证券代码：300940 证券简称：南极光 深圳市南极光电子科技股份有限公司 投资者关系活动记录表 编号：2025-011 投资者关系活动 类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 ☑ 路演活动 □现场参观 □其他 参与单位名称及 人员姓名 详情见附件 时间 2025 年 8 月 28 日 地点 线上结合线下的方式 线上：腾讯会议 线下：深圳证券交易所上海证券报深圳路演中心 上市公司接待人 员姓名 董事长：潘连兴先生 核心技术人员：彭永生先生 董事、副总经理：彭聪明先生 监事：陈晓芳先生 董事长助理：那志立女士 副总经理、董事会秘书：姜丽群女士 证券事务代表：艾庭双女士 投资者关系活动 主要内容介绍 1、看到公司是 Switch2 主机背光显示模组独家供应商。请公司 介绍下任天堂未来发展趋势和 Switch 市场空间？公司是否对与 包括任天堂在内的优质客户的长期稳定合作有信心？ 任天堂作为全球头部游戏公司，未来发展前景持续向好。其 新款游戏机 Switch2 上市初期表现强劲，发售仅 25 天全球销量 已突破 582 万台，明显高于 Switch1 首月 273 万台的销售成 ...

公司点评 | 聚辰股份 DDR5 SPD 与车规 EEPROM 齐放量，利润率显著提升 证券研究报告 2025 年 08 月 25 日 聚辰股份（688123.SH）2025 年半年报点评 加速向汽车电子和工业设备的核心部件领域渗透。汽车领域，公司是国内唯一 可以提供成熟、系列化汽车级 EEPROM 芯片的厂商，已成功导入多家全球领先 的汽车 Tier1 供应商；同时通过提供组合产品及解决方案等方式，将汽车级 NOR Flash 与 EEPROM 配套导入多款主流品牌汽车供应链，进一步完善公司在汽车 级存储芯片领域的产品布局。工业领域，公司已发展成为高性能工业级 EEPROM 芯片的领先品牌，与众多全球领先的设备厂商形成了长期稳定的合作关系。 闭环式和光学防抖式音圈马达驱动芯片取得重要进展。为提高产品线的整体竞 争力和盈利能力，公司在开发性能更优、性价比更高的新一代开环式驱动芯片的 同时，持续向闭环式和光学防抖式驱动芯片等更高附加值的领域拓展。上半年已 有多款光学防抖式驱动芯片搭载在行业主要智能手机厂商的中高端机型实现商 用，未来公司将为下游客户提供系列化的产品组合和解决方案选择。 投资建议：我们预计公司 2 ...

兆易创新 20250822 摘要 2025 年上半年，兆易创新营收达 34.4 亿元，同比增长 13.1%，归母 净利润 3.4 亿元，同比增长 9.2%。消费需求强劲，工业自动化稳健， 光伏行业逐步复苏，低端市场因国外大厂退出而涨价，金融事业部量价 齐升，毛利率恢复至两位数以上。 Flash 业务在 2025 上半年实现高个位数增长，车规 Flash 收入增长超 50%，受益于产品优势和客户覆盖。AI PC 渗透率提升和服务器需求强 劲推动 Flash 收入增长。公司坚持以市占率为核心目标，深耕工业和汽 车市场，积极拓展海外市场。 利基 DRAM 业务受益于海外大厂产能转移导致供应缺口，推动价格上涨， 毛利率已达两位数以上。预计下半年涨价趋势延续，新产品导入顺利， 目标低润产品线收入增长 50%以上，并有信心成为国内利基 DRAM 市 场龙头，五年后达到 70 亿人民币收入。 公司与逻辑芯片客户合作，在定制化存储解决方案中取得进展，通过架 构创新提升算力和效率。预计 2026 年后，定制化存储解决方案将在 AI PC、手机、智能设备及汽车等领域实现样品推出和芯片量产。 Q&A 兆易创新在 2025 年上半年 ...

| 中颖电子股份有限公司 | | | 2025 年半年度报告摘要 | | --- | --- | --- | --- | | 证券代码：300327 证券简称：中颖电子 | | | 公告编号：2025- | | 043 | | | | | 中颖电子股份有限公司 2025 年半年度报告摘要 | | | | | 一、重要提示 | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | | | | 资者应当到证监 | | | | | 会指定媒体仔细阅读半年度报告全文。 | | | | | 所有董事均已出席了审议本报告的董事会会议。 | | | | | 非标准审计意见提示 | | | | | □适用 ?不适用 | | | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 | | | | | □适用 ?不适用 | | | | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | | | | 董事会决议通过的本报告期优先股利润分配预案 | | | | | □适用 ?不适用 | | | | | 二、公司基本情况 | | | | | 股票简称 ...

