北京君正 20250826 摘要 2025 年上半年，北京军政三大产品线均实现收入同比增长，其中计算 芯片收入 6.04 亿元，同比增长 15.6%，主要受益于嵌入式 SoC 和智能 视频相关产品。 存储芯片市场在经历下行周期后于 2025 年开始温和复苏，上半年收入 13.8 亿元，同比增长 5.2%，主要面向汽车、工业和通信等行业， DRAM 产品是主要增长动力。 模拟互联业务上半年收入 2.4 亿元，同比增长 5%，车规 LED 驱动芯片 贡献主要收入，公司在该领域拥有齐全的产品线，并积极拓展工业和消 费级应用。 公司正积极推动港股上市计划，旨在支持全球化战略，实现境内外双轮 驱动，以应对复杂的全球政治经济环境，目前相关工作正在有序展开。 北京军政通过推动全时录像等新需求，在智能安防市场推出 T42、C200 等新产品，并启动 AI MCU 研发，整合 NPU IP 以增强竞争 力。 公司计划丰富 SOC 芯片产品线，拓展海外市场，并研发高算力 NPU， 预计 2026 年提供 4T 以上算力，以满足安防等领域对 AI 性能的需求。 公司 DRAM 产品线正向 18 纳米和 16 纳米工艺节点升级，预计 ...

北京君正（ [Table_StockNameRptType] 300223） 公司点评 强化 AI 研发布局，"计算+存储+模拟"多维发展 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-08-26 | | [Table_BaseData] 收盘价（元） 75.51 | | 近 12 个月最高/最低（元） | 95.67/42.80 | | --- | --- | | 总股本（百万股） | 483 | | 流通股本（百万股） | 421 | | 流通股比例（%） | 87.16 | | 总市值（亿元） | 364 | | 流通市值（亿元） | 318 | [公司价格与沪深 Table_Chart] 300 走势比较 -15% 19% 52% 86% 119% 8/24 11/24 2/25 5/25 北京君正 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com 分析师：刘志来 执业证书号：S0010523120005 邮箱：liuzhilai@hazq.com [Ta ...

Core Viewpoint - Beijing Junzheng (300223.SZ) focuses on the consumer market for its computing chips, which are utilized in products such as cameras, printers, robotic vacuum cleaners, and QR code scanners [1] Company Summary - The company specializes in computing chips designed primarily for consumer applications [1] - Key product categories include cameras, printers, robotic vacuum cleaners, and QR code scanning devices [1]

Core Viewpoint - The SEMI-e Shenzhen International Semiconductor Exhibition and 2025 Integrated Circuit Industry Innovation Exhibition will take place from September 10-12, 2025, in Shenzhen, serving as a significant indicator of industry transformation in 2025 [1] Group 1: Event Overview - The exhibition is organized by CIOE China Optical Expo and the Integrated Circuit Innovation Alliance, aiming to enhance the scale and influence of the event [1] - The combined exhibition area will reach 300,000 square meters, featuring 5,000 exhibitors and attracting over 160,000 professional visitors [1] - The event will integrate the "Optoelectronics + Semiconductor" industries, creating more cross-industry collaboration opportunities [1] Group 2: Themes and Coverage - The exhibition will focus on three main themes: "IC Design and Application," "IC Manufacturing and Supply Chain," and "Compound Semiconductors," covering the entire industry chain from design to manufacturing [2] - It will showcase the latest technologies from industry leaders, including major companies like Ziguang Zhanrui, ZTE, and SMIC [3][4] Group 3: Industry Trends and Innovations - The exhibition will highlight key industry trends, such as the integration of "Optoelectronics + Semiconductors," and will present core products and technologies across the semiconductor value chain [5] - It will also address advancements in packaging technologies, domestic equipment capabilities, and the commercialization of third-generation semiconductor materials [7] Group 4: Professional Audience and Resources - The event will gather professionals from wafer foundries, packaging and testing, and semiconductor core equipment sectors, facilitating resource sharing across various industries [6] - A series of high-level forums will be held, featuring international analysts and industry experts discussing the most pressing topics of the year [11]

