研报掘金丨国泰海通：首予紫光国微“增持”评级，目标价96元

Core Viewpoint - Unisoc is recognized as a leading player in the domestic smart security chip and special integrated circuit market, benefiting from high demand in downstream special fields, automotive electronics, and the Internet of Things [1] Company Summary - Unisoc's product offerings include smart cards and FPGA, with a strong technological barrier and stable position in the industry [1] - The company is expected to maintain steady growth in performance due to ongoing product platformization and R&D innovation [1] - Based on comparable company PE/PB valuations and Unisoc's industry position and technological advantages, a target price of 96 yuan is set, corresponding to a PE of 50.26 times for 2025, with an initial "Buy" rating [1]