谈到存储器缺货大涨价，是否影响WiFi芯片客户拉货动能。许皓钧认为，DRAM涨幅由芯片客户自行 吸收，联发科不受影响，预期后续将以DDR4规格的DRAM为主要搭配WiFi芯片使用，短期仍未有升级 到DDR5规格的需求出现。 联发科表示，随着AI驱动与低延迟应用的持续快速增长，市场对极高可靠度的连线需求也达前所未有 的高峰。 虽然WiFi 8芯片仍须至少一年时间才有望问世，联发科对相关市场仍抱持稳定成长信心。许皓钧表示， 联发科WiFi 7芯片市占率逾三成，推估今年WiFi 7渗透率可望从去年的15％倍增到30％，且预期将有40 亿个装置升级需求，并带来整体110亿美元相关商机，联发科有望借此全面抢占WiFi 7市场，明年再由 WiFi 8芯片接棒。 法人分析，WiFi高规格芯片市场主要竞争者除了联发科之外，还有博通及高通等两大IC设计大厂，联 发科优势除了有手机庞大市场辅助外，还加上AI物联网、网通等市场支援，未来AI技术逐步落地到边 缘装置后，联发科有望抢食WiFi庞大商机。 联发科（2454）冲刺无线网路市场，副总经理暨智能联通事业部总经理许皓钧6日表示，今年WiFi 7渗 透率有机会比去年翻倍成长，联发 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [3][6]. Core Insights - The company has successfully raised approximately 2.23 billion yuan through a private placement of shares, which will be allocated to various projects including the expansion of vehicle-mounted and 5G module production, AI computing module industrialization, and upgrading of headquarters and R&D centers [1][6]. - The demand for 5G and vehicle-mounted modules is expected to grow significantly due to the rapid proliferation of 5G networks and the explosive growth of the smart connected vehicle industry, positioning the company to capitalize on these trends [1][6]. - The company plans to invest 9.57 billion yuan in expanding production capacity for vehicle-mounted and 5G modules, which will enhance its ability to control costs and improve production efficiency [1][6]. - The company is also focusing on AI edge computing opportunities, with plans to invest 4.11 billion yuan in AI computing modules and solutions, aiming to meet the differentiated application needs of various industries [1][6]. Financial Projections - The company is projected to achieve revenues of 25.27 billion yuan, 32.10 billion yuan, and 39.96 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 1.05 billion yuan, 1.46 billion yuan, and 1.92 billion yuan [6][7]. - The expected earnings per share (EPS) are forecasted to be 4.0 yuan, 5.6 yuan, and 7.3 yuan for the years 2025, 2026, and 2027 respectively, reflecting a strong growth trajectory [6][7].

Investment Rating - The report assigns a "Buy-B" rating for the company, indicating a positive outlook for the stock's performance in the next 6-12 months [9]. Core Insights - The company is driven by dual engines of modules and solutions, maintaining a leading position across multiple industries. It focuses on expanding the application of its module products and providing customized, one-stop solutions for large-scale markets [5][6]. - The rise of AI and IoT is expected to facilitate rapid development in the industry, with the company actively participating in events like CES 2025 and launching several AI-related module products [6]. - The company has a strong presence in the automotive sector, particularly with its 5G smart module products, which are leading in the intelligent cockpit market [7][8]. - The company is expanding its overseas market presence, with significant revenue growth driven by demand for 5G FWA products and IoT solutions [8]. Financial Performance - In H1 2025, the company achieved operating revenue of 1.886 billion yuan, a year-on-year increase of 44.5%, and a net profit attributable to shareholders of 84.17 million yuan, up 151.38% year-on-year [5]. - The company forecasts net profits of 213 million yuan, 308 million yuan, and 398 million yuan for 2025, 2026, and 2027, respectively, representing growth rates of 57.0%, 44.6%, and 29.2% [9][11]. - The report highlights a projected EPS of 0.81 yuan for 2025, with corresponding P/E ratios of 59.8, 41.3, and 32.0 for the years 2025, 2026, and 2027 [9][11]. Market Position and Strategy - The company leverages its core R&D capabilities in 5G communication, Android system customization, and AI applications to explore potential in vehicle networking and intelligence [7]. - The report emphasizes the company's strategic partnerships with leading chip manufacturers to maintain a competitive edge in the FWA product line, enhancing its market penetration in North America and other regions [8].

