证券代码：300672 证券简称：国科微 公告编号：2025-052 湖南国科微电子股份有限公司 2024 年年度权益分派实施公告 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、误导性陈述或者重大遗漏。 特别提示： 1、湖南国科微电子股份有限公司（以下简称"公司"）2024 年年度利润分 配方案为：以实施权益分派股权登记日登记的总股本（扣除公司回购专用证券账 户已回购股份）为基数，向全体股东每 10 股派发现金股利 3.00 元（含税），剩 余利润作为未分配利润留存。本年度不送红股，不以公积金转增股本。 2、截至本公告披露日，公司总股本为 217,140,672 股，其中回购专用证券账 户持有公司股份 1,134,182 股，因此公司 2024 年年度权益分派的股本基数为 216,006,490 股。按照每股分配比例不变，对分配总额进行相应调整的原则，公 司 2024 年年度权益分派合计派发现金红利 64,801,947 元（含税）。 4、本次利润分配距离公司股东大会审议通过利润分配方案的时间未超过两 个月。 3、本次权益分派实施后计算除权除息价格时，按总股本（含回购股份）折 算的 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1]. Core Views - The company plans to acquire Zhongxin Ningbo, aiming to build a full industry chain capability of "chip design + wafer processing" [1][6]. - In 2024, the company experienced a significant revenue decline of 53.26% due to market demand slowdown and intensified competition, but managed to achieve a slight profit increase of 1.13% in net profit [5]. - The company has a diverse chip design capability and has launched various chips with core proprietary intellectual property in multiple fields [6]. - The acquisition of Zhongxin Ningbo is expected to enhance the company's capabilities in high-end BAW filter manufacturing and expand its presence in the RF front-end industry [7][8]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 197,789.18 million yuan, a year-on-year decrease of 53.26%, while net profit reached 9,715.47 million yuan, a year-on-year increase of 1.13% [5]. - The overall gross margin improved to 26.29%, an increase of 13.85 percentage points year-on-year [5]. - R&D investment for 2024 was 67,532.16 million yuan, reflecting a growth of 10.26% year-on-year [5]. Business Strategy - The company is transitioning towards a full industry chain model by integrating chip design and wafer processing capabilities through the acquisition of Zhongxin Ningbo [6]. - The company has established strategic partnerships with leading mobile communication terminal companies, enhancing its market position in the RF front-end sector [7][8]. Earnings Forecast - The company forecasts revenues of 23.35 billion yuan, 28.04 billion yuan, and 35.23 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.58, 1.00, and 1.32 yuan [9]. - The current stock price corresponds to PE ratios of 147, 86, and 65 for the years 2025, 2026, and 2027 respectively [9].

Core Viewpoint - Guokemicro (300672) plans to acquire a 94.366% stake in SMIC Integrated Circuit (Ningbo) Co., Ltd. (referred to as "SMIC Ningbo") through a combination of share issuance and cash payment, which has attracted significant attention in the market [1][3]. Group 1: Acquisition Details - The transaction is priced at 57.01 yuan per share and involves multiple parties including Ningbo Yongxin, Yuanqi Lichuang, and others [3]. - After the transaction, SMIC Holdings will no longer hold any shares in SMIC Ningbo, allowing SMIC International to focus on its core business [3]. - The acquisition aligns with national policies on the integrated circuit industry and aims to enhance domestic substitution in core components [3]. Group 2: Financial Performance of SMIC Ningbo - In 2024, SMIC Ningbo achieved revenue of 454 million yuan, a year-on-year increase of 113% [2][5]. - Despite the revenue growth, SMIC Ningbo remains in a loss position, with net profits of -843 million yuan in 2023 and -813 million yuan in 2024 [4][5]. - The company is still in a capacity ramp-up phase, and its product structure and process optimization have not yet reached optimal levels [2][4]. Group 3: Guokemicro's Financial Outlook - Guokemicro's revenue for 2022 and 2023 was 3.605 billion yuan and 4.231 billion yuan, respectively, with year-on-year growth rates of 55.26% and 17.38% [6]. - In 2024, Guokemicro's revenue is projected to decline to 1.978 billion yuan, a decrease of 53.26% [6]. - The company aims for a revenue growth rate of no less than 15% in 2025 compared to 2024 [6][7]. Group 4: Research and Development Focus - Guokemicro emphasizes technology accumulation and new product development, with R&D investment reaching 612 million yuan in 2023, a 20.87% increase [9]. - In 2024, R&D investment is expected to rise to 675 million yuan, accounting for 34.14% of the company's revenue [9]. - By the end of 2024, Guokemicro had 646 R&D personnel, representing 76.09% of its total workforce, and had obtained a total of 365 authorized patents [10].

