深圳市朗科智能电气股份有限公司（以下简称"朗科智能"）近年来在智能控制器及新能源领域展现出稳健的业绩增长态势。根据朗科智能2024年报及2025年 一季报，其营业收入与净利润均实现双位数增长。 对于减持原因，公告中统一表述为"个人资金需求"。朗科智能股东所减持股份主要来源于2016年首次公开发行前的原始股，以及后续权益分派和资本公积转 增股本所得。 分析人士指出，此类减持通常涉及股东对个人资产配置的调整，但持续性的减持可能隐含对市场环境或公司估值水平的判断。值得注意的是，朗科智能控股 股东及其一致行动人的合计持股比例因可转债转股导致总股本增加，已从29.81%被动稀释至28.81%，触及1%整数倍变动披露标准。 从市场反应看，减持公告发布后，朗科智能股价短期内呈现波动。2025年5月9日收盘价为10.70元/股，较前一日下跌1.47%，当日成交额1.77亿元，换手率 6.63%。 财报显示，朗科智能2024年全年营收16.23亿元，同比增长21.67%，归母净利润5170.64万元，同比增幅达29.2%。2025年第一季度延续了这一势头，营收3.93 亿元，同比增长12.21%，归母净利润997.96万元，同 ...

台积电特色工艺全景 台积电作为全球领先的晶圆代工厂，拥有丰富的特色工艺组合，涵盖多个技术领域。在台积电 2025技术研讨会上，台积电执行副总经理暨共同营运长米玉杰博士介绍了台积电的特色工艺技 术 ， 为 汽 车 、 ULP/IoT （ 超 低 功 耗 和 物 联 网 ） 、 RF （ 射 频 ） 、 eNVM （ 嵌 入 式 非 易 失 性 存 储 器）、高电压显示、CIS（CMOS图像传感器）和电源IC提供最全面的解决方案，助力连接数字世 界与现实世界。 汽车电子与高压技术： 汽车客户采用台积电最先进的逻辑技术，从N7A、N5A到N3A，通过汽车 级认证，专为ADAS、自动驾驶和智能座舱设计，支持高可靠性和长生命周期需求；BCD-Power 工艺：集成双极晶体管、CMOS和DMOS器件，提供高压（如40-90V）解决方案，适用于汽车电 源管理、工业控制等场景，提升系统集成度。 低功耗与物联网： 台积电N4e工艺针对超低功耗物联网AI设备优化，结合嵌入式非易失性存储器 （eNVM），实现高效能与低成本的平衡；ULP（超低功耗）技术提供超低漏电晶体管和低电压 解决方案，适用于可穿戴设备和传感器节点。 射频： 边 ...

近日，朗特智能在接受机构调研时表示，泰国生产基地建设进展顺利，目前基建主体已封顶并进入内部装修阶段，预计6 月部分区域可投入使用。针对关税政策的不确定性，公司称正密切关注动向，与客户保持沟通以制定应对策略，并强调 将继续推进全球化战略，通过多元布局提升市场份额与竞争力。 （校对/黄仁贵） 在子公司发展方面，全资子公司朗腾未来专注于汽车零部件研发制造，当前处于前期运营准备阶段；参股公司太阳库数 字能源则聚焦新兴能源技术及储能设备全球化销售，目前正推进业务布局与运营体系搭建。海外业务方面，2024年公司 海外营收占比提升9.3%，主要得益于智能产品中其他品类的增长。尽管2025年一季度消费电子业务因外部宏观环境承压 导致营收下滑，公司表示将重点开拓"一带一路"沿线、欧洲及东南亚市场以降低单一市场依赖风险。 产能规划上，朗特智能当前产能利用率良好，新增生产基地及产线预计6月投产，进一步支撑业务拓展需求。针对分红政 策，公司明确2024年度拟每10股派现4元（含税），未来将结合战略规划与资金需求综合制定分红方案。此外，公司还透 露在人工智能领域的技术储备包括机器人路径规划与语音识别技术，相关产品已应用于智能家居及消费 ...

