| 公司全称 | 北京易瑞微电子技术股份有限公司 | 受理日期 | 2025-03-28 | | --- | --- | --- | --- | | 公司简称 | 起步能 | 融资金额(亿元) | 20.67 | | 审核状态 | 已问询 | 更新日期 | 2025-10-09 | | 保存机构 | 中信建投证券股份有限公司 | 保存代表人 | 张倪 汪家量 | | 会计师事务所 | 中审众环会计师事务所（特殊普通合伙） | 签字会计师 | 徐超玉 杨聂 | | 律师事务所 | 广东信达律师事务所 | 签字律师 | 魏天盖,易明辉,杨阳 何凌一 | | 评估机构 | 北京华亚正信资产评估有限公司 | 签字评估师 | , 张剑 吴菲 | 据上交所消息，北京昂瑞微电子技术股份有限公司（简称：昂瑞微），科创板IPO申请将于10月15日上会审核，保荐机构为中信建投证券，保荐人代表 为：张悦、汪家富。 昂瑞微是一家国家级专精特新重点"小巨人"企业，深耕射频前端芯片、射频SoC芯片及模拟芯片领域。截至2025年6月，其累计未弥补亏损12.79亿元， 2022年至今扣非净利持续为负。且公司客户、供应商集中度较高，核心原料依 ...

Group 1 - The domestic software sector is experiencing significant activity, with industrial software and Xinchuang direction leading the gains, as stocks like Rongji Software, China Software, and Yingjianke hit the daily limit, while others like Chengmai Technology and Kingsoft Office also saw substantial increases [1] - The Ministry of Industry and Information Technology and six other departments recently issued a plan to promote service-oriented manufacturing innovation from 2025 to 2028, highlighting key productive service industries including technology services, industrial design, software and information services, and more [1] - The potential for domestic software to replace foreign products is vast across various fields, with industrial software being crucial for enhancing China's manufacturing autonomy and global competitiveness [1] Group 2 - Domestic software concept stocks have seen an average price increase of 31.15% this year, with Huasheng Tiancai and Dongtu Technology leading with gains of 170.85% and 135.19% respectively [2] - Zhongke Chuangda, a global leader in intelligent platform technology, has a research and development team spread across 16 countries, enabling quick responses to market trends and customer needs [2] - Runhe Software focuses on innovation in domestic and intelligent sectors, with significant efforts in open-source Hongmeng and Euler, impacting industries like finance, energy, healthcare, and education [2] Group 3 - As of October 10, over 70% of concept stocks have seen an increase in financing, with companies like Kingsoft Office and Zhongke Chuangda receiving net financing inflows exceeding 100 million yuan [3] - Kingsoft Office has the highest net financing inflow, accumulating 643 million yuan since October, with its WPS Office suite being a key product [3]

Market Overview - On October 13, the market experienced fluctuations, with the three major indices opening lower but recovering throughout the day. The STAR Market 50 Index opened nearly 3% down but surged over 1% in the afternoon [1] - By the close, the Shanghai Composite Index fell by 0.19%, the Shenzhen Component Index dropped by 0.93%, and the ChiNext Index decreased by 1.11%. The total market turnover exceeded 2.37 trillion yuan, a decrease of 159.9 billion yuan compared to the previous trading day [1] Sector Performance - The rare earth permanent magnet sector continued to strengthen, with stocks like Galaxy Magnetic, China Rare Earth, and Northern Rare Earth hitting the daily limit [4] - The semiconductor industry also saw a surge, with over ten stocks including Newray Material and Kaimete Gas reaching the daily limit. The non-ferrous metals sector became active again, with China Ruilin and Western Gold achieving two consecutive limits [4] - Conversely, the automotive parts and gaming sectors experienced the largest declines [4] Rare Earth Sector Insights - The rare earth sector exploded again, with stocks like Jiuling Technology rising nearly 27% and several others hitting the daily limit. On October 9, the Ministry of Commerce and the General Administration of Customs announced multiple regulations on the export of rare earth-related items, technologies, and equipment, expanding the control range to overseas markets [5][6] - According to CITIC Securities, the security of rare earth resources has become a core aspect of national security, and the rare earth industry chain is expected to enter a new era of high-quality development. The supply-demand dynamics are likely to remain favorable, with rare earth prices expected to stabilize and gradually increase [6] - China’s strategic position in rare earths is expected to strengthen, with overseas stockpiling actions likely to increase, further driving up rare earth prices. The long-term control over the entire rare earth industry chain will enhance China's competitive advantage [6] Semiconductor Sector Recovery - The semiconductor sector rebounded after a significant decline, with stocks like Ruvi Optoelectronics and Huahong Semiconductor both hitting the daily limit. Other stocks such as SMIC and Baiwei Storage saw increases of nearly 7% [6] Nuclear Fusion Sector Activity - The nuclear fusion concept stocks remained active, with companies like Hezhong Intelligent and Dongfang Tantalum hitting the daily limit. Over the past five trading days, the nuclear fusion concept has risen by 10.59% [9] - Recent positive developments in the nuclear fusion field include breakthroughs in the construction of the compact fusion energy experimental device BEST and the successful delivery of the world's largest toroidal field magnet coil box [10] - The Shanghai government has introduced measures to accelerate the layout of cutting-edge technologies, including nuclear fusion, emphasizing support for tackling technical challenges and product feasibility verification [10] Upcoming Events - The International Atomic Energy Agency's Fusion Energy Conference (FEC2025) will be held in Chengdu from October 13 to 18 [11]