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company plans to acquire Zhongxin Ningbo to build a full industry chain capability of "chip design + wafer processing" [1][6] - In 2024, the company experienced a significant revenue decline of 53.26% due to market demand slowdown and intensified competition, but managed to achieve a slight profit increase of 1.13% [5] - The company has a diverse chip design capability and aims to transition to a full industry chain model post-acquisition [6][9] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 197,789.18 million yuan, a decrease of 53.26% year-on-year [5] - The net profit attributable to shareholders was 9,715.47 million yuan, an increase of 1.13% year-on-year, with an overall gross margin of 26.29%, up by 13.85 percentage points [5] - R&D investment reached 67,532.16 million yuan in 2024, growing by 10.26% year-on-year, laying a solid foundation for future high-quality development [5] Strategic Initiatives - The company possesses multiple chip design capabilities and has launched various chips in fields such as ultra-high-definition smart displays, AI, automotive electronics, and IoT [6] - The acquisition of Zhongxin Ningbo, a leading domestic semiconductor wafer foundry, is expected to enhance the company's capabilities in chip design and wafer processing [6][8] Market Outlook - The company forecasts revenues of 23.35 billion yuan, 28.04 billion yuan, and 35.23 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.58, 1.00, and 1.32 yuan [9][11] - The projected growth rates for revenue are 18.1%, 20.1%, and 25.6% for the years 2025, 2026, and 2027 respectively [11]

1.奇安信董事长齐向东：网络安全行业内卷严重 奇安信董事长齐向东在接受界面新闻等媒体采访时表示，网络安全行业内卷比较严重。一款软件可能需要 开发几年投入几个亿，但是它形成产品之后，每个人都看不到它的成本。所以在软件的招投标过程当中， 内卷下来之后就无底价，这对中国软件产业是有破坏性的杀伤力。他呼吁有关部门应该高度重视改善软件 产业的营商环境，推动中国软件产业健康发展。 点评：齐向东痛斥行业"低价恶斗"，呼吁重塑体系破内卷困局。 2.王自如感谢董明珠和雷军 6月6日，王自如发布视频，回应关于自己的焦点话题。他在视频的最后感谢了董明珠和雷军，"感谢他们在 不同的时间点，以不同的形式给予我巨大的鼓励和帮助，让我站在新的起点上的时候，依旧能够有勇气去 怀揣理想"。 3.西子电梯发布讣告：董事长兼总经理刘文超离世，终年54岁 6月6日，西子电梯科技有限公司发布讣告称，西子电梯科技有限公司董事长兼总经理刘文超，于2025年6月 2日在杭州不幸离世，终年54岁。 4.亚马逊进行更多裁员，这次是图书部门 据央视新闻，当地时间6月5日，据印尼军方消息，印尼政府正就采购中国制造的歼-10战斗机进行可行性评 估。印尼国防部副部长道 ...

Investment Rating - The report maintains a "Buy" rating for Guoke Microelectronics (300672.SZ) with a current price of 81.06 CNY [1]. Core Insights - Guoke Microelectronics is acquiring a 94.366% stake in Zhongxin Ningbo to integrate the entire industry chain and break the overseas monopoly in the filter market [5][6]. - The acquisition is expected to enhance Guoke's product and business diversity, focusing on AI SoC and expanding into automotive and wireless sectors [10][14]. - The company is projected to benefit from the growth of AI SoC, with net profit forecasts for 2025, 2026, and 2027 being adjusted upwards by 17% and 48% compared to previous estimates [13][14]. Summary by Sections Company Overview - Guoke Microelectronics focuses on chip design and development, providing solutions in AI, multimedia, automotive electronics, IoT, and data storage [10]. - The acquisition of Zhongxin Ningbo will allow Guoke to build capabilities in specialized wafer manufacturing and advanced packaging, transitioning to a full industry chain model [10][12]. Market Position - Zhongxin Ningbo is a leading domestic semiconductor foundry specializing in RF front-end, MEMS, and high-voltage analog devices, aiming to break the overseas monopoly in high-end filter technology [6][7]. - The company has established long-term supply agreements with major domestic mobile communication terminal enterprises, ensuring stable revenue streams [8]. Financial Projections - Revenue for Guoke is expected to decline in 2024 but net profit is projected to grow, with estimates for 2025-2027 being 137 million, 204 million, and 257 million CNY respectively [15][16]. - The report outlines a significant drop in revenue growth rate for 2024 at -53.26%, followed by a recovery in subsequent years [15]. Valuation Metrics - The report provides a detailed financial forecast, including revenue, net profit, and key ratios such as P/E and P/B, indicating a gradual improvement in profitability and efficiency over the forecast period [15][18].