Core Viewpoint - Zhaoyi Innovation has shown strong performance in Q1 2025, but rising accounts receivable and interest-bearing liabilities indicate potential future growth pressures. However, industry insiders believe the company's business quality remains robust, placing it in the top tier domestically [1][2]. Financial Performance - In Q1 2025, Zhaoyi Innovation achieved total revenue of 19.09 billion yuan, a year-on-year increase of 17.32%. The net profit attributable to shareholders was 2.35 billion yuan, up 14.57% year-on-year, while the net profit excluding non-recurring gains and losses reached 2.24 billion yuan, reflecting a 21.83% increase [1][2]. - The company experienced a significant decline in net profit in 2023, dropping 92.15% to only 1.61 billion yuan, following a 12.16% decrease in 2022 [1]. Cash Flow and Debt - Operating cash flow for Q1 2025 was 3.36 billion yuan, with a net cash flow from operating activities showing a year-on-year decline of 46.48%. The cash flow per share was only 0.51 yuan, indicating pressure from increased accounts receivable, which rose by 31.01% [3][4]. - Interest-bearing liabilities surged, with short-term loans increasing by 7.98%, leading to a total interest-bearing debt of 10.3 billion yuan, a staggering 132.48% year-on-year increase. Despite this, the company's cash reserves reached a record high of 93.79 billion yuan at the end of Q1 2025, suggesting manageable debt levels [3][4]. Business Segments - The storage chip business generated 51.94 billion yuan in revenue, accounting for 70.6% of total revenue, with NOR Flash products holding a global market share of 15%, ranking among the top three worldwide [4]. - The MCU segment reported revenue of 17.06 billion yuan, representing 23.2% of total revenue, making Zhaoyi the leading supplier of 32-bit Arm general-purpose MCUs in China, with products entering major automotive supply chains [5]. - The sensor business generated 4.48 billion yuan, contributing 6.2% to total revenue, primarily serving the IoT and consumer electronics sectors [6]. Competitive Position - Zhaoyi Innovation competes directly with Taiwanese companies like Winbond and Macronix in the storage chip sector, and with international giants such as STMicroelectronics and NXP in the MCU market. The company's advantages lie in localized service capabilities and cost-effectiveness [7]. - The company has seen a marginal slowdown in growth rates, with Q1 2025 revenue growth dropping from 27.39% to 17.32%, driven by demand from AI and telecommunications sectors [7][8]. Research and Development - In 2024, Zhaoyi Innovation's R&D expenses reached 11.22 billion yuan, a 13.38% increase, focusing on high-end storage products and automotive-grade MCUs. Q1 2025 R&D investment was 2.92 billion yuan, up 1.68% year-on-year [11]. - The company is accelerating the mass production of LPDDR4 and is also developing LPDDR5 to tap into emerging markets such as AI glasses and servers [11]. Supply Chain Optimization - Zhaoyi Innovation is collaborating with domestic foundries to establish a 12-inch wafer production line, expected to reduce foundry costs by 10%-15% upon completion in 2026 [13]. Strategic Outlook - The growth in Q1 2025 validates Zhaoyi Innovation's dual-driven strategy in storage and MCU sectors. However, challenges such as declining gross margins, cash flow pressures, and rising debt levels need to be monitored. Continued success in mass production of LPDDR4 and increased penetration of automotive-grade MCUs could further solidify the company's market position amid the domestic substitution trend [14].

Core Viewpoint - The company is focusing on the development of smart controllers and products, aiming to enhance brand recognition and expand into new market segments while maintaining stable growth in its core business [1][3]. Group 1: Business Strategy - The company plans to leverage its advantages in technology, quality, and supply chain management to deepen strategic partnerships with core customers and solidify its "cash cow" business [1][3]. - The company aims to build a diversified business model and strengthen brand development, transitioning from manufacturing to branding to create new growth curves [1][3][13]. - The company is exploring various cooperation models with cross-border e-commerce, focusing on overseas smart auto parts markets and expanding product applications to emerging scenarios [1][3][12]. Group 2: Financial Performance - In Q1 2025, the company achieved a sales revenue of 216.49 million yuan, a year-on-year increase of 6.57%, while the net profit attributable to shareholders was 10.58 million yuan, a year-on-year decrease of 36.68% [4][6][7]. - For the year 2024, the company reported a sales revenue of 851.38 million yuan, a year-on-year decrease of 1.78%, but the net profit attributable to shareholders increased by 16.06% to 55.25 million yuan [6][7]. - The decline in net profit in Q1 2025 was attributed to increased R&D expenses, reduced other income, and ongoing losses from non-wholly-owned subsidiaries [4][7][10]. Group 3: Market Position and Challenges - The company has a relatively low exposure to the U.S. market, which mitigates the impact of U.S. tariff policies on its overall operations [9][10]. - The company has established an international smart production base in Vietnam to diversify tariff risks and optimize global resource allocation [9][10][11]. - The company is actively expanding its presence in the smart pet care sector through its "Pikfang" brand, utilizing various online and offline sales channels to enhance brand visibility [13][14]. Group 4: Future Outlook - The integration of information technology, IoT, and AI is expected to create broader development opportunities for smart controllers, with increasing technical content and added value [12]. - The company is committed to continuous innovation in technology and market expansion, focusing on high-quality development in its core business areas [12][13].

