Core Viewpoint - Unisoc (002049.SZ) is currently in the research and development phase for its HBM products aimed at specialized industry applications, with future iterations planned based on user demand, noting that the user onboarding cycle for new products in specialized industries is relatively long [1] Group 1 - The HBM products are still under development [1] - Future product iterations will depend on user requirements [1] - The user onboarding cycle for new products in specialized industries is relatively lengthy [1]

Core Viewpoint - The company, Unisoc (紫光国微), is actively developing high-security chips for automotive electronics, establishing a leading position in the domestic automotive chip sector [1] Group 1: Business Development - The company has accumulated several key technologies in the automotive chip field, demonstrating a certain competitive advantage [1] - The automotive safety chip solutions have become more comprehensive, with mass production achieved in collaboration with several leading Tier 1 suppliers and OEMs [1] Group 2: Product Launch and Performance - The first generation of the automotive domain control chip THA6 has entered mass production, with the second generation compatible with over ten mainstream toolchains and basic software [1] - The company has successfully integrated its products into multiple OEMs and Tier 1 suppliers, achieving an annual shipment volume of millions of units [1]

Group 1 - The stock of Unisoc fell by 5.02% on October 14, closing at 83.79 CNY per share, with a trading volume of 3.282 billion CNY and a turnover rate of 4.44%, resulting in a total market capitalization of 71.19 billion CNY [1] - Unisoc was established on September 17, 2001, and went public on June 6, 2005. The company is located in Yutian County, Tangshan City, Hebei Province, and its main business includes integrated circuit chip design and sales, development, production, and sales of piezoelectric quartz crystal components, and production and sales of LED sapphire substrate materials [1] - The revenue composition of Unisoc's main business includes: special integrated circuits 48.20%, smart security chips 45.78%, quartz crystal frequency devices 4.96%, and others 1.06% [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Dongcai has a significant holding in Unisoc. The Chip ETF Fund (159599) reduced its holdings by 1,300 shares in the second quarter, now holding 250,100 shares, which accounts for 2.35% of the fund's net value, ranking as the tenth largest heavy stock [2] - The Chip ETF Fund (159599) was established on April 19, 2024, with a latest scale of 700 million CNY. Year-to-date, it has achieved a return of 52.93%, ranking 456 out of 4,220 in its category; over the past year, it has returned 75.9%, ranking 166 out of 3,857; and since inception, it has returned 118.91% [2] - The fund manager of the Chip ETF Fund (159599) is Wu Yi, who has been in the position for 5 years and 318 days, with the total asset scale currently at 7.259 billion CNY. During his tenure, the best fund return was 111.5%, while the worst was -40.88% [2]

Core Viewpoint - The company is integrating AI technology into its special integrated circuits and is focusing on edge AI applications to establish a competitive advantage [1] Group 1: AI Business Development - The company is forming R&D teams, engaging in external collaborations, and investing or acquiring quality targets to advance its AI business layout [1] - The focus is on edge AI applications to quickly develop a competitive edge in the market [1] Group 2: Smart Security Chips - The company aims to maintain its market position in traditional smart card security chips while actively introducing new technologies and exploring new business models [1] - The company is prioritizing the development of automotive electronic chips, specifically targeting the creation of a series of automotive domain control chips to break the market monopoly of foreign high-end products [1] - The company currently holds a leading position in the domestic high-end power chassis controller sector [1] - The product range for automotive safety chips is comprehensive, and the company is working on the research and promotion of more automotive-grade safety chips to support the transformation and upgrading of smart vehicles [1]

