紫光国微（002049）：特种集成电路领军企业，多维布局迈入景气新周期

Investment Rating - The report initiates coverage with a "Buy" rating for the company, recognizing it as a leading enterprise in the special integrated circuit sector with a forward-looking layout and increased R&D investment [6][7]. Core Insights - The company is positioned as a leader in the integrated circuit industry, with a comprehensive product range covering multiple application scenarios. It has established a strong foothold in the special integrated circuit market through strategic acquisitions and continuous R&D efforts [14][19]. - The demand for special integrated circuits is expected to grow due to the acceleration of national defense informatization and the increasing needs in aerospace and unmanned systems. The company is well-positioned to benefit from this trend [6][39]. - The financial forecast indicates a recovery in profitability, with projected net profits of 15.8 billion, 21.3 billion, and 29.3 billion yuan for 2025-2027, respectively, alongside a decreasing PE ratio compared to industry averages [5][7]. Summary by Sections 1. Company Overview - The company has evolved through multiple stages, leveraging technology from Tsinghua University and expanding into various sectors, including special integrated circuits and automotive electronics [14][16]. - The stable shareholding structure, backed by the new Unisplendour Group, supports long-term strategic planning and operational stability [16][19]. 2. Market Demand and Growth - The national defense budget has shown consistent growth, with a projected budget of 1,784.67 billion yuan for 2025, which is expected to drive demand for special integrated circuits [41][42]. - The company’s products are crucial for various defense applications, including satellite communication and radar systems, positioning it to capture significant market opportunities [46][51]. 3. Financial Performance and Projections - The company experienced a decline in revenue and net profit in 2023 and 2024 due to market fluctuations, but it is anticipated that profitability will stabilize and recover as demand increases [27][32]. - The projected revenue for the special integrated circuit segment is expected to rebound, contributing significantly to overall financial performance [31][32].