Core Viewpoint - Unisoc (紫光国微) is actively expanding its automotive chip business, achieving significant sales and technological advancements in the domestic automotive chip sector [1] Group 1: Automotive Chip Business - The company has established a leading position in the domestic automotive chip market, focusing on high-security chip solutions for automotive electronics [1] - Unisoc's automotive safety chip solutions have been successfully implemented in multiple leading Tier 1 suppliers and OEMs, with annual shipments reaching millions of units [1] - New domain control chip products have been introduced to several major Tier 1 suppliers and OEMs, indicating strong market penetration [1] Group 2: Core Business Focus - Unisoc concentrates on two main areas: special integrated circuits and intelligent security chips, while also engaging in quartz crystal frequency devices and power semiconductors [1] - The company's products are deeply integrated into various sectors, including mobile communications, finance, government, automotive, industrial, and the Internet of Things [1]

Core Viewpoint - Unisoc (紫光国微) is focusing on expanding its business in specialized integrated circuits and smart security chips while also exploring new markets in automotive electronics and quartz crystal devices [1] Group 1: Business Strategy - The company plans to maintain growth in its traditional business of specialized integrated circuits while accelerating the development of new business areas such as automotive electronics [1] - In the quartz crystal device sector, the company aims to concentrate on high-end applications in communication, automotive, and industrial fields, continuously expanding into emerging market demands [1] Group 2: Product Focus - Unisoc is centered on two main business areas: specialized integrated circuits and smart security chips, while also covering important sectors like quartz crystal frequency devices and power semiconductors [1] - The company's products are deeply integrated into various industries, including mobile communication, finance, government, automotive, industrial, and the Internet of Things (IoT) [1]

Group 1 - The core viewpoint of the article emphasizes the commitment of the company to technological innovation and sustainable development through significant R&D investment [1] - The company plans to maintain a research and development investment ratio of 23.33% of its annual revenue for the year 2024 [1] - The industry characteristics necessitate a certain scale of R&D investment to support the company's competitive advantage, as the product development cycle from R&D to mass production requires time [1] Group 2 - The company focuses on two main businesses: special integrated circuits and intelligent security chips, while also covering important areas such as quartz crystal frequency devices and power semiconductors [1] - The company's products are deeply integrated into various sectors including mobile communications, finance, government, automotive, industrial, and the Internet of Things [1]

Core Viewpoint - The company, Unisoc, outlines its strategic plans for the next 3-5 years, focusing on enhancing its leadership in specialized integrated circuits and smart security chips while exploring AI integration and expanding into automotive electronics [2][3] Group 1: Business Development - The company maintains a leading position in specialized integrated circuits and smart security chips but sees significant growth potential in these areas, emphasizing the need for solidifying its foundation while ensuring quality and cost control to maintain high profits [2] - In the specialized integrated circuit sector, the company plans to integrate AI technology by forming R&D teams, engaging in external collaborations, and investing in or acquiring quality targets to advance its AI business layout, particularly focusing on edge AI applications [2] - For smart security chips, the company aims to stabilize its market position in traditional smart card security chips while actively introducing new technologies and exploring new business forms, with a strong focus on automotive electronic chips [2] Group 2: Automotive Chip Sector - The company has developed several key technologies in the domestic automotive chip sector, establishing a competitive advantage, with a comprehensive range of automotive safety chip solutions that have been mass-produced for several leading Tier 1 suppliers and OEMs, achieving annual shipments in the millions [3] - The company is leading in the high-end power chassis controller field domestically and is working on a series of automotive domain control chips to break the market monopoly of foreign high-end products [2][3] - The company is also actively developing and promoting more automotive-grade safety chips to support the transformation and upgrading of smart vehicles [2]

| 证券代码：002049 | 证券简称：紫光国微 | 公告编号：2025-084 | | --- | --- | --- | | 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 | 签约方 | 产品名称 | 投资金额 | 起息日 | 到期日 | 预期年化收 | | --- | --- | --- | --- | --- | --- | | | | (万元) | | | 益率 | | 银行股份有限 | 25JG8276 期人民币对公 | | | | 1.85% | | 公司 | 结构性存款（产品代码： | | | | | | | 1201258276） | | | | | | 平安银行股份 | 平安银行对公结构性存 款（保本挂钩黄金）产品 | | | | 0.45%或 | | | | 15,000 | 2025/8/26 | 2026/2/26 | 1.85%或 | | 有限公司 | （ 产 品 简 码 ： | | | | 1.95% | | | TGG25101888） | | | | | | | 平安银行对公结构性存 | | | | 0.45%或 | | 平安银行股份 ...

Group 1: Business Strategy and Future Plans - The company aims to solidify its leadership in special integrated circuits and smart security chips while exploring AI technology integration over the next 3-5 years [2][3] - Focus on developing automotive electronic chips to break foreign market monopolies, with a current leading position in high-end power chassis controllers [2][3] - The company is also looking into next-generation semiconductor devices and important sensors [3] Group 2: Financial Performance and R&D Investment - The company has invested over 5 billion in R&D over the past five years, with a projected R&D expenditure of 23.33% of revenue for 2024 [5][6] - Despite significant R&D investments, the company has faced challenges in translating these into substantial revenue growth [5][6] Group 3: Market Position and Product Development - The company holds a 7.5% stake in Xi'an Unigroup Guoxin Semiconductor Co., with nearly 95% of revenue coming from logic chips, storage chips, bus driver interfaces, and power supplies [3] - The company has successfully launched multiple eSIM products and is prepared for the "AI + 5G + eSIM" integration [4] Group 4: Investor Relations and Market Concerns - The company acknowledges the impact of macroeconomic factors and market conditions on its stock price, emphasizing efforts to enhance operational efficiency and profitability [7] - There are no current plans to acquire additional shares in Xi'an Unigroup Guoxin Semiconductor [5][6]