Core Viewpoint - The company is positioned as a leader in the smart security chip and special integrated circuit segments, with projected revenues of 47.87% and 46.76% respectively in 2024, indicating strong market presence and growth potential in these niches [1] Group 1: Market Outlook - The Chinese smart security chip market is expected to reach a scale of 150 billion yuan by 2025, while the special integrated circuit market is projected to be 80 billion yuan, both growing at an annual rate of 20% [1] - The company operates in a niche market valued at 230 billion yuan, which is characterized by relatively low competitive pressure compared to the more competitive storage and AI chip markets, projected to be 450 billion yuan in 2025 [1] Group 2: Strategic Measures - In the special integrated circuit sector, the company plans to integrate AI technology, focusing on edge AI applications to establish a competitive advantage [1] - The company is pursuing various strategies to advance its AI business, including forming R&D teams, engaging in external collaborations, and investing in or acquiring quality targets [1] - For smart security chips, the company aims to maintain its market position by adopting new technologies and exploring new business models, with a particular emphasis on developing automotive electronic chips [1] - The company is working on a series of automotive domain control chips to break the market monopoly of foreign high-end products and is currently a leader in the domestic high-end power chassis controller field [1] - The company is also expanding its range of automotive safety chips, focusing on research and promotion of more vehicle-grade safety chips to support the transformation and upgrading of smart vehicles [1]

证券日报网讯紫光国微（002049）10月13日在互动平台回答投资者提问时表示，目前市场上存储芯片价 格上涨主要是由于应用端需求的增长，在主要的应用场景角度看与公司业务有所区别，但公司在优化设 计结构、改进产品组合、提升产品性能、推进技术创新等方面持续加大投入力度，同时公司通过加强供 应链管理、提升运营效率等方面积极寻求改进，力争为投资者创造更好的回报。 ...

（文章来源：证券日报） 证券日报网讯紫光国微10月13日在互动平台回答投资者提问时表示，公司目前与阿里巴巴集团控股有限 公司及其下属芯片业务公司无直接合作关系。 ...

2025年10月13日，紫光国芯微电子股份有限公司在优质运营、创新突破、社会贡献等指标中表现优异， 根据经观受尊敬企业组委会初步评估，入围《经济观察报》2024—2025年度受尊敬企业。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company has set clear growth targets in its stock option incentive plan, aiming for a net profit increase of at least 10% in 2025 compared to 2024, reflecting management's long-term confidence [5]. - The revenue from special integrated circuits is beginning to recover, with a reported revenue of 3.047 billion yuan in H1 2025, a 6.07% increase year-on-year, and a net profit of 653 million yuan, up 4.39% year-on-year [5]. - The company is well-positioned to benefit from the acceleration of special information technology and the growth in consumer demand, indicating high growth potential in the future [8]. Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 6.701 billion yuan and a net profit of 1.611 billion yuan, with corresponding P/E ratios of 46.08 and 34.63 for 2024 and 2025 respectively [7][8]. - The company's gross margin is expected to stabilize around 52.6% in 2025, with a net profit margin of 24.1% [9]. - The total assets are projected to grow from 17.320 billion yuan in 2024 to 24.364 billion yuan by 2027, indicating a strong asset growth trajectory [9]. Business Development Path - The company has established a dual development path, with both special integrated circuits and security chips contributing significantly to revenue, with respective shares of 48.20% and 45.78% [5]. - The demand for eSIM cards and automotive MCUs is expected to grow, with the company ready to capitalize on these opportunities once market conditions improve [5][6]. - The company has made technological advancements in digital currency and stablecoin hardware, positioning itself to benefit from future commercial applications [6].

| 证券代码：002049 | 证券简称：紫光国微 | 公告编号：2025-091 | | --- | --- | --- | | 债券代码：127038 | 债券简称：国微转债 | | 紫光国芯微电子股份有限公司 关于 2025 年第三季度可转换公司债券转股情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1 3.转股价格：人民币 97.30 元/股 4.转股期限：2021 年 12 月 17 日至 2027 年 6 月 9 日 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》的有关规定，紫光国芯微电子股份有限公司 （以下简称"公司"）现将 2025 年第三季度可转换公司债券转股及公司股份变 动情况公告如下： 一、"国微转债"的基本情况 （一）发行上市情况 经中国证券监督管理委员会"证监许可[2021]1574 号"文核准，公司于 2021 年 6 月 10 日公开发行了 1,500 万张可转换公司债券，每张面值 100 元，发行总 额 15 亿元，期限 6 年。经深圳证券交易所" ...