证券研究报告 | 公司深度 | 半导体 涨价提利，多元布局迎新机 ——国科微深度报告 投资要点 ❑ 主业稳健，高端化提振营收弹性 国科微作为国内领先的 AI 与多媒体芯片设计企业，当前主营业务布局稳健。公 司在超高清智能显示（机顶盒）、智慧视觉（安防）等板块凭借核心技术和产品 渗透，不断提升市场份额，预计将持续受益于这些领域的行业需求提升与客户结 构升级。同时，信创业务有望带动公司固态存储主控芯片等相关产品需求回升， 增强营收弹性。公司下游以安防等为主，国补变动对公司影响较小。 ❑ 产品涨价，毛利率有望持续提升 公司下游安防市场和机顶盒产品为主。2026 年 1 月 20 号，国科微发布涨价通知 函，计划对合封 KGD 产品进行价格调整，涨价幅度 40%~80%；公司部分产品 合封存储销售，存储涨价同步利好业绩，在内存涨价带动 soc 涨价过程中，公司 毛利率有望持续提升，盈利能力也有望持续改善。 ❑ 多元布局，长期发展前景广阔 中长期来看，国科微围绕主控芯片 AI 升级、自主 Wi-Fi6 芯片和汽车 SerDes 芯 片积极布局。公司 AI 芯片产品线不断完善，自研 Wi-Fi6 芯片即将导入主流客 户， ...

Core Insights - The Shanghai Municipal Economic and Information Commission released the "Action Plan for High-Quality Development of the Intelligent Terminal Industry (2026-2027)", aiming for the industry to exceed 300 billion yuan by 2027 and to establish over three globally influential consumer terminal brands [1][2] Group 1: Industry Goals - By 2027, the intelligent terminal industry in Shanghai is expected to achieve a total scale exceeding 300 billion yuan, with targets to cultivate three globally influential consumer terminal brands and two leading enterprises [1] - The plan includes achieving a production scale of over 10 million units for artificial intelligence computers, smartphones, and new AI terminals [1][2] Group 2: Financial Support and Investment - The action plan emphasizes increasing financing support for terminal enterprises through industrial transformation funds and guiding social capital and professional institutions to participate in investment [1][2] - It encourages financial institutions to strengthen the guarantee of financing needs for the intelligent terminal sector [1] Group 3: Product Development Focus - The plan aims to cultivate leading brands in artificial intelligence computers and support the transformation of traditional computer production capacity to AI computers [1][2] - It also calls for the establishment of a satellite terminal production line to create a Shanghai brand for satellite terminals, targeting a production capacity of 100,000 units [2] Group 4: Technological Advancements - The action plan highlights the need for collaboration between terminal enterprises and chip/algorithm companies to enhance the security and efficiency of the supply chain [3] - It emphasizes the importance of data-driven approaches to unlock the value of terminal data and create competitive advantages through a "product + scenario + ecosystem" integration [3] Group 5: Market Predictions - Experts predict that this year will be a year of explosive growth for intelligent terminals, with AI terminal shipments accounting for 42% of global totals in the first half of the year and a projected 20% increase in shipments for AI smartphones, AIPC, and AI tablets for the entire year [3]