证券日报网讯紫光国微11月3日发布公告，在公司回答调研者提问时表示，公司汽车电子芯片主要有两 大类：安全芯片与域控芯片。安全芯片客户拓展的比较快，已在多家头部Tier1及主机厂量产落地，年 出货量数百万颗，很多车厂都在用，伴随国内车厂出海以及智能汽车网联，很多客户正在与公司紧密沟 通芯片升级，在产品形态以及使用方式上。关于汽车域控芯片，主要应用于汽车的动力系统和底盘系 统，对安全性要求极高，且行业导入周期较长、主机厂认证标准严苛，从行业趋势来看，国产替代是必 然方向，该类产品未来的收入与利润贡献，需依托政策与需求层面的实质性变化，公司已围绕技术研 发、客户认证等方面做好充分准备。 （文章来源：证券日报） ...

Core Viewpoint - The company is integrating AI technology into its special integrated circuits and is focusing on edge AI applications to establish a competitive advantage [1] Group 1: AI Business Development - The company is forming R&D teams, engaging in external collaborations, and investing or acquiring quality targets to advance its AI business layout [1] - The focus is on edge AI applications to quickly develop a competitive edge in the market [1] Group 2: Smart Security Chips - The company aims to maintain its market position in traditional smart card security chips while actively introducing new technologies and exploring new business models [1] - The company is prioritizing the development of automotive electronic chips, specifically targeting the creation of a series of automotive domain control chips to break the market monopoly of foreign high-end products [1] - The company currently holds a leading position in the domestic high-end power chassis controller sector [1] - The product range for automotive safety chips is comprehensive, and the company is working on the research and promotion of more automotive-grade safety chips to support the transformation and upgrading of smart vehicles [1]

Core Viewpoint - The company is positioned as a leader in the smart security chip and special integrated circuit segments, with projected revenues of 47.87% and 46.76% respectively in 2024, indicating strong market presence and growth potential in these niches [1] Group 1: Market Outlook - The Chinese smart security chip market is expected to reach a scale of 150 billion yuan by 2025, while the special integrated circuit market is projected to be 80 billion yuan, both growing at an annual rate of 20% [1] - The company operates in a niche market valued at 230 billion yuan, which is characterized by relatively low competitive pressure compared to the more competitive storage and AI chip markets, projected to be 450 billion yuan in 2025 [1] Group 2: Strategic Measures - In the special integrated circuit sector, the company plans to integrate AI technology, focusing on edge AI applications to establish a competitive advantage [1] - The company is pursuing various strategies to advance its AI business, including forming R&D teams, engaging in external collaborations, and investing in or acquiring quality targets [1] - For smart security chips, the company aims to maintain its market position by adopting new technologies and exploring new business models, with a particular emphasis on developing automotive electronic chips [1] - The company is working on a series of automotive domain control chips to break the market monopoly of foreign high-end products and is currently a leader in the domestic high-end power chassis controller field [1] - The company is also expanding its range of automotive safety chips, focusing on research and promotion of more vehicle-grade safety chips to support the transformation and upgrading of smart vehicles [1]

Group 1: Business Strategy and Future Plans - The company aims to solidify its leadership in special integrated circuits and smart security chips while exploring AI technology integration over the next 3-5 years [2][3] - Focus on developing automotive electronic chips to break foreign market monopolies, with a current leading position in high-end power chassis controllers [2][3] - The company is also looking into next-generation semiconductor devices and important sensors [3] Group 2: Financial Performance and R&D Investment - The company has invested over 5 billion in R&D over the past five years, with a projected R&D expenditure of 23.33% of revenue for 2024 [5][6] - Despite significant R&D investments, the company has faced challenges in translating these into substantial revenue growth [5][6] Group 3: Market Position and Product Development - The company holds a 7.5% stake in Xi'an Unigroup Guoxin Semiconductor Co., with nearly 95% of revenue coming from logic chips, storage chips, bus driver interfaces, and power supplies [3] - The company has successfully launched multiple eSIM products and is prepared for the "AI + 5G + eSIM" integration [4] Group 4: Investor Relations and Market Concerns - The company acknowledges the impact of macroeconomic factors and market conditions on its stock price, emphasizing efforts to enhance operational efficiency and profitability [7] - There are no current plans to acquire additional shares in Xi'an Unigroup Guoxin Semiconductor [5][6]

