点击招商研究小程序查看PDF报告原文 乐鑫科技发布25Q1季报，收入5.58亿元，同比+44%/环比+2%；归母净利润0.94亿元，同比 +73.8%/环比+6.2%。公司各产品线增长强劲，生态系统基础坚实，将持续受益于AI玩具等端侧创 新需求。 团队荣誉： 11/12/14/15/16/17/19/20/21/22年《新财富》电子行业最佳分析师第2/5/2/2/4/3/3/4/3/5名， 11/12/14/15/16/17/18/19/20年《水晶球》电子2/4/1/2/3/3/2/3/3名，10/14/15/16/17/18/19/20年《金牛 奖》TMT/电子第1/2/3/3/3/3/2/2/1名，2018/2019 年最具价值金牛分析师。 投资评级定义 股票评级 25Q1收入同比加速增长，盈利能力同环比提升。 25Q1公司收入5.58亿元，同比+44%/环比+2%，其 中智能家居领域同比增长约30%，非智能家居领域增长更快；毛利率43.4%，同比+1.4pcts/环 比-3.5pcts，公司产品价格相对稳定，规模效应持续显现，同时非智能家居领域的增长支撑住了较好 的毛利率水平；归母净利润0.94亿元， ...

Group 1: Acquisition of Deeplite by STMicroelectronics - STMicroelectronics (ST) has acquired Canadian AI startup Deeplite, which specializes in edge AI technology, particularly in model optimization, quantization, and compression [1][2] - Deeplite's technology enables AI models to run faster, smaller, and more energy-efficiently on edge devices, addressing significant challenges in deploying deep learning models commercially [2][4] - The acquisition is expected to enhance ST's STM32N6 high-performance microcontroller adoption, leveraging Deeplite's automated software engine for optimizing deep neural networks [2][5] Group 2: Edge Impulse Acquisition by Qualcomm - Qualcomm announced its acquisition of Edge Impulse, an edge AI development platform, to expand its AI capabilities for IoT products [6][7] - The acquisition is anticipated to accelerate support for Qualcomm's Dragonwing processors while maintaining Edge Impulse's brand and platform accessibility for various hardware partners [6][7] - Edge Impulse's platform is widely adopted for adding AI functionalities to embedded systems, with significant applications in health wearables and industrial organizations [7][8] Group 3: NXP's Acquisition of Kinara - NXP has reached an agreement to acquire Kinara, a leader in high-performance and energy-efficient discrete neural processing units (NPU), for $307 million [10][11] - Kinara's NPUs are designed for a wide range of edge AI applications, supporting multimodal generative AI models and ensuring adaptability for future AI algorithm developments [11][12] - The acquisition is expected to be completed by mid-2025, pending regulatory approvals [10] Group 4: Trends in Edge AI - The trend towards edge AI is growing, with predictions indicating that by 2025, 75% of data will be processed at the edge, highlighting the market potential for edge AI microcontrollers [14][15] - Major MCU manufacturers are actively acquiring startups in the edge AI space, indicating a rapid increase in demand for edge AI computing [14][15] - The competitive landscape among MCU manufacturers is expected to intensify as they adapt to the growing need for embedded AI/ML solutions [15]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [5][7]. Core Insights - The company reported a revenue of 5.221 billion RMB for Q1 2025, representing a year-on-year increase of 32.1%, and a net profit of 212 million RMB, up 286.9% year-on-year, slightly exceeding expectations [7]. - The company is focusing on emerging fields such as industrial intelligence, smart agriculture, AI models, and edge computing, which are expected to drive future growth [10]. - The IoT industry is recovering, with expectations for significant growth in 2025 as global demand gradually returns [10]. - The company is well-positioned in the AIoT sector, leveraging its experience in edge computing and exploring various AI technologies [10]. - Profit forecasts for 2025-2027 indicate net profits of 900 million, 1.32 billion, and 1.89 billion RMB, with corresponding year-on-year growth rates of 53%, 47%, and 43% [10]. Company Overview - The company operates in the communication industry, with a current A-share price of 68.98 RMB and a market capitalization of 18.049 billion RMB [2]. - The stock has seen a 12-month high of 95.6 RMB and a low of 38.06 RMB, with a significant year-on-year price increase of 82.2% [2]. - Major shareholders include Qian Penghe, holding 17.19% of shares [2]. Financial Performance - The company achieved a gross margin of 17.81% in Q1 2025, an increase of 0.88 percentage points year-on-year, and a net profit margin of 4.04%, up 2.71 percentage points year-on-year [10]. - The earnings per share (EPS) for 2025 is projected to be 3.44 RMB, with a price-to-earnings (P/E) ratio of 20 [8][10].

