格隆汇10月11日｜有投资者在互动平台向芯联集成提问：贵公司的产品可以用在机器人，人形机器人 吗？芯联集成回应称，公司MEMS传感器及功率类芯片等代工产品可用于人形机器人领域，如语音交 互、姿态识别、运动捕捉、机械手抓取与操作、环境感知、导航定位等场景，产品包含麦克风，惯性、 压力传感器以及激光雷达光源和扫描镜等。 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [9][5]. Core Views - The company achieved a historical high in performance, turning losses into profits with a revenue of 304 million yuan, a year-on-year increase of 47.82%, and a net profit attributable to shareholders of 25.19 million yuan, a year-on-year increase of 171.65% [1][5]. - The product matrix is rapidly improving, transitioning from a single product company to a platform-based MEMS manufacturer, with significant growth potential and industry influence expected as the full range of physical sensors is completed [2][3]. Financial Performance - The pressure sensor segment generated sales revenue of 133.25 million yuan, up 67.05% year-on-year, becoming the core revenue source [2]. - The inertial sensor segment saw sales revenue of 19.76 million yuan, a year-on-year increase of 98.82%, laying the foundation for a complete inertial product matrix [2]. - The overall gross margin for the first half of the year was 31.64%, an increase of 10.21 percentage points year-on-year, with the second quarter gross margin reaching 36.16%, up 15.21 percentage points year-on-year [2]. Product Development - The MEMS product matrix has achieved a leap from point to surface, with three major product lines driving growth: acoustic sensors, pressure sensors, and inertial sensors [3]. - The company is expanding its product applications from smartwatches to smartphones in the pressure sensor area, enhancing gross margins through product upgrades [3][4]. - The company is focusing on high signal-to-noise ratio, low-power digital microphones for AI voice interaction, and is making advancements in next-generation products such as bone conduction acoustic sensors and six-dimensional force sensors [4]. Research and Development - R&D expenses reached 38.63 million yuan in the first half of 2025, with R&D personnel accounting for 33.52% of the workforce, indicating a strong commitment to innovation [4]. - The company has accumulated nearly 500 authorized patents and has over 700 patents pending, enhancing its capability for product iteration and new product development [4]. Future Projections - Revenue projections for 2025-2027 are estimated at 653 million yuan, 818 million yuan, and 1.03 billion yuan respectively, with net profits expected to be 46.44 million yuan, 84.16 million yuan, and 133.43 million yuan [5][7].

SENSOR CHINA 2025 荟聚全球传感产业的硬核进展与前沿场景，亮点与活动密度拉满。如何快速把握这场盛会精华？不妨 从"星光熠熠"的展商阵容切入：从 ADI、TE、英飞凌、ST等 国际头部企业，到 汉威科技、纳芯微等 国产领军企业，从 福禄克 、久茂等 细分领域标杆，到 思微科技、龙微科技等 MEMS制造优秀企业， 以及 共进微、德国莱茵等 产业链上名企，更特别设 置 机器人感官互动主题生态专区、汽车传感器场景展示区、欧洲先进传感器展示专区等 高人气技术及应用专区，为你立体勾勒 全球感知关键图谱。 （文末可查阅完整展商名单和同期论坛、活动日程） 。 国际头部： 全球技术"创新策源地" 国际头部企业以数十年技术积淀领跑赛道，覆盖 新材料研发、 MEMS工艺、智能感知系统等全链条。多年领先优势也助推其不断探 索技术前沿，为全球传感产业擎起创新大旗。 SENSOR CHINA 2025 上，这些企业不仅带来高性能压力、惯性、气体传感等核心器件，更通过本土化研发/服务展示其深化中国市 场布局的战略。从工业级高可靠性方案到消费电子微型化创新，其技术路线图深度契合AI、AIoT、智能汽车等新兴需求，为中国市场 ...

