9月25日，北京君正集成电路股份有限公司举办现场交流会，接受广发证券、东海证券等2家机构特定对 象调研，董事会秘书张敏出席。调研围绕存储芯片价格、产能、产品线结构与增长、市场拓展、产品销 售、客户模式、研发进展等多方面展开，以下为详细要点。 客户模式与研发进展 公司在汽车市场主要采用经销模式，客户为Tier1厂商。汽车市场LPDDR5需求居多，DDR5处于规划阶 段。NOR FLASH在汽车市场增速受关注。算力方面，公司加大NPU研发，明年中预计推出4T算力IPC 产品。AI MCU今年中已投一版MPW。LED驱动应用于各类车灯。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 对于存储芯片是否涨价及涨价周期，市场观点认为可 ...

出品｜公司研究室IPO组 文｜曲奇 9月15日，北京君正集成电路股份有限公司向港交所递交招股书。 北京君正是一家芯片设计公司，过去三年公司受全球半导体周期及终端需求疲软的影响，收入和利润连续下滑。 今年以来，北京君正（SZ300223）股价涨幅超20%，市值约400亿元。但近期公司股东和高管在不断减持。 2025年7月18日至2025年9月12日，北京屹唐盛芯半导体产业投资中心（有限合伙）通过集中竞价方式减持公司股 份482.54万股，减持比例为0.999999%，将持股比例降至8%以下。 此外，9月17日，公司董事李杰合计减持15万股，成交均价为83.01元，合计套现1245万元。 业绩连续两年下滑 北京君正是一家嵌入式CPU芯片设计企业。2020年，北京君正通过收购北京矽成完成业务转型，迅速切入高门槛 的汽车电子和工业控制领域。 如今，北京君正的主营业务已从单一的微处理器芯片（CPU）扩展至计算芯片、存储芯片、模拟与互联芯片三大 核心板块。 其中，计算芯片是北京君正的传统优势领域，有三个子产品线分别是智能视觉SoC、嵌入式MPU及AI-MCU，应用 于安防摄像头、智能门铃、智能眼睛、扫地机器人、二维码/条 ...

Core Insights - The company achieved a revenue of 2.249 billion yuan in H1 2025, representing a year-on-year growth of 6.75%, with a net profit attributable to shareholders of 203 million yuan, up 2.85% year-on-year [1][2] - The company is focusing on new product development and technology upgrades, particularly in AI, which is expected to drive future growth [2][3] Revenue and Profit Analysis - H1 2025 revenue growth was primarily driven by the collaborative growth of storage chips, computing chips, and analog & interconnect chips [2] - Storage chip revenue reached 1.384 billion yuan, up 5.2% year-on-year; computing chip revenue was 604 million yuan, up 15.59%; and analog & interconnect chip revenue was 244 million yuan, up 5.02% [2] - The company reported a net profit of 203 million yuan in H1 2025, with a non-recurring net profit of 161 million yuan, down 19.05% year-on-year, mainly due to increased R&D expenses [2] R&D and Product Development - R&D expenses in H1 2025 amounted to 348 million yuan, accounting for 15.47% of revenue, indicating a strong commitment to product line expansion [2] - The company is advancing its AI technology strategy, with new computing chip products like T33 already in production and T42 expected to launch in 2026 [2][3] - In the storage chip sector, new DRAM products based on 20nm/18nm/16nm processes are being sampled, which is anticipated to enhance competitiveness in the market [2] Future Outlook - The company's strategy of "computing + storage + analog" is expected to deepen its presence in automotive, industrial, and consumer electronics sectors, indicating potential for future earnings elasticity [3] - Revenue projections for 2025-2027 are estimated at 4.950 billion yuan, 5.886 billion yuan, and 6.948 billion yuan respectively, with net profits of 503 million yuan, 651 million yuan, and 833 million yuan [4]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within six months [6][13]. Core Views - The company demonstrated resilient revenue growth, with a 6.75% year-on-year increase in revenue for H1 2025, driven by the collaborative growth of storage chips, computing chips, and analog and interconnect chips [4][5]. - The company is actively advancing its AI technology layout, with new products in computing chips and storage chips expected to drive future growth, particularly in the automotive and industrial electronics sectors [5][6]. Company Overview - The latest closing price is 84.95 yuan, with a total market capitalization of 410 billion yuan and a circulating market capitalization of 357 billion yuan [2]. - The company has a total share capital of 4.83 billion shares, with 4.21 billion shares in circulation [2]. - The company’s largest shareholder is Beijing Yitang Shengxin Semiconductor Industry Investment Center (Limited Partnership) [2]. Financial Performance - In H1 2025, the company achieved revenue of 2.249 billion yuan, a year-on-year increase of 6.75%, and a net profit attributable to shareholders of 203 million yuan, up 2.85% year-on-year [3][4]. - The company’s R&D expenses reached 348 million yuan in H1 2025, accounting for 15.47% of revenue [4]. - The company is projected to achieve revenues of 4.95 billion yuan, 5.886 billion yuan, and 6.948 billion yuan for the years 2025, 2026, and 2027, respectively [6][11]. Product Development and Market Strategy - The company is focusing on new product development and technology upgrades, with the T33 computing chip already in production and the T42 chip expected to launch in 2026 [5]. - The company is enhancing its competitiveness in the automotive electronics market through the introduction of automotive-grade LED drivers and interconnect chips [5]. Earnings Forecast - The forecasted net profit attributable to shareholders for 2025, 2026, and 2027 is 502.65 million yuan, 651.16 million yuan, and 832.54 million yuan, respectively [11][12].

