美格智能技术股份有限公司 关于公司控股股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 美格智能技术股份有限公司（以下简称"公司"）近日接到控股股东及实际 控制人王平先生函告，获悉王平先生所持有公司的部分股份办理了解除质押手续， 具体事项如下： | 股东名称 | 是否为控股股东 或第一大股东及 | 本次解除质 押数量（股） | 占其所持股 份比例 | 占公司总股 本比例 | 质押起始日 | 质押解除日 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 其一致行动人 | | | | | | | | 王平 | 是 | 3,300,000 | 3.22% | 1.26% | 2023 年 5 月 | 2025 年 9 月 | 招商证券股份有 | | | | | | | 10 日 | 29 日 | 限公司 | | 王平 | 是 | 2,800,000 | 2.73% | 1.07% | 2023 年 10 | 2025 年 9 月 | 招商证券股份有 | | | | | ...

Core Insights - The report highlights the advancements in Huawei's Ascend AI chip roadmap, indicating a significant leap in domestic computing power with the introduction of the Ascend 950 series, which is expected to enhance the capabilities of AI applications in various industries [6][7] - The collaboration between NVIDIA and Intel is set to reshape the data center landscape, with NVIDIA acquiring a stake in Intel to jointly develop customized data center and PC products, which will likely dominate the CPU market [7] Industry Commentary - The telecommunications sector is witnessing a transformation with Huawei's new Ascend AI chips, which are expected to accelerate the domestic AI chip market, with projections for increased shipments in 2026 [6] - The introduction of the Atlas 950 SuperPoD and other supernode products by Huawei signifies a shift towards more efficient and powerful computing architectures, potentially setting new standards in the industry [6] - The report notes that NVIDIA's investment in Intel will enhance the integration of GPUs and CPUs, which is crucial for the evolving demands of AI and data processing in modern data centers [7] Company Analysis - MegSmart (002881.SZ) reported a revenue of 1.886 billion yuan for H1 2025, reflecting a year-on-year increase of 44.5%, with a net profit of 84.17 million yuan, up 151.38% [16] - The company is focusing on expanding its wireless communication module applications and providing customized solutions, which is expected to strengthen its competitive edge in the market [16] - The growth in both domestic and international markets is driving MegSmart's revenue, with domestic sales reaching 1.354 billion yuan, a 56.5% increase year-on-year, and international sales at 532 million yuan, up 20.93% [16] Market Trends - The overall market saw an increase during the week of September 22-26, 2025, with notable gains in the Sci-Tech Innovation Board and the ChiNext Index, indicating a positive sentiment in the technology sector [10] - Specific sectors such as liquid cooling and IoT experienced significant growth, with liquid cooling up by 7.16% and IoT by 5.95% [10] - The report suggests a continued focus on companies within the domestic computing power sector, including Cambricon, Haiguang Information, and others, as they are expected to benefit from the advancements in AI and computing technologies [10]

每经头条（nbdtoutiao）——农夫大战怡宝，抢到更多蛋糕的却是宗馥莉！农夫绿瓶上市后，怡宝上 演"滑铁卢"：市占率大跌近5个百分点 （记者 曾健辉） 2025年1至6月份，美格智能的营业收入构成为：4G技术行业应用占比97.46%，其他业务占比2.54%。 截至发稿，美格智能市值为127亿元。 每经AI快讯，美格智能（SZ 002881，收盘价：48.27元）9月29日晚间发布公告称，截至本公告日，王 平累计质押股数为2508万股，占其所持股份比例为24.49%。 ...

美格智能技术股份有限公司 关于公司控股股东股份质押的公告 证券代码：002881 证券简称：美格智能 公告编号：2025－079 一、股东股份质押的基本情况 | | 是否为控股 | | | 占公司 | 是否为 限售股 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股东或第一 | 本次质押 | 占其所持 | | （如 | 为补 | | | | | | 名称 | 大股东及其 | 数量（股） | 股份比例 | 总股本 | 是，注 | 充质 | 质押起始日 | 质押到期日 | 质权人 | 质押用途 | | | 一致行动人 | | | 比例 | 明限售 | 押 | | | | | | | | | | | 类型） | | | | | | | | | | | | | | 2025 年 9 月 | 至办理解除 | 招商证券 | 置换存量 | | 王平 | 是 | 4,860,000 | 4.75% | 1.85% | 否 | 否 | 26 日 | 质押登记手 | 股份有限 | 股权质押 | | ...