Group 1: AISP Technology and Product Development - The company's AISP anti-shake technology includes both electronic and digital algorithms, effectively addressing image shake issues [2] - The AISP rapid focus (PDAF) technology has not yet achieved millisecond-level focus locking suitable for live streaming and drones [2] - The company is currently planning and evaluating the development of DDR5 and LPDDR5 [2] Group 2: Competitive Positioning and Market Strategy - The company's AISP technology excels in low-light, backlight, wide dynamic range, and motion scenarios, significantly enhancing real-time HD image quality [3] - The company is increasing R&D investment in CPU cores and high-performance NPU, aiming to strengthen its competitive edge in these areas [3] - The company anticipates a gradual recovery in the automotive and industrial markets in 2025, which will drive growth in storage and analog/interconnect chip businesses [4] Group 3: Financial Performance and Growth Projections - In Q1, the company reported sales revenue of 270.11 million CNY for computing chips, a year-on-year increase of 12.41%; 662.55 million CNY for storage chips, up 3.44%; and 119.27 million CNY for analog and interconnect chips, up 12.3% [4] - The company's gross margin in Q1 decreased by approximately 1% year-on-year, attributed to product sales structure, market competition, and price fluctuations [5] - The company expects growth in computing, storage, and analog/interconnect chips driven by the recovery of automotive, industrial, and medical markets, as well as ongoing advancements in AI technology [5] Group 4: R&D and Future Innovations - The company is actively developing new products in the AI glasses chip sector, with existing chips like T31, T32, and T41 already in use [5] - The company is focusing on the robotics market, with applications in industrial, hotel service, and cleaning robots, and plans to continue following market demands [6] - The company is enhancing its product lines with advanced process technologies for DDR4 and LPDDR4 [6] Group 5: Industry Outlook and Challenges - The integrated circuit industry is expected to maintain a positive long-term growth trend due to the rising demand for high-performance computing, big data storage, and automotive electronics [8] - The company is committed to cost control through core technology R&D, supply chain management, and improving product yield [7] - The company is exploring opportunities for external growth but currently has no specific acquisition plans [7]

Group 1 - The electronic industry showed a significant growth in Q1 2025, with a total net profit of 83.07 billion yuan, representing a year-on-year increase of 18% and a quarter-on-quarter increase of 13% [4] - The semiconductor sector and AI applications are highlighted as key areas for investment, with expectations for higher growth rates in applications such as edge computing, smart driving, and robotics [4] - The domestic computing power industry chain is expected to benefit continuously, indicating a positive outlook for the technology sector [4] Group 2 - MAOGEPING, founded by renowned makeup artist Mao Geping, has successfully penetrated the high-end market in the domestic cosmetics industry, with two major brands under its umbrella [5] - Longfor Group reported a contract sales amount of 5.13 billion yuan in April 2025, with a total sales area of 415,000 square meters [6] - Beijing Junzheng is advancing its 3D DRAM research and development while focusing on a product strategy that integrates computing, storage, and analog chips [6] Group 3 - Hongteng Precision's Q1 2025 revenue increased, but net profit declined due to exchange rate impacts, with a focus on growth in the 5G AIoT, EV, and audio sectors [7] - Mengbaihe plans to repurchase shares worth 85 to 170 million yuan for employee stock ownership plans, signaling confidence in long-term development [8] - Budweiser APAC reported Q1 2025 revenue of 1.461 billion USD, with a year-on-year decline of 7.5% in organic growth, primarily affected by the Chinese market [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark index by more than 15% over the next 6-12 months [4][6]. Core Insights - The company, Beijing Junzheng, is primarily engaged in chip research and sales, focusing on computing chips, storage chips, and analog and interconnect chips. It adheres to a product strategy of "computing + storage + analog" and a market strategy of "internal circulation + external circulation" [1]. - In 2024, the company reported a revenue of 4.213 billion yuan, a year-on-year decrease of 7.03%, and a net profit attributable to shareholders of 366 million yuan, down 31.84% year-on-year. However, in the first quarter of 2025, revenue increased to 1.060 billion yuan, a year-on-year growth of 5.28% and a quarter-on-quarter growth of 4.83% [1][4]. - The company is actively developing advanced process technologies and has completed mass production of 8Gb DDR4, 8Gb LPDDR4, and 16Gb LPDDR4 chips to meet the growing demand in the automotive and industrial markets [2]. - The company is also investing in the research and development of 3D DRAM technology to meet the increasing bandwidth and capacity demands from AI applications and high-performance computing [3]. Summary by Sections Financial Performance - The company’s revenue and net profit for 2024 are projected to be 4.213 billion yuan and 366 million yuan, respectively, with a decline in both metrics compared to 2023. The forecast for 2025-2027 shows a gradual recovery, with expected net profits of 508 million yuan, 654 million yuan, and 767 million yuan [4][5]. - The company’s earnings per share (EPS) is expected to improve from 0.76 yuan in 2024 to 1.59 yuan in 2027 [5][11]. Market Position and Strategy - The company maintains a competitive edge in the industrial and automotive sectors while pursuing advanced process technologies. It plans to provide engineering samples of new DRAM products based on various process nodes by 2025 [2][4]. - The demand for AI storage chips, including 3D DRAM, is rapidly increasing, and the company is well-positioned to capitalize on this trend due to its strong design experience and industry resources [3]. Valuation Metrics - The current market valuation corresponds to a price-to-earnings (P/E) ratio of 64 for 2025, decreasing to 43 by 2027, indicating a potential for growth as the company recovers from the current downturn [4][5][13].

