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]

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 ...

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 Economic Outlook - The report predicts a 5.1% growth in real GDP for 2025, with quarterly growth rates of 5.4%, 5.4%, 4.9%, and 4.7% respectively [4][5] - Retail sales of consumer goods are expected to grow by 5.0%, supported by policies encouraging the replacement of durable goods [4] - Fixed asset investment is projected to increase by 3.7%, while export growth is anticipated to be around 1.5% for the year [4][5] - CPI is expected to remain low with a year-on-year increase of approximately 0%, while PPI is forecasted to be -2.3% [5] Pharmaceutical Industry - The pharmaceutical sector is expected to see a recovery in innovative drugs, with a focus on medical devices and services [10][12] - The report highlights a favorable environment for innovative drugs due to supportive policies and an expected increase in investment activity [11][12] - Medical device procurement data shows signs of recovery, indicating a release of pent-up demand [12] - The medical services sector is anticipated to experience growth due to nationwide payment reforms and signs of recovery in the ophthalmology field [12] - The report emphasizes the potential for a rebound in pharmaceutical consumption driven by domestic consumption stimulus policies [12][13] Integrated Circuit Industry (Ziguang Guowei) - Ziguang Guowei is positioned as a leading player in the integrated circuit industry, focusing on special integrated circuits and smart security chips [16][19] - The company is expected to benefit from a recovery in the special integrated circuit sector, which is projected to see significant growth in the coming years [16][19] - The automotive electronics segment is highlighted as a key growth area, with the MCU market expected to grow significantly [17][19] - The company plans to initiate a share buyback program to enhance employee motivation and support sustainable development [18][19] Real Estate Industry - The real estate sector shows signs of month-on-month improvement in sales, with May 2025 seeing a 10.34% increase in sales area compared to April [22][25] - Despite a negative year-on-year growth of 2.90% in sales area for the first five months, the report indicates a potential stabilization in the housing market due to policy support [22][25] - Real estate development investment is projected to decline by 10.70% year-on-year, but monthly investment showed an 8.68% increase in May [23][25] - The report suggests that leading real estate companies with strong operational capabilities are likely to gain market share [25]

Core Viewpoint - The credit rating of Unisoc Microelectronics Co., Ltd. is maintained at AA+k with a stable outlook, reflecting its leading position in the smart security chip and special integrated circuit design sectors, along with a diverse product range and application fields [11][12][13]. Financial Overview - Total assets of Unisoc Microelectronics reached 180.66 billion yuan in 2023, with total liabilities at 63.35 billion yuan and total debt at 23.98 billion yuan [6][10]. - The company reported a total revenue of 75.76 billion yuan in 2023, with a net profit of 25.35 billion yuan [10][31]. - The operating cash flow for 2023 was 17.69 billion yuan, indicating strong cash generation capabilities [10]. Industry Context - The semiconductor industry is experiencing a cyclical recovery, with the global semiconductor market expected to reach a sales figure of 1.75 trillion yuan in 2024, driven by domestic demand and policy support [12][14]. - The domestic integrated circuit design industry is projected to grow by 11.9% year-on-year in 2024, with a total sales revenue of 646 billion yuan [14][23]. Company Strategy - Unisoc plans to expand its product categories in the special integrated circuit business and enhance production efficiency and supply chain capabilities [15][16]. - The company aims to maintain its leading position in the smart security chip market while exploring new business areas, particularly in automotive electronics [15][16]. Market Position - Unisoc holds a significant market share in various segments of the smart security chip market, including SIM card chips and financial IC card chips, and is recognized as a key supplier for the second-generation ID card chips in China [23][24]. - The company has a diverse product portfolio with over 700 varieties in the special integrated circuit sector, catering to various specialized industries [16][24]. Risks and Challenges - The company faces challenges such as declining inventory turnover rates and a decrease in sales volume due to market demand fluctuations [21][22]. - The special integrated circuit business has been impacted by a downturn in demand, leading to a drop in both volume and price [21][22]. Research and Development - Unisoc has maintained a strong focus on R&D, with a research investment of 16.28 billion yuan in 2023, accounting for 21.5% of its revenue [26][27]. - The company has filed 85 invention patents and 19 utility model patents in the past year, showcasing its commitment to innovation [24][26].

Group 1: Company Performance and Market Conditions - The company's operating performance in 2024 declined due to intense market competition and cyclical fluctuations in the special integrated circuit industry, resulting in reduced demand and lower order volumes [4][8]. - The company's stock price has decreased by 70% from its peak, reflecting broader macroeconomic and market conditions [6][8]. - The special integrated circuit business's revenue accounted for 46.76% of total revenue, while the smart security chip business contributed 47.87% [10]. Group 2: Research and Development Efforts - The company has made significant investments in R&D, focusing on high-reliability chips, automotive electronics, and smart chips [5][10]. - The HBM product is currently in the R&D phase, with a longer user introduction cycle due to its application in specialized industries [9][11]. - The company aims to enhance its core competitiveness by continuously launching new products and expanding into new markets [11][12]. Group 3: Future Outlook and Strategic Plans - The company anticipates a substantial change in orders for special integrated circuits in 2025 compared to 2024, indicating potential recovery [3][11]. - The management is exploring opportunities for external growth through acquisitions, although no specific plans have been confirmed [12][14]. - The company is focusing on expanding its automotive domain control chips, which are expected to break the market monopoly of foreign high-end products [6][10]. Group 4: Investor Relations and Market Confidence - The company is committed to enhancing communication with investors and utilizing share buybacks as a tool to improve market confidence [4][6]. - There are no current plans for management to increase their shareholdings, reflecting a cautious approach to market conditions [10][12]. - The company is considering various strategies to improve its market value and protect investor interests amid ongoing challenges [8][13].