Core Viewpoint - The A-share market experienced significant fluctuations on October 13, with major indices opening lower but recovering throughout the day. The overall trend showed a net outflow of 39.864 billion yuan in main funds, while six industries saw net inflows, particularly in steel, environmental protection, and agriculture [1][2]. Group 1: Industry Performance - The A-share market saw a net outflow of 39.864 billion yuan in main funds, with six industries experiencing net inflows, including steel with 0.892 billion yuan, and environmental protection, agriculture, and light manufacturing each exceeding 0.2 billion yuan [1]. - The electronic and power equipment industries faced the largest net outflows, each exceeding 6 billion yuan, while the automotive and machinery sectors also saw outflows exceeding 3 billion yuan [1]. Group 2: Individual Stock Performance - Seven stocks received net inflows exceeding 0.3 billion yuan, with Baogang Co. leading at 1.437 billion yuan, followed by China Software with 0.687 billion yuan. Baogang Co. saw a significant increase due to active trading in the rare earth sector [2][3]. - A total of 44 stocks experienced net outflows exceeding 0.2 billion yuan, with BYD, Luxshare Precision, and Dongfang Wealth each seeing outflows exceeding 0.7 billion yuan [4][5]. Group 3: Tail-End Fund Flows - At the end of the trading day, the main funds saw a net inflow of 4.031 billion yuan, with the non-ferrous metal industry attracting over 1 billion yuan in buying [6]. - Individual stocks such as New Yi Sheng, ZTE, and North Rare Earth saw net inflows exceeding 0.1 billion yuan in the tail-end trading [7]. Group 4: Earnings Forecasts - Changchuan Technology announced an earnings forecast for the first three quarters, expecting a net profit of 0.827 to 0.877 billion yuan, representing a year-on-year growth of 131.39% to 145.38%, driven by strong demand in the semiconductor market [8].