Core Viewpoint - Guoke Microelectronics plans to acquire 94.366% of the shares of SMIC Ningbo to enhance its capabilities in analog chip manufacturing, aiming to create a dual-driven system of digital chip design and analog chip manufacturing [1][3] Group 1: Acquisition Details - Guoke Microelectronics intends to purchase the shares at a price of 57.01 yuan per share, using a combination of stock issuance and cash payments to 11 parties, including Ningbo Yongxin and SMIC Holdings [2] - The acquisition will result in SMIC Holdings no longer holding shares in SMIC Ningbo after the transaction is completed [2] - The audit and evaluation of SMIC Ningbo are still ongoing, and the valuation of the target assets and transaction price has not yet been determined [2] Group 2: Business Operations - Before the acquisition, Guoke Microelectronics was engaged in chip design and development, primarily operating under a Fabless model, with applications in various fields such as AI, multimedia, automotive electronics, and IoT [2] - SMIC Ningbo specializes in wafer foundry and packaging testing for RF front-end, MEMS, and high-voltage analog devices, with production lines for SAW and BAW filters [2] Group 3: Financial Impact - Post-acquisition, Guoke Microelectronics will enhance its production capabilities in high-end filters and MEMS, expanding its market presence in smartphones and smart connected vehicles [3] - SMIC Ningbo is currently in a capacity ramp-up phase, leading to significant losses during the reporting period, which will affect Guoke Microelectronics' consolidated net profit [4] - For 2023 and 2024, SMIC Ningbo's projected revenues are 213 million yuan and 454 million yuan, respectively, with net losses of 843 million yuan and 813 million yuan [4] Group 4: Management and Future Plans - SMIC Ningbo has experienced management turmoil, with former executives facing legal issues related to financial misconduct [5] - Guoke Microelectronics plans to optimize product structure and introduce high-quality customer orders following the acquisition, aiming for improved financial performance as production capacity stabilizes [5] Group 5: Market Context - The domestic market for RF filters is underdeveloped, with local companies holding less than 5% market share in the 5G high-frequency BAW filter segment [7] - The demand for RF front-end devices is increasing with the ongoing commercialization of 5G and the acceleration of 6G technology development, presenting significant market opportunities [7] - SMIC Ningbo possesses unique capabilities in providing a full range of products covering SUB6G frequencies and has made breakthroughs in MEMS manufacturing technology [7][8]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来着半导体芯闻综合 。 6月5日晚，集成电路设计企业国科微(300672)披露重组预案，拟通过发行股份及支付现金等方式 购买中芯集成电路（宁波）有限公司（简称中芯宁波）94.37%的股权。 通过本次交易，公司将具备在高端滤波器、MEMS等特种工艺代工领域的生产制造能力，构建"数 字芯片设计+模拟芯片制造"的双轮驱动体系。本次交易预计构成重大资产重组。公司股票将于 2025年6月6日开市起复牌。 中芯国际(688981)也公告称，全资子公司中芯控股拟向湖南国科微电子股份有限公司出售所持有 的中芯集成电路（宁波）有限公司14.832%的股权。交易完成后，中芯控股将不再持有中芯宁波的 股权。 根据重组预案，并购标的中芯宁波是国内少数可以提供覆盖SUB6G全频段、全工艺滤波器的晶圆 制造企业，掌握高端BAW滤波器芯片制造技术；标的公司生产的滤波器产品已应用于国内某头部 移动通讯终端企业的旗舰机型。 资料显示，国科微此前主要以Fabless模式，专注超高清智能显示、智能视觉、人工智能、汽车电 子、物联网、固态存储等领域的大规模芯片设计及整体解决方案开发。产品方面，推出 ...

公司研究 2025 年 6 月 6 日 整合全产业链，并购中芯宁波打破海外滤波器垄断 ——国科微（300672.SZ）跟踪报告之二 买入（维持） 当前价：81.06 元 作者 分析师：刘凯 执业证书编号：S0930517100002 021-52523849 kailiu@ebscn.com 分析师：孙啸 执业证书编号：S0930524030002 021-52523857 sunxiao@ebscn.com | 市场数据 | | --- | | 总股本(亿股) | 2.17 | | --- | --- | | 总市值(亿元)： | 176.01 | | 一年最低/最高(元)： | 41.95/86.85 | | 近 3 月换手率： | 141.42% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 18.64 | 7.12 | 36.46 | | 绝对 | 20.35 | 5.04 | 44.30 | | 资料来源：Wind | | | | 相关研报 自研新品营收比例提升，WiFi 与汽车业务带 来全 ...

正因为有了上述政策的出台，一些未盈利资产在贴上"优质"标签后，就进入了上市公司收购的目标。实 际上，在国科微并购案之前，市场上就有多起收购未盈利资产的并购案。如思瑞浦收购创芯微、芯联集 成收购芯联越州少数股权、捷捷微电收购捷捷南通、赛力斯收购龙盛新能源、阳谷华泰收购波米科技、 晶瑞电材收购湖北晶瑞等，都属于收购未盈利资产。 不过，尽管未盈利资产贴上了"优质"的标签，但收购未盈利资产终归还是一件很让市场敏感的事情。除 了资产的质量令人担忧之外，还涉及到收购未盈利资产所发行股份的减持套现问题。从国科微并购案来 看，对于后者显然进行了一次有益的探索。 从国科微并购案的预案来看，本次交易方案对于相关减持限制较为严格。重组预案明确规定，交易对方 三年内不减持其持有的上市公司股份。三年届满后，若中芯宁波实现盈利，交易对方可以依规减持其持 有股份；若中芯宁波未实现盈利，则交易对方投资期限未超过十年的仍不减持，超过十年的可以减持 50%持有股份，后续待中芯宁波盈利后，方可减持剩余股份。同时，减持价格不得低于本次发行价。 在当下管理层鼓励上市公司并购重组的背景下，国科微并购案的出现并不令人意外。 6月5日晚，集成电路设计企业国 ...