【私募调研记录】高毅资产调研芯原股份、中密控股

Group 1: Chipone Technology - Chipone Technology has a low-power, high-performance chip design platform for AI/AR glasses and is focusing on optimizing and industrializing the I/R glasses technology platform [1] - Revenue growth rates for 2024 are projected to be significant in various sectors: 75.46% in data processing, 64.07% in computer and peripherals, and 37.32% in automotive electronics [1] - The company has shipped over 100 million integrated NPU IP AI chips, which are applied across multiple market sectors [1] - Chipone is advancing Chiplet technology and has achieved leadership in two key areas: generative AI on the cloud side and high-end intelligent driving [1] Group 2: Zhongmi Holdings - Zhongmi Holdings is shifting its international business model from relying on domestic manufacturers to collaborating directly with foreign end-users, partnering with renowned international manufacturers like Siemens and Elliott [2] - The company is managing accounts receivable through strict customer credit ratings, selecting quality clients, enhancing payment collection efforts, and establishing a comprehensive performance evaluation system for its sales personnel [2] - The international market for mechanical seals is approximately 40 billion RMB, with the Belt and Road Initiative countries accounting for about one-third of this market, primarily representing incremental business opportunities [2] - Zhongmi Holdings is the only domestic company with performance in nuclear main pump mechanical seals, although progress in the nuclear power sector remains limited [2]