Core Viewpoint - Beijing Junzheng Integrated Circuit Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan International as the sole sponsor [1]. Company Overview - Beijing Junzheng is a leading global provider of "computing + storage + analog" chips, catering to markets such as automotive electronics, industrial medical, AIoT, and smart security [2][3]. - The company has developed high-performance, low-power computing chips for AIoT and smart security, high-quality, reliable storage chips (including DRAM, SRAM, NOR Flash, and NAND Flash) primarily for automotive electronics and industrial medical applications, and a variety of high-specification analog chips [3]. Market Position - According to Frost & Sullivan, the company ranks sixth globally and first among companies headquartered in mainland China in the niche DRAM supply market for automotive applications, fourth in the global market for automotive-grade SRAM, and third in the global market for automotive-grade NOR Flash [3]. - The company is also ranked first globally in the battery IP-Cam SoC supplier market [3]. Financial Performance - For the fiscal years 2022, 2023, and 2024, the company reported revenues of approximately RMB 5.41 billion, RMB 4.53 billion, and RMB 4.21 billion, respectively [4]. - The net profit for the same periods was approximately RMB 779 million, RMB 516 million, and RMB 364 million, respectively [4]. - The company’s revenue for the six months ending June 30, 2024, and 2025 is projected to be RMB 2.11 billion and RMB 2.25 billion, respectively [4][5].

Core Viewpoint - Beijing Junzheng Integrated Circuit Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Guotai Junan International as the sole sponsor [1]. Company Overview - Beijing Junzheng is a leading global provider of "computing + storage + analog" chips, offering high-performance, low-power computing chips, high-quality, reliable storage chips, and a variety of high-specification analog chips for markets such as automotive electronics, industrial medical, AIoT, and smart security [3][4]. - The company has developed high-performance, low-power computing chips for AIoT and smart security applications, as well as high-quality, reliable storage chips (including DRAM, SRAM, NOR Flash, and NAND Flash) primarily for automotive electronics and industrial medical applications [3]. Market Position - The company ranks sixth globally in niche DRAM, first among companies headquartered in mainland China, and fourth among global automotive-grade niche DRAM suppliers [4]. - In SRAM, the company ranks second globally and first among mainland Chinese companies, while also being the top supplier of automotive-grade SRAM [4]. - For NOR Flash, the company ranks seventh globally and third among mainland Chinese companies, and fourth among global automotive-grade NOR Flash suppliers [4]. - The company ranks third globally in IP-Cam SoC and first among battery-type IP-Cam SoC suppliers [4]. Financial Performance - For the fiscal years ending December 31, the company reported revenues of approximately 5.41 billion RMB in 2022, 4.53 billion RMB in 2023, and projected revenues of 4.21 billion RMB in 2024 [5]. - The net profit for the same periods was approximately 779 million RMB in 2022, 516 million RMB in 2023, and projected 364 million RMB in 2024 [5]. - The gross profit margin improved from 33.4% in 2022 to 35.5% in 2023, with a slight decrease to 35.0% projected for 2024 [5].

Core Viewpoint - Beijing Junzheng Integrated Circuit Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Guotai Junan International as the sole sponsor [1]. Company Overview - Beijing Junzheng is a leading global provider of "computing + storage + analog" chips, offering high-performance, low-power computing chips, high-quality, reliable storage chips, and a variety of high-specification analog chips for markets such as automotive electronics, industrial medical, AIoT, and smart security [3]. - The company has developed high-performance, low-power computing chips for AIoT and smart security applications, as well as high-quality, reliable storage chips (including DRAM, SRAM, NOR Flash, and NAND Flash) primarily for automotive electronics and industrial medical applications [3]. - Beijing Junzheng's products meet automotive and industrial grade standards, characterized by high quality, reliability, low energy consumption, and long product life [3]. Market Position - The company ranks sixth globally in niche DRAM, first among companies headquartered in mainland China, and fourth among global automotive-grade niche DRAM suppliers [4]. - In SRAM, the company ranks second globally and first among mainland Chinese companies, as well as first among global automotive-grade SRAM suppliers [4]. - For NOR Flash, the company ranks seventh globally, third among mainland Chinese companies, and fourth among global automotive-grade NOR Flash suppliers [4]. - In the IP-Cam SoC segment, the company ranks third globally and first among battery-type IP-Cam SoC suppliers [4]. Financial Performance - For the fiscal years ending December 31 and the six months ending June 30, the company reported revenues of approximately RMB 5.41 billion, RMB 4.53 billion, RMB 4.21 billion, RMB 2.11 billion, and RMB 2.25 billion for 2022, 2023, 2024, and the first half of 2024 and 2025, respectively [4][5]. - The net profit for the same periods was approximately RMB 779 million, RMB 516 million, RMB 364 million, RMB 197 million, and RMB 202 million [4][5]. - The gross profit margin for 2022 was 33.4%, which increased to 35.5% in 2023, and remained around 35% for 2024 [5].