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The report highlights a significant increase in the company's performance, with a revenue growth of 47.8% year-on-year and a net profit growth of 171.7% to 0.25 billion RMB for the first half of 2025. The gross margin improved by 10.2 percentage points to 31.6% [3][7] - The company is making comprehensive advancements in AI sensor technology and has initiated R&D projects in three major sensor areas for humanoid robots, which are expected to drive future revenue growth [3][7] - Due to the substantial increase in gross margin and rapid growth in performance, the profit forecast for the company has been raised, with expected net profits of 0.68 billion RMB, 1.64 billion RMB, and 2.38 billion RMB for 2025-2027 [4] Financial Summary - The company reported a total revenue of 3.0 billion RMB for the first half of 2025, with a net profit of 0.25 billion RMB. The net profit margin increased to 8.4%, reflecting a year-on-year increase of 25.9% [7] - The revenue from the pressure product line reached 1.3 billion RMB, a year-on-year increase of 67.1%, while the inertial sensor revenue grew by 98.8% to 0.2 billion RMB [7] - The company has a total market capitalization of approximately 4.75 billion RMB, with an average trading volume of 109.69 million RMB over the past three months [2] Valuation Metrics - The expected earnings per share (EPS) for the company are projected to be 1.21 RMB, 2.92 RMB, and 4.25 RMB for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 70.1, 29.0, and 20.0 [4][6] - The company's main revenue is expected to grow from 373 million RMB in 2023 to 1.365 billion RMB in 2027, with a compound annual growth rate (CAGR) of 30.1% [6][8]

Group 1 - The new generation electronic information industry is the leading industry in Shijiazhuang, Hebei Province, with a focus on six industrial chains: semiconductor chips, modern communication, aerospace information, automotive electronics, new displays, and software development. The industry's revenue is projected to grow from 32.2 billion yuan in early 2021 to 106 billion yuan by the end of 2024, with an average annual growth rate of 35% [1] - The Shijiazhuang Electronic Information Industry Park in Luquan District hosts over a thousand electronic information companies, contributing to the development of core components for autonomous driving systems, which have transitioned from reliance on imports to domestic production [1] Group 2 - Luquan District is enhancing its electronic information industry by strengthening the industrial chain through leading enterprises, increasing the number of electronic information companies from 536 in early 2021 to 1,350 currently, indicating a more complete industrial system [2] - The district emphasizes technological innovation as a driving force for the electronic information industry, achieving breakthroughs in key technologies such as 5G base station RF chips and 6-inch silicon carbide epitaxy, and fostering a collaborative environment with 16 universities to facilitate the conversion of scientific achievements into industry applications [2] Group 3 - Shijiazhuang City has issued measures to support breakthroughs in the new generation electronic information and biopharmaceutical industries, focusing on resource allocation, industry support, and project development to create a low-cost industrial park with a complete industrial chain [3]

Group 1 - The stock price of Xindong Lianke is reported at 82.83 yuan, an increase of 1.88 yuan, representing a rise of 2.32% compared to the previous trading day [1] - The stock reached a maximum of 84.69 yuan and a minimum of 80.60 yuan during the trading session, with a total trading volume of 1.165 billion yuan and a turnover rate of 5.67% [1] - Xindong Lianke operates in the electronic components industry, focusing on the research and production of inertial sensors, which have potential applications in humanoid robotics [1] Group 2 - The company has indicated on its investor interaction platform that its inertial sensor products can be utilized in the humanoid robotics sector, but it has not yet established business collaborations with relevant enterprises [1] - On August 25, the net outflow of main funds for Xindong Lianke was 35.164 million yuan, with a cumulative net outflow of 1.81 billion yuan over the past five days [1]

Group 1 - The company's inertial sensor products are applicable in the humanoid robot sector [2] - Currently, the company has not established any business collaborations with humanoid robot companies [2]

