华安证券：给予北京君正买入评级

Core Viewpoint - The industry market is gradually recovering, and the company is expected to benefit from the upcoming product cycle, leading to a "buy" rating for Beijing Junzheng [1][6]. Financial Performance - In Q1 2025, Beijing Junzheng reported revenue of 1.06 billion yuan, a year-on-year increase of 5.3% and a quarter-on-quarter increase of 4.8% [2][4]. - The net profit attributable to shareholders was 74 million yuan, a year-on-year decrease of 15.3% but a quarter-on-quarter increase of 19.6% [2][4]. - The non-recurring net profit was 66 million yuan, down 18.8% year-on-year but turned profitable quarter-on-quarter [2][4]. - The gross margin for Q1 2025 was 36.4%, a year-on-year decrease of 1.0 percentage points but a quarter-on-quarter increase of 1.9 percentage points [2][4]. Product Line Analysis - Computing Chips: Revenue for Q1 2025 was 270 million yuan, with a year-on-year increase of 12.4% but a quarter-on-quarter decrease of 2.7%. The company plans to enhance computing power with the upcoming T42 chip, expected to exceed 2T [3]. - Storage Chips: Revenue reached 660 million yuan, a year-on-year increase of 3.4% and a quarter-on-quarter increase of 9.9%. The recovery in automotive, industrial, and medical sectors is anticipated to drive growth in 2025 [4]. - AI-Driven Products: The company is actively developing 3D AI DRAM products to meet the increasing demand for high-bandwidth, low-power storage solutions driven by AI technology [5]. - LED and Interconnect Chips: Revenue for Q1 2025 was 120 million yuan, with a year-on-year increase of 12.3% but a quarter-on-quarter decrease of 4.0%. The automotive market is seeing increased demand for LED driver chips [5]. Investment Outlook - The company forecasts net profits of 460 million yuan, 700 million yuan, and 1.05 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.96, 1.45, and 2.17 yuan per share [6]. - The overall market situation in 2025 is expected to improve compared to 2024, supporting gradual performance recovery [6].