Investment Rating - The report maintains a "Buy" rating for the company with a target price of 103.67 RMB [7][4]. Core Insights - The company reported a revenue of 2.322 billion RMB for 2024, a slight decline of 0.69% year-on-year, and a net loss of 601 million RMB. In Q1 2025, revenue reached 390 million RMB, marking a year-on-year increase of 22.49% but a quarter-on-quarter decline of 42.01% due to seasonal fluctuations. The gross margin for Q1 2025 was 39.06%, showing a year-on-year improvement of 5.72 percentage points [1][2]. - The company is optimistic about its investments in AIGC and Chiplet technologies, anticipating sustained growth in performance over the medium to long term [1][4]. Summary by Sections Q1 Performance - In Q1 2025, the custom chip business generated revenue of 270 million RMB, a year-on-year increase of 40.5%. The revenue from chip design and mass production was 122 million RMB and 146 million RMB, respectively, both showing growth of over 40% year-on-year. Revenue from system manufacturers, large internet companies, cloud service providers, and automotive clients accounted for 37.30% of total revenue [2]. 2025 Outlook - The company’s order backlog reached a historical high of 2.456 billion RMB in Q1 2025, reflecting a 2.1% increase from the previous quarter. The company is actively advancing in AIGC and Chiplet sectors, launching new IPs optimized for Transformer models and collaborating with Google on IP development for its open-source project [3]. Financial Projections - The report projects a revenue of 2.970 billion RMB for 2025, with a significant growth rate of 27.93%. The net profit for 2025 is expected to be a loss of 105 million RMB, improving to a profit of 13 million RMB in 2026 and 56 million RMB in 2027. The gross margin is forecasted to be 41.84% in 2025 and 43.06% in 2026 [6][20]. Valuation Metrics - The report assigns a price-to-sales (PS) ratio of 12.0x for the custom chip business and 30.0x for the IP licensing business for 2025, reflecting a premium valuation based on the company's competitive advantages in the HPC and AI sectors [4][12]. Market Data - As of April 25, the closing price was 90.90 RMB, with a market capitalization of 45.528 billion RMB. The target price represents a potential upside from the current market price [8].

Core Insights - The summit focused on new career opportunities and transformation paths in the context of AI, low-altitude economy, and green energy, emphasizing the importance of aligning personal growth with industry trends [1][22] Group 1: Regional Industry Advantages - Chengdu has established a differentiated advantage in sectors like chip design (annual scale exceeding 30 billion), AI algorithms (25% of high-paying positions), and medical technology (AI imaging penetration rate of 35%), positioning itself as a hub for technological innovation in Western China [5] - Leading companies in Chengdu's chip sector, such as Huawei HiSilicon and Zhenxin Technology, offer annual salaries ranging from 350,000 to 1.2 million [5] Group 2: Salary Structure Insights - In comparison to Beijing's "olive-shaped" salary distribution, Chengdu exhibits a "pyramid-shaped" structure where 70% of workers are in entry-level positions (8,000-15,000), while only 12% occupy high-paying roles, indicating a need for career advancement through industry positioning and skill enhancement [5] Group 3: Wealth Accumulation Pathways - The summit introduced a five-stage wealth accumulation theory, highlighting the significance of the "golden career period" (ages 29-35) and advocating for diversified asset allocation in high-growth industries, citing examples like Shenzhen's housing prices increasing tenfold in eight years and Huawei's stock compounding growth [5] Group 4: AI and Career Development - The discussion on AI's impact on career paths outlined three stages of AI technology penetration: infrastructure layer (e.g., OpenAI), application tools layer (e.g., Manus AI), and industry transformation layer (e.g., AI-driven supply chain optimization in Chengdu's tea industry) [9][10] - Strategies for career transition included deepening industry chain engagement, empowering traditional industries with AI, and the rise of "super individuals" leveraging AI for creative endeavors [12] Group 5: Enhancing Workplace Competitiveness - The "constant-variable" career evolution model was proposed, emphasizing the identification of personal strengths through assessments and the need for career choices to align with individual values [14] - The summit highlighted that AI serves as an amplifier rather than a replacement, urging professionals to focus on unique human skills that AI cannot replicate, such as empathy and critical thinking [16] Group 6: AI in Job Seeking - Practical applications of AI in job seeking were discussed, including building a career knowledge base, optimizing resumes using AI tools, and managing professional image through social media [18][20] - The summit concluded with a call for individuals to integrate their strengths with market demands to achieve exponential career growth, positioning 2025 as a new starting point rather than an endpoint [22]