2025年4月 30 日 每日晨报 www.chinastock.com.cn 证券研究报告 银河观点集萃 责任编辑 周颖 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 国家发改委、能源局印发《电力辅助服务市场 基本规则》 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ● 固收:供给高峰将至,把握超调机会—5月利率展望。利率方面,5月债市资 金面或边际均衡偏稳,主要需关注央行配合发债加速和支持实体经济的宽松操 作,以及关税政策下外需对宏观经济的实质冲击影响落地的情况,短期债市不 空。十债收益率在 4 月收于 1.65%低位,4 月底政治局会议未显著超预期的情 况下,预计短期债市利率仍以震荡磨底为主,可逢调整适当增配进行波段交易, 关注前期供给冲击预期下超调的超长债利差压降的配置价值以及可能受益央 行对冲操作的短久期。 CGS-NDI:坚持自立自强,促进合作共赢---中央政治局第二十次集体学习 ● 解读。本次集中学习,总书记有关人工智能的重要论述中包含六大要点。 (1) 加强基础研究,坚持自立自强,进一步 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has shown rapid revenue growth, with Q1 2025 revenue reaching 2.585 billion RMB, a year-on-year increase of 30.44%. The net profit attributable to the parent company for the same period was 169 million RMB, up 75.41% year-on-year [1]. - The domestic AI application market is experiencing robust growth, which is expected to accelerate the intelligent upgrade of terminal products, providing new opportunities for the company [1]. - The company has improved its profitability, with Q1 2025 gross margin and net profit margin at 19.53% and 6.55%, respectively, reflecting a year-on-year increase of 2.68 and 1.68 percentage points [3]. Summary by Sections Business Performance - The home appliance segment generated 6.094 billion RMB in revenue for 2024, up 33.08% year-on-year, driven by stable demand from overseas clients [2]. - The automotive electronics segment saw a revenue increase of 47.97%, reaching 816 million RMB, supported by expanding delivery scales to Tier 1 customers and rapid growth in self-developed product lines [2]. - The intelligent business segment achieved 1.22 billion RMB in revenue, a 26.29% increase, benefiting from the acceleration of intelligent upgrades in the AI era [2]. Profitability and Efficiency - The company’s focus on high-value clients and cost control has led to improved operational efficiency, with a decrease in expense ratios [3]. - The subsidiary Chengchang Technology turned a profit in Q1 2025, contributing positively to the overall financial performance [1][3]. Financial Forecasts and Valuation - The projected net profits for the company from 2025 to 2027 are 704 million, 904 million, and 1.204 billion RMB, respectively, with upward adjustments of 2% for 2025 and 2026 [4]. - The report estimates a target market capitalization of 21.47 billion RMB, with a target price of 23.19 RMB per share, reflecting a significant increase from the previous target of 17.50 RMB [4][14].