Core Insights - The company achieved a revenue of 2.249 billion yuan in H1 2025, representing a year-on-year growth of 6.75%, with a net profit attributable to shareholders of 203 million yuan, up 2.85% year-on-year [1][2] - The company is focusing on new product development and technology upgrades, particularly in AI, which is expected to drive future growth [2][3] Revenue and Profit Analysis - H1 2025 revenue growth was primarily driven by the collaborative growth of storage chips, computing chips, and analog & interconnect chips [2] - Storage chip revenue reached 1.384 billion yuan, up 5.2% year-on-year; computing chip revenue was 604 million yuan, up 15.59%; and analog & interconnect chip revenue was 244 million yuan, up 5.02% [2] - The company reported a net profit of 203 million yuan in H1 2025, with a non-recurring net profit of 161 million yuan, down 19.05% year-on-year, mainly due to increased R&D expenses [2] R&D and Product Development - R&D expenses in H1 2025 amounted to 348 million yuan, accounting for 15.47% of revenue, indicating a strong commitment to product line expansion [2] - The company is advancing its AI technology strategy, with new computing chip products like T33 already in production and T42 expected to launch in 2026 [2][3] - In the storage chip sector, new DRAM products based on 20nm/18nm/16nm processes are being sampled, which is anticipated to enhance competitiveness in the market [2] Future Outlook - The company's strategy of "computing + storage + analog" is expected to deepen its presence in automotive, industrial, and consumer electronics sectors, indicating potential for future earnings elasticity [3] - Revenue projections for 2025-2027 are estimated at 4.950 billion yuan, 5.886 billion yuan, and 6.948 billion yuan respectively, with net profits of 503 million yuan, 651 million yuan, and 833 million yuan [4]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within six months [6][13]. Core Views - The company demonstrated resilient revenue growth, with a 6.75% year-on-year increase in revenue for H1 2025, driven by the collaborative growth of storage chips, computing chips, and analog and interconnect chips [4][5]. - The company is actively advancing its AI technology layout, with new products in computing chips and storage chips expected to drive future growth, particularly in the automotive and industrial electronics sectors [5][6]. Company Overview - The latest closing price is 84.95 yuan, with a total market capitalization of 410 billion yuan and a circulating market capitalization of 357 billion yuan [2]. - The company has a total share capital of 4.83 billion shares, with 4.21 billion shares in circulation [2]. - The company’s largest shareholder is Beijing Yitang Shengxin Semiconductor Industry Investment Center (Limited Partnership) [2]. Financial Performance - In H1 2025, the company achieved revenue of 2.249 billion yuan, a year-on-year increase of 6.75%, and a net profit attributable to shareholders of 203 million yuan, up 2.85% year-on-year [3][4]. - The company’s R&D expenses reached 348 million yuan in H1 2025, accounting for 15.47% of revenue [4]. - The company is projected to achieve revenues of 4.95 billion yuan, 5.886 billion yuan, and 6.948 billion yuan for the years 2025, 2026, and 2027, respectively [6][11]. Product Development and Market Strategy - The company is focusing on new product development and technology upgrades, with the T33 computing chip already in production and the T42 chip expected to launch in 2026 [5]. - The company is enhancing its competitiveness in the automotive electronics market through the introduction of automotive-grade LED drivers and interconnect chips [5]. Earnings Forecast - The forecasted net profit attributable to shareholders for 2025, 2026, and 2027 is 502.65 million yuan, 651.16 million yuan, and 832.54 million yuan, respectively [11][12].

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