Core Insights - The company achieved a revenue of 2.249 billion yuan in the first half of 2025, a year-on-year increase of 6.75%, with a total profit of 228 million yuan, up 3.39% year-on-year, and a net profit attributable to shareholders of 203 million yuan, an increase of 2.85% year-on-year [1] - In Q2 2025, the company reported a revenue of 1.189 billion yuan, a year-on-year increase of 8.10%, and a net profit attributable to shareholders of 129 million yuan, up 17.22% year-on-year, meeting expectations [1] - The company’s revenue growth is driven by multiple business segments, with significant improvements in product structure [1] Revenue and Profit Analysis - The revenue from storage chips reached 1.384 billion yuan, a year-on-year increase of 5.20%, accounting for 61.56% of total revenue [1] - Revenue from computing chips was 604 million yuan, showing a year-on-year growth of 15.59%, benefiting from increased demand in the consumer market [1] - The revenue from analog and interconnect chips was 244 million yuan, up 5.02% year-on-year, while other businesses saw a dramatic increase in revenue to 1.189 million yuan, a growth of 2543.51% [1] Profitability and Cost Management - The overall gross margin for H1 2025 was 35.54%, a decrease of 2.03 percentage points year-on-year, with Q2 gross margin at 34.76%, down 2.91 percentage points year-on-year [2] - The gross margin for storage chips was 33.48%, down 1.87 percentage points year-on-year, while the gross margin for analog and interconnect chips was 51.14%, down 0.95 percentage points [2] - The company maintained a total expense ratio of 25.26%, a decrease of 1.10 percentage points year-on-year, indicating effective cost control [2] Strategic Focus and Market Position - The company is focused on the AI storage and computing chip sectors, adhering to a product strategy of "computing + storage + analog" and a market strategy of "dual circulation" [3] - The product lines include high-density, high-performance SRAM, DRAM, and Flash chips targeting automotive, industrial, and medical markets, as well as various analog and interconnect chips for multiple sectors [3] - Revenue projections for 2025-2027 are estimated at 5.012 billion, 5.968 billion, and 7.032 billion yuan, with net profits expected to be 549 million, 628 million, and 779 million yuan respectively [3]

