Core Viewpoint - The company, Unisoc, has announced that its automotive domain control chip THA6 has entered mass production, with the second generation products compatible with over ten mainstream domestic and international toolchains and basic software, and has been adopted by multiple OEMs and Tier 1 suppliers, with gradual mass production expected by 2026 [2][4] Group 1: Company Overview - Unisoc has over 20 years of experience in semiconductor integrated circuit design, establishing a systematic competitive advantage in R&D capabilities, core technologies, supply chains, and customer resources, making it a leading domestic semiconductor integrated circuit design enterprise [2][4] - The company is one of the earliest in China to engage in the design and development of special integrated circuits and intelligent security chips, holding significant brand influence and recognition domestically [2][4] Group 2: Market Position - In the field of special integrated circuits, Unisoc is a key supplier in China, serving a wide range of users across various sectors [2][4] - In the intelligent security chip sector, Unisoc's SIM card chip business ranks among the top in both domestic and global markets, with leading market shares in financial IC card chips, ID card readers, and POS machine SE chips [2][4] - The company holds a leading position in certain areas of automotive electronic chips within China [2][4] Group 3: Commercial Aerospace Sector - Unisoc's products, including FPGA, read-refresh chips, memory, and bus interfaces, are being gradually introduced into the commercial aerospace sector, with positive progress reported [2][4] - The commercial aerospace industry has a long supply chain and a high demand for integrated circuits, and the company is continuously exploring new application scenarios based on existing products [2][4]

Core Viewpoint - The company, Unisoc, has successfully launched its first-generation automotive domain control chip, THA6, which is now in mass production and has been integrated with multiple mainstream toolchains and software from various domestic and international manufacturers [2] Group 1: Product Development and Market Position - The second-generation THA6 series is expected to be adapted for over ten mainstream toolchains and basic software, with mass production anticipated to gradually ramp up by 2026 [2] - Unisoc has over 20 years of experience in semiconductor integrated circuit design, establishing a systematic competitive advantage in R&D capabilities, core technologies, supply chains, and customer resources, making it a leading player in the domestic semiconductor integrated circuit design industry [2] - The company is one of the earliest in China to engage in the design and R&D of special integrated circuits and intelligent security chips, holding significant brand influence and recognition domestically [2] Group 2: Market Share and Applications - In the special integrated circuit sector, Unisoc is a key supplier with a wide user base across various related fields [2] - The company ranks among the top in both domestic and global market shares for SIM card chips, and leads the market in financial IC card chips, ID card readers, and POS machine SE chips [2] - Unisoc holds a leading position in certain areas of automotive electronic chips within China [2] Group 3: Commercial Aerospace Sector - In the commercial aerospace sector, Unisoc's products, including FPGA, read-refresh chips, memory, and bus interfaces, are being gradually introduced with positive progress [2] - The company is exploring new application scenarios based on existing products, as the commercial aerospace industry has a long supply chain and significant integrated circuit demand [2]

Core Viewpoint - Unisoc (002049) has established a leading position in the domestic automotive chip sector, focusing on two main types of chips: automotive safety chips and automotive control chips [1] Group 1: Product Overview - The company’s automotive safety chip solutions are well-developed and have been mass-produced with several leading Tier 1 suppliers and OEMs, achieving an annual shipment volume of several million units [1] - The first generation of the automotive domain control chip THA6 has entered mass production, while the second generation is compatible with over ten mainstream toolchains and basic software, having been adopted by multiple OEMs and Tier 1 suppliers [1] Group 2: Market Position - The company has accumulated several key technologies in the domestic automotive chip field, which provides it with a certain competitive advantage [1] - The company is actively seeking to introduce more opportunities for its products in the automotive sector [1]

Core Viewpoint - The company, Unisoc (紫光国微), is actively developing high-security chips for automotive electronics, establishing a leading position in the domestic automotive chip sector [1] Group 1: Business Development - The company has accumulated several key technologies in the automotive chip field, demonstrating a certain competitive advantage [1] - The automotive safety chip solutions have become more comprehensive, with mass production achieved in collaboration with several leading Tier 1 suppliers and OEMs [1] Group 2: Product Launch and Performance - The first generation of the automotive domain control chip THA6 has entered mass production, with the second generation compatible with over ten mainstream toolchains and basic software [1] - The company has successfully integrated its products into multiple OEMs and Tier 1 suppliers, achieving an annual shipment volume of millions of units [1]

Group 1 - The company, Unisoc, is actively expanding its business in automotive electronics and high-security chip sectors, establishing a leading position in the domestic automotive chip market [1] - The automotive safety chip solutions have become more comprehensive, with mass production achieved in collaboration with several leading Tier 1 suppliers and OEMs, resulting in an annual shipment volume of millions of units [1] - The first generation of the automotive domain control chip, THA6, has been mass-produced, while the second generation is compatible with over ten mainstream toolchains and basic software, being integrated into multiple OEMs and Tier 1 suppliers [1]

Core Viewpoint - The company is actively developing high-security chip businesses in the automotive electronics sector, establishing a leading position in the domestic automotive chip market [1] Group 1: Business Development - The company has accumulated several key technologies in the domestic automotive chip field, demonstrating a certain competitive advantage [1] - The automotive safety chip solution portfolio has been enhanced, with mass production achieved in collaboration with several leading Tier 1 suppliers and OEMs, resulting in annual shipments of millions of units [1] Group 2: Product Launch and Adaptation - The first generation of the automotive domain control chip THA6 has been mass-produced, while the second generation is compatible with over ten mainstream domestic and international toolchains and basic software [1] - The second generation of products has been introduced to multiple OEMs and Tier 1 suppliers [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 5.511 billion yuan, down 27.26% year-on-year, and net profit at 1.179 billion yuan, down 53.43% year-on-year [1]. - The special integrated circuit segment remains the primary profit source, contributing 91.97% to the net profit, with expectations for high growth in the next 2-3 years as the industry recovers [4]. - The company is focusing on high R&D investment, amounting to 1.286 billion yuan in 2024, which is 23.34% of revenue, to expand its special chip categories [4]. Financial Performance Summary - In 2024, the company achieved a revenue of 5.511 billion yuan, a decrease of 27.26% year-on-year, and a net profit of 1.179 billion yuan, a decrease of 53.43% year-on-year [1][7]. - The special integrated circuit revenue was 2.577 billion yuan, down 42.57% year-on-year, with a net profit of 1.085 billion yuan, down 52.21% year-on-year [2]. - The smart security chip segment saw revenue growth of 3.69% year-on-year, reaching 2.487 billion yuan, with a net profit increase of 11.38% to 293 million yuan [3]. Future Projections - The company forecasts net profits of 1.682 billion yuan, 2.175 billion yuan, and 2.594 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 33X, 25X, and 21X [5][7]. - The report anticipates a recovery in the special integrated circuit industry, leading to significant growth in the company's performance over the next few years [4].