion yuan, up 272.47% year-on-year [4][12]. - The projected revenues for 2025, 2026, and 2027 are 48.56 billion yuan, 61.96 billion yuan, and 77.65 billion yuan, respectively, with corresponding net profits of 7.81 billion yuan, 10.76 billion yuan, and 14.72 billion yuan [10][12]. Product Development - The company has successfully expanded its smart watch and smart band chip business, with revenue contribution increasing from approximately 22% in 2023 to around 32% in 2024 [6]. - The new generation chip, BES2800, is expected to be widely applied in TWS earphones, smart watches, and smart glasses in 2025, utilizing advanced 6nm FinFET technology [6][9]. Research and Development - The company is focusing on low-power computing platforms for wearable devices, developing proprietary NPU and ISP systems to enhance computing performance while minimizing power consumption [7][9]. - The new NPU supports various lightweight neural network models, facilitating rapid deployment of customized AI algorithms for clients [7][9].

Investment Rating - The report maintains a "Buy" rating for the company [10][16]. Core Insights - The company achieved a record high revenue of 3.263 billion yuan in 2024, representing a year-on-year growth of 49.94%, and a net profit of 460 million yuan, up 272.47% year-on-year [4][5]. - In Q1 2025, the company reported revenue of 999.5 million yuan, a 52.25% increase year-on-year, and a net profit of 191 million yuan, reflecting a staggering growth of 590.22% year-on-year [4][5]. - The growth in revenue and profit is attributed to the expanding smart wearable market, increased sales of smart watch chips, and improved average selling prices due to product iterations [5][6]. Revenue and Profit Forecast - The company is projected to achieve revenues of 4.856 billion yuan, 6.196 billion yuan, and 7.765 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 780.91 million yuan, 1.07561 billion yuan, and 1.47177 billion yuan [10][12]. Financial Metrics - The company’s PE ratios for 2025, 2026, and 2027 are expected to be 67, 49, and 36, respectively [10][12]. - The gross margin for Q1 2025 reached 38.47%, an increase of 5.54 percentage points year-on-year [5][6]. Market Position and Product Development - The company has successfully expanded its smart watch and band chip business, with revenue contribution rising from approximately 22% in 2023 to around 32% in 2024 [6]. - The new generation chip, BES2800, is expected to be widely applied in TWS earphones, smart watches, and smart glasses in 2025, utilizing advanced 6nm FinFET technology [6][9].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown significant revenue and profit growth, with its smart watch chips contributing as a second growth driver, while the smart home and AIoT markets are poised for expansion [3][8] - The Bluetooth audio chip business has rebounded strongly, and the new product BES2800 is expected to solidify the company's leading position in the market [3][8] - The company maintains a "Buy" rating based on its current valuation levels and growth prospects [5] Financial Summary - The company’s revenue for 2024 is projected to be RMB 3,263 million, representing a year-over-year growth of 49.9% [7] - The net profit for 2024 is expected to reach RMB 460 million, with a substantial year-over-year increase of 272% [7] - The estimated EPS for 2025 is RMB 6.97, with a significant upward adjustment of 43.7% from previous estimates [7][5] - The company’s total market capitalization is approximately RMB 52.1 billion, with corresponding PE ratios for 2025, 2026, and 2027 projected at 62.2, 45.5, and 35.9 respectively [5][7] Growth Drivers - The smart watch and wearable device market is expected to see a surge, with the company’s smart watch chip revenue projected to grow by 116% year-over-year in 2024 [8] - The company’s investment in R&D continues to increase, with R&D expenses reaching RMB 617 million in 2024, a 12% increase from the previous year [8] - The new generation of smart Bluetooth audio chips is anticipated to enhance the performance and connectivity of wearable devices, further driving growth [8]

Core Viewpoint - The "Smart Consumption Industry Week" performance briefing highlighted the positive development signals in the smart consumption sector, showcasing the technological innovations and market expansions of participating companies [1] Group 1: Industry Trends - The "Artificial Intelligence +" initiative aims to accelerate the development and application of new technologies in the smart consumption sector, creating high-growth consumption opportunities [2] - The automotive industry's shift towards electrification and intelligence has opened a strategic window for the in-car projection market, with leading companies like XGIMI focusing on smart cockpit and smart lighting projections [3] Group 2: Company Performance - Hengxuan Technology reported a net profit of 191 million yuan in Q1 2025, a 590% increase year-on-year, driven by the rise of smart wearable devices and supportive national policies [2] - Zhuhai Guanyu continues to enhance its competitive edge in consumer batteries while developing sodium-ion and solid-state batteries, aiming for stable and efficient power supply in low-temperature scenarios [4] - Aolaide has maintained steady revenue growth in its materials business for five consecutive years, with ongoing upgrades to its OLED terminal materials and new product developments expected to gain market traction by 2025 [4][6] Group 3: Market Dynamics - Companies are experiencing robust production and sales growth due to consumer confidence recovery and local consumption subsidy policies [5] - Shihua Technology achieved revenues of 795 million yuan and a net profit of 280 million yuan in 2024, with a 442% increase in high-performance optical materials revenue, indicating strong market demand [6] - The maturation of OLED production processes is expected to lower manufacturing costs, facilitating the adoption of OLED displays in mid-range vehicles, thus expanding their market presence [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][17]. Core Views - The company achieved a revenue of 3.263 billion yuan in 2024, representing a year-on-year increase of 49.94%, and a net profit of 460 million yuan, up 272.47% year-on-year [5]. - In Q1 2025, the company reported a revenue of 999.5 million yuan, a year-on-year increase of 52.25%, and a net profit of 191 million yuan, up 590.22% year-on-year [5]. - The new generation 6nm chip, BES2800, has been mass-produced and is expected to drive continuous high growth for the company [9]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 34.71%, which improved by 0.51% year-on-year, while the gross margin for Q1 2025 was 38.47%, an increase of 5.54% year-on-year [8]. - The net profit margin for 2024 was 14.11%, up 8.43% year-on-year, and for Q1 2025, it was 19.16%, an increase of 14.93% year-on-year [8]. Market Position - The company has seen a significant increase in its market share in the smart wearable market, with revenue from smart watch and band chips reaching 1.045 billion yuan in 2024, a year-on-year increase of 116% [8]. - The product structure is diversifying, with Bluetooth audio chips accounting for approximately 62% and smart watch/band chips about 32% of total revenue in 2024 [8]. Future Outlook - The company is expected to achieve revenues of 4.8 billion yuan, 6.19 billion yuan, and 7.594 billion yuan for the years 2025, 2026, and 2027, respectively [10]. - The projected net profits for the same years are 874 million yuan, 1.182 billion yuan, and 1.541 billion yuan, respectively [10].