2025年 车载芯片行业词条报告 头豹分类/制造业/计算机、通信和其他电子设备制造业/智能 消费设备制造/智能车载设备制造 Copyright © 2025 头豹 企业竞争图谱：2025年车载芯片 头豹词条报告系列 苏显涵 · 共创作者 苏 2025-09-26 未经平台授权，禁止转载 行业分类： 制造业/智能车载设备制造 摘要 车载芯片是专为汽车电子系统设计的半导体集成电路，是ECU核心部件，广泛应用于各类汽车领域。随着汽车技术发展，芯片应用愈发广泛。行业特征方面，电动化拉动需 求增长，到2035年全球电动车和自动驾驶汽车渗透率将大幅提升，汽车芯片市场增速较高；国产化替代明显，政策引导下全产业链布局初步形成；技术壁垒较高，车规芯片 认证严格且费用高昂。行业规模上，产业链动荡和新能源汽车发展带动车载芯片用量提升，未来新能源汽车和自动驾驶发展及政策支持将推动市场持续增长。 行业定义 车载芯片（汽车芯片或车规级芯片）是指专门为汽车电子系统设计、制造，并符合严苛的车规级标准的半导体集成电路。其为汽车电子控制 单元（ECU）的核心部件，负责处理、存储、传输数据以及执行控制功能，广泛应用于传统燃油车、新能源汽车、智能网 ...

Group 1 - Jilin Provincial Government emphasizes the need for comprehensive reform to enhance the role of effective markets and proactive government support for state-owned enterprises [1] - The government aims to accelerate the construction of a modern industrial system to foster new momentum and advantages for high-quality development in Jilin [1] Group 2 - Jilin Chemical Fiber Group, the largest carbon fiber production base in China, is encouraged to seize opportunities in the carbon fiber industry and aim for a doubling of total assets and revenue during the 14th Five-Year Plan [2] - The company is advised to focus on downstream products, expand into various application scenarios, and innovate business models to enhance core competitiveness [2] - There is a strong emphasis on accelerating digital transformation and upgrading technology to improve productivity and reduce costs [2] Group 3 - Jilin Huayi Electronics Co., Ltd., the first listed company in China's power semiconductor chip sector, faces risks of forced delisting due to past financial misconduct [3] - The company is urged to strengthen its governance structure and internal control mechanisms while enhancing market-oriented operations [3] - There is a call for the company to deepen its focus on semiconductors and chips, promote resource integration, and accelerate the fusion of technological and industrial innovation [3]

Group 1 - The core focus of the article is on the importance of technological innovation and industrial transformation in Chuzhou, as emphasized by President Xi Jinping during his visit [1][3] - Chuzhou is actively engaging in strategic initiatives to drive high-quality development through innovation, positioning itself as a key node in the Yangtze River Delta integration [3][5] - The city has implemented over 30 policies to enhance the role of enterprises in technological innovation, resulting in a significant increase in high-tech enterprises and R&D investment [5][7] Group 2 - Chuzhou Jietai New Energy Technology Co., Ltd. has achieved remarkable growth, with a production capacity exceeding 7 million pieces per day and revenue nearing 3.09 billion yuan in the first half of the year [3][5] - The company is collaborating with institutions like the Chinese Academy of Sciences to develop advanced battery technologies, achieving a laboratory efficiency of 32.08%, which is industry-leading [3][5] - The city has a total of 1,567 high-tech enterprises, ranking third in the province, and has seen a rise in potential unicorn companies, indicating a robust innovation ecosystem [5][7] Group 3 - Chuzhou has established a comprehensive innovation ecosystem, focusing on integrating education, industry, and research to enhance the effectiveness of technology transfer [10][11] - The city has attracted over 400 talent teams and established numerous research platforms, facilitating collaboration between academia and industry [10][11] - The local government is promoting various initiatives to support innovation, including funding for technology projects and establishing a favorable environment for talent retention [17][18] Group 4 - The semiconductor industry in Chuzhou has seen significant advancements, with companies like Huari Microelectronics achieving rapid growth and establishing a strong market presence [16][19] - The city is fostering a diverse funding system to stimulate technological innovation, with substantial investments from angel funds and financial institutions [17][18] - Chuzhou's commitment to creating a supportive environment for innovation is evident in its infrastructure and policies aimed at attracting and retaining talent [18][21]