Core Viewpoint - The low-altitude economy in China is experiencing rapid growth, with the overall market size surpassing 500 billion yuan in 2023, and is projected to reach 1 trillion yuan in the near future, driven by market demand and supportive policies [1][11]. Summary by Sections Low-altitude Economy + Inspection Overview - The low-altitude economy + inspection refers to economic activities utilizing low-altitude aircraft such as drones and helicopters for various inspection tasks below 1,000 meters, with potential extensions up to 3,000 meters [3][4]. - This sector is characterized by the integration of advanced technologies like AI, blockchain, and VR/AR for real-time monitoring and data management [3]. Market Size and Growth - The market size for the low-altitude economy + inspection is estimated to be approximately 53.62 billion yuan in 2024, with expectations to grow to 120 billion yuan by 2025 [1][11]. - The overall low-altitude economy market is projected to reach about 670.25 billion yuan in 2024, with forecasts of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [4][5]. Policy Support - The Chinese government has introduced a series of policies to support the development of the low-altitude economy, including the inclusion of low-altitude economy in national planning and specific implementation plans for innovation in general aviation equipment [5][6]. - Key policies include financial support for critical technologies and products, aiming to enhance the industry's growth and technological capabilities [5]. Industry Chain - The low-altitude economy + inspection industry chain includes upstream hardware (materials, chips, engines), midstream manufacturing and services, and downstream applications in sectors like security, environmental protection, and energy [6][7]. - Chips are identified as a core component, essential for flight control, data processing, and communication in drones and eVTOLs [9]. Key Enterprises - Major companies in the low-altitude economy + inspection sector include DJI, Chengdu Zongheng Automation Technology Co., and several others specializing in industrial drones and related technologies [12][13]. - These companies are leveraging their technological expertise to provide innovative solutions across various applications, including public safety and environmental monitoring [12][13]. Development Trends - The industry is witnessing a trend towards increased technological integration and intelligence, with advancements in AI and machine vision enhancing operational capabilities [14]. - Application scenarios are diversifying, expanding from traditional inspections to areas like smart city management and emergency response [15]. - There is a significant enhancement in system integration and platform services, providing comprehensive solutions from data collection to intelligent analysis [16].

Group 1 - The stock price of Unisoc Microelectronics increased by 2.01% on September 12, reaching 79.16 CNY per share, with a trading volume of 1.617 billion CNY and a turnover rate of 2.42%, resulting in a total market capitalization of 67.256 billion CNY [1] - Year-to-date, Unisoc Microelectronics' stock price has risen by 23.38%, with a 6.10% increase over the last five trading days, a 2.25% increase over the last 20 days, and a 28.31% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on April 9, where it recorded a net purchase of 357 million CNY [1] Group 2 - Unisoc Microelectronics, established on September 17, 2001, and listed on June 6, 2005, is located in Yutian County, Tangshan City, Hebei Province, and specializes in integrated circuit chip design and sales, piezoelectric quartz crystal components, and LED sapphire substrate materials [2] - The main business revenue composition includes special integrated circuits (48.20%), smart security chips (45.78%), quartz crystal frequency devices (4.96%), and others (1.06%) [2] - As of September 10, 2023, the number of shareholders of Unisoc Microelectronics was 182,800, a decrease of 4.52% from the previous period, with an average of 4,646 circulating shares per person, an increase of 4.74% [2] Group 3 - Unisoc Microelectronics has distributed a total of 1.419 billion CNY in dividends since its A-share listing, with 750 million CNY distributed in the last three years [3] - As of June 30, 2025, major shareholders include Hong Kong Central Clearing Limited, which holds 16.7943 million shares, an increase of 597,000 shares from the previous period [3] - Other significant shareholders include Huatai-PB CSI 300 ETF, holding 12.1328 million shares, and E Fund Defense and Military Mixed A, holding 8.2583 million shares, both showing increases in their holdings [3]

Group 1 - The technology sector remains strong, with storage chip concepts gaining momentum, as evidenced by the performance of related ETFs [1] - The Tianhong Sci-Tech Innovation Index ETF (589860) increased by 1.44% with a trading volume exceeding 34 million yuan, while the Tianhong Chip ETF (159310) rose by 2.47% [1] - Key stocks in the Tianhong Sci-Tech Innovation Index ETF include leading tech companies such as Cambrian (寒武纪-U), Haiguang Information, and SMIC [1] Group 2 - Unigroup Guowei has successfully launched and mass-produced multiple eSIM products, becoming the first domestic chip manufacturer to achieve global commercial use of eSIM [2] - Micron Technology's stock rose over 7% in the US market, marking a seven-day consecutive increase, with expectations of strong earnings guidance in its upcoming financial report [2] - The semiconductor industry showed steady growth in Q2 2025, with a year-on-year revenue increase of 13.87% and a net profit growth of 23.99% [2] Group 3 - Supply-side reductions are becoming evident, with major manufacturers focusing on advanced products that offer better profit margins, leading to price increases in DRAM and NAND contracts [3] - Demand from cloud computing companies is rising, driven by increased capital expenditures and heightened expectations for AI-related demand, which is boosting enterprise storage needs [3] - The storage market is entering a clear upward trend, with a positive outlook for enterprise storage demand and domestic DRAM replacement [3]

Core Insights - The company, Ziguang Guowei, announced on September 11 that its image AI smart chip has completed development and is currently being promoted with user adoption [2] - The company is also in the process of developing an AI video processing chip [2]