大信会计师事务所(特殊普通合伙)_ WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 中国电子财务有限责任公司 专项审计报告 大信专审字[2025]第 1-02009 号 您可使用手机"扫一扫"或进入"注册会计师行业统一提否由具有执业许可的会计师事务所出具 c.mof.gov.cn） " 进行查验 报告编码: 京25MPV1TQJA Room 2206 22/F.Xuevuan International To No.1 Zhichun Road,Haidian Dist. Beijing.China.100083 关于中国电子财务有限责任公司 风险评估专项审计报告 大信专审字[2025]第 1-02009 号 成都华微电子科技股份有限公司: 一、审核意见 按照《企业集团财务公司管理办法》如实编制风险评估专项说明,是中国电子财务公司 管理层的责任,这种责任包括建立健全并合理设计风险管理体系并保持其有效性,保证风险 管理政策与程序的真实性和完整性,采用适当的编制基础并使其公允反映。 中国电子财务公司治理层负责监督风险评估专项说明的报告过程。 - 1 - 我们接受委托,审核了后附的 ...

成都华微电子科技股份有限公司 投资者关系管理制度 第一章 总则 第一条 为进一步加强成都华微电子科技股份有限公司 （以下简称"公司"）与投资者和潜在投资者（以下统称"投 资者"）之间的信息沟通，加深投资者对公司的了解和认同， 促进公司与投资者之间长期、稳定的良性关系，促进公司诚 信自律、规范运作，提升公司的投资价值，实现公司的价值 最大化和股东利益的最大化，根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司治理准则》等相关法 律、法规、规章、规范性文件的规定及《公司章程》的有关 规定，制定本制度。 第二条 投资者关系管理工作是指公司通过便利股东权 利行使、信息披露、互动交流和诉求处理等工作，加强与投 资者及潜在投资者之间的沟通，增进投资者对公司的了解和 认同，以提升公司治理水平和企业整体价值，实现尊重投资 者、回报投资者、保护投资者目的的相关活动。 第三条 投资者关系管理工作应当严格遵守有关法律、 行政法规、部门规章、规范性文件和上海证券交易所的相关 1 / 14 规定，不得在投资者关系活动中以任何方式发布或者泄露未 公开重大信息。 第四条 本制度所称"重大信息"是指对公司股票及其 衍生品种（以 ...

成都华微电子科技股份有限公司 控股股东、实际控制人行为规范 第一条 为进一步规范成都华微电子科技股份有限公司（以下 简称公司）控股股东、实际控制人行为，完善公司治理结构，保 证公司规范、健康发展，根据《公司法》等法律、法规、规范性 文件及《公司章程》的相关规定，结合公司实际情况，制定本规 范。 第二条 本规范所称"控股股东"及"实际控制人"的含义根 据有关法律法规、交易所相关规则和《公司章程》确定。 控股股东、实际控制人对公司控股子公司实施的行为，适用 本规范相关规定。 下列主体的行为视同控股股东、实际控制人行为，比照适用 本规范的相关规定： （二）与非生产型公司共用与经营有关的业务体系及相关资 产； （一）控股股东、实际控制人直接或间接控制的法人、其他 组织（公司及公司控股子公司除外）； （二）有关监管部门认定的其他主体。 控股股东、实际控制人其他关联人与公司的相关行为，参照 本规范相关规定执行。 第三条 公司控股股东、实际控制人应当依据相关规定，采取 切实措施保证公司资产完整、人员独立、财务独立、机构独立和 业务独立，不得通过任何方式影响公司的独立性。 控股股东、实际控制人应当善意使用其控制权，不得利用其 ...

成都华微公告，2025年上半年营业收入3.55亿元，同比增长26.93%。净利润3572.05万元，同比下降 51.26%。基本每股收益0.06元／股，同比减少50.00%。 ...

Core Viewpoint - On August 25, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies in the agriculture, coal mining, and construction materials sectors, indicating potential investment opportunities in these industries [1][2]. Target Price Increases - The companies with the highest target price increases were: - Longping High-Tech (隆平高科) with a target price increase of 38.75% to 14.00 CNY [2] - Xinji Energy (新集能源) with a target price increase of 37.40% to 9.00 CNY [2] - Beixin Building Materials (北新建材) with a target price increase of 36.57% to 36.90 CNY [2] Brokerage Recommendations - A total of 163 listed companies received brokerage recommendations on August 25, with notable mentions: - Shede Liquor (舍得酒业) received 4 recommendations [4] - Shuiyang Co. (水羊股份) and Marubi Biotechnology (丸美生物) each received 3 recommendations [4] Rating Adjustments - One company had its rating upgraded: - Guodian Power (国电电力) was upgraded from "Hold" to "Buy" by Huayuan Securities [5] - Three companies had their ratings downgraded: - Minhe Livestock (民和股份) from "Buy" to "Hold" [6] - Chifeng Gold (赤峰黄金) from "Buy" to "Hold" [6] - Silan Microelectronics (士兰微) from "Buy" to "Hold" [6] First-Time Coverage - Seven companies received first-time coverage with positive ratings: - Ganhua Science and Technology (甘化科工) received a "Buy" rating from Dongwu Securities [7] - Wangneng Environment (旺能环境) received a "Buy" rating from Xinda Securities [7] - Yingliu Co. (应流股份) received an "Increase" rating from Shanxi Securities [7] - New Clean Energy (新洁能) received an "Increase" rating from Industrial Securities [7] - Weijian Medical (稳健医疗) received a "Buy" rating from Northeast Securities [7]

