格隆汇12月22日｜国泰海通证券研报指出，紫光国微是国内智能安全芯片与特种集成电路龙头，产品覆 盖智能卡、FPGA等关键应用，技术壁垒高、产业链位置稳固。受益于下游特种领域、汽车电子及物联 网等市场高景气度，叠加持续推进产品平台化和研发创新，业绩有望保持稳健增长。根据可比公司 PE/PB估值，结合公司在智能安全芯片、特种集成电路等核心业务的行业地位与技术优势，按2025 年 50.26倍PE测算，对应目标价96元，首次覆盖给予"增持"评级。 ...

Core Viewpoint - The company has maintained a stable operational performance in the first half of 2025, focusing on its core business areas of special integrated circuits, intelligent security chips, and quartz crystal frequency devices, while enhancing technological innovation and market value management [1][3]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.047 billion yuan, a year-on-year increase of 6.07% [3]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 653 million yuan, up 4.39% year-on-year [3]. - Total assets reached 17.696 billion yuan, growing 2.17% from the end of the previous year, while net assets attributable to shareholders increased by 3.90% to 12.878 billion yuan [3]. Group 2: Research and Development - The company has maintained a strong R&D investment, obtaining 26 invention patents and 6 utility model patents [4]. - The company is positioned as an industry leader in the special integrated circuit sector, with ongoing product iterations and technological advancements [4]. Group 3: Business Highlights - The special integrated circuit business has seen significant growth, with Q1 revenue of 410 million yuan and Q2 revenue of 1.059 billion yuan, reflecting a 158% increase quarter-on-quarter [6][14]. - The intelligent security chip business has made breakthroughs in product technology and market expansion, maintaining a leading position in the global SIM card chip market [7][20]. - The quartz crystal frequency device business is experiencing steady growth, driven by demand in consumer electronics and emerging markets such as aerospace and artificial intelligence [8]. Group 4: Market and Investor Relations - The company has actively implemented a "quality return dual enhancement" action plan to improve its quality and investment value, enhancing investor returns [9][10]. - In 2025, the company distributed a total cash dividend of 177 million yuan to investors [12]. - The company repurchased 3,089,916 shares for a total amount of 199 million yuan to stabilize and enhance company value [13].