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals [6]. Core Insights - The automotive and industrial sectors are expected to see a significant recovery, with Q1 2025 being identified as a low point for revenue [3][19]. - The report highlights a notable increase in automotive orders, driven by the Asia region, which is contributing to an overall improvement in industrial inventory levels [3][19]. - The company is focusing on optimizing its manufacturing layout and has set a target for cost savings of several hundred million dollars by the end of 2027 [26][29]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of $2.52 billion, a year-over-year decline of 27.3% and a quarter-over-quarter decline of 24.2%, but it exceeded the midpoint of guidance [1][15]. - Gross margin was reported at 33.4%, down 8.3 percentage points year-over-year and 4.3 percentage points quarter-over-quarter, primarily due to product mix effects [1][15]. - The inventory level reached $3.01 billion, with inventory turnover days increasing to 167 days, up 45 days from the previous quarter [1][15]. Business Segment Performance - Revenue from the automotive sector was $980 million, down 39% year-over-year and 34% quarter-over-quarter, but the order-to-shipment ratio was greater than 1, indicating significant order growth [2][16]. - The industrial segment saw revenue of $530 million, down 32% year-over-year and 18% quarter-over-quarter, with an improvement in order levels compared to Q4 2024 [2][22]. - The personal electronics segment reported revenue of $600 million, down 11% year-over-year and 17% quarter-over-quarter [2][16]. Market Outlook - The guidance for Q2 2025 anticipates revenue of $2.71 billion, representing a year-over-year decline of 16.2% but a quarter-over-quarter increase of 7.7% [4][28]. - The report emphasizes that the automotive and industrial sectors are expected to improve, with a focus on electric vehicle strategies and advancements in power management solutions [19][20]. - The company plans to maintain capital expenditures between $2 billion and $2.3 billion in 2025, primarily for optimizing manufacturing layouts [4][28]. Strategic Initiatives - The company is investing in advanced manufacturing technologies, including 300mm silicon wafers and 200mm silicon carbide production lines, to enhance production efficiency [26][29]. - A partnership with Innoscience for GaN technology development is expected to accelerate advancements in power technology [22][26]. - The report highlights ongoing efforts in sustainability, with a commitment to achieving carbon neutrality by 2027 [27].

Core Viewpoint - Guokewi (300672) reported a revenue of 1.978 billion yuan and a net profit of 97.15 million yuan for 2024, with a proposed dividend of 30 million yuan, while the Q1 2025 report showed a revenue of 305 million yuan and a net profit of 51.51 million yuan, marking a 25% year-on-year increase [1][2]. Group 1: Financial Performance - In 2024, Guokewi's overall gross margin improved to 26.29%, an increase of 13.85 percentage points, despite a 53.26% decline in revenue [2]. - The company achieved a gross profit of 520 million yuan in 2024, remaining stable year-on-year [2]. - For Q1 2025, the overall gross margin further increased to 34.48%, up 12 percentage points year-on-year, indicating a strong start for the year [3]. Group 2: Business Segments - The main business segments include smart vision and ultra-high-definition smart display, with smart vision products generating 946 million yuan in revenue, accounting for 47.84% of total revenue in 2024 [4]. - The ultra-high-definition smart display series generated 774 million yuan in revenue, representing 39.15% of total revenue [5]. - Guokewi is actively developing products to meet the complex governance needs of broadcasting and television operations, with plans to support GPMI in set-top boxes by 2025 [5]. Group 3: R&D and Innovation - In 2024, Guokewi invested 675 million yuan in R&D, a 10.26% increase, achieving record-high investment levels [2]. - The company is focusing on high-margin, high-threshold business areas, optimizing resource allocation to enhance profitability [3]. - Guokewi is advancing its "Edge AI" strategy, aiming to integrate advanced AI technology with large-scale integrated circuit design across various sectors [10]. Group 4: New Business Development - Guokewi is expanding into new business areas such as automotive electronics and wireless LAN, launching various products to meet market demands [8]. - The company has developed AI chips for automotive applications, covering a range of camera resolutions and AI computing power [8]. - In the wireless LAN sector, Guokewi has introduced Wi-Fi 6 chips capable of supporting high-speed communication, marking a step towards becoming a high-end wireless LAN chip supplier [9].

