2025年6月8日，国产MCU龙头企业中颖电子（300327.SZ）发布公告称，控股股东威朗国际集团有限公 司正在筹划公司控制权变更事项，可能导致公司控股股东及实际控制人发生变更。为避免股价异常波 动，公司股票自6月9日起停牌，预计停牌时间不超过2个交易日。 实控人傅启明：半导体老将的稳健经营与离场抉择 中颖电子实控人傅启明为半导体行业资深从业者，自1983年起先后任职于联华电子、飞利浦等国际巨 头，2002年加入中颖电子并带领公司登陆创业板。截至2025年第一季度末，威朗国际直接持有中颖电子 18.49%股份，傅启明通过威朗国际间接持有4920.65万股，占总股本14.41%。 傅启明以"稳健经营"著称，中颖电子自2012年上市以来累计现金分红14次，平均分红率达56.19%。然 而，近年来MCU市场进入下行周期，行业竞争加剧。2024年，公司实现营业收入13.43亿元，同比增长 3.32%，但归母净利润同比下滑28.01%至1.34亿元。公司解释称，净利润下降主要受上一报告期供货商 一次性大额赔偿款影响，且非经常性损益大幅减少。若剔除该因素，扣除非经常性损益的净利润同比增 长26.61%，显示核心业务盈利 ...

股价相对大盘走势 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 2025 年 5 月 19 日 | 朱吉翔 | | | --- | --- | | H70138@capital.com.tw | 150 | | 目标价(元) | | 公司基本资讯 | 产业别 | | | 电子 | | --- | --- | --- | --- | | A 股价(2025/5/16) | | | 122.29 | | 上证指数(2025/5/16) | | | 3367.46 | | 股价 12 个月高/低 | | 147.56/64.13 | | | 总发行股数(百万) | | 664.06 | | | A 股数(百万) | | 663.72 | | | A 市值(亿元) | | 811.66 | | | 主要股东 | | 朱一明(06.89%) | | | 每股净值(元) | | 25.29 | | | 股价/账面净值 | | 4.83 | | | | 一个月 三个月 | 一年 | | | 股价涨跌(%) | 11.2 -4.8 | 46.6 | ...

Core Viewpoint - The article emphasizes that AI is transitioning from being a cloud-based privilege to becoming a standard feature in endpoint devices, with microcontrollers (MCUs) playing a crucial role in this shift [1][2]. Group 1: AI in Endpoint Devices - User demand is driving AI to "sink" into endpoint devices, as users prefer devices that can make decisions independently without relying on cloud processing [2]. - The AI chip market is projected to grow from $12 billion in 2019 to $43 billion by 2024, with edge AI being a significant growth driver [2]. Group 2: MCU Industry Transformation - The MCU industry is undergoing a transformation as AI capabilities are increasingly integrated at the hardware level, particularly through the integration of neural processing units (NPUs) [1][2]. - Major MCU manufacturers are moving beyond merely adding AI features in software toolkits to integrating NPUs into their hardware, marking a new era in edge intelligence [2]. Group 3: Strategies of Major MCU Players - STMicroelectronics has developed its own NPU, Neural-ART, and launched the STM32N6, which features high performance and significant AI capabilities [5][6][10]. - NXP has introduced the eIQ Neutron NPU, which supports various neural network types and has been integrated into its i.MX RT700 and S32K5 MCUs [11][13][14]. - Infineon is leveraging the Arm Ethos-U55 NPU in its PSOC Edge series, focusing on reducing AI development barriers [18][19]. - Texas Instruments has introduced the TMS320F28P55x C2000 series, the first real-time control MCU with an integrated NPU, enhancing fault detection and reducing latency [20]. - Renesas is optimizing its RA8 series MCUs for AI without an NPU, focusing on cost-effectiveness and simplicity [22]. - Silicon Labs is targeting low-power AI for IoT applications with its xG26 series, emphasizing energy efficiency [23][24]. Group 4: Domestic MCU Manufacturers - Domestic players like Guoxin Technology and Zhaoyi Innovation are developing AI-capable MCUs, with Guoxin's CCR4001S featuring a self-developed NPU for edge AI applications [25][27]. - Zhaoyi Innovation's GD32G5 series MCU is designed for AI algorithm processing, while Chengpu Microelectronics is integrating TinyML capabilities for offline voice recognition [27][28]. Group 5: Future Trends in MCU and AI - The integration of AI into MCUs is becoming inevitable, with AI expected to be a built-in capability rather than an add-on feature [29]. - The market demands for AI MCUs vary across segments, with consumer electronics prioritizing cost and ease of deployment, while automotive and industrial sectors emphasize safety and reliability [29][30]. - The shift towards mixed CPU + NPU architectures is anticipated to redefine product definitions and impact the semiconductor supply chain [30].

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].