Investment Rating - The report maintains a "Buy" rating for the company [6][4] Core Views - The company has shown rapid revenue growth, achieving revenues of 9.66 billion and 2.58 billion RMB in 2024 and Q1 2025 respectively, with year-on-year growth rates of 28.66% and 30.44% [1] - The net profit attributable to the parent company for the same periods was 364 million and 169 million RMB, reflecting year-on-year increases of 9.91% and 75.41% [1] - The company is benefiting from increased customer orders and new projects, particularly in the AI application sector, which is experiencing significant growth [1][2] - The subsidiary Chengchang Technology has turned a profit in Q1 2025, contributing positively to the overall financial performance [1][3] Revenue Breakdown - The home appliance segment generated 6.09 billion RMB in 2024, up 33.08%, driven by stable demand from overseas clients [2] - The electric tools and industrial automation segment reported revenues of 1.01 billion RMB, a 24.26% increase, with new key customer orders [2] - The automotive electronics segment saw a remarkable 47.97% growth, reaching 816 million RMB, supported by expanding delivery scales to Tier 1 customers [2] - The smart business segment achieved revenues of 1.22 billion RMB, growing by 26.29%, indicating a strong market for intelligent product upgrades [2] Profitability and Efficiency - In Q1 2025, the company's gross margin and net profit margin improved to 19.53% and 6.55%, respectively, reflecting increases of 2.68 and 1.68 percentage points year-on-year [3] - The turnaround of Chengchang Technology from a loss of 15 million RMB in Q1 2024 to a profit of 30 million RMB in Q1 2025 significantly contributed to this improvement [3] - The company has effectively controlled its expense ratio, with a decrease in the period expense ratio to 12.74% and 11.12% for 2024 and Q1 2025, respectively [3] Financial Forecasts and Valuation - The company is projected to achieve net profits of 704 million, 904 million, and 1.20 billion RMB for the years 2025 to 2027, with upward revisions of 2% for 2025 and 2026 [4][15] - The report estimates a target market capitalization of 21.47 billion RMB, with a target price of 23.19 RMB per share, up from a previous estimate of 17.50 RMB [4][15] - The valuation methodology includes a PE of 70x for Chengchang Technology and 30x for the controller business for 2025 [4][15]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q1 2025, particularly in non-recurring net profit, indicating potential growth in various business segments [1][7]. Financial Performance - For 2024, the company achieved revenue of 3.573 billion yuan, a year-on-year decrease of 7.45%, and a net profit of 252 million yuan, down 44.17% [1]. - In Q4 2024, revenue was 1.034 billion yuan, up 14.90% year-on-year, while net profit was 80 million yuan, down 32.01% [1]. - In Q1 2025, revenue reached 859 million yuan, a year-on-year increase of 12.45%, with net profit of 77 million yuan, up 37.81% [1]. Market Insights - The global smart controller market is projected to grow from 1.89 trillion USD in 2023 to approximately 1.98 trillion USD in 2024, with China's market expected to grow from 3.44 trillion yuan to 3.87 trillion yuan, reflecting a CAGR of 13.01% [1]. - The global new tobacco market is expected to grow by 12.7% in 2024, reaching 38.85 billion USD [2]. - The Chinese automotive electronics market reached 1.0973 trillion yuan in 2023, with an expected growth to 1.1585 trillion yuan in 2024 [2]. Product Performance - Revenue from smart control components was 1.145 billion yuan, down 13.96% year-on-year, primarily due to delays in new project capacity [3]. - Revenue from innovative consumer electronics was 1.137 billion yuan, a slight decrease of 1.55% year-on-year, with electronic cigarette sales showing stable growth [3]. - Automotive electronics revenue was 614 million yuan, up 19.43% year-on-year, benefiting from policies promoting vehicle upgrades [3]. - Health environment products saw a significant decline in revenue, down 53.14% year-on-year, due to increased market competition [3]. Financial Metrics - The gross margin for 2024 and Q1 2025 was 28.36% and 28.82%, respectively, showing a slight year-on-year decrease and increase [5]. - Operating cash flow for 2024 was 431 million yuan, down 37% year-on-year [6]. Future Outlook - The company anticipates continued improvement in performance across multiple business segments, including electronic cigarettes, automotive electronics, and health environment products, with projected revenues of 4.494 billion yuan, 5.366 billion yuan, and 6.031 billion yuan from 2025 to 2027 [7].

截至目前，瑞德智能已掌握高效能低功耗的RISC芯片应用方案，搭载了RISC芯片的多款控制器产品已 经在电机电动、数智能源、汽车电子、宠物科技等新赛道领域实现量产。据悉，瑞德智能与战略合作伙 伴国内知名芯片厂商进行联合设计研发的深度战略合作定制芯片"瑞德芯"系列也已开展RISC芯片技术 方向的合作。 日前，瑞德智能（301135）披露2024年度报告及2025年第一季度报告。2024年，实现营业收入12.62亿 元。今年一季度，瑞德智能经营业绩实现历史性突破。数据显示，营业收入为3.33亿元，同比增长 37.22%，扣非净利润637.30万元，同比增长440.99%，经营活动产生的现金流净额为304.22万元，同比 增长107.38%。 瑞德智能称这一成绩的取得，是公司长期保持战略定力、持续深化内部变革、全面提升经营效能的集中 体现。报告期内，公司围绕"结构升级、创新驱动、数智融合、精敏运营、全球布局"的五大战略主轴， 通过系统推进组织架构优化、人才梯队升级和运营效率提升，实现了核心竞争能力的持续强化和战略优 势的不断积累。 去年以来，瑞德智能进一步巩固了在家电智能控制器领域的领先地位，筑牢业务根基。同时，公司 ...