| 申万行业(二级) | 接受调研的上市公司数量 | 申万行业(二级) | 接受调研的上市公司 | | --- | --- | --- | --- | | 专用设备 | 31 | 通用设备 | 26 | | 半导体 | 24 | 汽车零部件 | 21 | | 化学制品 | 20 | IT服务 | 17 | | 自动化设备 | 14 | 电力 | 11 | | 军工电子 | 10 | 计算机设备 | 10 | 具体上市公司方面，据Choice数据统计，博实结接受调研次数最多，达到4次。从机构来访接待量统计，晶盛机电、联创光电和武商集团排名前三，机构来 访接待量分别达237家、66家和49家。 | 证券名称 | 接待频率 2025-09-08 | 证券名称 | 接待 2025- | | --- | --- | --- | --- | | | 2025-09-14 | | 2025- | | 博实结 | র্ব | 章源钨业 | | | 埃斯顿 | 3 | 广发证券 | | | 周大生 | 3 | 亚光科技 | | | 岭南控股 | 3 | 芯原股份 | | | 沃尔德 | 2 | 西部矿业 | | | 证券名称 ...

Group 1 - The core products of Jinghua Micro are widely used in key areas such as healthcare, industrial automation, and smart home, deeply integrating into the digital and intelligent transformation of industries [1] - Jinghua Micro has established stable and close partnerships with well-known companies like Guangdong Leksin Medical Electronics Co., Ltd., Guangdong Xiangshan Weighing Group Co., Ltd., and Unilid Technology (China) Co., Ltd., successfully entering the supply chains of brands like Beierkang and Huashengchang [1] - The global smart home market is projected to grow from $126.1 billion in 2022 to $207.8 billion by 2026, driven by consumer demand for home automation and intelligent living [1] Group 2 - Jinghua Micro has formed mature technical barriers in the smart home sector, successfully integrating into the supply chains of leading brands such as Midea and Supor [1] - The company is accelerating the research and design of a new generation of projects that are more cost-effective and better match customer needs, applicable in areas like lighting control, motor and electromagnetic control, and anti-theft alarms [1] - Shenzhen Chipbond Zhixin Microelectronics Co., Ltd. is a wholly-owned subsidiary acquired by Jinghua Micro in 2024, with new products already in small-scale production for brands like Supor and Aucma [1] Group 3 - Through the acquisition, Jinghua Micro rapidly absorbs core technologies from its subsidiary, integrates R&D resources, and enhances the breadth and depth of its product matrix [2] - The synergy effects post-acquisition are optimizing resource allocation efficiency and enhancing comprehensive service capabilities for downstream customers in consumer electronics and white goods [2] - A brokerage report indicates that Jinghua Micro is expected to create a new growth curve due to its technological advantages from high R&D investment and precise grasp of industry pain points [2] Group 4 - In Q1 2025, Jinghua Micro's total operating revenue reached 37.04 million yuan, a year-on-year increase of 38.70% [4] - The company has continuously strengthened its R&D investment, with the R&D expenditure accounting for 54.12% of its operating revenue in 2024, ranking among the top in the industry [4] - A new product, a blood glucose meter chip with HCT (hematocrit measurement) function, has been successfully shipped in bulk to several well-known domestic brand customers, marking an expansion in the company's market share in the medical electronics field [4]

Investment Rating - The report does not explicitly state an investment rating for the semiconductor industry or the specific company being analyzed [1]. Core Insights - The company achieved a revenue of 134.85 million yuan in 2024, representing a year-on-year growth of 6.34%. The net profit attributable to the parent company was a loss of 10.27 million yuan, which is a reduction in loss by 49.54% year-on-year. The net profit after deducting non-recurring gains and losses was a loss of 27.76 million yuan, a reduction in loss by 20.91% year-on-year. Despite intensified competition in the domestic semiconductor industry, the company increased its sales volume, leading to revenue growth [16][18]. - In 2024, the company launched a blood glucose meter chip with HCT functionality, designed to meet ISO15197:2013 standards. The company is actively promoting this product to well-known brand clients [16][18]. - The company acquired 100% equity of Shenzhen Chipon Intelligent Microelectronics Co., Ltd. to enhance its core business focus and expand its strategic layout. This acquisition aims to integrate technology, products, markets, and supply chains effectively [18]. - The company's gross margin for the first three quarters of 2024 was 58.27%, indicating a stable profitability outlook [18]. Summary by Sections 1. Basic Research Information - The research was conducted on the company Jinghua Micro in the semiconductor industry on March 4, 2025. The meeting was attended by representatives from various investment institutions [9][13]. 2. Detailed Research Institutions - The institutions involved in the research include Hejun Capital, Shanghai Securities Research, Tianfeng Asset Management, and AVIC Industry Finance [14]. 3. Main Content Information - The company discussed its 2024 business performance, new product launches, and the acquisition of Shenzhen Chipon Intelligent Microelectronics Co., Ltd. during the Q&A session [16][18].