泰晶科技 20250506 摘要 • 泰晶科技 2024 年营收 8.21 亿元，同比增长 3.55%，但归母净利润同比 下降，主要受降价促销、研发投入增加（同比增长 33%，增加约 1,000 万元）、新增产能未完全释放及员工持股计划股份支付费用等因素影响。 • 公司在芯片开发水平上全球领先，与高通同步开发 6G 通讯和 AI 应用相关 核心工艺技术，高附加值产品将带来更多利润贡献，引领行业发展。布局 独立车规专线，更好顺应大客户审核要求，并推动国际国内知名主机厂项 目定点，将释放更多车规级产品收入贡献，从而修复毛利率。 • 中美关系及国产可控需求使海外客户更加重视国内供应链，特别是服务器 领域，中美贸易带动国内供应链需求显著增长。AI 端侧变化催生硬件需求 增加，使泰晶科技量价齐升。物联网配套需求订单趋势明显拉伸，并关注 AI 眼镜、智能音箱、智能手环、人形机器人等新兴领域带来的市场机遇。 • 公司在车用半导体器件领域持续布局，已开发 2000 多块料号，覆盖车身 域、智驾域、座舱域、动力域和底盘域，尤其在智驾、座舱和动力领域加 大市场导入。通过高通 5G 智能座舱认证，并推动主流芯片平台及国内一 些芯片 ...

Group 1 - A-shares showed a majority increase in the early trading session on April 30, with the A500 Index ETF (159351) rising by 0.21% and a total transaction volume of 728 million yuan, indicating active trading [1] - The A500 Index ETF closely tracks the new benchmark index, the CSI A500 Index, which selects 500 stocks with strong market capitalization representation across various industries, balancing large-cap stocks while covering core leading assets in A-shares [1] - The A500 Index ETF has a greater weight in sectors such as electronics, electrical equipment, pharmaceuticals, and computers, showcasing a strong growth attribute and achieving a dual drive of "core assets" and "new productive forces" [1] Group 2 - Yingda Securities anticipates that A-shares will likely achieve a converging volatility and upward market trend by 2025, highlighting three areas for investment opportunities: high dividend low valuation blue-chip stocks, white horse stocks in the consumer sector, and hard-tech companies with core competitiveness [2] - Tianfeng Securities emphasizes three investment directions in response to increased volatility: breakthroughs in AI technology, valuation recovery in consumer stocks, and the continued rise of undervalued dividends, linking the progress of the AI industry to the performance of consumer sectors [2]