Core Viewpoint - Ankai Micro (688620) has received a loan commitment letter from Shanghai Pudong Development Bank Guangzhou Branch for a loan amount not exceeding 20 million yuan, intended for stock repurchase purposes [1] Summary by Relevant Sections - **Loan Details** - Loan amount is capped at 20 million yuan [1] - Loan term is up to 36 months from the date of formal loan contract signing [1] - The specific use of the loan is designated for the company's stock repurchase [1]

Group 1: Company Overview and Market Position - The company focuses on the development of intelligent edge chips, integrating NPU for smart applications such as smart home, security, and manufacturing [2][3] - In 2023 and the first half of 2024, the company's export revenue exceeded 50%, significantly contributing to its growth [3][6] - The company aims to expand its presence in various sectors, including smart home, smart manufacturing, and smart retail [3][6] Group 2: Product Applications and Technology - The company has developed visual SoCs with 0.5T OPS and 2T OPS capabilities for applications in home cameras and security systems [5][6] - The company plans to integrate multiple IP technologies (ISP, audio, NPU) into single chips to enhance product functionality [3][6] - The company is actively developing products for emerging markets, including wearable devices [3][6] Group 3: Competitive Strategy - The company addresses market competition through continuous technological innovation and product development [6] - It emphasizes collaboration with customers and partners to adapt to market changes and reduce supply chain costs [6][6] - The company is working to increase its market penetration in the smart lock sector by leveraging its technological advantages [6]

Investment Rating - The report assigns an "Overweight" rating to the company, indicating a positive outlook for its stock performance [25][26] Core Views - The company is expected to benefit from strong demand in the IoT chip terminal market, with projected revenue growth rates of 25%, 23%, and 20% for 2024-2026, respectively [9] - The IoT application processor chip business is anticipated to see significant growth, with revenue growth rates of 40%, 50%, and 50% for 2024-2026, driven by the expansion of smart city, smart home, and industrial IoT applications [9] - Other business segments are expected to grow at a steady rate of 20% annually from 2024 to 2026 [9] Financial Projections - Total revenue is projected to increase from CNY 729.29 million in 2024 to CNY 1,178.85 million in 2026, with a compound annual growth rate (CAGR) of 27.38% [10] - Gross margins for the IoT series chips are expected to improve from 15% in 2024 to 23% in 2026, reflecting better competitive positioning and product upgrades [9][10] - The company's PS (Price-to-Sales) ratio is forecasted to be 6.31x, 4.93x, and 3.90x for 2024-2026, respectively, which is below the average of comparable companies [10][11] Industry and Company Overview - The company specializes in IoT smart hardware SoC chips, with products widely used in smart home, security, office, and industrial IoT applications [25] - It has a significant market share in the global home camera market, exceeding 20% in both 2022 and 2023 [25] - The company is advancing its IoT camera chip technology towards higher resolution (up to 8K), enhanced AI capabilities, and improved power efficiency [23] Valuation and Peer Comparison - The company's valuation metrics (PS ratio) are lower than those of peers such as Allwinner Technology, Beken Corporation, and Telink Semiconductor, indicating potential undervaluation [11] - The report highlights the company's strong R&D capabilities, with over 75% of its IP being self-developed, which supports continuous innovation and product iteration [25]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [19]. Core Views - The company is positioned to benefit from the accelerating demand for intelligent hardware driven by AI applications, with the smart hardware market in China expected to exceed 2 trillion RMB by 2026 [5]. - The company specializes in the research, design, testing, and sales of IoT smart hardware core SoC chips, with current products including IoT camera chips and IoT application processor chips [5]. - The introduction of the second-generation chip series, featuring dual-core RISC-V architecture and integrated AI capabilities, aligns with the trend towards edge intelligence [5]. - The company has launched a comprehensive smart lock solution, which is expected to see significant business growth in the coming year [5]. - Continuous product iterations are aimed at reducing power consumption and enhancing market competitiveness, with advancements in manufacturing processes [5]. Financial Summary - The company is projected to achieve net profits of 30 million, 70 million, and 100 million RMB for the years 2024, 2025, and 2026 respectively [5]. - Revenue is expected to decline by 9.14% in 2024, followed by a recovery with growth rates of 35% and 30% in 2025 and 2026 respectively [6]. - The EBITDA is forecasted to be negative in 2024 but will rebound significantly in the following years [6]. - The company’s asset-liability ratio stands at 8.3%, indicating a strong financial position [3].