Core Viewpoint - Beijing Junzheng's performance in the first half of 2025 met expectations, with revenue and net profit showing steady growth compared to the previous year [2][4]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.249 billion yuan, a year-on-year increase of 6.75%, and a total profit of 228 million yuan, up 3.39% year-on-year [2]. - The net profit attributable to shareholders reached 203 million yuan, reflecting a 2.85% increase year-on-year [2]. - For Q2 2025, the company reported operating revenue of 1.189 billion yuan, an 8.10% year-on-year increase, and a net profit of 129 million yuan, which is a 17.22% increase year-on-year [2]. Revenue Breakdown - Revenue from storage chips was 1.384 billion yuan, a 5.20% increase year-on-year, accounting for 61.56% of total revenue [2]. - Revenue from analog and interconnect chips was 244 million yuan, up 5.02% year-on-year, representing 10.84% of total revenue [2]. - Other businesses generated revenue of 1.189 million yuan, a significant increase of 2543.51% year-on-year, contributing 0.53% to total revenue [2]. - Revenue from computing chips was 604 million yuan, reflecting a 15.59% year-on-year growth [2]. Profitability and Cost Management - The overall gross margin for the first half of 2025 was 35.54%, a decrease of 2.03 percentage points year-on-year [3]. - The gross margin for Q2 2025 was 34.76%, down 2.91 percentage points year-on-year and 1.64 percentage points quarter-on-quarter [3]. - The gross margin for storage chips was 33.48%, down 1.87 percentage points year-on-year, while analog and interconnect chips had a gross margin of 51.14%, down 0.95 percentage points [3]. - The company maintained a total expense ratio of 25.26%, a decrease of 1.10 percentage points year-on-year, indicating effective cost control [3]. Strategic Focus - The company is focused on the AI storage and computing chip sectors, with a product strategy centered on "computing + storage + analog" [4]. - The main products in the storage chip segment include high-density, high-performance SRAM, DRAM, and Flash, targeting automotive, industrial, and medical markets [4]. - The analog and interconnect chip product line includes various LED drivers and DC/DC converters, catering to automotive, industrial, and consumer electronics sectors [4]. Investment Outlook - Revenue projections for 2025-2027 are estimated at 5.012 billion yuan, 5.968 billion yuan, and 7.032 billion yuan, respectively [4]. - Net profit forecasts for the same period are 549 million yuan, 628 million yuan, and 779 million yuan, with corresponding price-to-earnings ratios of 66.0x, 57.75x, and 46.57x [4].

Core Viewpoint - Beijing Junzheng Integrated Circuit Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and competitiveness [2][4]. Group 1: Company Overview - Beijing Junzheng was established in 2005 and listed on the Shenzhen Stock Exchange in 2011, with a current market capitalization of approximately 36.6 billion yuan [4]. - The company specializes in integrated circuit design, focusing on research and sales of various chip products, including computing, storage, and analog chips, widely used in automotive electronics, industrial and medical applications, communication devices, and consumer electronics [4]. Group 2: Financial Performance - For the first half of 2025, the company reported revenue of 2.25 billion yuan, a year-on-year increase of 6.75%, and a net profit attributable to shareholders of 203 million yuan, up 2.85% [5]. - In 2024, the company experienced a decline in revenue to 4.21 billion yuan, down 7.03%, and a net profit of 366 million yuan, a decrease of 31.84% [6]. - As of June 30, 2025, the company had total assets of approximately 13.41 billion yuan, reflecting a 3.75% increase from the previous year [5]. Group 3: Research and Development - As of June 2025, the company employed 760 R&D personnel, accounting for 64.14% of its total workforce, with 95% of R&D staff holding graduate or undergraduate degrees [7]. Group 4: Management and Ownership - The actual controllers of the company are Liu Qiang and Li Jie, who are acting in concert, with Liu holding 8.40% and Li holding 3.89% of the shares [9]. - Liu Qiang serves as the chairman and general manager, while Li Jie is a board member, both having extensive backgrounds in the industry [9].

Group 1 - Beijing Junzheng Integrated Circuit Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and international brand image [3][4] - The company aims to accelerate overseas business development and improve its core competitiveness through this listing [3] - As of August 27, 2023, the total market capitalization of Beijing Junzheng is approximately 36.6 billion yuan [5] Group 2 - In the first half of 2025, the company achieved operating revenue of 2.249 billion yuan, a year-on-year increase of 6.75%, and a net profit attributable to shareholders of 203 million yuan, up 2.85% [5] - In 2024, the company reported operating revenue of 4.21 billion yuan, a year-on-year decrease of 7.03%, and a net profit of 366 million yuan, down 31.84% [5] - The company has 760 R&D personnel, accounting for 64.14% of the total workforce, with 95% of R&D staff holding graduate or undergraduate degrees [5] Group 3 - The actual controllers of the company are Liu Qiang and Li Jie, who are acting in concert, with Liu holding 8.40% and Li holding 3.89% of the shares [7] - In March 2023, a shareholder, Shaoxing Weihao, reduced its stake in the company to below 5%, thus no longer needing to disclose further reductions [7] - The reduction was due to the shareholder's own funding needs [7]