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Viewpoints - The company is actively upgrading its storage product processes and advancing 3D DRAM research to meet the growing demand in AI and high-performance computing sectors [3] - The company has reported a revenue of 4.213 billion yuan for 2024, a year-on-year decrease of 7.03%, and a net profit of 366 million yuan, down 31.84% year-on-year [1] - The first quarter of 2025 shows a revenue of 1.060 billion yuan, a year-on-year increase of 5.28% and a quarter-on-quarter increase of 4.83% [1] Summary by Sections Company Overview - The company focuses on chip research and sales, with product lines including computing chips, storage chips, and analog and interconnect chips, adhering to a "computing + storage + analog" product strategy [1] Market Position and Product Development - The company has maintained its advantage in the industrial and automotive markets while closely tracking advancements in process technology to optimize product cost [2] - The company has completed mass production of 8Gb DDR4, 8Gb LPDDR4, and 16Gb LPDDR4 to meet the increasing demand in these markets [2] R&D and Future Prospects - The company is investing in 3D DRAM technology to cater to the rising bandwidth demands from AI applications and high-performance computing [3] - The company plans to provide engineering samples of new DRAM products based on various advanced processes by 2025 [2] Financial Forecast and Valuation - The company’s revenue and net profit for 2025-2027 are projected to be 5.08 billion yuan, 6.54 billion yuan, and 7.67 billion yuan respectively, with corresponding PE ratios of 64, 50, and 43 [4][5] - The report indicates a gradual recovery in the industry, supporting the company's positive outlook [4]