Investment Rating - The report assigns a "Buy-B" rating for the company, indicating a positive outlook for the stock's performance in the next 6-12 months [9]. Core Insights - The company is driven by dual engines of modules and solutions, maintaining a leading position across multiple industries. It focuses on expanding the application of its module products and providing customized, one-stop solutions for large-scale markets [5][6]. - The rise of AI and IoT is expected to facilitate rapid development in the industry, with the company actively participating in events like CES 2025 and launching several AI-related module products [6]. - The company has a strong presence in the automotive sector, particularly with its 5G smart module products, which are leading in the intelligent cockpit market [7][8]. - The company is expanding its overseas market presence, with significant revenue growth driven by demand for 5G FWA products and IoT solutions [8]. Financial Performance - In H1 2025, the company achieved operating revenue of 1.886 billion yuan, a year-on-year increase of 44.5%, and a net profit attributable to shareholders of 84.17 million yuan, up 151.38% year-on-year [5]. - The company forecasts net profits of 213 million yuan, 308 million yuan, and 398 million yuan for 2025, 2026, and 2027, respectively, representing growth rates of 57.0%, 44.6%, and 29.2% [9][11]. - The report highlights a projected EPS of 0.81 yuan for 2025, with corresponding P/E ratios of 59.8, 41.3, and 32.0 for the years 2025, 2026, and 2027 [9][11]. Market Position and Strategy - The company leverages its core R&D capabilities in 5G communication, Android system customization, and AI applications to explore potential in vehicle networking and intelligence [7]. - The report emphasizes the company's strategic partnerships with leading chip manufacturers to maintain a competitive edge in the FWA product line, enhancing its market penetration in North America and other regions [8].

Core Insights - The article highlights the significant growth and opportunities within the semiconductor industry, particularly focusing on companies that are integral to the Huawei HiSilicon ecosystem, which is experiencing a surge in demand for advanced chips and related technologies. Group 1: Key Companies and Their Roles - Longi Technology (600584) is a global leader in packaging and testing, uniquely handling the 4nm Chiplet packaging for Huawei's Kirin X90 chip, which enhances chip performance by three times. The new automotive-grade chip factory is expected to contribute 5 billion yuan in annual revenue, solidifying its dominance in advanced packaging [1]. - Tuo Wei Information (002261) is a major player in the AI server market with over 30% market share, deeply involved in Huawei's AI innovation centers across key sectors. The company has server orders booked until Q1 2026, indicating strong revenue visibility [2]. - Shenzhen Huaqiang (000062) serves as a key distributor for Huawei's entire product line, with a 120% year-on-year increase in sales of the Ascend 910B chip. The company is positioned to benefit from the explosive growth in Huawei's chip shipments [3]. - Chipone Technology (688521) provides essential IP cores for Huawei's Kirin and Ascend AI chips, contributing an estimated 1.5 billion yuan to revenue in 2025, which is over 30% of its total revenue [4]. - Tongfu Microelectronics (002156) is a primary packaging and testing provider for Ascend chips, with a projected 50% growth in AI packaging orders by 2025, benefiting from the mass production of Huawei's Chiplet architecture [5]. Group 2: Emerging Technologies and Market Trends - Runhe Software (300339) is a dual ecosystem partner for HarmonyOS and HiSilicon, with over 40% market share in smart terminal OS adaptation. The company is leveraging its collaboration with Huawei to enhance its product offerings in smart home and vehicle networking [6]. - Zhongke Chuangda (300496) is a core player in automotive-grade solutions, providing algorithm optimization for Huawei's AI chips, with a 61.54% market share in global in-car infotainment systems [7]. - North Huachuang (002371) is a leading equipment supplier for semiconductor manufacturing, providing critical etching and ALD equipment, with 35% of its products compatible with 5nm technology [8]. - Huazheng New Materials (603186) has developed a breakthrough material that replaces traditional substrates, achieving a 45% annual growth in semiconductor materials revenue [9]. - Liyuan Information (300184) has been a long-time agent for Huawei's chips, with a projected net profit increase of 43%-65% in Q1 2025, benefiting from the growing demand in IoT and industrial control sectors [10]. Group 3: Strategic Collaborations and Future Prospects - Skyworth Digital (000810) is a pioneer in implementing Huawei's StarFlash technology, significantly reducing latency in smart home devices, with a projected 200% growth in related orders by 2025 [11]. - Megmeet (002881) is a benchmark partner for Huawei's 5G modules, with a 217% increase in revenue from the new energy vehicle sector, indicating strong growth potential in the 5G and vehicle networking markets [12]. - Guangdian Yuntong (002152) is a leader in financial technology solutions based on Huawei's Ascend chips, with a revenue visibility of 1 billion yuan for 2025, focusing on digital transformation in finance [13]. - Jing Sai Technology is a core supplier of crystal oscillators for Huawei's 5G base station chips, with a 15% revenue contribution from the new energy vehicle sector [14]. - Feirongda (300602) specializes in thermal management solutions for Huawei's chips, with a projected 120% growth in automotive business revenue in 2024 [15].

