Group 1: AISP Technology and Product Development - The company's AISP anti-shake technology includes both electronic and digital algorithms, effectively addressing image shake issues [2] - The AISP rapid focus (PDAF) technology has not yet achieved millisecond-level focus locking suitable for live streaming and drones [2] - The company is currently planning and evaluating the development of DDR5 and LPDDR5 [2] Group 2: Competitive Positioning and Market Strategy - The company's AISP technology excels in low-light, backlight, wide dynamic range, and motion scenarios, significantly enhancing real-time HD image quality [3] - The company is increasing R&D investment in CPU cores and high-performance NPU, aiming to strengthen its competitive edge in these areas [3] - The company anticipates a gradual recovery in the automotive and industrial markets in 2025, which will drive growth in storage and analog/interconnect chip businesses [4] Group 3: Financial Performance and Growth Projections - In Q1, the company reported sales revenue of 270.11 million CNY for computing chips, a year-on-year increase of 12.41%; 662.55 million CNY for storage chips, up 3.44%; and 119.27 million CNY for analog and interconnect chips, up 12.3% [4] - The company's gross margin in Q1 decreased by approximately 1% year-on-year, attributed to product sales structure, market competition, and price fluctuations [5] - The company expects growth in computing, storage, and analog/interconnect chips driven by the recovery of automotive, industrial, and medical markets, as well as ongoing advancements in AI technology [5] Group 4: R&D and Future Innovations - The company is actively developing new products in the AI glasses chip sector, with existing chips like T31, T32, and T41 already in use [5] - The company is focusing on the robotics market, with applications in industrial, hotel service, and cleaning robots, and plans to continue following market demands [6] - The company is enhancing its product lines with advanced process technologies for DDR4 and LPDDR4 [6] Group 5: Industry Outlook and Challenges - The integrated circuit industry is expected to maintain a positive long-term growth trend due to the rising demand for high-performance computing, big data storage, and automotive electronics [8] - The company is committed to cost control through core technology R&D, supply chain management, and improving product yield [7] - The company is exploring opportunities for external growth but currently has no specific acquisition plans [7]

Group 1 - The A-share AI technology sector opened high on May 13 but experienced fluctuations and a subsequent decline [1] - The ChiNext AI ETF (159381) closed flat at midday, with its largest holding, Xinyi Technology, rising by 2.6% [1] - The ChiNext AI ETF has the lowest comprehensive fee rate among AI ETFs, with an annual management fee of 0.15% and a custody fee of 0.05% [1] Group 2 - The ChiNext AI ETF tracks the ChiNext AI Index, selecting AI-focused companies listed on the ChiNext, covering hardware, software, and application leaders in the AI industry [1] - The top ten holdings of the ETF include leading companies in optical modules, optical chips, IT services, and data centers, such as Xinyi Technology, Zhongji Xuchuang, and Tianfu Communication [1] - Recent developments in the AI sector are expected to catalyze growth, with Tencent and Alibaba set to release their Q1 reports on May 14, focusing on Capex guidance and AI application progress [1] Group 3 - The ByteDance AI conference on May 13 will feature upgrades to the Doubao large model family and the release of several Agent tools [2] - The Alibaba AI conference on May 13-14 will announce the commercialization of Qwen3 and showcase its applications in enterprise-level Agents [2] - Huaxi Securities notes that the appreciation of the RMB will help boost Chinese assets, with AI+ becoming a key allocation theme in May due to ongoing high capital expenditure in the AI sector [2] Group 4 - Industrial events in the AI sector are expected to catalyze growth, with the domestic technology industry at a critical breakthrough point [2] - Industrial trends suggest that the technology sector, having adjusted to low levels, may regain focus as new industry events emerge in May and June [2] - The emphasis on self-reliance and application-oriented development by the state indicates significant potential for the domestic AI industry chain and applications in the medium to long term [2]

2024 年年度股东大会的 法律意见书 北京市中伦（深圳）律师事务所 关于北京君正集成电路股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年五月 北京市中伦（深圳）律师事务所 关于北京君正集成电路股份有限公司 本所认为，本次股东大会的召集和召开程序符合《公司法》《股东会规则》 和《公司章程》的规定。 致：北京君正集成电路股份有限公司 根据中国证监会发布的《上市公司股东会规则》（下称"《股东会规则》"）的 有关规定，北京市中伦（深圳）律师事务所（下称"本所"）接受北京君正集成 电路股份有限公司（下称"公司"）的委托，指派律师出席公司 2024 年年度股东 大会（下称"本次股东大会"），并就本次股东大会的召集和召开程序、召集人资 格、出席和列席会议人员资格、表决程序及表决结果等事宜发表法律意见。 一、本次股东大会的召集和召开程序 为召开本次股东大会，公司董事会于 2025 年 4 月 19 日在《公司章程》规定 的信息披露媒体上公告了《关于召开 2024 年年度股东大会的通知》，公司将于 2025 年 5 月 12 日召开 2024 年年度股东大会。前述通知及公告载明了会议的召 开方式、召开时间和召 ...

