Core Viewpoint - Allwinner Technology (300458.SZ) forecasts a net profit attributable to shareholders of 156 million to 171 million yuan for the first half of 2025, representing a year-on-year growth of 31.02% to 43.62% [1] Group 1: Financial Performance - The company expects a significant increase in net profit due to a recovery in market demand [1] - Revenue growth in key segments such as robotic vacuum cleaners, smart automotive electronics, and smart vision has contributed to the increase in net profit [1] - The impact of non-recurring gains and losses on net profit is estimated to be between 25 million to 28 million yuan [1]

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。 一、本期业绩预计情况 证券代码：300458 证券简称：全志科技 公告编号：2025-0711-001 珠海全志科技股份有限公司 2025 年半年度业绩预告 1.报告期内，市场需求回暖，扫地机器人、智能汽车电子、智能视觉等主 要细分领域营业收入同比实现较快增长，营业收入增长带动了净利润的增长。 2.报告期内，预计公司非经常性损益对净利润的影响金额为2,500万元至 2,800万元。 1.业绩预告期间:2025年1月1日-2025年6月30日 2.预计的业绩:亏损 扭亏为盈 同向上升 同向下降 3.业绩预告情况表 | 项 目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公 司股东的净利 | 盈利：15,600万元–17,100万元 | 盈利：11,906.63万 | | | 比上年同期增长：31.02% - 43.62% | 元 | | 润 | | | | 扣除非经常性 损益后的净利 | 盈利：13,000万元–14,000万元 | 盈利：8,127.94万元 | | | ...

Core Insights - The emergence of DeepSeek has propelled large models into the realm of edge AI, with companies like Lexin, Rockchip, and Allwinner making significant strides in this area, while JiaNeng has decided to cut its AI chip business [1][9]. Company Performance - Rockchip reported impressive half-year results, expecting revenue of approximately 204.5 million yuan for the first half of 2025, a year-on-year increase of about 64%. The net profit is projected to be between 52 million and 54 million yuan, reflecting a staggering growth of 185% to 195% [2]. - Lexin also announced strong performance, forecasting revenue between 122 million and 125 million yuan for the first half of 2025, a year-on-year increase of 33% to 36%. The net profit is expected to rise by 65% to 78% compared to the previous year [4]. - Allwinner's 2024 annual report indicated a revenue of 2.288 billion yuan, a year-on-year increase of 36.76%, and a net profit of 167 million yuan, reflecting a remarkable growth of 626.15% [7]. Product Development - Rockchip's RK3588 chip has become a staple for embedded engineers, with a projected shipment of 4 million units and revenue of 1.3 billion yuan in 2024. The company is also advancing in AI with the release of the RV1126B AI vision chip and RK2118G audio processing chip [3]. - Lexin is focusing on wireless connectivity innovations, with plans to mass-produce its first Wi-Fi 6E chip in the second half of 2025 and has already launched several popular ESP32 variants [5]. - Allwinner is enhancing its documentation and SDK offerings, aiming to regain its position in the single-board computer market by providing better support for its SoCs [8]. Market Challenges - Despite the growth in edge AI, the market remains challenging, as evidenced by JiaNeng's decision to terminate its non-core AI chip business due to poor performance and lack of innovation in its product line [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company covers the entire Android tablet market with its platform chips, launching three new smart processors: A733, A537, and A333, targeting high-end, mid-range, and entry-level segments respectively. This positions the company well to meet diverse demands in the tablet market [4] - The company's AI technology is being widely adopted, with features such as facial recognition and gesture photography gaining recognition from numerous domestic and international tablet brands, establishing a solid foundation for commercial applications of AI [4] - The V821 AI glasses solution has been launched, meeting the demands for low power consumption and miniaturization, with impressive performance metrics [5] Financial Projections - Projected revenues for 2025, 2026, and 2027 are 29.0 billion, 35.1 billion, and 42.1 billion yuan respectively, with net profits of 3.5 billion, 4.9 billion, and 6.7 billion yuan [6] - The company expects significant growth in revenue, with a growth rate of 36.76% for 2024, followed by 26.81%, 20.89%, and 20.14% in subsequent years [8] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.43 yuan, 0.60 yuan, and 0.81 yuan respectively, indicating a strong upward trend [10]

Industry Overview - The Internet of Things (IoT) chip industry has a comprehensive supply chain, with upstream suppliers providing raw materials and equipment, midstream manufacturers handling design, production, and testing, and downstream application service providers integrating chips into various devices [1][2]. Key Players - Major upstream suppliers include SMIC, Zhonghuan, Nanda Optoelectronics, and others, while midstream manufacturers consist of ZTE, Tailin Microelectronics, and others. Downstream service providers include Alibaba Cloud, China Mobile IoT, and Xiaomi [2]. Regional Distribution - Key IoT chip companies are concentrated in economically developed regions such as Jiangsu, Guangdong, Beijing, and Shanghai, with Jiangsu and Shanghai showing rapid development in the IoT chip sector [4]. Business Layout Comparison - Companies like Silan Micro, SiTewave, and Allwinner Technology focus primarily on the domestic market, while Beijing Junzheng, Zhaoyi Innovation, and Ankai Micro target international markets. Tailin Microelectronics has a significant focus on IoT chips, with 90.62% of its revenue coming from this sector [6][8]. Investment Trends and Business Plans - Companies are increasing R&D investments to enhance chip performance. For instance, Ruixin Micro plans to launch a new AI vision chip by May 2025, while Allwinner Technology is focusing on low-power designs for its IoT Bluetooth audio chips [9][10].

