Ingenic(SZ:300223) Ge Long Hui A P P·2025-09-18 09:46Group 1: Company Overview - Beijing Junzheng is a semiconductor company focusing on "computing + storage + analog" chips, primarily serving markets such as automotive electronics, industrial medical, AIoT, and smart security [5][7] - The actual controllers of the company are Liu Qiang and Li Jie, who collectively control 13.68% of the shares [5][6] - The company operates a fabless model, with three main product lines: computing chips, storage chips, and analog chips [7][11] Group 2: Financial Performance - The company's revenue has declined over the past two years, with reported revenues of 54.12 billion RMB in 2022, 45.31 billion RMB in 2023, and projected 42.13 billion RMB in 2024 [9][10] - Net profits for the same periods were 7.79 billion RMB, 5.16 billion RMB, and 3.64 billion RMB respectively [9][10] - The gross margin has fluctuated, with rates of 33.4% in 2022, 35.5% in 2023, and 34.2% in the first half of 2025 [10][13] Group 3: Market Dynamics - The semiconductor industry is experiencing a cyclical downturn, with a low period from 2022 to early 2024, but is expected to expand significantly in the coming years [19][22] - The global chip market is projected to grow from approximately 356.2 billion USD in 2020 to 515.3 billion USD by 2024, with a compound annual growth rate (CAGR) of 9.7% [21] - Emerging fields such as AI, automotive, and industrial automation are expected to drive future growth in chip demand [19][20][23] Group 4: Product Pricing and Sales - The average price of computing chips has decreased from 16.3 RMB to 10.9 RMB, a decline of 33%, while storage chips dropped from 7.1 RMB to 4.8 RMB, a 32% decrease [14][16] - Storage chips are the primary revenue source, expected to account for 61.5% of total revenue in 2024 [11][12] - The company maintains a certain level of inventory to meet consumer demand, with inventory levels increasing from 23.04 billion RMB in 2022 to 27.73 billion RMB in 2025 [18]