登录新浪财经APP 搜索【信披】查看更多考评等级 1、本年度报告摘要来自年度报告全文，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 资者应当到上海证券交易所网站（www.sse.com.cn）仔细阅读年度报告全文。 2、重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险，2024年公司归属于上市公司股东的 扣除非经常性损益的净利润为负，具体原因详见"第三节管理层讨论与分析"之"四、风险因素（二）业 绩大幅下滑或亏损的风险"部分，请投资者注意投资风险。 3、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 4、公司全体董事出席董事会会议。 公司代码：688593 公司简称：新相微 上海新相微电子股份有限公司2024年年度报告摘要 第一节 重要提示 5、北京德皓国际会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 6、公司上市时未盈利且尚未实现盈利 □是 √否 7、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 鉴于公司2025年3月15日披露《 ...

2023 年 5 月台北电脑展，英伟达创始人兼 CEO 黄仁勋在结束了自家产品发布和演讲后匆匆离席。再 次出现时，黄仁勋已经来到联发科展台，握住了多年老友、联发科 CEO 蔡力行的手。 借此，英伟达、联发科两大芯片设计巨头宣布联手， " 发达联盟 " 就此成型，面向风起云涌又前景无 限的智能汽车，打造开发全新汽车芯片。 两年后， " 发达联盟 " 在上海车展发力。 4 月 23 日，联发科发布了基于双方最顶尖技术打造的天玑 汽车旗舰座舱平台 C-X1 。 绝大多数消费者乃至汽车行业人士，并不清楚这枚旗舰级座舱芯片背后的产业故事，但它的的确确串联 起了智能汽车芯片的过去和未来。 顶峰再聚首 虽然英伟达与联发科如今打得火热，但时间倒退十余年，双方其实是在移动 SoC 上相互竞争的对手。 那时联发科作为第一批国产智能手机的核心供应商，其 "Turn-key" 方案大放异彩，在 " 中华酷联 " 的崛起中占得先机。而英伟达从显卡转战而来，为了推介自家手机芯片，黄仁勋曾为小米 3 发布会站 台，高喊 " 我也是米粉 " 。 2014 年，两家公司短暂相交的命运线慢慢错开，并在漫长的坚持与等待中，分别找到了自己新的成长 ...

Core Insights - The company, Lanke Technology, reported strong financial performance for Q1 2025, achieving a revenue of 1.222 billion yuan, a year-on-year increase of 65.78%, and a net profit of 525 million yuan, up 135.14% [2] - The sales revenue from interconnect chips reached 1.139 billion yuan, reflecting a growth of 63.92% year-on-year, with multiple operational metrics hitting historical highs [2] - The gross margin for interconnect chips increased to 64.50%, up 3.57 percentage points year-on-year, indicating high business quality [2] Financial Performance - The company achieved a net profit of 602 million yuan when excluding the impact of share-based payments, resulting in a net profit margin approaching 50% [2] - The interconnect chip sales revenue and net profit have shown consistent quarter-on-quarter growth for eight consecutive quarters, demonstrating resilience in the company's development [2] - As of April 22, 2025, the company has over 1.29 billion yuan in hand orders for interconnect chips expected to be delivered in Q2 2025, with new orders continuing to flow in [2] Product Development - The company successfully passed the CXL2.0 compliance test for its CXLMXC chip and is now listed among the first batch of CXL2.0 compliant suppliers [3] - New products such as PCIe6.x/CXL3.x Retimer chips and second-generation MRCD/MDB sets have been developed, expanding the product matrix [3] - The sales revenue for three high-performance interconnect chips reached 135 million yuan in Q1 2025, marking a year-on-year growth of 155% [3] Strategic Focus - The company has set long-term strategic goals for the next five to ten years, aiming to become a leading global designer of all-interconnect chips, focusing on the interconnect chip sector [4] - Plans include advancing DDR memory interface product iterations, enhancing core technology R&D in PCIe/CXL interconnects, and exploring Ethernet and optical interconnect fields [4] - The company will actively seek investment and acquisition opportunities to align business expansion with strategic goals [4] Market Outlook - Analysts believe that as computing power increases, the demand for interconnect chips will grow, making the interconnect chip market a promising blue ocean [5] - The interconnect demand within AI systems, including between chips, server chassis, clusters, and data centers, highlights the potential for significant market growth [5] - With strong technical capabilities and industry experience, the company is well-positioned to capitalize on opportunities in this emerging market [5]