Core Viewpoint - The company has successfully applied its 5G high-speed communication modules in humanoid robots for a domestic robotics enterprise, with small batch shipments already initiated [1] Group 1: Product Development - The company's high-performance AI module products feature low power consumption and high energy efficiency, addressing technical challenges such as space, endurance, and heat dissipation in humanoid robots [1] - The AI modules have been integrated into prototype humanoid robots developed by partners, providing edge computing capabilities for perception, computation, and control [1] Group 2: Market and Industry Context - The robotics sector is classified as an emerging industry, with the deployment of related technologies and products influenced by factors such as technological iteration, market environment, and customer demand, which introduces a level of uncertainty [1]

Core Viewpoint - The company has successfully applied its 5G high-speed communication modules in humanoid robot products for a domestic robotics enterprise, with small batch shipments already initiated [1] Group 1: Product Development - The company's high-performance AI module products feature low power consumption and high energy efficiency, effectively addressing technical challenges such as space, endurance, and heat dissipation in humanoid robots [1] - The AI modules have been integrated into prototype humanoid robots developed by partners, providing edge computing capabilities for perception, computation, and control [1] Group 2: Market Outlook - The company aims to continue promoting the application of 5G communication and edge AI technology in the robotics sector [1] - The robotics industry is characterized as an emerging sector, with the deployment of related technologies and products influenced by factors such as technological iteration, market environment, and customer demand, leading to inherent uncertainties [1]

Core Insights - The company has successfully applied its 5G high-speed communication modules in humanoid robots for a domestic robotics enterprise, with small batch shipments already initiated [1] - The company's high-performance AI modules are characterized by low power consumption and high energy efficiency, effectively addressing technical challenges related to space, endurance, and heat dissipation in humanoid robots [1] - The company aims to further promote the application of 5G communication and edge AI technology in the robotics sector [1]

Core Viewpoint - The company has developed advanced AI and communication modules for humanoid robots, indicating a strategic focus on enhancing robotics technology and applications in the emerging industry [1]. Group 1: Product Development - The company’s 5G high-speed communication module has been applied to a domestic humanoid robot product, with small batch shipments already made [1]. - The high-performance AI module offers low power consumption and high energy efficiency, addressing technical challenges such as space, endurance, and heat dissipation in humanoid robots [1]. Group 2: Market Application - The AI module has been integrated into prototype humanoid robots developed by partners, providing essential edge computing capabilities for perception, computation, and control [1]. - The company aims to further promote the application of 5G communication and edge AI technology in the robotics sector [1]. Group 3: Industry Context - The robotics industry is characterized as an emerging sector, with product development and technology deployment influenced by factors such as technological iteration, market environment, and customer demand [1].