Investment Rating - The report maintains a "Buy" rating for Beijing Junzheng, indicating an expected stock price increase of 5% to 15% relative to the industry index over the next six months [6][24]. Core Views - The company has shown a positive trend with a 43% quarter-on-quarter increase in net profit attributable to the parent company in Q2 2025, driven by a recovery in markets such as automotive, industrial, medical, and communications [2][4]. - The company is actively expanding its AI storage and computing chip segments, with significant advancements in DRAM technology and a focus on high-performance products for AI applications [4][3]. - The overall financial outlook for the company is optimistic, with projected net profits of 502 million, 632 million, and 749 million yuan for 2025, 2026, and 2027 respectively, reflecting a growth trajectory [4][16]. Financial Summary - For the first half of 2025, the company reported revenue of 2.249 billion yuan, a year-on-year increase of 6.75%, and a net profit of 203 million yuan, up 2.85% year-on-year [12][13]. - The Q2 2025 revenue reached 1.189 billion yuan, a quarter-on-quarter increase of 12.13%, with a net profit of 129 million yuan, marking a 74.83% increase quarter-on-quarter [10][11]. - The gross margin for Q2 2025 was 34.76%, slightly down by 1.64 percentage points from the previous quarter, while the net profit margin improved by 3.90 percentage points to 10.87% [10][2]. Product Performance - The storage chip segment generated revenue of 1.384 billion yuan in the first half of 2025, a year-on-year increase of 5%, with a gross margin of 33.48% [3][4]. - The computing chip segment saw revenue of 604 million yuan in the first half of 2025, a 16% year-on-year increase, benefiting from rising consumer demand [3][4]. - The company is upgrading its DRAM process technology to 20/18/16nm and is developing higher-performance chips aimed at AI applications, indicating a strong future growth potential [4][3].

Group 1: AISP Technology and Product Development - The company's AISP anti-shake technology includes both electronic and digital algorithms, effectively addressing image shake issues [2] - The AISP rapid focus (PDAF) technology has not yet achieved millisecond-level focus locking suitable for live streaming and drones [2] - The company is currently planning and evaluating the development of DDR5 and LPDDR5 [2] Group 2: Competitive Positioning and Market Strategy - The company's AISP technology excels in low-light, backlight, wide dynamic range, and motion scenarios, significantly enhancing real-time HD image quality [3] - The company is increasing R&D investment in CPU cores and high-performance NPU, aiming to strengthen its competitive edge in these areas [3] - The company anticipates a gradual recovery in the automotive and industrial markets in 2025, which will drive growth in storage and analog/interconnect chip businesses [4] Group 3: Financial Performance and Growth Projections - In Q1, the company reported sales revenue of 270.11 million CNY for computing chips, a year-on-year increase of 12.41%; 662.55 million CNY for storage chips, up 3.44%; and 119.27 million CNY for analog and interconnect chips, up 12.3% [4] - The company's gross margin in Q1 decreased by approximately 1% year-on-year, attributed to product sales structure, market competition, and price fluctuations [5] - The company expects growth in computing, storage, and analog/interconnect chips driven by the recovery of automotive, industrial, and medical markets, as well as ongoing advancements in AI technology [5] Group 4: R&D and Future Innovations - The company is actively developing new products in the AI glasses chip sector, with existing chips like T31, T32, and T41 already in use [5] - The company is focusing on the robotics market, with applications in industrial, hotel service, and cleaning robots, and plans to continue following market demands [6] - The company is enhancing its product lines with advanced process technologies for DDR4 and LPDDR4 [6] Group 5: Industry Outlook and Challenges - The integrated circuit industry is expected to maintain a positive long-term growth trend due to the rising demand for high-performance computing, big data storage, and automotive electronics [8] - The company is committed to cost control through core technology R&D, supply chain management, and improving product yield [7] - The company is exploring opportunities for external growth but currently has no specific acquisition plans [7]