近年来，睿创微纳业绩呈现爆发式增长态势。 当前，在集成电路与传感器技术加速迭代的背景下，中国多维感知技术正展现出强劲的创新活力。作为科创板首批上市公司之一，睿创微纳多年来凭借在 红外、微波、激光等领域的深耕与突破，已构建起从芯片到整机的全产业链布局，展现出强大的市场竞争力与行业引领力。 近年来，睿创微纳业绩呈现爆发式增长态势。2019年公司实现营业收入6.85亿元，而到了2024年，这一数字攀升至43.16亿元，5年间实现了收入6.3倍的增 长，年均复合增速达44.50%。2025年前三季度，睿创微纳实现营业收入40.86亿元，在技术引领、市场开拓和规模增长方面，均取得了显著成果。 科技先锋构建"多维感知"新格局 作为一家专注于非制冷红外成像与MEMS传感技术的高新技术企业，睿创微纳通过资本市场的力量，实现了技术从追赶到领跑的跨越。 "作为科创板首批上市的企业，从上市至今，公司通过IPO、发行可转债等资本运作累计募集资金约27亿元，全部投向主营业务，实现了上市后的快速发 展。"睿创微纳相关负责人向记者回顾道。在资本助力下，睿创微纳持续深耕红外领域，于2021年发布世界第一款8μm1920×1080红外探测器芯 ...

近年来，睿创微纳业绩呈现爆发式增长态势。 当前，在集成电路与传感器技术加速迭代的背景下，中国多维感知技术正展现出强劲的创新活力。作为科创板首批上市公司之一，睿创微纳 多年来凭借在红外、微波、激光等领域的深耕与突破，已构建起从芯片到整机的全产业链布局，展现出强大的市场竞争力与行业引领力。 近年来，睿创微纳业绩呈现爆发式增长态势。2019年公司实现营业收入6.85亿元，而到了2024年，这一数字攀升至43.16亿元，5年间实现 了收入6.3倍的增长，年均复合增速达44.50%。2025年前三季度，睿创微纳实现营业收入40.86亿元，在技术引领、市场开拓和规模增长方 面，均取得了显著成果。 科技先锋构建"多维感知"新格局 | | | | 14 | | --- | --- | --- | --- | | 11 | x | 2 | 1 | 光电及磁性材料生态圈渐显 在自身壮大的同时，睿创微纳积极发挥龙头效应，成为区域经济发展的强力引擎。 "睿创微纳的成长与烟台地方的发展同频共振。"睿创微纳相关负责人介绍，公司作为"烟台市光电及磁性材料产业链"的龙头企业，构建了从 材料、芯片设计到封装测试、终端应用的完整生态，引领产业集 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has shown strong performance in its infrared business, with significant growth in revenue and net profit for the first three quarters of 2025, achieving a revenue of 40.86 billion yuan (up 29.7% year-on-year) and a net profit of 7.07 billion yuan (up 46.2% year-on-year) [1][2]. - The company is focusing on multi-dimensional sensing technologies, primarily in infrared, microwave, and laser sectors, while also investing heavily in research and development [2][3]. - The company has established a complete industrial chain in the infrared sector, from chip design to final product manufacturing, and is expanding its applications in various fields [3]. Financial Summary - For the first three quarters of 2025, the company reported a gross margin of 51.97%, an increase of 0.84 percentage points year-on-year, and a net profit margin of 15.15%, up 2.90 percentage points year-on-year [2]. - The company’s revenue for 2025 is projected to reach 54.26 billion yuan, with a year-on-year growth rate of 25.7% [9]. - The estimated net profit for 2025 is 8.86 billion yuan, reflecting a year-on-year growth rate of 55.8% [9].

Group 1 - The 2025 High-Quality Development Forum for Listed Companies and the 27th Golden Bull Award Ceremony took place in Nantong, Jiangsu, with the theme "Moving Forward with New Initiatives for a Sustainable Future" [1] - RuiChuang Micro-Nano's Secretary, Huang Yan, won the "2024 Golden Bull Secretary Award" [1] - RuiChuang Micro-Nano specializes in the research and development of dedicated integrated circuits, sensing chips, and AI intelligent complete products and solutions, recognized as a national high-tech enterprise [1] Group 2 - The company has made significant breakthroughs in non-refrigerated infrared detector chip technology, establishing its leading position in the global infrared thermal imaging industry [1] - The company has strategically upgraded from a "single infrared" focus to a "multi-dimensional perception" approach, developing a new industry pattern with three main tracks: infrared, laser, and microwave [1] - This strategic expansion provides solid technical support for the intelligent upgrade of high-end equipment [1]

Core Viewpoint - The company reported a revenue of 4.32 billion yuan for 2024, representing a year-over-year (YOY) increase of 21.3%, with a net profit attributable to shareholders of 570 million yuan, up 14.8% YOY, and a non-recurring net profit of 510 million yuan, up 16.9% YOY, meeting market expectations [1] Financial Performance - For 4Q24, the company achieved a revenue of 1.17 billion yuan, a YOY increase of 30.1%, marking a historical high for a single quarter; however, the net profit attributable to shareholders was 90 million yuan, down 21.4% YOY due to a 61.4% increase in asset impairment losses [1] - The gross margin for 2024 improved by 0.2 percentage points to 50.3%, while the net margin decreased by 1.6 percentage points to 10.2%, indicating overall stable profitability [1] Product Performance - The infrared thermal imaging business generated a revenue of 3.91 billion yuan, up 30.0% YOY, driven by strong demand in domestic low-altitude economy, industrial temperature measurement, and visual perception sectors; the gross margin increased by 1.16 percentage points to 53.7% [2] - The microwave radio frequency business reported a revenue of 290 million yuan, down 29.1% YOY, primarily due to declining demand from existing customers and price reductions on older products; the gross margin fell by 10.85 percentage points to 17.9% [2] Regional Performance - Domestic revenue reached 3.23 billion yuan, a YOY increase of 56.7%, with the infrared thermal imaging business showing strong demand, accounting for 75% of total revenue and a gross margin increase of 4.33 percentage points to 50.7% [2] - International revenue was 1.03 billion yuan, down 27.3% YOY, representing 24% of total revenue, with a gross margin decrease of 2.34 percentage points to 51.2%, affected by business adjustments and intensified market competition [2] Expense Management - The company's expense ratio decreased by 2.3 percentage points to 35.0% in 2024, with selling expenses down 1.0 percentage point to 5.0%, and management expenses down 2.1 percentage points to 8.9%; R&D expenses increased by 0.7 percentage points to 19.9% [3] - As of the end of 2024, accounts receivable and notes totaled 1.5 billion yuan, up 10.2% from the beginning of the year, with a bad debt loss of 110 million yuan recognized due to sanctions [3] - Inventory stood at 1.74 billion yuan, up 12.1% from the beginning of the year, with a significant portion in raw materials and self-made semi-finished products, leading to a provision for inventory impairment of 170 million yuan [3] Investment Outlook - The company has established a new pattern focusing on infrared business while gradually breaking through in microwave and laser multi-dimensional sensing fields, empowering various sectors including industrial manufacturing, emergency safety, smart vehicles, outdoor consumption, low-altitude economy, and satellite communication [4] - Projected net profits attributable to shareholders for 2025, 2026, and 2027 are estimated at 733 million yuan, 897 million yuan, and 1.092 billion yuan respectively, with current stock prices corresponding to price-to-earnings ratios of 34x, 28x, and 23x for those years [4]