Group 1 - The A-share market experienced an overall pullback on July 7, with AI hardware sectors like optical modules and optical communications leading the decline, as companies such as Zhongji Xuchuang and Tianfu Communication fell over 4% [1] - The AI computing sector is showing signs of rapid recovery, providing a low-entry opportunity for investors, as Nvidia's GB200 production peaks and the next-generation AI server chip GB300 is expected to launch in the second half of 2025 [1] - According to Galaxy Securities, the current market is at the bottom of AI expectations, indicating a potential revival in the AI computing industry chain, which could lead to new investment opportunities [1] Group 2 - Investors can focus on the 5G Communication ETF (515050), which tracks the CSI 5G Communication Theme Index and covers key players in the Nvidia, Apple, and Huawei supply chains across various sectors including AI computing, 6G, and consumer electronics [2] - The AI-focused ETF, Huaxia (159381), tracks the ChiNext AI Index and includes leading companies in the optical module sector, with over 33% weight in optical modules and major holdings in Zhongji Xuchuang, New Yisheng, and Tianfu Communication [2]

Group 1 - The EDR concept sector experienced a decline of 2.47%, ranking among the top declines in the concept sectors, with companies like Bomin Electronics, Guomin Technology, and Allwinner Technology leading the losses [1] - The top gainers in today's concept sectors included Low-E Glass with a rise of 4.24% and Silicon Energy with an increase of 4.19%, while the EDR concept was among the notable decliners [1] - The EDR concept sector saw a net outflow of 960 million yuan, with 17 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 50 million yuan, led by Allwinner Technology with a net outflow of 236 million yuan [1] Group 2 - The stocks with the highest net outflows in the EDR concept included Allwinner Technology (-3.97%), Bomin Electronics (-8.78%), and 360 Security Technology (-1.77%), with significant outflows recorded [2] - The net inflows in the EDR concept were observed in Tianrongxin and Weidi Co., with net inflows of 10.60 million yuan and 0.64 million yuan respectively [2] - The trading activity in the EDR concept stocks showed varying turnover rates, with Bomin Electronics having a turnover rate of 21.90% and Allwinner Technology at 4.59% [1][2]

Group 1 - The core viewpoint of the article highlights the continuous growth of China's semiconductor materials market, with Taiwan being the largest consumer market globally [2] - The semiconductor materials are categorized into front-end manufacturing materials and back-end packaging materials, with specific components listed for each category [1] - The market size for semiconductor silicon wafers in China is projected to exceed $2 billion in 2024, reflecting significant growth driven by policy support and technological advancements [3] Group 2 - China's semiconductor equipment market has become the largest globally, with a market size of $366 billion in 2023, showing a 29% year-on-year increase [6] - The demand for thin film deposition equipment in China has been steadily increasing, with the market size growing from 16.8 billion yuan in 2018 to 60 billion yuan in 2023, indicating a compound annual growth rate of 28.99% [8] - The semiconductor materials market in mainland China reached $131 billion in 2023, with projections of $142 billion for 2024 [2]

Group 1 - The core viewpoint of the article highlights the emergence of 10 unicorn companies from Shandong province, with a focus on new industries such as semiconductors, software services, industrial internet, and renewable energy [3][4] - Qingdao has the highest number of unicorns in Shandong, with 6 companies listed, including GoerTek Microelectronics, which has a valuation of 20.5 billion yuan, ranking 395th globally [4] - Other notable companies from Qingdao include Nengchain Group with a valuation of 18.5 billion yuan, and Kaos, Teld, and others, showcasing a diverse range of sectors [4] Group 2 - The Hurun Research Institute identified a total of 1,523 unicorn companies globally, an increase of 70 companies (approximately 5%) from the previous year, with China ranking second with 343 companies [5] - The report indicates that 77% of unicorns are focused on software and services, particularly in fintech, software services, and AI, while 23% are in physical products, mainly in semiconductors, renewable energy, and health technology [5] - SpaceX is noted as the highest-valued unicorn globally, with a valuation increase of 1.2 trillion yuan, reaching 2.6 trillion yuan, while OpenAI has the fastest growth rate for the second consecutive year [5] Group 3 - The 2025 "China's 500 Most Valuable Brands" report lists 22 brands from Qingdao, with 5 entering the top 100, including Haier, Qingdao Beer, and Hisense [6] - Haier leads with a brand value of 573.517 billion yuan, ranking 3rd overall, while Qingdao Beer maintains its position as the top beer brand in China with a value of 280.355 billion yuan [6] - Other brands like Kaos and Double Star Tire also feature prominently, indicating strong brand presence and value in the Qingdao region [6]

Group 1: Overall Industry Overview - The total import and export value of China's chip industry is projected to reach $545.14 billion in 2024, with a year-on-year growth of 12.32%, and a trade deficit of $226.14 billion, increasing by 5.97% [1] - In the first four months of 2025, the trade scale of the chip industry has already reached $179.61 billion, with a trade deficit of $66.73 billion [1] Group 2: Import Situation - In 2024, China's chip import volume is expected to be 549.18 billion units, reflecting a year-on-year increase of 14.52%, while the import value is approximately $385.64 billion, up by 10.38% [2] - For the first four months of 2025, the chip import volume is recorded at 181.33 billion units, with an import value of about $123.17 billion [2] - The import price of chips in China fluctuates between $0.60 and $0.80 per unit, remaining relatively stable due to the rapid development of the domestic IoT chip industry [5] Group 3: Export Situation - In 2024, China's chip export volume is projected to be 298.11 billion units, with a year-on-year growth of 11.31%, and the export value is expected to reach $159.50 billion, increasing by 17.31% [7] - In the first five months of 2025, the semiconductor export volume has reached 106.29 billion units, with an export value of $56.44 billion [7] - The export price of chips from China has shown a rising trend, increasing from $0.40 per unit in 2014 to $0.54 per unit in 2024, indicating improved self-innovation capabilities and increased market competitiveness [8]