Core Insights - The company, Unisoc, has outlined its strategic plans for the next 3-5 years, focusing on enhancing its leadership in the special integrated circuits and smart security chip sectors while ensuring quality and cost control [1] Group 1: Strategic Business Development - The company aims to solidify its market position in special integrated circuits and smart security chips, emphasizing the need for robust foundational work while maintaining high profit margins through effective cost management [1] - In the area of special integrated circuits, the company plans to integrate AI technology, forming R&D teams and pursuing external collaborations, investments, or acquisitions to advance its AI business strategy [1] - The company is particularly focused on edge AI applications to quickly establish a competitive advantage [1] Group 2: Smart Security Chips - For smart security chips, the company intends to maintain its market position in traditional smart card security chips while actively introducing new technologies and exploring new business models [1] - The company is prioritizing the development of automotive electronic chips, specifically aiming to create a series of automotive domain control chips to break the market monopoly of foreign high-end products [1] - The company currently holds a leading position in the domestic high-end power chassis controller sector and is expanding its range of automotive safety chips to support the transformation and upgrading of smart vehicles [1] Group 3: Broader Industry Focus - The company is also exploring opportunities in other fields, such as next-generation semiconductor devices and critical sensors [1]

Macro Analysis - The current macro variables affecting the market are internal demand recovery, policy implementation effects, and external environment changes[3] - The easing of US-China tariff negotiations helps alleviate pressure on the fundamentals and market risk appetite, but the relationship remains competitive[3] - The economy is undergoing an L-shaped recovery, with manageable short-term pressures on foreign trade and employment, while low inflation remains a core challenge[3] Policy Insights - The policy focus is on the effectiveness of existing policies and the introduction of incremental reserve tools, with a dynamic calibration approach expected[3] - The emphasis is on promoting the effectiveness of existing policies, particularly concerning employment and systemic risks, while external shocks remain uncertain[3] Investment Strategy - A strategic bullish outlook on Hong Kong stocks is recommended, as de-dollarization benefits liquidity-sensitive stocks[3] - A "barbell" asset allocation strategy is suggested, focusing on resilient dividend assets in finance, resources, and public utilities, while technology remains a key theme[3] Company Highlights - Zhuoyue New Energy (688196.SH) is a pioneer in biodiesel production, with a production capacity of 500,000 tons and a focus on raw material substitution and trade breakthroughs[9] - Yipuli (002096.SZ) achieved revenue of 8.546 billion yuan in 2024, with a net profit of 713 million yuan, driven by cost control and increased procurement efforts[14] - Zijin Mining (601899.SH) expects copper production to reach 1.15 million tons in 2025, with significant growth targets set for 2028[21] Risk Considerations - Risks include potential policy support falling short of expectations, execution delays, and slower-than-expected economic recovery[5] - For Zhuoyue New Energy, risks involve policy advancement not meeting expectations and significant fluctuations in raw material prices[12]

Macro Analysis - The current market is influenced by three main macro variables: domestic demand recovery, policy implementation effects, and external environment changes[9] - The easing of US-China tariff negotiations helps alleviate market risk appetite pressures, but the long-term relationship remains competitive[9] - The economy is undergoing an L-shaped recovery, with manageable short-term pressures on foreign trade and employment, while low inflation remains a core challenge[9] Investment Recommendations - Strategic focus on Hong Kong stocks is advised, as de-dollarization benefits liquidity-sensitive markets[10] - A-shares are expected to experience high volatility, emphasizing the need to capture structural opportunities[10] - Suggested asset allocation includes resilient dividend assets in finance, resource sectors, and public utilities, with technology remaining a key focus[10] Company Highlights - Excellence New Energy (688196.SH) is a leader in biodiesel production, with a capacity of approximately 500,000 tons and a focus on raw material substitution[12] - Yipuli (002096.SZ) achieved revenue of 8.546 billion yuan in 2024, a 1.4% increase, with net profit rising by 12.49% to 713 million yuan[17] - Zijin Mining (601899.SH) expects copper production to reach 1.15 million tons in 2025, with gold production projected at 85 tons[24] Risk Factors - Potential risks include policy support falling short of expectations, execution delays, and slower-than-expected economic recovery[5] - For Excellence New Energy, risks involve trade barriers and raw material price fluctuations impacting profitability[16] - For Yipuli, risks include raw material price volatility and project execution delays affecting revenue growth[21]