据了解，Banma Hypervisor是国内首个通过ISO 26262产品功能安全ASIL-D最高等级认证、且支持舱驾 一体的虚拟化产品，具备安全性、实时性、高性能、低延时等优势。Banma Hypervisor支持CPU、GPU 等计算资源动态调度，可让系统性能发挥到极致，同时兼容多系统应用及Unity等第三方3D引擎。 为老用户带来新体验，斑马智行联合紫光展锐推出"斑马AI BOX" 4月24日，上海车展期间，紫光展锐发布新一代旗舰级智能座舱芯片平台A8880，斑马智行与紫光展锐 在前期战略合作基础上宣布，共建"芯片+OS"软件基线，基于Banma Hypervisor推出支持Linux+Android 应用生态的智能座舱方案，全面助力汽车座舱智能化迈向新征程。 芯片+OS深度协同，虚拟端计算效能提升20%以上 紫光展锐最新发布的全新一代旗舰级智能座舱芯片平台A8880，在智能算力、扩展接口、解决方案等方 面进行了全面升级。 据介绍，平台搭载ARM最新架构，CPU性能相较上一代提升3倍，GPU性能提升6倍，NPU性能提升8 倍。同时A8880配备专业音响级音频DSP，性能同比提升8倍。这些显著的性能提升 ...

4月24日，A股市场风格分化，昨日表现强势的光模块、光通信、AI算力板块蓄力回调，截至10：47， 创业板人工智能ETF华夏（159381）跌超2%，持仓股中，润泽科技、富瀚微、景嘉微、首都在线等领 跌。 资料显示，创业板人工智能ETF华夏（159381）跟踪创业板人工智能指数，费率在同类标的中位居最低 一档。指数选取创业板上市的AI主业公司，实现AI产业硬件+软件+应用龙头全覆盖。行业分布上，该 指数在光模块、光芯片、IT服务等概念上的暴露度较高，前十大成分股股包含新易盛、中际旭创、天孚 通信三大光模块龙头，北京君正、全志科技两大芯片设计公司，以及软通动力、润泽科技、光环新网、 网宿科技、深信服等IDC、云计算龙头。 近日，光模块龙头企业相继发布2024年年报及2025年一季报，业绩同比高增，彰显AI算力高景气度。 新易盛：2024年公司实现营收86.47亿元，同比增加179.15%，实现归母净利润28.38亿元，同比增长 312.26%，2025Q1公司实现营收40.52亿元，同比增长264.13%，环比增长15.24%，实现归母净利润15.73 亿元，同比增长384.54%，环比增长31.95%。 中际 ...

业内期盼的"英伟达平替"，价值开始显现了！ 4月18日晚，国内领先的AI芯片设计企业寒武纪发布2024年报和2025年一季报。年报显示，2024年公司实现总营收11.74亿元，同比增长65.56%；归母净利 润亏损4.52亿元，其中第四季度盈利首次转正。今年一季报更是惊人，公司实现总营收11.11亿元，几乎相当于2024年全年的收入，同比增长4230.22%；实 现净利润3.55亿元，同比扭亏为盈。 分析人士认为，寒武纪业绩的增长表明，国内人工智能芯片已经崛起。在英伟达部分芯片遭禁的背景之下，寒武纪的平替价值正在显现。去年四季度和今年 一季度，寒武纪存货余额分别为17.74亿元和27.55亿元，分别环比增加7.6亿元和9.8亿元，存货余额持续创历史新高。而从最近两个季度存货转收入的趋势 来看，的确也在持续增长。显示在英伟达芯片受限背景之下，寒武纪备货充足，主力芯片出货可能持续增加。 惊人的业绩 日前，寒武纪公布了去年年报和今年一季报，其业绩表现的确惊人。该公司2024年公司实现总营业收入11.74亿元，同比增长65.56%。其中，云端产品线收 入占比高达99.30%，较上年同期增长1187.78%； 今年 一 ...

