Core Viewpoint - The stock price of Unisoc Microelectronics has shown a slight decline, while the company continues to demonstrate growth in revenue and profit, alongside significant investments in research and development [1] Financial Performance - As of August 20, 2025, Unisoc Microelectronics reported a stock price of 81.86 yuan, down by 0.34 yuan or 0.41% from the previous trading day [1] - The company achieved a revenue of 3.047 billion yuan in the first half of 2025, representing a year-on-year growth of 6.07% [1] - The net profit attributable to shareholders for the same period was 692 million yuan [1] Research and Development - Unisoc Microelectronics invested 687 million yuan in research and development during the reporting period, marking a year-on-year increase of 1.41% [1] - The company secured 26 invention patents and 6 utility model patents [1] Market Position and Applications - Unisoc Microelectronics is a leading comprehensive integrated circuit listed company in China, with its products widely used in mobile communications, finance, government, automotive, industrial, and IoT sectors [1] - The company has made breakthroughs in the commercial aerospace sector, launching multiple series of aerospace products and achieving bulk applications with core users [1] Capital Flow - On August 20, 2025, the net outflow of main funds from Unisoc Microelectronics was 64.7 million yuan, accounting for 0.09% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds reached 239.8 million yuan, representing 0.34% of the circulating market value [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's special integrated circuit business continues to show strong growth, with revenue reaching 1.469 billion yuan, a year-on-year increase of 18.09%, accounting for 48.21% of total revenue, becoming the core growth engine [8] - The smart security chip business faces intensified market competition, resulting in a revenue decline of 5.85% to 1.395 billion yuan [8] - The quartz crystal frequency device business benefits from the demand release in 5G and IoT, with revenue increasing by 35.78% to 151 million yuan [8] - The overall gross margin is approximately 55.56%, with the special integrated circuit gross margin at 71.12%, while the smart security chip gross margin slightly decreased to 44.16% [8] - The company is enhancing its core competitiveness through technological upgrades and product structure adjustments in strategic areas [8] Financial Summary - For the first half of 2025, the company achieved total revenue of 3.047 billion yuan, a year-on-year increase of 6.07%, and a net profit attributable to shareholders of 690 million yuan, a year-on-year decrease of 6.18% [1][8] - The earnings forecast for 2025-2026 has been adjusted, with net profits expected to be 1.675 billion yuan and 1.926 billion yuan respectively, down from previous estimates [8] - The projected net profit for 2027 is 2.613 billion yuan, with corresponding P/E ratios of 42, 36, and 27 times for 2025, 2026, and 2027 respectively [8] - The company maintains a strong position in the domestic special integrated circuit market, justifying the "Buy" rating despite the downward adjustment in profit expectations [8]

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.047 billion yuan, a year-on-year increase of 6.07% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 653 million yuan, up 4.39% year-on-year [1] - As of June 30, 2025, total assets reached 17.696 billion yuan, an increase of 2.17% from the end of the previous year [1] - The net assets attributable to shareholders were 12.878 billion yuan, reflecting a growth of 3.90% from the end of the previous year [1] - In Q2 2025, operating revenue grew by 97% quarter-on-quarter and 17% year-on-year [2] Group 2: Research and Development - The company maintained a strong R&D investment, obtaining 26 invention patents and 6 utility model patents [2] - In the special integrated circuit sector, the company is a leader in the industry, with a wide range of products that are widely applied [2] - The company has developed high-end quartz crystal frequency devices using Q-MEMS lithography technology, achieving significant production capacity [2] Group 3: Business Highlights - The special integrated circuit business focused on future market demands, optimizing R&D structures to enhance efficiency and reduce development cycles [3] - The smart security chip business made breakthroughs in product technology and market expansion, particularly in automotive electronics [4] - The quartz crystal frequency device business showed steady growth, driven by demand in consumer electronics and emerging markets [6] Group 4: Market Position and Strategy - The company holds a leading position in the global SIM card chip market, with a market share of 60% or higher [13] - The eSIM product has been introduced to several major smartphone manufacturers, with mass shipments underway [5] - The automotive safety chip solutions have been successfully implemented with major Tier 1 suppliers, with annual shipments in the millions [5] Group 5: Shareholder Engagement and Value Management - The company implemented a cash dividend distribution totaling 177 million yuan for the 2024 fiscal year [6] - A share repurchase plan was approved, with 3,089,916 shares repurchased for a total amount of 199 million yuan [7] - The company actively enhanced information disclosure and investor relations management, responding to 181 inquiries on the Shenzhen Stock Exchange's interactive platform [6]

