Investment Rating - The report initiates coverage with a "Buy" rating for Chengdu Huami, recognizing it as a leading enterprise in the special integrated circuit sector [1][7]. Core Insights - Chengdu Huami is actively expanding into emerging civilian markets while maintaining a strong focus on special integrated circuits, which include both digital and analog products. The company has experienced rapid growth in revenue and profit since 2019, with a significant contribution from its digital and analog integrated circuit products [6][20]. - The report highlights the company's strategic focus on three core products: FPGA, ADDA, and SoC, which are expected to drive future growth. The demand for special integrated circuits is anticipated to rise due to increasing military and civilian applications, particularly in the fields of humanoid robotics and automotive intelligence [6][36]. Summary by Sections Company Overview - Chengdu Huami is a leading enterprise in the special integrated circuit industry, focusing on R&D, design, testing, and sales. The company has a diverse product range, including logic chips, storage chips, microcontrollers, and power management chips, supported by numerous patents and design rights [14][16]. Product Focus - The company emphasizes a multi-line development strategy, with core products including FPGA, ADDA, and SoC. The FPGA products are particularly notable, with a competitive edge in the domestic market, and the company is advancing towards high-end processes [36][45]. Market Dynamics - The demand for both military and civilian applications is on the rise, with significant growth potential in the domestic integrated circuit market. The report notes that the aerospace sector is experiencing high demand, while the civilian sector is benefiting from accelerated domestic substitution [6][20]. Financial Projections - The report forecasts Chengdu Huami's net profit for 2024-2026 to be 1.2 billion, 3.1 billion, and 4.6 billion yuan respectively, with corresponding PE ratios of 192, 75, and 51. This positions the company favorably compared to industry averages, suggesting strong future performance [6][7].
成都华微：强芯强国之特种模块/芯片系列报告之五暨申万机器人深度24：特种集成电路领军企业，军民并举打开成长空间-20250310