Company and Industry Summary Company Overview - The company reported a revenue of 2.1 billion and a net profit of 274 million for 2024, with a year-on-year revenue growth of 74% and a net profit growth of 143% [1] - The gross margin improved by 3.8 percentage points compared to the previous year [1] Quarterly Performance - In Q4, the revenue was 610 million, showing a quarter-on-quarter decline of 3.6% but a year-on-year increase of 61% [1] - The gross margin for Q4 was 21.5%, slightly down by 0.8 percentage points from Q3 [1] Financial Metrics - Total assets amounted to 2.57 billion, with cash constituting 68.3% of total assets [2] - The accounts receivable turnover days decreased by 17 days compared to the previous year, indicating improved efficiency [2] Product Categories - The company has four main product lines: display drivers, electronic components, fast charging protocols, and voice coil motors, with display drivers accounting for 76.9% of revenue [3] - The share of electronic components increased from 19.3% in Q3 to 23.1% year-on-year [3] Strategic Insights - The company’s strategy focuses on continuous new product launches, particularly in electronic components, which contributed significantly to revenue growth [4] - The company expects stable revenue growth in 2025, with strong demand for electronic components in Q1 and Q2 [5] Market Trends - The electronic price tag market is projected to grow by 20% to 30% this year, driven by increased automation in smart retail [14] - The company holds over 80% market share in the electronic price tag segment, indicating a strong competitive position [15] Competitive Landscape - The company is expanding its TDDI (Touch and Display Driver Integration) product offerings, with a focus on mobile and tablet markets [9] - The TDDI market is transitioning from external drivers to integrated solutions, enhancing the company's competitive edge [9] Future Outlook - The company plans to introduce new products in the TDI and OLED segments, with a roadmap that includes advanced technologies [30] - The company aims to maintain its leading position in the four-camera and six-camera markets, with ongoing product development [12] Challenges and Risks - The competitive landscape in the TDI market is intensifying, with price pressures from competitors [28] - The company is addressing production capacity issues to meet growing demand for high-refresh-rate products [20] Conclusion - The company is on an upward trajectory, driven by strong product differentiation, technological advancements, and effective management practices [35] - Continued focus on innovation and market expansion is expected to sustain growth in the coming years [35]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In 2024, the company achieved a revenue of 5.926 billion yuan, representing a year-on-year increase of 10.34%. The net profit attributable to shareholders was 822 million yuan, up 65.03% year-on-year, while the net profit excluding non-recurring items reached 746 million yuan, reflecting a 93.97% increase year-on-year [2][6][12]. - The fourth quarter of 2024 saw a revenue of 1.286 billion yuan, which was a decrease of 15.00% year-on-year and a 20.79% decline quarter-on-quarter. The net profit attributable to shareholders for Q4 was 228 million yuan, up 23.79% year-on-year but down 1.52% quarter-on-quarter [2][12]. - The company emphasizes research and development, with R&D expenses amounting to 1.353 billion yuan in 2024, a 5.46% increase year-on-year, representing 22.83% of total revenue [12]. Summary by Sections Financial Performance - The company reported a total revenue of 5.926 billion yuan for 2024, with a gross profit of 2.166 billion yuan, yielding a gross margin of 37% [16]. - The projected net profits for 2025, 2026, and 2027 are estimated to be 1.129 billion yuan, 1.460 billion yuan, and 1.779 billion yuan respectively [16]. Product Development - The company has successfully launched new products, including 6nm chips, which are expected to achieve sales of over 10 million units in 2025. The 8K chips have captured all domestic market shares and received orders from top international operators [12]. - The Wi-Fi 6 2*2 chips sold over 1.5 million units in 2024, with expectations for accelerated growth in 2025 [12]. Market Expansion - The S series products continue to gain market share in domestic operator tenders, while the T series chips have seen over 30% year-on-year sales growth, with further international market expansion anticipated [12]. - The company is diversifying its product lines and expanding into automotive and AIoT sectors, which are expected to drive long-term growth [12].