自8月12日成都华微公告发布全新32位RISC-V超低功耗MCU后，今日首次在深圳国际电子展上亮相该 产品。产品广泛应用于超轻量化场景，如机器人、可穿戴设备、AI眼镜、物联网设备、脑机接口等。 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3][4]. Core Insights - The company is a leading domestic player in the special chip market, focusing on both analog and digital products, with rapid progress in new product development [3][14]. - The recovery in downstream demand for special and civilian products is expected to continue, with significant opportunities for domestic substitution in the FPGA and ADC/DAC markets [1][2]. Summary by Sections Company Overview - Chengdu Huami is a leading enterprise in high-end integrated circuit design in China, focusing on the research and industrialization of analog and digital chips, covering core categories such as ADC/DAC, intelligent SoC, and FPGA [10]. - The company is actively pushing for high-performance products in the analog chip sector, particularly in high-speed and high-precision data converters and power management [10]. Financial Forecast - Revenue projections for 2025-2027 are estimated at 1,002 million, 1,170 million, and 1,420 million yuan, respectively, with net profit estimates of 360 million, 421 million, and 530 million yuan [3][11]. - The expected EPS for the same period is 0.57, 0.66, and 0.83 yuan [3][11]. Market Position and Growth Potential - The domestic FPGA chip market is projected to reach approximately 29.7 billion yuan in 2023, with significant room for increasing domestic market share [1]. - The ADC chip market in China is expected to exceed 15 billion yuan in 2023, indicating a broad replacement space in the high-end market currently dominated by foreign players [1][2]. Product Development - The company has introduced a series of high-speed and high-precision ADC products, achieving mass production and actively developing AI chips for edge computing with significant processing capabilities [2][10]. - The product lineup includes various types of chips such as logic chips, storage chips, microcontrollers, and power management chips, indicating a comprehensive approach to market needs [2][10]. Valuation Metrics - The projected PE ratios for 2025-2027 are 83.17, 71.10, and 56.51, respectively, based on the closing price of 47.04 yuan per share on August 22, 2025 [3][14]. - The company is positioned favorably compared to peers, with a higher PE ratio reflecting its growth potential in the special chip market [14].

Core Insights - Chengdu Huami has signed a strategic cooperation agreement with Shanghai Suiyuan Technology Co., Ltd. to collaborate in the fields of large models and high-performance GPU technology [1] Company Overview - Chengdu Huami has a strong background in the integrated circuit field, with deep expertise in chip design and testing [1] - The company has increased its investment in artificial intelligence chip research and development, focusing on optimizing chip applications in large model inference scenarios [1] Industry Context - Suiyuan Technology is a leading enterprise in artificial intelligence cloud computing products, dedicated to building inclusive AI computing infrastructure [1] - The company's self-developed high-performance GPU products exhibit strong computing capabilities and high energy efficiency, excelling in AI training and inference across various industries including internet, finance, and research [1]

Core Insights - Chengdu Huami and Shanghai Suiyuan Technology have signed a strategic cooperation agreement to collaborate in the fields of large models and high-performance GPU technology, aiming to integrate their resources to promote innovation and industrial application of domestic artificial intelligence technology [1] Company Developments - Chengdu Huami has been increasing its investment in research and development of artificial intelligence chips, focusing on optimizing applications of chips in scenarios such as large model inference [1] - Shanghai Suiyuan Technology is a leading company in artificial intelligence cloud computing products, with its self-developed high-performance GPU products demonstrating strong computing power and efficient energy consumption, excelling in artificial intelligence training and inference across various industries including internet, finance, and research [1]

Group 1 - Chengdu Huawi (688709) closed at 47.04 yuan on August 22, reaching the daily limit with a trading volume of 1.174 billion yuan and a turnover rate of 12.66% [1] - The stock was listed on the daily trading list due to a price increase of 15% at the close [1] - The top five trading departments accounted for a total transaction of 470 million yuan, with a net buying amount of 112 million yuan [1] Group 2 - The leading buying department was an institutional proprietary seat, purchasing 1.332 billion yuan, followed by the Shanghai-Hong Kong Stock Connect with 927 million yuan [1] - The top selling department also included an institutional proprietary seat, selling 516 million yuan, with the Shanghai-Hong Kong Stock Connect as the second largest seller at 456 million yuan [1] - Overall, the main capital inflow for the stock was 739 million yuan for the day [1]