年报显示，在模拟芯片领域，公司自2012年起陆续推出多款产品，目前在24-31位超高精度ADC产品领 域处于国内领先地位。 杨金达指出，在AI与万物互联的时代，数据洪流对高速高精度信号转换提出了前所未有的需求。 据权威机构统计，2024年全球ADC市场规模已突破300亿美元，并以年均7.5%的增速持续扩张，但这一 市场长期被ADI(亚德诺)、TI(德州仪器)国际巨头垄断，高端ADC国产化率不足5%。国内高速高精度模 数转换器芯片主要得益于多种高端应用领域的持续推动，包括通信领域、国防军工、工业医疗、人工智 能等。其中，在人工智能领域，随着数据中心与云计算正向着高密度、低延迟架构加速演进，高速 ADC成为支撑其性能发展的关键器件，预计该领域ADC市场年复合增长可达20%以上，2030年国内市 场规模有望突破60亿美元。 本次公司发布的新一代战略级产品HWD12B16GA4型射频直采ADC芯片，采用4通道、12位16GSPS高速 高精度A/D转换器。资料显示，其输入模拟带宽高达10GHz，单通道最高可支持16GSPS采样速率， 8GHz以内无杂散动态范围高达60dB以上，噪声谱密度低至-154dBFS/Hz；其配 ...

Group 1 - The company Chengdu Huami (688709) recently hosted over ten institutional investors for on-site visits and research on June 18 [1] - The company has voluntarily disclosed two new products: a 4-channel 12-bit 16G high-precision RF direct sampling ADC chip and an 8-bit 64G ultra-high-speed AD converter, both of which are self-designed and fully autonomous [1] - The 8-bit 64G ultra-high-speed AD converter features a low bit error rate, supports DC input, and has radiation resistance, making it suitable for applications in aerospace, aviation, detection, perception, wireless communication, laser communication, satellite communication, high-end instruments, and 6G star communication [1] Group 2 - The 4-channel 12-bit 16G high-precision RF direct sampling ADC chip is equipped with the HWD6952 clock chip, supporting up to 10 clock channels and synchronous sampling of up to 8 HWD12B16GA4 ADCs, with applications in radar and electronic countermeasures, 6G wireless communication, optical communication, high-end medical devices, high-end instruments, and drones [1] - The company is advancing in three areas: ultra-large-scale FPGA, high-performance AD/DA conversion chips, and embedded SoC and MCU, aiming to provide a series of low-cost, low-power, compact, and highly reliable SiP, modules, and board-level domestic system solutions [2] - This strategy is intended to create a product ecosystem for signal processing and control within Chengdu Huami [2]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage due to its leading position in interconnect chip solutions and strong growth prospects driven by industry trends and new product breakthroughs [5][6]. Core Views - The company is a global leader in data processing and interconnect chip design, with a comprehensive product matrix. It focuses on providing high-performance, low-power chip solutions for cloud computing and AI, maintaining a solid market position [5][10]. - In 2024, the company experienced significant business expansion, with a notable recovery in demand for its main products, particularly DDR5 memory interface chips, which surpassed DDR4 in shipment volume. The company achieved a revenue of 3.639 billion yuan, a year-on-year increase of 59.2%, and a net profit of 1.412 billion yuan, up 213.1% [5][40]. - The company is expected to benefit from the rapid growth of the AI server market, with predictions indicating that the AI server market value could reach 298 billion USD by 2025. The company is a key supplier of DDR5 memory interface chips and PCIe Retimer chips, which are crucial for this market [5][60]. Summary by Sections Market Performance - As of April 29, 2025, the company's closing price was 74.31 yuan, with a total market capitalization of 85,069.29 million yuan and a debt-to-asset ratio of 5.72% [3]. Financial Performance - The company reported a revenue of 12.22 billion yuan in Q1 2025, a year-on-year increase of approximately 65.78%, with a net profit of 5.25 billion yuan, up 135.14% [45]. - The revenue for 2024 was 36.39 billion yuan, with interconnect chip revenue reaching 33.49 billion yuan, a year-on-year growth of 53.31% [40]. Product Lines - The company has two main product lines: interconnect chips and the Zindai® server platform. The interconnect chip line includes memory interface chips, PCIe Retimer chips, and clock chips, while the server platform includes Zindai® CPUs and memory modules [5][14]. - The company has successfully launched several high-performance chips, including MRCD/MDB and CKD chips, which are expected to drive future revenue growth [26][40]. Growth Drivers - The company is actively expanding its business layout and investing in technology innovation, with a focus on high-level R&D investment. It aims to enhance its core technology and product applications, which are expected to drive long-term revenue and profit growth [5][10]. - The global server market is projected to grow significantly, with the AI server market expected to reach 298 billion USD by 2025, providing a favorable environment for the company's product demand [60][64]. Profit Forecast - The company is projected to achieve net profits of 21.01 billion yuan, 29.53 billion yuan, and 38.31 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding growth rates of 48.82%, 40.55%, and 29.74% [8][10].