Core Viewpoint - Unisoc's financial performance for the first half of 2025 shows a mixed picture, with revenue growth but a decline in net profit, indicating potential challenges in profitability despite increased sales [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 3.047 billion yuan, a year-on-year increase of 6.07% compared to 2.873 billion yuan in 2024 [1] - Net profit attributable to shareholders was 692 million yuan, down 6.18% from 738 million yuan in the previous year [1] - In Q2 2025, total revenue was 2.021 billion yuan, reflecting a significant year-on-year increase of 16.68%, while net profit for the quarter rose by 32.92% to 573 million yuan [1] - Gross margin decreased to 55.56%, down 4.00% year-on-year, and net margin fell to 22.71%, down 12.28% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 282 million yuan, representing 9.26% of revenue, an increase of 22.34% year-on-year [1] - Earnings per share decreased to 0.82 yuan, down 6.17% from 0.87 yuan in the previous year [1] Accounts Receivable and Cash Flow - Accounts receivable reached 5.034 billion yuan, with a significant ratio of 426.55% to net profit, indicating potential liquidity concerns [1][3] - Operating cash flow per share was 0.56 yuan, a decrease of 24.49% year-on-year [1] - Cash and cash equivalents decreased by 15.38% to 2.028 billion yuan due to investments in financial products and cash dividends [1][2] Investment and Market Activity - The company has seen a 24.0% increase in accounts receivable due to higher sales in the special integrated circuit business [2] - Financial assets increased by 51.97% as the company invested more in guaranteed floating income bank financial products [2] - Sales expenses rose by 59.49% as the company expanded its market presence, leading to higher labor and promotional costs [2] Fund Holdings - The largest fund holding Unisoc shares is the Huaxia National Semiconductor Chip ETF, which increased its position to 11.4205 million shares [4] - Other funds, including the E Fund National Defense and Military Industry Mixed A, also increased their holdings, indicating positive sentiment towards the company [4]

证券研究报告 公司研究 [Table_Title] 紫光国微 2025 半年报点评：二季度环比大幅 提升，特种 IC 业务强劲复苏 [Table_ReportDate] 2025 年 08 月 19 日 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 紫光国微(002049) 投资评级 上次评级 [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com [Table_OtherReport] 营收稳健增长，智能安全芯片不断突 破 业绩稳健增长，产品品类不断扩展 一季度营收稳定增长，净利润同比提 升 10% 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_S 事件：紫光国微 ummary] 发布 2025 年半年报，2025 年上半年公司实现营业收入 30.47 亿元，同比增长 6.07%；毛利率 55.56%，同比下降 2.39pct；归 母净利润 6.92 亿元，同比下 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 107.30 [1][5] Core Views - The company reported a revenue of RMB 3.047 billion for H1 2025, representing a year-over-year increase of 6.07%, while the net profit attributable to the parent company was RMB 692 million, down 6.18% year-over-year. The second quarter showed significant improvement with a revenue of RMB 2.021 billion, up 16.68% year-over-year and 97.00% quarter-over-quarter [1] - The company is positioned well in the special integrated circuit and security chip sectors, with a strong recovery in downstream demand and improved order flow, indicating a positive outlook for future performance [1][3] Business Performance Summary - **Special Integrated Circuits**: Revenue for H1 2025 was RMB 1.469 billion, up 18.09% year-over-year, with a gross margin of 71.12%, down 3.44 percentage points [2] - **Smart Security Chips**: Revenue was RMB 1.395 billion, down 5.85% year-over-year, with a gross margin of 44.16%, down 3.60 percentage points due to intense market competition [2] - **Crystal Components**: Revenue reached RMB 151 million, up 35.78% year-over-year, with a gross margin of 11.13%, down 2.61 percentage points [2] - The overall gross margin for H1 2025 was 55.56%, a decrease of 2.32 percentage points year-over-year, but the decline in margin has slowed compared to previous years [2] Product Development and Market Position - The company successfully expanded its product line in special business areas, including high-end AI and visual perception products, which are expected to contribute to future revenue [3] - The eSIM product has entered mass shipment stages, and the company has