Core Viewpoint - Beijing Junzheng's financial performance shows mixed results, with revenue growth in Q1 2025 but a continued decline in net profit, indicating ongoing challenges in profitability despite a slight recovery in revenue [1][2]. Financial Performance Summary - Q1 2025 revenue reached 1.06 billion yuan, a year-on-year increase of 5.28%, ending a nine-quarter decline [1]. - Net profit for Q1 2025 was 73.90 million yuan, down 15.30% year-on-year, marking ten consecutive quarters of profit decline [1]. - For the full year 2024, total revenue was 4.213 billion yuan, a decrease of 7.03%, with net profit falling by 31.84% to 366 million yuan [1][2]. Revenue Breakdown by Product Segment - Storage chips accounted for 61.47% of total revenue in 2024, generating 2.585 billion yuan, but saw an 11.06% decline [4]. - Computing chips contributed 25.88% of revenue, totaling 1.091 billion yuan, with a slight decrease of 1.65% [5]. - Analog and interconnect chips represented 11.19% of revenue, achieving 466 million yuan, with a year-on-year growth of 15.31% [5]. Profitability Analysis - The gross margin for storage chips was 34.55%, while computing chips had a gross margin of 33.02%, and analog/interconnect chips led with 49.16% [3][4]. - Despite revenue growth, the company experienced a typical "increased revenue without increased profit" scenario, with both net profit and non-recurring net profit declining [6]. Cost and Expense Insights - Total operating costs for Q1 2025 were 971 million yuan, up 6.99% year-on-year, outpacing revenue growth [6]. - Management expenses increased by 34.07% to 57.76 million yuan due to ongoing stock incentive plans [6]. Financial Health Indicators - As of Q1 2025, the company's debt ratio was 6.29%, down from 7.12% at the end of 2024, significantly lower than the semiconductor industry average of 32.7% [8]. - The company reported a net cash flow from operating activities of 175 million yuan, a substantial increase of 388.33% year-on-year, indicating strong liquidity [8]. Market and Product Strategy - Beijing Junzheng focuses on embedded CPUs, video encoding/decoding, image signal processing, and AI algorithms, targeting both consumer markets and industrial applications [2]. - The company is investing in R&D for 3D DRAM products aimed at AI applications, although these products are still in the development phase [8].

Core Viewpoint - The company reported a sequential revenue increase of 5% in Q1 2025, with a turnaround in net profit, aligning with expectations. However, the annual revenue for 2024 is projected to decline by 7.03% due to weak market demand in the automotive and industrial sectors [1]. Financial Performance - In Q1 2025, the company achieved a revenue of 1.06 billion yuan, a sequential growth of 4.83%, and a net profit of 74 million yuan, reflecting a sequential increase of 19.62%. The net profit excluding non-recurring items was 66 million yuan, marking a return to profitability [1]. - The gross margin for Q1 2025 was 36.40%, up by 1.93 percentage points, while the net profit margin was 6.97%, an increase of 0.86 percentage points. The net profit margin excluding non-recurring items rose by 6.85 percentage points, primarily due to a decrease in financial expense ratio and a reduction in asset impairment losses as a percentage of revenue [1]. Product Performance - The storage chip segment, the largest product line, generated revenue of 2.589 billion yuan in 2024, accounting for 61.47% of total revenue, but saw a year-on-year decline of 11.06%. In Q1 2025, revenue was 663 million yuan, a sequential increase of 9.90% driven by market recovery in automotive and industrial sectors [2]. - The second-largest product, computing chips, had a revenue of 1.09 billion yuan in 2024, representing 25.88% of total revenue, with a slight year-on-year decline of 1.65%. Q1 2025 revenue was 270 million yuan, down 2.65% sequentially, attributed to the traditional off-season for the security monitoring market [2]. - The third product line, analog and connectivity chips, reported 472 million yuan in revenue for 2024, with a year-on-year growth of 15.31%. Q1 2025 revenue was 119 million yuan, a sequential decrease of 3.99% [2]. Strategic Developments - The company is launching DRAM products using 20/18/16nm processes and is actively developing 3D DRAM products aimed at AI applications, with engineering samples expected to be available by 2025 [3]. - In the computing chip segment, the C200 product targeting the video sector is anticipated to be fully masked by 2025, suitable for smart wearables and glasses [3]. - The first product from the GreenPHY line in the analog and connectivity segment is now in mass production, with some customers already integrating the product [3]. Market Position - The company is recognized as a leading automotive IC enterprise in China, with a comprehensive layout in automotive-grade chip platforms. The collaborative development across various segments is expected to yield net profits of 502 million, 632 million, and 749 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 63.2, 50.2, and 42.4 [4].