Group 1 - The new generation electronic information industry is the leading industry in Shijiazhuang, Hebei Province, with a focus on six industrial chains: semiconductor chips, modern communication, aerospace information, automotive electronics, new displays, and software development. The industry's revenue is projected to grow from 32.2 billion yuan in early 2021 to 106 billion yuan by the end of 2024, with an average annual growth rate of 35% [1] - The number of electronic information companies in Luquan District has increased from 536 in early 2021 to 1,350 currently, indicating a more complete industrial system [2] - The district has successfully cultivated 21 leading enterprises, 14 national-level specialized and innovative "little giant" enterprises, 61 provincial-level specialized and innovative small and medium-sized enterprises, and 27 provincial-level innovative small and medium-sized enterprises [2] Group 2 - The Shijiazhuang government has issued measures to support breakthroughs in the new generation electronic information and biopharmaceutical industries, focusing on financial rewards, enterprise innovation, and project construction [3] - The district aims to integrate the innovation chain with the industrial chain, creating a low-cost park with complete industrial chains and supporting service capabilities [3]

Core Viewpoint - Over 80 A-share listed companies have pursued A+H dual listings this year, with notable companies like Goer Microelectronics planning to list in Hong Kong [1][29] Company Overview - Goer Microelectronics, a spin-off from Goer Group, focuses on the sensor field and was established in 2017, with its headquarters in Qingdao, Shandong Province [3][4][5] - The company has a history dating back to 2004, initially as a business unit of Goer Group, specializing in MEMS research and development [4] - As of July 11, 2025, Goer Group holds an 83.40% stake in Goer Microelectronics [7] Financial Performance - Goer Microelectronics reported revenues of 3.121 billion RMB in 2022, 3.001 billion RMB in 2023, and projected 4.536 billion RMB in 2024, with a net profit of 325 million RMB in 2022 and 289 million RMB in 2023 [12][13] - The company's revenue from sensor business accounted for 78.5% in 2024, with acoustic sensors making up 74.1% of that [14] - The gross profit margin for the company was 18.5% in 2022, 17.2% in 2023, and is projected to be 19.0% in 2024 [16] Market Position - Goer Microelectronics is the fifth largest global provider of smart sensing interactive solutions, holding a market share of 2.2% [28] - The company heavily relies on major clients, with over 75% of its revenue coming from the top five customers, including Apple, which accounted for over 55% of revenue in most years [18][28] Industry Context - The sensor industry is significantly influenced by the cyclical nature of consumer electronics demand, with a projected rebound in 2024 after a decline in 2022 and 2023 due to pandemic and inflation impacts [24] - The global smart terminal market is expected to grow from 3.232 billion units in 2024 to 4.23 billion units by 2029, driven by applications in smart consumer electronics and smart homes [23] - The competitive landscape includes established players from the US, Europe, Japan, and South Korea, with the top ten providers accounting for 41.6% of the market share [27]

Core Insights - The article highlights the development of the MEMS (Micro-Electro-Mechanical Systems) sensor industry in Bengbu, China, emphasizing its role in the artificial intelligence sector and the establishment of the "China Sensor Valley" [2][4] Industry Overview - Bengbu is the only city in Anhui province with both integrated circuit and MEMS wafer production lines, positioning it as a key player in the sensor industry [2] - The "China Sensor Valley" has attracted 23 leading enterprises and over 200 related companies, forming a complete industrial chain that includes materials, design, manufacturing, packaging, testing, and application [4] Company Developments - Anhui Huaxin Micro-Nano Integrated Circuit Co., Ltd. has launched the first fully automated 8-inch MEMS wafer production line in the country, with a planned monthly capacity of 30,000 wafers [3] - The company has secured cooperation intentions with 50 clients, with a total of approximately 210,000 wafers in intended orders, projecting a revenue of 1.2 billion RMB by 2026 [3] Economic Impact - The total industrial economic scale of the sensor industry in Bengbu has exceeded 10 billion RMB, with significant growth expected [4] - The output value of the intelligent sensor enterprises in the Bengbu Economic Development Zone is projected to grow by 55.8% year-on-year in 2024 [5] - By 2027, the output value of the "China Sensor Valley" is expected to surpass 30 billion RMB, establishing Bengbu as a national innovation hub in the sensor industry [5]