上周举办的第二届"湾芯展"，让新凯来走进大众视野，深圳半导体产业也有了新名片，其背后更是深圳半导体产业的 崛起。 今年以来，深圳的半导体公司在资本市场上动作频频，灵明光子、迈特芯、新声半导体、柠檬光子、至信微、芯视 佳、创晟半导体等陆续公布融资进展。 此外，还有中微半导、晶存科技、矽电半导体、尚鼎芯科技、基本半导体、飞骧科技、创智芯联、江波龙等公司正在 冲刺IPO。 格隆汇获悉，中微半导体（深圳）股份有限公司（简称"中微半导"）于9月底递表港交所，寻求A+H双重上市，由中信 建投国际独家保荐。 2022年8月，中微半导在科创板上市，股票代码：688380.SH，截至10月22日收盘，公司股价为36.87元/股，市值约147 亿元。 01 以微控制器（MCU）领域为核心，位于深圳前海 中微半导成立于2001年6月，创始人是杨勇，2019年12月转制为股份公司，2022年8月在科创板上市，总部位于深圳市 前海深港合作区南山街道。 截至2025年9月19日，杨勇、周彦、周飞、顺为芯华、丰泽一芯、丰泽芯旺及芯旺投资有限公司共同构成一组控股股 东集团，合计持有公司约60.66%的投票权。 创始人杨勇今年53，任集团执行 ...

H-C Cmsemicon" 中 冒 半 导 体 中微半导体（深圳 ( C 9月23日，中微半导体（深圳）股份有限公司（以下简称"中微半导"）正式向香港交易所递交了上市申请，拟通过募集资金用于提升研发能力、加强技术开 发平台、进行策略性投资及收购、发展全球业务及设立香港研发中心，以及用作营运资金及一般企业用途。 凭借对国内客户需求的深刻理解、丰富的技术储备、长期积累的市场渠道资源及稳定的业务基础，中微半导体已建成包含众多知名企业的稳固客户基础。在 业绩记录期间，公司服务了超过1000家客户，包括业界领先的企业、知名消费品牌以及著名的汽车制造商，为未来的成长与市场扩展奠定了坚实的基础。依 托深厚的技术积累与前瞻性的商业洞察，公司已在人工智能（AI）、数据中心、机器人等细分领域实现产品落地。当前，人工智能、机器人等前沿技术的 发展已成为推动MCU行业进步的核心趋势与重要突破点；未来，公司将继续通过持续研发投入，积极推动MCU产品在上述前沿领域的快速渗透。 中微半导体的成熟交付能力、强劲的客户留存率，以及在各个营运环节及合作伙伴领域的整合，为持续扩张奠定了稳固基础。2022年、2023年及2024年以及 截至202 ...

据港交所9月23日披露，中微半导体(深圳)股份有限公司(简称：中微半导(688380.SH))向港交所主板提交上市申请书，中信建投 （601066）国际为独家保荐人。 招股书显示，中微半导是中国领先的智能控制解决方案提供商，精于集成电路芯片的设计和交付，并以微控制器("MCU")作为公司产品 的核心。凭藉深厚的专业能力及创新带动的研发，公司为广泛应用场景提供高效能、具能源效益及成本效益的智能控制解决方案。根据 弗若斯特沙利文的研究资料，公司是国内最早自主研发设计MCU的企业之一。公司的先发优势与持续创新使公司始终保持行业领先地 位。以2024年出货量计，公司为中国排名第一的MCU企业，而以收益计则排名第三。 中微半导以MCU设计及开发能力为核心，旗下产品进一步延伸至各类系统级芯片("SoC")、专用集成电路("ASIC")等，为客户提供智能 控制所需的芯片及底层算法一站式整体解决方案，赋能消费电子、智能家电、工业控制及汽车电子等多元应用场景。于往绩期间，公司 的收益主要来自MCU、SoC及ASIC解决方案的提供，以及其他相关产品的销售。 在泛消费领域，中微半导的MCU芯片产品在中国消费电子及智能家电领域佔据市 ...

智通财经APP获悉，据港交所9月23日披露，中微半导体(深圳)股份有限公司(简称：中微半导(688380.SH))向港交所主板提交上市申请 书，中信建投国际为独家保荐人。 招股书显示，中微半导是中国领先的智能控制解决方案提供商，精于集成电路芯片的设计和交付，并以微控制器("MCU")作为公司产品 的核心。凭藉深厚的专业能力及创新带动的研发，公司为广泛应用场景提供高效能、具能源效益及成本效益的智能控制解决方案。根据 弗若斯特沙利文的研究资料，公司是国内最早自主研发设计MCU的企业之一。公司的先发优势与持续创新使公司始终保持行业领先地 位。以2024年出货量计，公司为中国排名第一的MCU企业，而以收益计则排名第三。 中微半导以MCU设计及开发能力为核心，旗下产品进一步延伸至各类系统级芯片("SoC")、专用集成电路("ASIC")等，为客户提供智能 控制所需的芯片及底层算法一站式整体解决方案，赋能消费电子、智能家电、工业控制及汽车电子等多元应用场景。于往绩期间，公司 的收益主要来自MCU、SoC及ASIC解决方案的提供，以及其他相关产品的销售。 在泛消费领域，中微半导的MCU芯片产品在中国消费电子及智能家电领域佔 ...