established a strong position in the global SIM card chip market, with significant orders from leading mobile manufacturers [4] - The automotive safety chip solutions have been adopted by several major Tier 1 suppliers and OEMs, indicating a robust growth trajectory in the automotive electronics sector [4] Profit Forecast and Valuation - The company is projected to achieve net profits of RMB 1.659 billion, RMB 2.102 billion, and RMB 2.594 billion for the years 2025, 2026, and 2027 respectively, with a compound annual growth rate (CAGR) of 25.05% [5][8] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are RMB 1.95, RMB 2.47, and RMB 3.05 respectively [5][8] - The target price has been adjusted to RMB 107.30, based on a price-to-earnings (PE) ratio of 55 times for 2025 [5]

Group 1: Tencent Holdings (00700) Analysis - Tencent achieved a revenue of 184.5 billion yuan in Q2 2025, a year-on-year increase of 15%, exceeding Bloomberg consensus by 3% [2][14] - Adjusted net profit attributable to shareholders was 63.1 billion yuan, up 10% year-on-year, also surpassing Bloomberg consensus by 2% [2][14] - The gaming segment showed strong performance, with international and domestic game revenues growing by 35% and 17% respectively in Q2 2025 [2][14] - Advertising revenue increased by 20% to 35.8 billion yuan, driven by AI enhancements that improved click-through rates [2][14] - Financial technology and enterprise services revenue grew by 10% to 55.5 billion yuan, marking a return to double-digit growth [3][14] - The company maintains a "buy" rating with an adjusted net profit forecast for 2025-2027 of 255.6 billion, 298 billion, and 336.8 billion yuan respectively [3][14] Group 2: Industry Trends and Insights - The wind power sector is experiencing a high growth period, with significant improvements in profitability reported by various companies [25] - The domestic wind power market is expected to see new installations reach 110 GW in 2025, with Q2 2025 showing a year-on-year increase of 255.61% in new installations [25] - The market for non-road wide-body dump trucks is projected to grow significantly, driven by trends towards larger, electric, and unmanned vehicles [15][18] - The liquid cooling technology for data centers is gaining traction, with a projected market space of approximately 10 billion yuan due to increasing power density and cooling needs [28][26] - The semiconductor industry is seeing a shift towards special integrated circuits, with demand driven by national defense and commercial satellite applications [21][29]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, recognizing it as a leading enterprise in the special integrated circuit sector with a forward-looking layout and increased R&D investment [6][7]. Core Insights - The company is positioned as a leader in the integrated circuit industry, with a comprehensive product range covering multiple application scenarios. It has established a strong foothold in the special integrated circuit market through strategic acquisitions and continuous R&D efforts [14][19]. - The demand for special integrated circuits is expected to grow due to the acceleration of national defense informatization and the increasing needs in aerospace and unmanned systems. The company is well-positioned to benefit from this trend [6][39]. - The financial forecast indicates a recovery in profitability, with projected net profits of 15.8 billion, 21.3 billion, and 29.3 billion yuan for 2025-2027, respectively, alongside a decreasing PE ratio compared to industry averages [5][7]. Summary by Sections 1. Company Overview - The company has evolved through multiple stages, leveraging technology from Tsinghua University and expanding into various sectors, including special integrated circuits and automotive electronics [14][16]. - The stable shareholding structure, backed by the new Unisplendour Group, supports long-term strategic planning and operational stability [16][19]. 2. Market Demand and Growth - The national defense budget has shown consistent growth, with a projected budget of 1,784.67 billion yuan for 2025, which is expected to drive demand for special integrated circuits [41][42]. - The company’s products are crucial for various defense applications, including satellite communication and radar systems, positioning it to capture significant market opportunities [46][51]. 3. Financial Performance and Projections - The company experienced a decline in revenue and net profit in 2023 and 2024 due to market fluctuations, but it is anticipated that profitability will stabilize and recover as demand increases [27][32]. - The projected revenue for the special integrated circuit segment is expected to rebound, contributing significantly to overall financial performance [31][32].