主要观点： 事件 2025年4月24日，北京君正公告2025年一季度报告，公司1Q25实现营业收入10.6亿元，同比增长5.3%，环 比增长4.8%，归母净利润0.74亿元，同比下降15.3%，环比增长19.6%，扣非归母净利润0.66亿元，同比下 降18.8%，环比扭亏。 行业市场逐步回暖，静待产品周期花开 华安证券（600909）股份有限公司刘志来,陈耀波近期对北京君正（300223）进行研究并发布了研究报告 《行业市场逐步回暖，静待产品周期花开》，给予北京君正买入评级。 北京君正 投资建议 我们预计2025-2027年归母净利润为4.6、7.0、10.5亿元，对应EPS为0.96、1.45、2.17元/股，对应2025年4 月28日收盘价PE为67.8、45.0、30.1倍。我们认为北京君正的主要下游市场可能开始迎来复苏，2025年整 体形势较2024年会更好，从而带动业绩端的逐步修复，另外随着新制程DRAM的开发送样，有望开启公司 新一轮的成长周期，将公司由"增持"评级调整至"买入"评级。 风险提示 市场复苏不及预期；产品价格不及预期；费用端控制不及预期；地缘政治影响超预期。 最新盈利预测明细如下： ...

Investment Rating - The report upgrades the investment rating of the company from "Accumulate" to "Buy" based on expected market recovery and new product cycles [10]. Core Views - The industry market is gradually recovering, and the company is expected to benefit from this trend as its main downstream markets show signs of improvement [5][10]. - In Q1 2025, the company achieved revenue of 1.06 billion yuan, a year-on-year increase of 5.3% and a quarter-on-quarter increase of 4.8%. However, the net profit attributable to the parent company was 74 million yuan, a year-on-year decrease of 15.3% but a quarter-on-quarter increase of 19.6% [5][10]. Financial Performance - The company's Q1 2025 gross margin was 36.4%, a year-on-year decrease of 1.0 percentage points but a quarter-on-quarter increase of 1.9 percentage points [5]. - Revenue from the computing chip segment in Q1 2025 was 270 million yuan, showing a year-on-year increase of 12.4% but a quarter-on-quarter decrease of 2.7% [6]. - Revenue from the storage chip segment was 660 million yuan, with a year-on-year increase of 3.4% and a quarter-on-quarter increase of 9.9% [7]. - The report anticipates a recovery in the storage chip business as the automotive, industrial, and medical sectors begin to rebound in 2025 [7]. Product Development - The company is focusing on enhancing its computing power with the upcoming T42 chip, expected to exceed 2T, and plans to provide engineering samples of new DRAM products based on advanced processes in 2025 [6][7]. - The company is also actively pursuing opportunities in the AI storage market with its 3D AI DRAM products, leveraging its design experience and industry resources [8]. Future Outlook - The report projects net profits attributable to the parent company for 2025, 2026, and 2027 to be 460 million, 700 million, and 1.046 billion yuan, respectively, with corresponding EPS of 0.96, 1.45, and 2.17 yuan per share [10][12]. - The overall market situation in 2025 is expected to improve compared to 2024, leading to gradual performance recovery for the company [10].

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自mk，谢谢。 SK海力士将其高带宽存储器（HBM）开发组织分为客户定制型（C-HBM）和标准型（S-HBM） 两个方向。通过针对不同产品线的技术需求实施差异化战略，公司旨在同时巩固对以英伟达为代表 的关键客户的技术领导力，并扩大在快速增长的通用HBM市场中的份额。 据业内人士11日消息，SK海力士近日已将HBM产品开发组织进行重组，设立专门负责客户定制型 （ C-HBM ， Custom HBM ） 高 规 格 产 品 的 团 队 ， 以 及 负 责 通 用 、 大 规 模 供 应 型 （ S-HBM ， Standard HBM）产品的团队。 此前，HBM产品的开发由一个统一团队负责从策划到验证的全过程。但随着产品技术复杂度提 高，公司判断原有一体化体系已达上限，因此决定将开发体系进行分离。 这两个团队均隶属于由李圭济（音译）副社长领导的"封装产品开发本部"，并由李康旭（音译）副 社长领导的"封装开发部门"统一管理，是公司负责客户响应与产品设计的核心执行组织。 SK海力士未来将加快"双轨战略"步伐，一方面通过定制型产品提升技术领导力与盈利能力，另一 方 ...