Group 1: Recommended Stocks - Torch Electronics (603678.SH) shows confidence with an employee stock ownership plan despite a 20.04% decline in revenue to CNY 2.8 billion in 2024[9] - Jiejie Microelectronics (300623.SZ) reported a 35.05% increase in revenue to CNY 2.845 billion and a 115.87% rise in net profit to CNY 473 million in 2024[13] - Meige Intelligent (002881.SZ) leads in smart cockpit modules with a 35.1% market share, achieving 881,000 units shipped in 2024[19] - Kingsoft Office (688111.SH) achieved a revenue of CNY 26.57 billion in H1 2025, a 10.12% year-on-year increase[20] - Parker New Materials (605123.SH) aims for high-end markets with a focus on aerospace and energy sectors, despite a 46.37% drop in net profit in 2024[25] - Jinyinhai (300619.SZ) is a leader in lithium battery equipment, expecting revenues of CNY 18.95 billion in 2025[29] Group 2: Financial Metrics and Projections - Torch Electronics forecasts EPS of CNY 1.10, 1.40, and 1.74 for 2025-2027[12] - Jiejie Microelectronics anticipates EPS of CNY 0.78, 1.02, and 1.35 for 2025-2027[16] - Kingsoft Office projects net profits of CNY 17.68 billion, 21.50 billion, and 26.93 billion for 2025-2027, with a PE ratio of 84, 69, and 55 respectively[23] - Jinyinhai expects net profits of CNY 0.11 billion, 0.80 billion, and 2.60 billion for 2025-2027, with a PE ratio of 318.45X, 45.82X, and 14.01X[35]

Core Viewpoint - The company, Jiangsu Jiejie Microelectronics, reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, indicating robust operational resilience and growth momentum [1][2]. Financial Performance - The company achieved a revenue of 1.6 billion yuan, representing a year-on-year increase of 26.77% [1]. - Net profit attributable to shareholders reached 247 million yuan, up 15.35% year-on-year [1]. - The net profit after deducting non-recurring gains and losses surged by 46.57%, showcasing strong operational performance [1]. - The net cash flow from operating activities was 453 million yuan, a substantial increase of 55.03% year-on-year, reflecting excellent cash collection capability [2]. Business Segments - The company's three main business segments all experienced steady growth: - Power semiconductor chip revenue was 492 million yuan, a year-on-year increase of 23.28% [2]. - Power semiconductor device revenue reached 1.074 billion yuan, growing by 27.88% year-on-year [2]. - Revenue from power device testing and packaging was 116 million yuan, showing a significant increase of 55.91% [2]. R&D and Innovation - The company has maintained a strong focus on technology-driven growth, with a total of 309 authorized patents, including 105 invention patents [3]. - In the first half of 2025, the company added 28 new authorized patents across key technology areas such as MOSFET, IGBT, and packaging processes [3]. - R&D investment amounted to 104 million yuan, targeting advanced technologies like SGT MOS, SJ MOS, and silicon carbide devices [3]. Quality Management and Market Position - The company has enhanced its quality management system, achieving multiple certifications such as IATF16949 and ISO9001, ensuring compliance with international standards [4]. - The customer base has been optimized, establishing deep collaborations with well-known companies like Haier and ZTE, and gradually entering high-end markets such as automotive electronics and aerospace [4]. - The company has implemented a "Quality Return Dual Improvement" action plan to enhance investor confidence and market perception [4]. Future Growth Prospects - The company plans to continue focusing on its core business of power semiconductors and accelerate capacity release [4]. - There will be an increased emphasis on R&D investment to promote the industrial application of third-generation semiconductor technologies like silicon carbide and gallium nitride [4]. - With the ongoing demand surge in sectors like new energy and automotive electronics, the company is well-positioned to benefit from the domestic substitution trend and enter a new growth cycle [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Viewpoints - The company's revenue for the first half of 2025 is expected to reach 1.666 billion yuan, representing a year-on-year growth of 14.19%. However, the net profit attributable to shareholders is projected to be a loss of 121 million yuan, which is an increase in loss of approximately 54 million yuan compared to the same period last year [1]. - The silicon wafer and epitaxial wafer business has shown strong performance in the first half of the year, contributing to revenue growth. The company's heavily doped epitaxial wafers are competitive, with high order volumes and capacity utilization rates for both 6-8 inch and 12-inch products [1][2]. - The company has a full order book for its two-dimensional addressable VCSEL chips, which are expected to drive future growth. The subsidiary has developed a unique manufacturing process for these chips, targeting applications in automotive and robotics [3]. Summary by Relevant Sections Revenue and Profit Forecast - The company forecasts revenue growth from 2.69 billion yuan in 2023 to 4.098 billion yuan in 2025, with a growth rate of 32.52% in 2025. However, net profit is expected to decline significantly in 2024 before recovering in subsequent years [4][9]. Sales and Production Data - In the first half of 2025, the company sold approximately 9.2786 million 6-inch equivalent semiconductor wafers, a year-on-year increase of 38.72%. The 12-inch wafer sales reached 811,500 units, showing a remarkable year-on-year growth of 99.14% [2]. Profitability and Valuation Metrics - The report projects a decline in net profit margins in the near term, with a forecasted net profit of 69 million yuan in 2025 and 165 million yuan in 2026. The current market valuation corresponds to a PE ratio of 247x for 2025, decreasing to 70x by 2027 [3][4][11].

