Group 1: Core Insights - The A-share market is experiencing an unprecedented wave of mergers and acquisitions, particularly in the semiconductor industry [1][8] - Guokewai announced a major asset restructuring plan, leading to a stock suspension starting May 22, with a closing price of 81.06 yuan and a total market value of 17.601 billion yuan [1][3] - The restructuring involves purchasing assets through share issuance and cash payments, focusing on specialized semiconductor wafer foundry and customized chip manufacturing [3][5] Group 2: Financial Performance - Guokewai's recent financial performance has been challenging, with a 53.26% year-on-year decline in total revenue for 2024, amounting to 1.978 billion yuan, while net profit increased by 25% to 51.51 million yuan [6][7] - In Q1 2024, the company reported a revenue of 305.26 million yuan, down 10.89% year-on-year, but net profit rose by 25% [6][7] - The company is focusing on sectors such as smart ultra-high-definition, AI, and automotive electronics, while actively developing automotive computing chips and SerDes chips [5][6] Group 3: Market Trends - Recent regulatory changes by the China Securities Regulatory Commission have simplified the approval process for major asset restructurings, stimulating market activity [8][10] - From 2024 to Q1 2025, the Chinese M&A market completed 2,853 transactions, with a total disclosed transaction value of approximately 837.5 billion yuan, primarily in sectors like semiconductors, IT, and biomedicine [11] - Analysts suggest that the ongoing reforms in M&A will further invigorate market dynamics, highlighting opportunities in innovative asset integration and large enterprises undergoing transformation [12]

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 05 13 年 月 日 国科微（300672.SZ） 编解码芯片领军者，AI 布局逐步完善 聚焦视频编解码领域，产品矩阵不断丰富。国科微是国内领先的人工智能 与多媒体、数据存储、物联网等芯片解决方案提供商。公司产品涵盖视频 解码系列芯片、视频编码系列芯片、固态存储系列芯片领域、物联网系列 产品领域，公司目前积极布局汽车算力芯片与 serdes 芯片，市场空间进一 步打开。公司 2020 至 2024 年实现营业收入复合增速 28.26%，2024 年， 公司实现营收 19.78 亿元，同比下滑 53%，主要系公司缩减毛利率较低的 相关产品的销售，从而降低了整体营业收入。 视频编码芯片：AI 智慧赋能，拓宽视觉芯片市场空间。视频监控主要分 为前端设备和后端设备两个部分。前端主要为模拟摄像机和网络摄像机， 核心部件分别包括一颗 ISP 芯片和 IPCSoC 芯片；后端设备主要为 NVR/DVR，分别内置一颗 NVRSoC 芯片和 DVRSoC 芯片。预计至 2026 年， 全球 IPC SoC 市场规模将达到 10.9 亿美元、NVR SoC 市 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 05 13 年 月 日 国科微（300672.SZ） 编解码芯片领军者，AI 布局逐步完善 聚焦视频编解码领域，产品矩阵不断丰富。国科微是国内领先的人工智能 与多媒体、数据存储、物联网等芯片解决方案提供商。公司产品涵盖视频 解码系列芯片、视频编码系列芯片、固态存储系列芯片领域、物联网系列 产品领域，公司目前积极布局汽车算力芯片与 serdes 芯片，市场空间进一 步打开。公司 2020 至 2024 年实现营业收入复合增速 28.26%，2024 年， 公司实现营收 19.78 亿元，同比下滑 53%，主要系公司缩减毛利率较低的 相关产品的销售，从而降低了整体营业收入。 视频编码芯片：AI 智慧赋能，拓宽视觉芯片市场空间。视频监控主要分 为前端设备和后端设备两个部分。前端主要为模拟摄像机和网络摄像机， 核心部件分别包括一颗 ISP 芯片和 IPCSoC 芯片；后端设备主要为 NVR/DVR，分别内置一颗 NVRSoC 芯片和 DVRSoC 芯片。预计至 2026 年， 全球 IPC SoC 市场规模将达到 10.9 亿美元、NVR SoC 市 ...

Core Insights - The company reported a significant decline in total revenue for 2024, amounting to 1.978 billion yuan, a decrease of 53.26% year-on-year, highlighting severe challenges in market competition [1][4] - Despite a slight increase in net profit to 97 million yuan, the sharp drop in revenue and a 71.82% decline in non-recurring net profit indicate underlying issues [1][4] Revenue Performance - Total revenue decreased from 4.231 billion yuan in 2023 to 1.978 billion yuan in 2024, marking a drastic decline [2][4] - The core business segments, particularly smart vision and ultra-high-definition smart display chips, experienced significant revenue drops of 23.43% and 70.15%, respectively [4] - Revenue from the Internet of Things (IoT) chip products grew by 46.07% to 196 million yuan, but this was insufficient to offset losses from core businesses [4] Research and Development - The company increased its R&D investment to 675 million yuan in 2024, a rise of 10.26% year-on-year, aiming for long-term growth despite short-term profit impacts [5] - The introduction of the new AI image processing engine brand "Yuan Owl" signifies a strategic move into AI and image processing technology [5] - The company is focusing on AI chip development in edge AI, automotive AI, and IoT sectors, with innovations in MLPU architecture designed for large model applications [5] Market Competition - The integrated circuit design industry is highly competitive, with significant challenges from both domestic and international players in key areas such as ultra-high-definition displays and smart vision [6] - Major competitors include companies like Amlogic, MTK, and Rockchip in the ultra-high-definition display sector, and firms like Richtek and Beijing Junzheng in the smart vision space [6] - Despite having some technological advantages in the domestic market, the company faces challenges from established overseas brands that dominate market share, particularly in the solid-state storage sector [6]

Core Viewpoint - Guokewi reported a significant decline in total revenue for 2024, with a 53.26% year-on-year decrease, while net profit showed a slight increase of 1.13% [2][3] Financial Performance - Total revenue for 2024 was 1,977.89 million yuan, down from 4,231.26 million yuan in 2023 [3] - Net profit attributable to shareholders was 97.15 million yuan, compared to 96.07 million yuan in the previous year [3] - The gross profit margin improved to 26.29%, an increase of 13.85 percentage points from the previous year [2] - R&D investment reached 67.53 million yuan, a 10.26% increase year-on-year, indicating a focus on long-term growth despite short-term profit impacts [2] Product Performance - The smart vision series chips generated sales of 94.62 million yuan, a decrease of 23.43%, accounting for 47.84% of total revenue [4] - The ultra-high-definition smart display series chips saw sales drop by 70.15% to 77.44 million yuan, making up 39.15% of total revenue [4] - The IoT series chips achieved sales of 19.65 million yuan, a growth of 46.07%, representing 9.93% of total revenue [6] - The solid-state storage series chips experienced a significant decline in sales, down 87.83% to 3.02 million yuan, contributing only 1.53% to total revenue [7] Market Strategy - The company has successfully launched the GK63 series for the broadcasting and IPTV operator markets, achieving large-scale production and enhancing competitiveness [5] - The company is expanding its presence in the AI-enabled industry upgrade needs, particularly in the education sector, leveraging the Harmony ecosystem [6] - In the automotive sector, the company is actively developing vehicle AI chips and SerDes chips, with ongoing projects and collaborations with various automotive clients [8]