机构：国盛证券 研究员：夏君/刘玲 其中ISG 业务亏损扩大，主要系AI 服务器收入同比翻番，CSP 业务毛利率较低。得益于卓越的运营和 良好的费用控制，公司费用率环比明显收窄，使得公司归母净利润同比大幅增长108%至5.05 亿美元， 归母净利润率录得2.7%，同比/环比分别提升1.1%/2.2%。 PC 基本盘快速增长，手机业务双位数增长。Q1 财季，联想集团PC 收入同比+20%，创15 个季度的最 快增速。根据IDC，Q1 财季联想PC 市占率进一步提升至24.6%，同比提升1.7pct，出货量1700 万台。公 司认为，Win10 向Win11 的迁移正全面加速，还将持续数季，预计全年出货量将维持中至高个位数增 长。AI PC 方面，联想集团于5 月在中国推出"天禧AI超级代理"，周活跃用户比例平均40%，持续攀 升。手机方面，联想已连续7 个季度实现手机业务双位数的同比增长，中国以外的市场份额达到创纪录 的新高。受PC 及手机平均售价上升，以及高端及商业市场的强力推动，公司IDG 业务集团经营利润率 稳健，环比提升0.3pct 至7.1%。 Q2 财季公司增加了AI 投资，ISG 业务亏损扩大。联 ...

证券研究报告 | 季报点评 gszqdatemark 2025 08 18 年 月 日 业绩超预期，持续推动 AI 战略 联想集团 25-26Q1 财季业绩超预期。Q1 财季公司实现 188.3 亿美元收 入，同比增长 22%。分业务看，IDG/ISG/SSG/分部间抵消收入分别为 135/43/23/-12 亿美元，占比 71%/23%/12%/-6%，PC 及非 PC 业务分别 占 53%/47%。IDG/ISG/SSG 业务同比增速分别为 18%/36%/20%，各项 业务均保持高增速。盈利方面，Q1 财季毛利率录得 14.7%，同比/环比下 降 1.8pct/1.6pct；IDG/ISG/SSG 经营利润率分别为 7.1%/-2.0%/22.2%。 其中 ISG 业务亏损扩大，主要系 AI 服务器收入同比翻番，CSP 业务毛利 率较低。得益于卓越的运营和良好的费用控制，公司费用率环比明显收窄， 使得公司归母净利润同比大幅增长 108%至 5.05 亿美元，归母净利润率 录得 2.7%，同比/环比分别提升 1.1%/2.2%。 PC 基本盘快速增长，手机业务双位数增长。Q1 财季，联想集团 PC 收入 ...

联想：关税对业务的当前影响有限。对特朗普100%芯片关税尚不明确，但公司不会处于不利地位。中美关税暂缓对公司业务而言是积极的形势。中国市场超过40%的AI PC用户为活跃用户。联想集团第一季度PC销售额中，有三分之一来自AI PC。AI PC和Windows 11迁移对PC销量的推动为过去15个季度以来最大。 ...

Summary of Key Points from the Conference Call of 聚辰股份 Company Overview - 聚辰股份 specializes in SPD chips and one-time programmable (PROM) chips, targeting both server and PC memory markets, with significant growth potential in DDR5 penetration in PCs [2][3][4] Core Business Insights - **SPD Chips**: - Currently, SPD chip penetration in server memory interfaces is nearly 90%, expected to peak next year [3] - The value of DDR5 SPD chips is 3-4 times that of DDR4, with a gross margin of nearly 80% [2][10] - Demand for SPD chips in PCs is anticipated to grow rapidly due to the rise of AI PCs [2][25] - **One-time PROM Chips**: - Initially used in mobile camera markets, now expanding into automotive applications, particularly in electric vehicles [2][3] - Despite short-term sales adjustments from major clients like BYD, long-term growth is expected due to the trend towards smart electric vehicles [2][3] Financial Performance - The company reported a significant net profit growth rate exceeding revenue growth, driven by high-margin products [5][7] - Current market capitalization is approximately 12 billion RMB, with a projected net profit of 440 million RMB for 2025, corresponding to a price-to-earnings ratio of about 20 times [4][23] Market Competition - In the one-time PROM market, 聚辰股份 faces competition from STMicroelectronics and Microchip, but aims to capture 1/3 of the market share [2][8] - The company has a competitive edge due to its technological advantages and the opportunity for domestic substitution [4][14] Growth Projections - The server market is expected to reach over 200 million units, while the PC market has a potential of at least 300 million units [6] - The one-time PROM market is estimated at 500 million USD, with 聚辰股份 targeting a market share of approximately 10 billion RMB [6][18] Risks and Catalysts - Overall industry growth is slow, but 聚辰股份 is positioned for rapid alpha growth [29] - Short-term catalysts include increased penetration of DDR5 in PCs and the ramp-up of automotive PROM products among domestic car manufacturers [30] Client Base - Major clients include BYD, NIO, Xpeng, Li Auto, Geely, SAIC, and international clients like Bosch and Continental [31] Additional Business Segments - 聚辰股份 is also involved in NOR Flash storage chips, which currently account for about 10% of total revenue, with efforts to diversify into high-end industrial applications [19] Conclusion - 聚辰股份 is well-positioned for growth in both SPD and one-time PROM markets, with strong financial performance and a competitive edge in the automotive sector, despite facing industry-wide challenges. The company's focus on high-margin products and expansion into new markets presents significant investment opportunities.