"很多国产厂商能够实现部分替代，但目前真正实现的广泛应用还是集中在国际大厂。"胡哲奇称，从上车应用难度来看，可以分成四个等级，第一类是 电源管理芯片、功放、时钟芯片、逻辑芯片等，这类芯片研发复杂度低，不需要先进制程，市场需求多样化，通常比较容易上车，这类芯片更多是成本导向 的结果。 第二类是标准化存储芯片，这类产品有规范指导，研发复杂度适中，可以PIN 2 PIN替换，客户更愿意尝试，市场机会大。 作为2025上海车展的主题论坛之一，"2025汽车半导体生态大会暨中国车规芯片技术路演"于4月25日-26日在国家会议中心（上海）隆重举办。本次大会 由中国能源汽车传播集团和上海市国际展览（集团）有限公司指导，《中国汽车报》社有限公司、上海车展管理有限公司、汽车电子产业投资联盟联合主 办，爱集微咨询（厦门）有限公司协办，旨在往届上海汽车展高水准、高规格、强阵容的基础上，搭建全球汽车半导体产业精英交流合作、成果展示的顶级 平台。在4月25日举行的"2025汽车半导体生态大会"上，宁波均联智行科技股份有限公司亚洲区研发总监胡哲奇在发表的《贸易脱钩下的智能汽车中 国芯》主题演讲中称，在当前的贸易脱钩、地缘政治影响下，智能 ...

文/梧桐小新 3月10日晚，海南双成药业股份有限公司（双成药业，002693）发布《关于终止发行股份及支付现金购买资产并募集配套资金暨关联交易事项的公告》，决定终止 收购宁波奥拉半导体股份有限公司100%股份，这场历时半年多的跨界并购宣告失败。 回顾2024年9月，双成药业披露重组预案，拟通过发行股份及支付现金的方式向奥拉投资、Win Aiming等25名交易对方发行股份及支付现金购买其合计所持有的奥 拉股份100%股份并向不超过35名特定投资者募集配套资金，发行价格3.86元/股。本次交易若能完成，奥拉股份将成为双成药业的全资子公司， 双成药业将发展重 心转移到半导体行业中的模拟芯片及数模混合芯片的研发、设计和销售业务，并在未来择机剥离医药类相关资产。 彼时A股科技并购概念火热，证监会发布《关于深化上市公司并购重组市场改革的意见》的文件，积极支持上市公司围绕战略性新兴产业、未来产业等进行并购重 组，包括开展基于转型升级等目标的跨行业并购。 双成药业此前市值不到30亿，而奥拉股份的估值却高达百亿,这场跨界并购迅速成为市场热议的焦点，复牌后双 成药业股价一路飙升至40.98元/股，区间累计涨幅超600%。 双成 ...

作 者丨 程浩 编 辑丨于长洹 编者按： 中国制造业规模已连续1 5年位居世界首位，如今随着全球科技革命和产业变革的持续深化，特别是A I 时 代 的 来 临 ， 中 国 制 造 业 在 不 断 迭 代 升 级 中 展 现 出 了 新 的 发 展 范 式 ， 并 成 为 中 国 资 产 价 值 获 得 全 球 重 估 的 一 个 关 键 参 照 。 作 为 闻 名 全 球 的 制 造 业 之 都 ， 东 莞 是 中 国 制 造 创 新 发 展 的 前 哨 ， 也 是 中 国 制 造 新 范 式 的 探 索 者 。 2 0 2 5年全国两会期间，南方财经全媒体集团策划推出《中国制造新范式》全媒体专题报道，以东莞制造作为观 察样本、用专业视角进行深度解析，全方位透视中国制造新范式的内在机理。 国产De e pSe e k大模型横空出世，掀起一股全球性AI旋风，释放了一个强烈信号：新科技突破竟能如此迅猛地催生和变 革产业，而中国完全可以借此加快迈向一个新的发展周期、构建一个新的产业体系，特别是裂变制造业发展的新质 能。 3月5日，政府工作报告在部署2 0 2 5年工作重点时明确提出，我国要推动科技创新和产业创新融合 ...