科技行业调研：华润微2025年投资者日速览

Investment Rating - The report maintains a "Buy" rating for Huazhong Microelectronics (688396.CH) [3] Core Views - Huazhong Microelectronics is expected to experience significant growth in 2025 driven by several factors: 1) Rapid growth in downstream new energy vehicle demand, 2) Expansion into third-generation semiconductors, including SiC and GaN, 3) Release of capacity from two 12-inch production lines in Chongqing and Shenzhen [3][2] - The company is focusing on high-value-added businesses in automotive electronics, industrial control, and new energy sectors, while balancing organic growth with mergers and acquisitions [1][2] - The AI server power supply market is experiencing strong demand, with the power supply accounting for approximately 3% of the server's value, leading to an increase in efficiency and power density [2] Summary by Sections Company Strategy - Huazhong Microelectronics is expanding its production capacity in Chongqing (power devices) and Shenzhen (integrated circuits) to enhance its product offerings in automotive electronics, industrial control, and new energy [1] - The company plans to invest CNY 700 million in mask-related capital expenditures by 2025, with a planned capacity of 5,000 wafers per month for its mask project [1] Market Trends - The demand for AI server power supplies is expected to grow further due to the rising need for domestic computing power, benefiting Huazhong Microelectronics' high-performance semiconductor power devices [2] - The smart electric vehicle business is rapidly growing, with Huazhong Microelectronics providing comprehensive solutions across various automotive applications, which will be a key growth driver in 2025 [2]