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, recognizing it as a leading enterprise in the special integrated circuit sector, with significant growth potential driven by strategic investments and market demand recovery [7][6][5]. Core Insights - The company is positioned as a leader in the integrated circuit industry, with a comprehensive product range that spans various applications, including special integrated circuits, smart security chips, and quartz crystal frequency devices [6][13]. - The defense sector's modernization and increasing budget allocations are expected to drive demand for special integrated circuits, with the market projected to exceed 500 billion yuan by 2025 [39][40]. - The company has experienced short-term profit declines due to industry demand fluctuations, but forecasts indicate a recovery in profitability and revenue growth from 2025 onwards, with net profits expected to reach 15.8 billion yuan in 2025 [5][6][7]. Summary by Sections 1. Company Overview - The company, backed by the new Unisplendour Group, has evolved into a leading integrated circuit manufacturer since its establishment in 2001, focusing on smart card chips and expanding into special integrated circuits through strategic acquisitions [13][15]. - The stable shareholding structure of the controlling shareholder enhances the company's long-term strategic planning and operational stability [15]. 2. Market Demand and Growth - The acceleration of defense informationization is driving the demand for special integrated circuits, particularly in aerospace and unmanned systems, with significant growth opportunities in these sectors [37][44]. - The company’s products are widely used in critical applications such as satellite communication and military equipment modernization, positioning it to benefit from increased defense spending [39][40]. 3. Financial Performance and Projections - The company’s revenue growth from 2020 to 2023 was robust, but a decline in 2024 is anticipated due to market conditions, with a projected recovery in subsequent years [26][31]. - Forecasts indicate that the company’s net profit will rebound to 15.8 billion yuan in 2025, with a corresponding PE ratio of 40, which is below the industry average, suggesting potential for stock price appreciation [7][5]. 4. Product Diversification - The company has diversified its product offerings, including smart security chips and automotive electronics, which are expected to contribute to stable and sustainable growth [6][19]. - The smart security chip segment is projected to see significant revenue growth, driven by the transition to eSIM technology and expanding applications in various sectors [7][8]. 5. Competitive Positioning - The company maintains a competitive edge through substantial R&D investments, enabling it to develop high-performance products that meet stringent industry standards [6][37]. - The special integrated circuit market is characterized by high margins and customized solutions, allowing the company to leverage its technological capabilities for sustained growth [55].

Macro Analysis - The political bureau meeting on July 30, 2025, appeared "plain," but it reflects a stable economic outlook for the first half of 2025, aligning with expectations[5] - The meeting confirmed a consistent policy direction since September 2024, indicating effective policy tools and measures[5] - Short-term pressures are manageable, allowing for strategic focus on domestic demand, reform, risk mitigation, and improving living standards[5] Investment Strategy - A "barbell strategy" is recommended, favoring both financial and resource sectors while also targeting growth opportunities in AI applications and innovative pharmaceuticals[10] - The 10-year government bond yield is expected to fluctuate between 1.6% and 1.75% due to low inflation and interest rates[10] - Gold is projected to benefit from "de-dollarization" and debt monetization in the long term, despite short-term fluctuations due to currency appreciation[10] Company Performance Highlights - Zijin Mining (601899.SH) anticipates a 6% increase in copper production to 1.07 million tons in 2024, with a target of 1.5-1.6 million tons by 2028[11] - Shandong Gold (600547.SH) expects a 10.51% increase in gold production to 46.17 tons in 2024, driven by improved mining operations and resource acquisitions[15] - China Hongqiao (1378.HK) reported a 14.69% increase in revenue to CNY 156.17 billion in 2024, with net profit rising by 95.21% to CNY 22.37 billion, supported by rising alumina prices[16] Risks and Challenges - Risks include potential underperformance of policies, slower economic recovery, and significant price drops in metals like gold and copper[7] - The performance of companies like GuoBo Electronics (688375.SH) is under pressure due to declining revenues, with a 27.36% drop in total revenue to CNY 2.591 billion[32] - WanHua Chemical (600309.SH) faces short-term profit pressures due to asset impairments and market fluctuations, with a projected net profit margin of 8.1% in 2025[36]