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 来自 technews ，谢谢。 美国芯片大厂英特尔（Intel）正逢多事之秋，新CEO陈立武3月上任后大刀阔斧改革，根据供应链 消息，英特尔将于5 月中旬于台北国际电脑展（COMPUTEX）开展前举办在台40周年晚宴，陈立 武也将亲自来台与供应链伙伴会面，固桩意味浓厚。 据了解，陈立武不会在5月20日至23日举行的COMPUTEX发表主题演讲，但英特尔在台40周年晚 宴预计邀请数十家供应链伙伴参加，陈立武有望在晚宴现场分享对产业前景的看法。 依照往例，英特尔历任执行长如果在COMPUTEX期间或展会前访台，都会安排拜访部分供应链公 司。此次陈立武的行程尚未完全底定，目前无法确认他抵台日期、停留时间以及预计造访哪几家公 司。 点这里加关注，锁定更多原创内容 陈立武曾于2009年至2021年担任Cadence Design CEO，在半导体产业有深厚资历，对中国台湾供 应链也有一定程度的了解。 尽 管 陈 立 武 在 COMPUTEX 并 未 安 排 公 开 行 程 ， 今 年 展 会 依 然 是 科 技 大 咖 云 集 ， 包 括 英 伟 达 （NVIDI ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 来自 technews ，谢谢。 陈立武在3月27日发布的英特尔年度报告中提到，英特尔2024年的表现确实未达到股东们的期望， 他将持续推动转型，并承诺打造更强大的产品业务和晶圆代工业务。 陈立武也在年度报告中表示，将强化英特尔在云端AI数据中心市场的地位；有鉴于客户对更低成 本 、 更 高 效 能 运 算 的 显 著 需 求 ， 英 特 尔 必 须 开 发 具 竞 争 力 的 机 架 级 系 统 解 决 方 案 （ rack-scale system solutions），「这将会是我和团队的关键优先事项。」 参考链接 https://technews.tw/2025/04/22/lip-bu-tan-may-computex-taiwan/ 点这里加关注，锁定更多原创内容 美国芯片大厂英特尔（Intel）正逢多事之秋，新CEO陈立武3月上任后大刀阔斧改革，根据供应链 消息，英特尔将于5 月中旬于台北国际电脑展（COMPUTEX）开展前举办在台40周年晚宴，陈立 武也将亲自来台与供应链伙伴会面，固桩意味浓厚。 据了解，陈立武不会在5月20日至23日举行的 ...

人工智能（AI）技术的快速发展掀起了新一轮工业革命浪潮，通用大模型的出现让AI技术从专用化迈 向了通用化。而工业场景中，边缘AI（Edge AI）备受关注，并发挥着越来越重要的作用。 顾名思义，边缘AI计算就是指在边缘计算环境中实现人工智能的一种方法。相比于传统的云端AI，边 缘AI具有将计算和推断能力推向离数据源更接近的位置的优势，可以提供了更快速、更安全、更隐私 保护的数据处理和决策能力，使得人工智能能够更好地应用于各种边缘设备和应用场景中，亦更适合边 缘工业场景应用。 据Gartner预计，2025年将有75%的数据产生于数据中心和云之外，边缘计算不需要将数据传输回数据中 心，在应对超低延时和海量数据的挑战时具有明显优势，因此其重要性日益凸显。 作为仪器仪表领域的领军企业，华盛昌紧跟趋势，推出应用边缘AI计算技术的测量仪器仪表智能体 ——AI智能电弧故障检测解决方案，并于4月15日与德州仪器（TI）共同举办了该新品的联合发布会。 据了解，该产品通过应用边缘AI计算技术，在精准风险分层控制、全场景覆盖能力、系统可靠性及法 规兼容性等多方面均实现跃升，解决了传统逆变器无法应对的屋顶电站安全隐患，实现光伏与储 ...