Market Overview - The A-share market experienced a collective rise, with the ChiNext Index leading the gains, and both the Shanghai Composite Index and Shenzhen Component Index reaching new highs for the year [2][5] - The Shanghai Composite Index closed at 3647.55, up 0.34%, while the Shenzhen Component Index rose by 1.46% to 11291.43 [2] - The total trading volume in the Shanghai and Shenzhen markets was 1.83 trillion, an increase of 116.7 billion compared to the previous trading day, marking the 18th consecutive trading day above 1.5 trillion [5] Sector Performance - The top-performing sectors included Power Equipment (up 2.04%), Communication (up 1.95%), and Computer (up 1.94%), while the banking sector saw a decline of 1.01% [2][3] - Notable concept stocks included PEEK materials and MicroLED, which saw significant gains, while gold concepts and certain metal sectors experienced declines [3] Technical Analysis - The Shanghai Composite Index successfully broke through the previous resistance level of 3650.50, indicating a strong short-term market condition [5] - The 5-day and 10-day moving averages formed a golden cross, suggesting bullish momentum, while the Shenzhen Component Index has entered an upward channel [5] Future Outlook - The market is expected to continue its upward trend, supported by positive domestic factors and increasing wealth effects, which may attract both domestic and foreign investments [5] - Key sectors to focus on include TMT (Technology, Media, and Telecommunications), public utilities, pharmaceuticals, and finance, as structural opportunities may arise [5]

Core Viewpoint - The article highlights the transformation of Sixian Intelligent from a traditional hardware ODM manufacturer to an AI solution provider, reflecting the broader shift from "Made in China" to "Intelligent Manufacturing in China" [1][5]. Group 1: Industry Context - The PC manufacturing industry is experiencing intense price competition, leading to reduced profit margins, with gross margins compressed to 6%-10% [5]. - Companies are forced to reconsider their positioning in the market, weighing the options between continuing in the low-margin hardware sector or moving towards higher value-added segments [5]. Group 2: Strategic Transformation - Sixian Intelligent initiated a strategic transformation around 2022, shifting from a consumer hardware supplier to an AI computing power provider and AI solution provider, driven by the inevitable trend of upgrading from traditional manufacturing to smart manufacturing [5][6]. - The company has made significant investments in research and development, establishing seven R&D centers across major cities in China, focusing on both domestic and international chip compatibility [7]. Group 3: AI Integration - The integration of AI with hardware is seen as a way to redefine productivity tools, with a focus on enabling efficient operation of AI models across different hardware platforms [7]. - Sixian Intelligent has developed a cross-platform adaptation layer that supports over 200 mainstream AI models, ensuring smooth operation across heterogeneous hardware [7]. Group 4: AI PC Development - The emergence of AI PCs represents a significant evolution from traditional PCs, emphasizing "localized intelligence" that allows for offline task execution based on user habits and data [8]. - The AI PC is designed to make autonomous decisions based on user data, enhancing its functionality beyond mere tools to intelligent agents [8]. Group 5: Future Vision - Sixian Intelligent envisions AI PCs as the starting point for a broader ecosystem, aiming for an open ecological system that allows various devices to communicate and operate seamlessly through a common protocol [9]. - The company is working on a model repository to deploy specialized models for various applications, promoting a truly interconnected environment where devices can understand and execute user commands autonomously [9].