证券代码：300223 证券简称：北京君正 公告编号：2025-025 北京君正集成电路股份有限公司 2024 年年度股东大会决议公告 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、本次股东大会无否决议案的情况； （1）现场会议时间：2025年5月12日（星期一）15:00 （2）网络投票时间：通过交易系统进行网络投票的时间为 2025 年 5 月 12 日上午 9:15-9:25、9:30-11:30、下午 13:00-15:00；通过互联网投票系统进行网络 投票的时间为 2025 年 5 月 12 日 9:15-15:00。 3、现场会议召开地点：北京市海淀区西北旺东路 10 号院东区 14 号楼公司 会议室 4、会议召开方式：本次股东大会采取现场表决和网络投票相结合的方式召 开。 5、会议召集人：公司董事会 6、会议主持人：公司董事长刘强先生 2、本次股东大会无涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、北京君正集成电路股份有限公司（以下简称"公司"）2024 年年度股东 大会会议通知已于 2025 年 4 月 19 日在 ...

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。 北京君正集成电路股份有限公司（以下简称"公司"）于 2025 年 5 月 12 日召开职工代表大会，经与会职工代表讨论和表决，一致同意选举张燕祥女士为 公司第六届董事会职工代表董事（简历详见附件），任期自职工代表大会审议通 过之日且公司股东大会审议通过《关于修订<北京君正集成电路股份有限公司章 程>及部分制度的议案》《关于调整公司治理结构的议案》之日（以孰晚为准） 起至本届董事会任期届满之日止。 上述职工代表董事符合相关法律法规及《公司章程》有关董事任职的资格和 条件。本次选举不会导致公司董事会中兼任公司高级管理人员以及由职工代表担 任的董事人数总计超过公司董事总数的二分之一。 特此公告。 北京君正集成电路股份有限公司 证券代码：300223 证券简称：北京君正 公告编号：2025-026 北京君正集成电路股份有限公司 关于选举职工代表董事的公告 二○二五年五月十二日 附件： 张燕祥，女，出生于 1968 年，硕士学位，中国国籍，无境外永久居留权。 张燕祥女士自 2006 年至 2009 年任北京君正集成电路有限 ...

工业与车规市场保持优势，布局先进工艺制程 公司多年来专注于工业和汽车等高可靠性领域的应用，目前正在紧密跟踪先进工艺制程的发展情况，选择 适合产品需求的最经济合理的工艺节点，这同时也是公司对产品成本控制的重要手段之一。针对市场对大 容量 DDR4 、 LPDDR4 的需求趋势，公司 8Gb DDR4 、 8Gb LPDDR4 、 16Gb LPDDR4 已完成量产。根 据目前汽车、工业市场对 DDR4 、 LPDDR4 不断增长的需求，为优化公司产品性价比，公司进行了基于 21nm 、 20nm 、 18nm 、 16nm 等工艺的 DRAM 新产品开发，并预计将于 2025 年向客户提供工程样 品。 顺应 AI 浪潮，开启 3D DRAM 研发 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark index by more than 15% over the next 6-12 months [4][6]. Core Insights - The company, Beijing Junzheng, is primarily engaged in chip research and sales, focusing on computing chips, storage chips, and analog and interconnect chips. It adheres to a product strategy of "computing + storage + analog" and a market strategy of "internal circulation + external circulation" [1]. - In 2024, the company reported a revenue of 4.213 billion yuan, a year-on-year decrease of 7.03%, and a net profit attributable to shareholders of 366 million yuan, down 31.84% year-on-year. However, in the first quarter of 2025, revenue increased to 1.060 billion yuan, a year-on-year growth of 5.28% and a quarter-on-quarter growth of 4.83% [1][4]. - The company is actively developing advanced process technologies and has completed mass production of 8Gb DDR4, 8Gb LPDDR4, and 16Gb LPDDR4 chips to meet the growing demand in the automotive and industrial markets [2]. - The company is also investing in the research and development of 3D DRAM technology to meet the increasing bandwidth and capacity demands from AI applications and high-performance computing [3]. Summary by Sections Financial Performance - The company’s revenue and net profit for 2024 are projected to be 4.213 billion yuan and 366 million yuan, respectively, with a decline in both metrics compared to 2023. The forecast for 2025-2027 shows a gradual recovery, with expected net profits of 508 million yuan, 654 million yuan, and 767 million yuan [4][5]. - The company’s earnings per share (EPS) is expected to improve from 0.76 yuan in 2024 to 1.59 yuan in 2027 [5][11]. Market Position and Strategy - The company maintains a competitive edge in the industrial and automotive sectors while pursuing advanced process technologies. It plans to provide engineering samples of new DRAM products based on various process nodes by 2025 [2][4]. - The demand for AI storage chips, including 3D DRAM, is rapidly increasing, and the company is well-positioned to capitalize on this trend due to its strong design experience and industry resources [3]. Valuation Metrics - The current market valuation corresponds to a price-to-earnings (P/E) ratio of 64 for 2025, decreasing to 43 by 2027, indicating a potential for growth as the company recovers from the current downturn [4][5][13].

