Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3][4]. Core Insights - The company is a leading domestic player in the special chip market, focusing on both analog and digital products, with rapid progress in new product development [3][14]. - The recovery in downstream demand for special and civilian products is expected to continue, with significant opportunities for domestic substitution in the FPGA and ADC/DAC markets [1][2]. Summary by Sections Company Overview - Chengdu Huami is a leading enterprise in high-end integrated circuit design in China, focusing on the research and industrialization of analog and digital chips, covering core categories such as ADC/DAC, intelligent SoC, and FPGA [10]. - The company is actively pushing for high-performance products in the analog chip sector, particularly in high-speed and high-precision data converters and power management [10]. Financial Forecast - Revenue projections for 2025-2027 are estimated at 1,002 million, 1,170 million, and 1,420 million yuan, respectively, with net profit estimates of 360 million, 421 million, and 530 million yuan [3][11]. - The expected EPS for the same period is 0.57, 0.66, and 0.83 yuan [3][11]. Market Position and Growth Potential - The domestic FPGA chip market is projected to reach approximately 29.7 billion yuan in 2023, with significant room for increasing domestic market share [1]. - The ADC chip market in China is expected to exceed 15 billion yuan in 2023, indicating a broad replacement space in the high-end market currently dominated by foreign players [1][2]. Product Development - The company has introduced a series of high-speed and high-precision ADC products, achieving mass production and actively developing AI chips for edge computing with significant processing capabilities [2][10]. - The product lineup includes various types of chips such as logic chips, storage chips, microcontrollers, and power management chips, indicating a comprehensive approach to market needs [2][10]. Valuation Metrics - The projected PE ratios for 2025-2027 are 83.17, 71.10, and 56.51, respectively, based on the closing price of 47.04 yuan per share on August 22, 2025 [3][14]. - The company is positioned favorably compared to peers, with a higher PE ratio reflecting its growth potential in the special chip market [14].
成都华微（688709）：国产特种芯片领先企业，模拟数字双轮驱动