Core Viewpoint - The A-share market experienced significant fluctuations on October 13, with major indices opening lower but recovering throughout the day. The overall trend showed a net outflow of main funds, while specific industries saw net inflows, indicating selective investment opportunities in certain sectors. Group 1: Industry Performance - The A-share market saw a net outflow of main funds amounting to 39.864 billion yuan, with six industries experiencing net inflows, including the steel industry with an inflow of 0.892 billion yuan, and the environmental protection, agriculture, forestry, animal husbandry, and light manufacturing industries each exceeding 0.2 billion yuan in inflows [1]. - Among the 25 industries with net outflows, the electronics and power equipment sectors led with outflows exceeding 6 billion yuan each, while the automotive and machinery equipment sectors had outflows exceeding 3 billion yuan each [2]. Group 2: Individual Stock Performance - Seven stocks saw net inflows exceeding 0.3 billion yuan, with Baogang Co. receiving 1.437 billion yuan in inflows, driven by active trading in the rare earth sector and a recent announcement regarding price adjustments for rare earth concentrate [3]. - China Software experienced a net inflow of 0.687 billion yuan, attributed to a surge in domestic software stocks following a policy-related social media trend [3]. - A total of 44 stocks had net outflows exceeding 0.2 billion yuan, with BYD, Luxshare Precision, and others each seeing outflows exceeding 0.7 billion yuan [4]. Group 3: End-of-Day Fund Flows - At the end of the trading day, the main funds saw a net inflow of 4.031 billion yuan, with the non-ferrous metals sector attracting over 1 billion yuan in late buying, and the telecommunications, electronics, and power equipment sectors also seeing significant late inflows [5]. - Individual stocks such as Xinyisheng, ZTE, and others had net inflows exceeding 0.1 billion yuan in the final trading moments [6]. Group 4: Company Earnings and Forecasts - Changchuan Technology reported a projected net profit of 0.827 billion to 0.877 billion yuan for the first three quarters, reflecting a year-on-year growth of 131.39% to 145.38%, driven by strong demand in the semiconductor market [7].

Core Viewpoint - The domestic software concept is gaining traction, with Kingsoft Office's stock rising significantly following the announcement of the Ministry of Commerce adopting WPS format for official documents, highlighting the ongoing trend of domestic software replacement in the market [2][3]. Group 1: Company Performance - Kingsoft Office's stock surged by 8.32% to close at 321.70 yuan per share, with a peak increase of 18% during trading [2]. - The company's WPS 365 subscription business has seen a remarkable year-on-year revenue increase, becoming a key highlight in its financial performance [2]. - In the first half of 2025, Kingsoft Office reported a total revenue of 2.657 billion yuan, a year-on-year increase of 10.12%, while net profit attributable to shareholders was 747 million yuan, up 3.57% [5]. Group 2: Market Dynamics - The global monthly active devices for WPS reached 651 million, marking an 8.56% year-on-year growth, with PC and mobile active users increasing by 12.29% and 5.48%, respectively [3]. - The Chinese collaborative office market is projected to exceed 41 billion yuan by 2025, indicating a growing demand for domestic software solutions [3]. - The shift towards AI integration in office software is transforming the competitive landscape, with companies like Yongzhong Software and Foxit Software enhancing their offerings [3]. Group 3: Strategic Adjustments - Kingsoft Office has restructured its B-end business by splitting its government and enterprise divisions to better cater to user needs [4]. - The revenue from WPS software related to government and enterprise business was 542 million yuan, a decline of 2.08%, while WPS 365 revenue grew by 62.27% to 309 million yuan [4]. - The company is focusing on expanding its reach into the private enterprise market, which has previously been underrepresented in its customer base [5]. Group 4: AI Strategy and Challenges - Kingsoft Office's AI strategy has led to a significant increase in token consumption, reaching a daily level of trillions, which poses a cost challenge for the company [6]. - The introduction of free basic AI features has resulted in a 50% increase in monthly active users of WPS AI compared to the end of 2024, although this strategy has had some negative impact on operations [6][7]. - Future pricing strategies may include a "super membership" model to balance costs and user demand for AI features, although this concept is still in the planning stage [7].

Core Viewpoint - Dongwu Securities report indicates that Guangyang Co., Ltd. has been deeply engaged in the bearing industry for decades and is a leading enterprise in this field. The company has shown signs of recovery since 2022, with a clear upward trend expected in 2024, turning losses into profits [1] Financial Performance - In the first half of 2025, the company's revenue reached 1.26 billion yuan, representing a year-on-year increase of 12.1% [1] - The net profit attributable to the parent company was 53 million yuan, reflecting a year-on-year growth of 21.9% [1] Business Segments - Bearings constitute the company's primary business, benefiting from the continuous growth in China's automotive production and sales, as well as the increasing penetration rate of new energy vehicles [1] - The company has achieved a simultaneous increase in both volume and price in its main bearing business, supported by policies and demand-side initiatives promoting domestic substitution [1] Strategic Initiatives - The company is expanding into automotive electronics, aligning with the smart wearable trend to unlock new growth opportunities [1] - Guangyang Co., Ltd. is positioned as a leading enterprise in the bearing sector, with profitability rebounding and the FPC business nearing profitability [1] - The company's ventures into low-altitude economy and humanoid robotics are expected to open up entirely new growth spaces [1]