Core Viewpoint - Zongyi Co., Ltd. plans to invest 220 million RMB in Jilai Microelectronics to acquire a 45.28% stake, gaining control over the company’s voting rights, which will exceed 50% after the transaction [1] Group 1: Company Overview - Zongyi Co., Ltd. operates in information technology, new energy, and equity investment, focusing on chip design, mobile gaming, and IT services [1] - Jilai Microelectronics specializes in the research, production, and sales of power semiconductor chips and devices, with a vertically integrated operation model [1] Group 2: Market Position and Clients - Jilai Microelectronics has established a competitive product quality and service system, serving notable clients in various sectors, including Midea and Xiaomi in consumer electronics, Zhejiang Chint Electric and Shanghai Liyang Electric in industrial applications, and BYD in automotive electronics [2] Group 3: Financial Performance and Projections - As of July 31, 2024, Jilai Microelectronics has an order backlog of 59.065 million RMB, which is projected to increase to 69.6929 million RMB by July 31, 2025, reflecting an approximate 18% growth [2] - The company anticipates revenue between 115 million RMB and 125 million RMB for the first half of 2025, with a year-on-year change of -3.32% to 5.08% [2] Group 4: Performance Commitments - Jilai Microelectronics has committed to achieving net profits of 26 million RMB, 33 million RMB, 41 million RMB, and 50 million RMB for the years 2025 to 2028, with a cumulative commitment of no less than 150 million RMB [3] Group 5: Strategic Implications - The acquisition will enhance Zongyi Co., Ltd.'s capabilities in the power semiconductor sector, aligning with the trend of domestic substitution and providing a foundation for future expansion into broader integrated circuit design, manufacturing, and testing [3]

