中经记者 陈佳岚 广州报道 半导体产业并购重组加速，行业或将再添一组"联姻"案。 5月21日晚间，集成电路设计企业国科微（300672.SZ）抛出一则《筹划重大资产重组的停牌公告》，称 公司正在筹划通过发行股份及支付现金等方式购买资产并募集配套资金，交易预计构成重大资产重组。 为了维护投资者利益，避免对公司证券交易造成重大影响，公司股票自5月22日开市起停牌，预计在10 个交易日内（即6月6日前）披露交易方案。国科微方面称，标的公司主要从事特种工艺半导体晶圆代工 及定制化芯片代工业务。 值得留意的是，国科微在发布并购计划公告、停牌前两日，股价突然大涨，而这也引发了部分投资者质 疑是否存在信息泄露。 "半导体产业细分子领域存在资金与技术的壁垒，头部企业想要完成产业链整合最好的方式就是收 购。"财经人士屈放对《中国经营报》记者分析，国科微近年来主营业务营收出现下滑，收购晶圆代工 厂能够完善其产业链，也是垂直整合，对国科微来说是利好，但另一方面企业进行并购也需要考虑现金 流与未来的融合程度。并购消息被披露前股价大涨也可能意味着市场对该利好消息有一定的预期，提前 作出了一定的反应。 不过，国科微向记者回应，公司股价波 ...

Core Viewpoint - Guokewi (300672.SZ) is planning a major asset restructuring, which has led to a significant increase in its stock price prior to the announcement [1][2][4]. Group 1: Company Announcement and Stock Performance - On May 21, Guokewi announced it is planning to acquire assets through issuing shares and cash payments, leading to a stock suspension starting May 22 [1][2]. - The company did not disclose the specific acquisition target but indicated it is involved in specialized semiconductor wafer foundry and customized chip foundry services [1][2]. - Guokewi's stock price surged by 12.54% to 79.9 CNY per share on May 20, followed by a 1.45% increase to 81.06 CNY on May 21, totaling an approximate 14% rise before the suspension [1][4]. Group 2: Financial Performance - In 2024, Guokewi reported a revenue of 1.978 billion CNY, a decrease of 53.26% year-on-year, while net profit was 97.15 million CNY, a slight increase of 1.13% [1][6]. - The company's revenue from its smart vision series chips was 946 million CNY, down 23.43%, and from ultra-high-definition smart display series chips was 774 million CNY, down 70.15% [7]. - Despite the revenue decline, Guokewi's R&D investment reached 675 million CNY in 2024, a 10.26% increase, accounting for 34.14% of total revenue [7][8]. Group 3: R&D and Market Position - Guokewi employs a Fabless model, outsourcing production processes to large integrated circuit manufacturers [2][3]. - The company has a strong focus on R&D, with 646 R&D personnel making up 76.09% of its total workforce, and has accumulated 365 domestic patents [8]. - The competitive landscape in the end-user application markets is intense, with rapid product and technology updates impacting the company's performance [6][7].

Core Insights - The company reported a significant decline in total revenue for 2024, amounting to 1.978 billion yuan, a decrease of 53.26% year-on-year, highlighting severe challenges in market competition [1][4] - Despite a slight increase in net profit to 97 million yuan, the sharp drop in revenue and a 71.82% decline in non-recurring net profit indicate underlying issues [1][4] Revenue Performance - Total revenue decreased from 4.231 billion yuan in 2023 to 1.978 billion yuan in 2024, marking a drastic decline [2][4] - The core business segments, particularly smart vision and ultra-high-definition smart display chips, experienced significant revenue drops of 23.43% and 70.15%, respectively [4] - Revenue from the Internet of Things (IoT) chip products grew by 46.07% to 196 million yuan, but this was insufficient to offset losses from core businesses [4] Research and Development - The company increased its R&D investment to 675 million yuan in 2024, a rise of 10.26% year-on-year, aiming for long-term growth despite short-term profit impacts [5] - The introduction of the new AI image processing engine brand "Yuan Owl" signifies a strategic move into AI and image processing technology [5] - The company is focusing on AI chip development in edge AI, automotive AI, and IoT sectors, with innovations in MLPU architecture designed for large model applications [5] Market Competition - The integrated circuit design industry is highly competitive, with significant challenges from both domestic and international players in key areas such as ultra-high-definition displays and smart vision [6] - Major competitors include companies like Amlogic, MTK, and Rockchip in the ultra-high-definition display sector, and firms like Richtek and Beijing Junzheng in the smart vision space [6] - Despite having some technological advantages in the domestic market, the company faces challenges from established overseas brands that dominate market share, particularly in the solid-state storage sector [6]