目前，公司已形成覆盖高、中、低端的完整产品矩阵：高端的4KAIISP智慧视觉SOC芯片GK7606V1系 列已量产；普惠型AIISP芯片GK7206V1系列正处于市场导入阶段；而入门级GK7203V1系列已批量上 市。产品结构的细化，有助于公司拓展更多应用场景，提升市场份额。 另一方面，超高清智能显示系列芯片实现销售收入2.47亿元，占总营收的33.38%。 半年报显示，国科微物联网系列芯片产品销售收入达1.28亿元，同比大幅增长251.37%，占总营收的 17.28%，毛利率提升至41.07%，同比提升26.93个百分点。 公司在该领域重点布局了多款无线局域网系列芯片，主要包括Wi-Fi41T1R、Wi-Fi62T2R、Wi-Fi61T1R 等型号，产品具有高集成度、高性能、低功耗等特性，广泛应用于TV、IPC、OTT机顶盒、IPTV机顶 盒、行车记录仪、PC等终端设备。 其中，Wi-Fi62T2R芯片凭借先发优势与高性价比，能给客户提供更具竞争力的高速宽带无线通信的解 决方案，目前正导入TV、OTT盒子、商显以及USBdongle等多个应用领域，部分客户已经实现小批量试 产，为后续拓展Wi-Fi产品的应用 ...

点击招商研究小程序查看PDF报告原文 事件： 恩智浦近日发布2025年Q1财报，公司25Q1营收28.35亿美元，同比-9.3%/环比-8.9%，毛利率 56.1%，同比-2.1pcts/环比-1.4pcts。综合财报及交流会议信息，总结要点如下： 评论： 1、25Q1营收略超指引中值，分销渠道库存符合指引预期。 2、汽车和工业物联网收入低于预期，部分料号供应短缺导致短单增加 。 公司表示当前行业周期动态改善，系分销渠道客户积压订单有所改善，直销订单趋于稳定，部分料 号供应短缺导致短单增加。 1）汽车： 25Q1营收为16.7亿美元，占比59%，营收同比-7.2%/环 比-6.5%，低于指引预期，系中国市场比预期更为疲软，日本客户因价格尚未调整导致推迟采购； 2）工业和物联网： 25Q1营收为5.1亿美元，占比18%，营收同比-11.5%/环比-1.6%，低于指 引预期； 3）移动业务： 25Q1营收为3.4亿美元，占比12%，营收同比-3.2%/环比-14.6%，略 高于指引预期； 4）通信基础设施和其他业务： 25Q1营收3.2亿美元，占比11%，营收同 比-21.1%/环比-23.0%，略高于指引预期。 ...

Core Viewpoint - Super Micro Computer (SMCI) has lowered its preliminary guidance for third-quarter revenue and adjusted EPS, leading to a significant decline in stock price and analysts revising their price targets [1][2]. Financial Guidance - The company now expects third-quarter revenue to be between $4.5 billion and $4.6 billion, a decrease from the previous guidance of $5 billion to $6 billion [1]. - Adjusted EPS is now projected to be between $0.29 and $0.30, down from the earlier guidance of $0.46 to $0.62 [2]. Margin Analysis - The adjusted gross margin for the third quarter is expected to be 220 basis points lower than that of the second quarter, primarily due to higher inventory reserves from older-generation products and expedited costs for new products [2]. - Margin issues related to Hopper-based products are anticipated to be short-lived, while the inventory write-down impact is expected to be temporary [4]. Analyst Insights - JP Morgan analyst Samik Chatterjee maintains a Neutral rating and has updated his model based on the new guidance, projecting third-quarter revenue of $4.55 billion and adjusted EPS of $0.30 [3][5]. - Chatterjee does not believe the revenue miss indicates an industry-wide demand slowdown but is more related to specific customer decisions [3]. Investor Sentiment - The outcome for the fiscal third quarter has raised concerns about the company's credibility with investors regarding guidance practices, leading to increased scrutiny on future revenue and margin forecasts [5].