Core Viewpoint - Jiangsu Zongyi Co., Ltd. plans to acquire Jiangsu Jilai Microelectronics Co., Ltd. to expand its presence in the power semiconductor sector through a cash capital increase of 220 million yuan, aiming to enhance competitiveness and align with domestic substitution trends [2][3] Group 1: Acquisition Details - The company will invest 220 million yuan to acquire 43,233,494 shares of Jilai Micro, representing 45.2807% of the total share capital post-investment [2] - If Jilai Micro completes a share buyback before the transaction closes, Zongyi's ownership percentage could increase to 51.1628% [2] - The original controlling shareholder of Jilai Micro, Li Dawei, has agreed to delegate all voting rights of his 8,287,109 shares to Zongyi, ensuring control over Jilai Micro's voting rights [2] Group 2: Business Impact - The acquisition will allow Zongyi to enter the R&D, production, and sales of power semiconductor chips and devices, optimizing its industrial chain layout [3] - Jilai Micro's IDM capabilities will provide Zongyi with technological reserves and talent support, accelerating its development in the integrated circuit sector [3] - The transaction is expected to enhance Zongyi's revenue and profitability, improve risk resistance, and maximize shareholder value [3] Group 3: Financial Commitments - Jilai Micro has committed to achieving net profits of 26 million yuan, 33 million yuan, 41 million yuan, and 50 million yuan from 2025 to 2028 [3] - If Jilai Micro fails to meet 80% of the promised net profits, the performance commitment party will compensate Zongyi [3]

Core Viewpoint - Jiangsu Zongyi Co., Ltd. is planning a significant asset acquisition to enhance its position in the power semiconductor industry, which is expected to provide long-term growth and strategic advantages in the integrated circuit sector [7][10][44]. Group 1: Transaction Overview - The company intends to increase its stake in Jiangsu Jilai Microelectronics Co., Ltd. by investing 220 million RMB, acquiring 4,323,349.4 shares, which will represent 45.2807% of the total shares post-investment [9][47]. - The transaction is classified as a major asset restructuring, meeting the criteria set by the restructuring management measures, with revenue indicators exceeding 50% [10][58]. - The acquisition will be funded entirely through the company's own or legally raised funds [51]. Group 2: Impact on Business Operations - The acquisition will allow the company to enter the power semiconductor chip and device manufacturing sector, optimizing and extending its industrial chain [13][60]. - The target company possesses multiple wafer production lines and has established a vertical integration system covering chip design, wafer manufacturing, and packaging testing [60][44]. - This strategic move aligns with the national trend of domestic substitution in the semiconductor industry, enhancing the company's competitiveness in the power semiconductor field [14][60]. Group 3: Financial Implications - The transaction is expected to improve the company's revenue and profitability, thereby enhancing overall financial performance and risk resistance [15][62]. - The projected net profits for the target company during the commitment period are set at 26 million RMB for 2025, 33 million RMB for 2026, 41 million RMB for 2027, and 50 million RMB for 2028, indicating a strong growth trajectory [34][55]. - The company has committed to measures to prevent dilution of immediate returns, ensuring that any potential impacts on earnings per share are addressed [28][30]. Group 4: Regulatory and Approval Process - The transaction requires approval from the company's shareholders and must comply with relevant regulatory procedures [18][20]. - The controlling shareholder and management have expressed support for the transaction, emphasizing its alignment with legal and regulatory requirements [20][19]. - The company will ensure strict adherence to information disclosure obligations throughout the transaction process [21][22].

Group 1 - The latest stock price of Huangting International is 3.06 yuan, an increase of 0.05 yuan from the previous trading day's closing price [1] - The stock opened at 3.11 yuan, reached a high of 3.15 yuan, and a low of 3.03 yuan, with a trading volume of 655,017 hands and a transaction amount of 201 million yuan [1] - Huangting International operates in the real estate services and semiconductor sectors, focusing on the design, manufacturing, and sales of power semiconductor chips, as well as commercial real estate operation and management [1] Group 2 - The company's power semiconductor business is conducted through its subsidiary, Yifa Power, which has an annual production capacity of 360,000 pieces of 6-inch power wafers [1] - On August 7, the company announced a capital increase agreement with Shenzhen Zunguang Solid State Battery Co., Ltd., which specializes in the research and production of solid electrolytes and solid-state batteries [1] - This investment is part of the company's "123" transformation development strategy, focusing on new materials in the energy storage sector [1] Group 3 - On August 8, data showed that the net inflow of main funds into Huangting International was 10.6787 million yuan, accounting for 0.39% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds was 8.9883 million yuan, representing 0.33% of the circulating market value [1]