Core Insights - 合康新能 has secured a new order for the "Fuqing Nuclear Power Plant series high-pressure variable frequency device construction project" in October 2025, following a previous order for the "Xudabao Nuclear Power Plant seawater desalination high-pressure variable frequency renovation project" in September 2025 [1][2] Group 1: Company Developments - 合康新能's self-developed high-reliability high-pressure variable frequency drive successfully passed the inspection by China National Nuclear Corporation (CNNC) in June 2025, marking it as the first domestically produced variable frequency drive applied in nuclear power commercial reactor circulating water pump [1] - The company has been recognized for its technical strength and product reliability by CNNC, which has led to further orders for upgrading and renovating existing systems [1][2] Group 2: Industry Positioning - 合康新能 is collaborating with the State Nuclear Power Technology Corporation to develop a specialized variable frequency drive for the nuclear power industry, indicating its role as a full lifecycle value partner in the nuclear sector [2] - The company emphasizes the importance of safety and stability in nuclear power operations, which are critical for national energy security and social stability, and aims to meet the stringent reliability and longevity requirements of nuclear equipment [2]

Group 1 - The industrial software sector experienced significant gains on October 13, with notable stocks such as Yingjianke hitting a 20% limit up, Huada Jiutian rising over 16%, and Haocen Software increasing by approximately 8% [1] - U.S. President Trump announced on October 10 that starting November 1, an additional 100% tariff will be imposed on Chinese products, along with export controls on all critical software [1] Group 2 - CITIC Securities indicated that the average tariff level imposed by the U.S. on China is currently around 57%, which could rise to over 150% following the implementation of the additional tariffs and software export restrictions [2] - The specific types of critical software subject to export controls have not yet been clarified by the U.S., but potential categories include database software, operating systems, middleware, office software, security software, and various industrial software [2] - The software mentioned plays a crucial role in enterprise management, daily operations, and manufacturing processes, highlighting the urgent need for domestic alternatives in certain sectors where China faces "bottleneck" challenges [2] - The issuance of state-led ultra-long special bonds began in the second quarter, with funding for domestic innovation and replacement projects gradually being allocated since the third quarter, accelerating the progress of related bidding and project acceptance [2] - Key industries such as finance, telecommunications, and energy are deepening their replacement processes, gradually penetrating core business systems [2] - The Ministry of Industry and Information Technology has set a target to replace 2 million sets of industrial software and 800,000 sets of operating systems by 2027, as outlined in the "Guidelines for Equipment Update and Technological Transformation in Key Industrial Sectors" released in October 2024 [2] - The increasing uncertainty in the international landscape may further accelerate the replacement process [2]

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company has set clear growth targets in its stock option incentive plan, aiming for a net profit increase of at least 10% in 2025 compared to 2024, reflecting management's long-term confidence [5]. - The revenue from special integrated circuits is beginning to recover, with a reported revenue of 3.047 billion yuan in H1 2025, a 6.07% increase year-on-year, and a net profit of 653 million yuan, up 4.39% year-on-year [5]. - The company is well-positioned to benefit from the acceleration of special information technology and the growth in consumer demand, indicating high growth potential in the future [8]. Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 6.701 billion yuan and a net profit of 1.611 billion yuan, with corresponding P/E ratios of 46.08 and 34.63 for 2024 and 2025 respectively [7][8]. - The company's gross margin is expected to stabilize around 52.6% in 2025, with a net profit margin of 24.1% [9]. - The total assets are projected to grow from 17.320 billion yuan in 2024 to 24.364 billion yuan by 2027, indicating a strong asset growth trajectory [9]. Business Development Path - The company has established a dual development path, with both special integrated circuits and security chips contributing significantly to revenue, with respective shares of 48.20% and 45.78% [5]. - The demand for eSIM cards and automotive MCUs is expected to grow, with the company ready to capitalize on these opportunities once market conditions improve [5][6]. - The company has made technological advancements in digital currency and stablecoin hardware, positioning itself to benefit from future commercial applications [6].