Core Viewpoint - The recent board and management reshuffle at Fudan Microelectronics aims to enhance the company's strategic direction and operational efficiency, with a focus on key chip technology and market competitiveness [2][3][6]. Group 1: Board Restructuring - The board restructuring was a significant decision made against the backdrop of ongoing organizational optimization and clearer strategic direction [3]. - The previous board faced dissent from some members regarding the restructuring plan, highlighting concerns over representation and leadership stability [3][4]. - The new board, led by Zhang Wei, includes members with strong academic backgrounds in semiconductor research, indicating a focus on technical expertise [5]. Group 2: Financial Performance - In 2024, the company reported revenue of 3.59 billion yuan, a year-on-year increase of 1.51%, while net profit decreased by 20.43% to 573 million yuan, attributed to intense market competition and pricing adjustments [6]. - For Q1 2025, revenue was 888 million yuan, a decline of 0.54%, with net profit down 15.55% to 136 million yuan, reflecting ongoing challenges in the market [6]. Group 3: Strategic Focus - The company aims to maintain a clear strategic direction, emphasizing continuous technological investment and a stable governance structure to enhance its competitive edge [6][7]. - Future plans include focusing on high-autonomy, high-reliability, and high-tech barrier key chip sectors, while enhancing system solution capabilities and fostering collaboration between academia and industry [7].

经营趋势向好，持续看好高可靠放量 半导体 复旦微电（688385.SH） 证券研究报告/公司点评报告 2025 年 05 月 11 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：王芳 | | 营业收入（百万元） | 3,536 | 3,590 | 4,149 | 5,011 | 6,015 | | 执业证书编号：S0740521120002 | | 增长率 yoy% | 0% | 2% | 16% | 21% | 20% | | Email：wangfang02@zts.com.cn | | 净利润（百万元） | 719 | 573 | 806 | 1,106 | 1,336 | | 分析师：杨旭 | | 增长率 yoy% | -33% | -20% | 41% | 37% | 21% | | 执业证书编号：S0740521120001 | | 每股收益（元） | ...

半导体 复旦微电（688385.SH） 证券研究报告/公司点评报告 2025 年 05 月 11 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：王芳 | | 营业收入（百万元） | 3,536 | 3,590 | 4,149 | 5,011 | 6,015 | | 执业证书编号：S0740521120002 | | 增长率 yoy% | 0% | 2% | 16% | 21% | 20% | | Email：wangfang02@zts.com.cn | | 净利润（百万元） | 719 | 573 | 806 | 1,106 | 1,336 | | 分析师：杨旭 | | 增长率 yoy% | -33% | -20% | 41% | 37% | 21% | | 执业证书编号：S0740521120001 | | 每股收益（元） | 0.88 | 0.70 | 0. ...

Core Viewpoint - The financial report of Jiuquan Technology for 2024 indicates a decline in both revenue and profit, highlighting the pressure the company faces in a changing market environment [4][8]. Revenue and Profit Decline - In 2024, the total revenue of the company was 592 million yuan, a year-on-year decrease of 1.85% [4]. - The net profit attributable to the company was 94 million yuan, down 28.79% year-on-year, while the non-recurring net profit saw a significant drop of 42.00% to 52.55 million yuan [4][8]. - This performance contrasts sharply with the company's previous years of rapid growth, where in 2022, total revenue increased by 42.17% and net profit surged by 97.29% [4]. Market Position and Competition - Despite maintaining a leading position in the smart electric meter chip market, the company faces intensified competition and changing customer demands, which negatively impact profitability [4][5]. - The significant decline in gross profit by 12.71% indicates weakened cost control capabilities [4]. BMS Chip Development - In 2024, the company achieved its first order in the BMS chip sector, marking a significant step in expanding into new markets [5]. - The BMS chips are utilized in battery management systems for electric two-wheelers, vacuum cleaners, and outdoor power sources, with the HT3310X and HT32F106 chips offering high precision and low power consumption [5][6]. - However, the BMS chip market is highly competitive, and the company must enhance product performance and cost-effectiveness to secure a foothold [6]. R&D Investment and Innovation - The company increased its R&D expenditure to 181 million yuan in 2024, reflecting a year-on-year growth of 18.02% [7]. - A high proportion of R&D personnel, at 79%, underscores the company's commitment to technological innovation [7]. - The company applied for 12 patents during the reporting period, with a focus on energy metering chips, smart electric meter MCU chips, and BMS chips [7]. - New products launched include a new generation of three-phase metering chips and advancements in smart electric meter MCU chips based on RISC-V architecture [7]. Future Outlook - The company's ability to reverse its declining trend through technological innovation and market expansion remains to be seen [8].