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Viewpoints - The company is actively upgrading its storage product processes and advancing 3D DRAM research to meet the growing demand in AI and high-performance computing sectors [3] - The company has reported a revenue of 4.213 billion yuan for 2024, a year-on-year decrease of 7.03%, and a net profit of 366 million yuan, down 31.84% year-on-year [1] - The first quarter of 2025 shows a revenue of 1.060 billion yuan, a year-on-year increase of 5.28% and a quarter-on-quarter increase of 4.83% [1] Summary by Sections Company Overview - The company focuses on chip research and sales, with product lines including computing chips, storage chips, and analog and interconnect chips, adhering to a "computing + storage + analog" product strategy [1] Market Position and Product Development - The company has maintained its advantage in the industrial and automotive markets while closely tracking advancements in process technology to optimize product cost [2] - The company has completed mass production of 8Gb DDR4, 8Gb LPDDR4, and 16Gb LPDDR4 to meet the increasing demand in these markets [2] R&D and Future Prospects - The company is investing in 3D DRAM technology to cater to the rising bandwidth demands from AI applications and high-performance computing [3] - The company plans to provide engineering samples of new DRAM products based on various advanced processes by 2025 [2] Financial Forecast and Valuation - The company’s revenue and net profit for 2025-2027 are projected to be 5.08 billion yuan, 6.54 billion yuan, and 7.67 billion yuan respectively, with corresponding PE ratios of 64, 50, and 43 [4][5] - The report indicates a gradual recovery in the industry, supporting the company's positive outlook [4]

Group 1 - The core viewpoint is that the intelligent vehicle sector is experiencing significant growth, driven by consumer demand and government incentives, particularly in the context of the recent "trade-in" subsidy program [1][2] - The intelligent vehicle ETF, Taikang (159720), has seen a 1.61% increase, with the underlying index, the CSI Intelligent Electric Vehicle Index (H11052), rising by 1.43% [1] - The retail sales of new energy passenger vehicles reached 2.42 million units in the first quarter, marking a 36.4% year-on-year growth, with a market penetration rate of 47.2% [1] Group 2 - Minsheng Securities highlights that the intelligentization of vehicles is becoming a crucial competitive factor, with a notable shift in technology and user acceptance [2] - The intelligent driving sector is approaching a triple inflection point in technology, user acceptance, and business models, particularly benefiting leading domestic automakers [2] - The CSI Intelligent Electric Vehicle Index includes companies involved in various aspects of the intelligent electric vehicle ecosystem, reflecting the overall performance of listed companies in this sector [2]

Core Viewpoint - Beijing Junzheng's financial performance shows mixed results, with revenue growth in Q1 2025 but a continued decline in net profit, indicating ongoing challenges in profitability despite a slight recovery in revenue [1][2]. Financial Performance Summary - Q1 2025 revenue reached 1.06 billion yuan, a year-on-year increase of 5.28%, ending a nine-quarter decline [1]. - Net profit for Q1 2025 was 73.90 million yuan, down 15.30% year-on-year, marking ten consecutive quarters of profit decline [1]. - For the full year 2024, total revenue was 4.213 billion yuan, a decrease of 7.03%, with net profit falling by 31.84% to 366 million yuan [1][2]. Revenue Breakdown by Product Segment - Storage chips accounted for 61.47% of total revenue in 2024, generating 2.585 billion yuan, but saw an 11.06% decline [4]. - Computing chips contributed 25.88% of revenue, totaling 1.091 billion yuan, with a slight decrease of 1.65% [5]. - Analog and interconnect chips represented 11.19% of revenue, achieving 466 million yuan, with a year-on-year growth of 15.31% [5]. Profitability Analysis - The gross margin for storage chips was 34.55%, while computing chips had a gross margin of 33.02%, and analog/interconnect chips led with 49.16% [3][4]. - Despite revenue growth, the company experienced a typical "increased revenue without increased profit" scenario, with both net profit and non-recurring net profit declining [6]. Cost and Expense Insights - Total operating costs for Q1 2025 were 971 million yuan, up 6.99% year-on-year, outpacing revenue growth [6]. - Management expenses increased by 34.07% to 57.76 million yuan due to ongoing stock incentive plans [6]. Financial Health Indicators - As of Q1 2025, the company's debt ratio was 6.29%, down from 7.12% at the end of 2024, significantly lower than the semiconductor industry average of 32.7% [8]. - The company reported a net cash flow from operating activities of 175 million yuan, a substantial increase of 388.33% year-on-year, indicating strong liquidity [8]. Market and Product Strategy - Beijing Junzheng focuses on embedded CPUs, video encoding/decoding, image signal processing, and AI algorithms, targeting both consumer markets and industrial applications [2]. - The company is investing in R&D for 3D DRAM products aimed at AI applications, although these products are still in the development phase [8].