Group 1 - The core point of the article is that Rihai Intelligent (SZ 002313) announced its board meeting to discuss the 2025 semi-annual report, indicating a focus on AI IoT as its sole revenue source for the first half of 2025 [1][1][1] Group 2 - Rihai Intelligent's revenue composition for the first half of 2025 is entirely from AI IoT, representing 100.0% of its total revenue [1][1][1] - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to positive market reactions among listed companies in the sector [1][1][1]

Group 1 - DDR4 prices have been rising significantly this year, benefiting storage module manufacturers with substantial inventory [1] - Companies like ADATA, Winbond, Transcend, and Apacer are expected to see improved performance in the second half of the year as they recover from foreign exchange losses [1] - The strong demand for DDR4, particularly in end products such as networking, displays, and AI IoT devices, suggests that price increases may continue until the end of the year [1] Group 2 - ADATA reported a record high net profit of 2.75 New Taiwan Dollars per share in Q2, with July revenue increasing by 39.5% year-on-year to 4.261 billion New Taiwan Dollars [1] - Analysts predict that ADATA's Q3 revenue will see double-digit growth quarter-on-quarter, with continued recovery in profitability [1] - Nanya Technology also reported a significant increase in July revenue to 307 million New Taiwan Dollars, marking a 22.4% month-on-month growth, driven by increased orders from networking clients [2]

Investment Rating - The investment rating for the company is "Buy-B" (maintained) [1] Core Views - The company is positioned as a leader in AI and IoT, with embodied intelligence gaining a competitive edge [1] - The global IoT industry is recovering, with edge AI presenting new opportunities, and smart modules becoming a new growth direction [5] - The company focuses on vertical industries within IoT and continues to optimize its product matrix [6] Financial Performance - In 2024, the company achieved revenue of 8.189 billion yuan, a year-on-year increase of 6.13%, and a net profit of 668 million yuan, up 18.53% year-on-year [4] - For Q1 2025, the company reported revenue of 1.856 billion yuan, a decrease of 12.59% year-on-year, and a net profit of 118 million yuan, down 37.30% year-on-year [4] - Excluding the impact of RuiLing Wireless's automotive business, the company's 2024 revenue grew by 23.34%, driven by significant growth in the 5G fixed wireless access (FWA) sector [4] Market Data - As of May 20, 2025, the closing price was 27.43 yuan, with a total market capitalization of 146.18 billion yuan [3] - The company has a total share capital of 766 million shares, with 533 million shares in circulation [3] Growth Opportunities - The number of global IoT terminals is expected to reach 18.8 billion in 2024, a year-on-year increase of 13%, and is projected to reach 41.1 billion by 2030 [5] - The company has launched various AI solutions, including the MagiCore AI toy model solution and multi-functional AI infrared camera solutions, which are expected to enhance user interaction and application in various fields [6][7] - The company is also focusing on embodied intelligence and has introduced solutions for unmanned lawn mowing and humanoid robots, aiming to establish a commercial closed loop [7] Profit Forecast and Valuation Analysis - The company is expected to achieve net profits of 553 million yuan, 697 million yuan, and 873 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of -17.3%, 26.1%, and 25.3% [8] - The estimated EPS for 2025, 2026, and 2027 are 0.72 yuan, 0.91 yuan, and 1.14 yuan respectively, with corresponding P/E ratios of 38.0, 30.1, and 24.0 [8] - The company's valuation is currently at a historically low level, and with the potential growth in edge AI and robotics, the "Buy-B" rating is maintained [8]

Core Insights - The event focused on the AIoT industry, discussing key topics such as smart wearables, AI chips, and application scenarios [1][2] - The seminar provided a platform for over 30 listed companies and more than 100 investors to engage in deep discussions, enhancing investor confidence in the sector [1][2][5] Industry Overview - The AIoT sector is experiencing rapid growth, with significant opportunities arising from innovations driven by AI at the edge [2][5] - The event featured presentations from industry experts, including a keynote by Shanxi Securities' chief analyst, emphasizing the importance of the next innovation cycle [2] Networking and Collaboration - The closed-door seminar facilitated in-depth dialogue between industry professionals and investors, promoting collaboration and knowledge sharing [5][6] - The event is part of a series organized by New Fortune Magazine, aimed at fostering communication within the capital ecosystem and enhancing the value of enterprises [6]