Group 1: Investor Relations Activities - The investor relations activities included specific target research, analyst meetings, media interviews, performance briefings, press conferences, roadshows, and site visits [2] - Participating organizations included Tianfeng Securities, Zhongyou Securities, Guotai Fund, Huabao Fund, Changxin Fund, and others [2] - The activities took place from December 10 to December 19, 2024, in Guangzhou, Shenzhen, and Shanghai [2] Group 2: Company Overview and Market Position - The company focuses on the development of AI-related technologies and has been researching and laying out relevant technologies for several years [3] - The first generation of IoT camera chips with self-developed NPU has been mass-produced, with annual shipments increasing [3] - The company aims to enhance its chip products towards industrial-grade and low-power applications, expanding into smart home, wearable, and smart manufacturing sectors [3] Group 3: Financial Performance and Market Strategy - The company’s export revenue accounted for over 50% of total revenue in the first half of 2023 and 2024, with products sold across Asia, Europe, and the Americas [5] - The company plans to continue expanding its overseas market presence to boost product influence [5] - Strategies for improving gross margin include launching new products, refining market segments, and reducing supply chain costs [5] Group 4: Product Development and Innovation - The company is committed to continuous innovation and upgrading of its IP technologies, focusing on the integration of AI and IoT applications [3] - The visual SoC chips will evolve towards higher resolutions, targeting professional and industrial applications [3] - The company is exploring new hardware applications for ISP beyond typical camera scenarios [5]

Group 1 - The stock of Ankai Micro (688620) closed at 11.30 yuan on December 18, reaching the daily limit with a trading volume of 4.20 billion yuan and a turnover rate of 17.13% [1] - The stock was listed on the Sci-Tech Innovation Board due to a price increase of 15% at the close of trading [2] - The top five trading departments recorded a total transaction amount of 1.06 billion yuan, with a net buying amount of 301.14 million yuan [2]

Company Overview - The company, Guangzhou Ankai Microelectronics Co., Ltd., held an investor relations event on December 4, 2024, at its H Building in Guangzhou [1][2] - The event included a presentation on the company's development history, main business, technology, products, and market operations [2] Technology and R&D - The company showcased its self-developed large language models and large vision models for edge computing at a technology forum in June 2024 [2] - The decision to self-develop these technologies was driven by the need to leverage core competencies and address privacy and security concerns in the industry [2] - The company plans to continue R&D and upgrades in AI-related technologies, including NPU IP and edge-side large language and vision models [3] - The company aims to gradually make all its chip products intelligent, aligning with market trends [3] Product Development and Market Strategy - The company's IoT camera chips are evolving towards higher resolution and expanding into professional and industrial applications [3] - The company is focusing on enhancing its IoT application processor chips for industrial-grade and low-power applications [3] - To improve gross margins in the competitive IoT camera chip market, the company emphasizes technological innovation and the introduction of new products [3] - The company has a strong presence in the smart home sector, with chips used in various devices such as home cameras, baby monitors, Bluetooth speakers, and smart locks [3] - In the industrial sector, the company has technical expertise and products used in industrial equipment display and control, with potential for collaboration with third parties for data-related applications [3] Investor Relations and Compliance - The event was attended by representatives from CITIC Securities, GF Securities, Hongnian Asset, Luojia Fangyuan, and Jinxin Private Equity [2] - The company confirmed that no undisclosed material information was disclosed during the event [3] - The meeting was recorded and documented by Ge Chun, who also filled out the form on December 4, 2024 [4]

证券代码：688620 证券简称：安凯微 公告编号：2024-036 重要内容提示： | 回购方案首次披露日 | 2024/6/26 | | --- | --- | | 回购方案实施期限 | 自第二届董事会第五次会议审议通过后 12 个月 | | 预计回购金额 | 万元~6,000 万元 3,000 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 2,994,426 股 | | 累计已回购股数占总股本比例 | 0.76% | | 累计已回购金额 | 21,605,983.60 元 | | 实际回购价格区间 | 元/股~9.49 元/股 6.35 | 广州安凯微电子股份有限公司（以下简称"公司"）于 2024 年 6 月 24 日召开 第二届董事会第五次会议，审议通过了《关于以集中竞价交易方式回购公司股份 的预案》，同意公司使用不低于人民币 3,000 万元（含）、不超过人民币 6,000 万元 （含）的自有资金，以不超过人民币 12.60 元/股的价格，通过集中竞价交易方式 回购公司股份，回购期限自董 ...

证券代码：688620 证券简称：安凯微 编号：2024-IR-013 广州安凯微电子股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------------|-----------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：688620 证券简称：安凯微 编号：2024-IR-012 广州安凯微电子股份有限公司 投资者关系活动记录表 | --- | --- | |-----------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | 投资者关系活动 | ■ 特定对象调研 ⃞ 分析师会议 | | 类别 | ⃞ 媒体采访 ■ 业绩说明会 | | | ⃞ 新闻发布会 ⃞ 路演活动 | | | ⃞ 现场参观 ⃞ 其他 | | 参与单位名称 | 参加广州安凯微电子股份有限公 ...