Market Overview - The main board saw significant gains with notable stocks such as Guanghe Technology (+10.01%), Huati Technology (+10.00%), and Xuguang Electronics (+10.00%) leading the charge [1] - The ChiNext board also performed well, with stocks like Fulede (+9.74%) and Jiebang Technology (+5.91%) showing strong increases [1] - The Sci-Tech Innovation board was led by Guoguang Electric (+18.90%) and Kesi Technology (+9.61%) [1] - Active sub-industries included SW Semiconductor Equipment (+2.44%) and SW Military Electronics III (+1.86%) [1] Domestic News - BYD reported strong growth in the new energy vehicle sector, with March 2025 production reaching 395,091 units, a year-on-year increase of 33.36%, and sales of 377,420 units, up 24.78% [1] - The China Economic Media Association held a meeting to discuss challenges facing private enterprises in the current economic climate [1] - The China Academy of Information and Communications Technology reported that the domestic smartphone market continued to grow, with total shipments reaching 19.662 million units in February 2025, a year-on-year increase of 37.9% [1] - The global semiconductor industry is expected to increase investment in wafer fabrication equipment, with spending projected to reach $110 billion in 2025, marking six consecutive years of growth [1] Company Announcements - Luxshare Precision reported a decrease in convertible bonds due to conversion, with a remaining balance of approximately 2.999 billion yuan as of March 31, 2025 [3] - Sanlipu's 2024 annual report showed total revenue of 2.590 billion yuan, a year-on-year increase of 25.25%, and a net profit of 68 million yuan, up 59.07% [3] - Tonglian Precision announced a share buyback of 909,527 shares, representing 0.5676% of total equity, with a total expenditure of approximately 18.894 million yuan [3] - Aohai Technology reported a total buyback of 1,793,300 shares, accounting for 0.65% of total equity as of March 31, 2025 [3] International News - Japan's Ministry of Economy, Trade and Industry announced additional funding of 80.25 billion yen to semiconductor manufacturer Rapidus, a key initiative for revitalizing the domestic semiconductor industry [4] - Intel's CEO announced plans to launch the Panther Lake processor based on 18A technology, focusing on building a product ecosystem for independent software developers and AI applications [4] - Rapidus plans to start trial production of 2nm chips in April 2025, with a goal for mass production by 2027 [4] - Reports regarding Google closing the Android Open Source Project (AOSP) were clarified, indicating adjustments in open-source strategies rather than a complete shutdown [4]

Core Insights - The Edge AI Foundation has rebranded from the TinyML Foundation and released the "2025 Edge AI Technology Report," highlighting the maturity and real-world applications of TinyML [1][3]. Group 1: Edge AI Technology Drivers - The report discusses advancements in hardware and software that support Edge AI deployment, focusing on innovations in dedicated processors and ultra-low power devices [3]. - Edge AI is transforming operational models across various industries by enabling real-time analysis and decision-making capabilities [3]. Group 2: Industry Applications of Edge AI - In the automotive sector, Edge AI enhances safety and response times, with examples like Waymo and NIO utilizing real-time data processing for improved performance [7][8]. - Manufacturing benefits from Edge AI through predictive maintenance, quality control, and process optimization, with reported reductions in maintenance costs by 30% and downtime by 45% [9][12]. - In healthcare, localized AI accelerates diagnostics and improves patient outcomes by analyzing medical data directly on devices [14]. - Retail operations are optimized through real-time behavior analysis and AI-driven systems, reducing checkout times by 30% [16]. - Logistics is enhanced by integrating Edge AI with IoT sensors, allowing for immediate analysis of data and optimization of supply chain operations [18]. - Smart agriculture utilizes Edge AI for precision farming, reducing water usage by 25% and pesticide use by 30% [21]. Group 3: Edge AI Ecosystem and Collaboration - The Edge AI ecosystem relies on collaboration among hardware vendors, software developers, cloud providers, and industry stakeholders to avoid fragmentation [24]. - A three-layer architecture is recognized for Edge AI, distributing workloads across edge devices, edge servers, and cloud platforms [24][25]. - Cross-industry partnerships are increasing, with companies like Intel and Qualcomm collaborating to enhance Edge AI deployment [26][27]. Group 4: Emerging Trends in Edge AI - Five emerging trends are reshaping Edge AI, including federated learning, quantum neural networks, and neuromorphic computing [30]. - Federated learning is expected to enhance model adaptability and collaboration across industries, with a projected market value of nearly $300 million by 2030 [31]. - Quantum computing is set to redefine Edge AI capabilities, enabling faster decision-making and real-time processing [34][36]. - AI-driven AR/VR applications are evolving with Edge AI, allowing for real-time responses and improved energy efficiency [39]. - Neuromorphic computing is gaining traction for its energy efficiency and ability to handle complex tasks without cloud connectivity [41].