Investment Rating - The report initiates coverage with an "Outperform" rating for Broadcom [3][5][42] Core Insights - Broadcom benefits from the global AI wave, with significant growth in semiconductor and software sectors driven by AI demand [1][2][42] - Semiconductor solutions dominate revenue structure, accounting for 58.35% of total revenue in FY2024, with AI-related revenue growing by 220% [1][14] - Infrastructure software revenue reached $21.478 billion in FY2024, showing a year-on-year growth of approximately 181.24% [1][14] Revenue and Profitability - In FY2025H1, Broadcom achieved revenue of $29.92 billion, a year-on-year increase of 22.38%, and net profit of $10.468 billion, up 203.77% [2][17] - The company expects FY2025Q3 revenue to be $15.8 billion, driven by a 35% increase in ASIC sales [2][43] Business Segments - The semiconductor solutions segment includes AI XPU accelerators, network switch chips, and custom ASIC products, while the infrastructure software segment includes VMware Cloud Foundation and virtualization software [13][32] - The semiconductor solutions business is projected to grow at rates of 18.5%, 31.5%, and 25.5% for 2025, 2026, and 2027 respectively [31][43] Financial Projections - Revenue projections for Broadcom are $61.266 billion, $76.340 billion, and $90.654 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of $25.299 billion, $34.561 billion, and $42.479 billion [4][43] - The report anticipates a steady increase in gross margin, reaching 67.6% in 2025 and 69.1% by 2027 [31][32] Valuation - The report suggests a valuation range of $1,658.93 billion to $1,693.49 billion based on a projected PE ratio of 48-49 for 2026 [3][43] - Broadcom's current PE ratios are 55.29, 40.47, and 32.93 for 2024, 2025, and 2026 respectively [43]

Core Viewpoint - The demand for custom AI semiconductors is rapidly increasing, leading to a shift in the customer base for high bandwidth memory (HBM) from traditional GPU manufacturers like Nvidia and AMD to tech giants such as Amazon, Google, and Meta, who are designing their own ASICs [1][2]. Group 1: Market Dynamics - The shift in demand is prompting memory chip manufacturers like Samsung, SK Hynix, and Micron to adjust their supply strategies and increase production capacity for HBM targeted at ASIC developers [1]. - Micron has identified ASIC platform companies alongside Nvidia and AMD as its four major HBM customers, indicating the growing influence of this sector [1]. - Analysts predict that by 2026, global shipments of AI ASICs will surpass those of Nvidia's AI chips, with the global ASIC AI market expected to reach $30 billion this year, growing at over 30% annually [1]. Group 2: HBM Supply and Technology - The demand for HBM is increasing as it is crucial for handling high-speed data in AI workloads, with SK Hynix supplying significant volumes to Amazon, Google, and Broadcom [2]. - Samsung is delivering its fifth-generation HBM3E to Broadcom and other ASIC customers, while the upcoming sixth-generation HBM4 technology is expected to bring further changes, allowing for customized logic chips [2]. - Samsung and SK Hynix are accelerating investments in HBM4 production to meet the rising demand, with Micron also providing samples of 12-layer HBM4 chips for quality verification [2]. Group 3: Future Agreements - HBM orders typically require a year of advance booking, and it is anticipated that the three major suppliers will finalize sample agreements with ASIC customers by the end of the year [3].

Group 1 - The company guarantees the authenticity, accuracy, and completeness of the restructuring report and its summary, and assumes legal responsibility for any false statements or omissions [1] - The controlling shareholder and actual controllers commit to suspending the transfer of shares if the transaction is under investigation for false information [1][4] - The independent financial advisor and other intermediaries confirm the accuracy of the information provided in the restructuring report [5] Group 2 - The transaction involves the acquisition of 100% equity of Tianjin Sigma, valued at 370.6 million yuan, with the final transaction price set at 370 million yuan [6] - The transaction price will be paid through a combination of issuing shares and cash, with differentiated pricing arrangements for different counterparties [7][10] - The company aims to enhance its core technology in radar systems by integrating the target company's chip technology, thereby improving its competitive edge [10] Group 3 - The transaction is expected to positively impact the company's main business and revenue, with an increase in total assets and operating income post-transaction [11] - The company will maintain its controlling shareholder structure after the transaction, ensuring no change in actual control [11] - The transaction is projected to lead to a decrease in net profit for 2023 due to high interest expenses from the target company's capital reduction, but an increase is expected in 2024 [12] Group 4 - The transaction has undergone necessary decision-making and approval processes, including board meetings and agreements with the controlling shareholder [12][13] - The company will strictly adhere to information disclosure obligations to protect the rights of minority investors [16][18] - Measures will be implemented to prevent dilution of immediate returns and enhance future return capabilities [40][41]