Group 1 - The company is focusing on enhancing its "digital identity+" application capabilities across various domains, including low-altitude economy, marine economy, and satellite networks [1] - The company aims to integrate digital identity security products into low-altitude flight, marine unmanned equipment, and satellite communication, addressing national strategic emerging industry needs [1] - The company is committed to achieving a dual breakthrough in safety and efficiency during digital transformation by developing comprehensive solutions that are adaptable and secure [1]

Group 1 - The core viewpoint of the article is that the reduction in payment cycles by major automotive companies such as BYD, FAW, Dongfeng, and GAC to no more than 60 days will improve the cash flow of Guoxin Technology [1] - The company plans to enhance cash flow budget management and implement a thorough management approach that integrates financial planning with business planning, ensuring a closed-loop control of budget preparation, execution monitoring, and variance analysis [1] - By 2025, the company expects to achieve significant results in expanding its automotive electronic chip market, particularly in the areas of vehicle networking security chips, airbag chips, and body and gateway chips, with a noticeable acceleration in shipments [1]

Group 1: Company Performance - In 2024, the company achieved operating revenue of 1.385 billion yuan, a year-on-year increase of 0.18% [2] - The net profit attributable to shareholders was 190 million yuan, reflecting a year-on-year growth of 10.46% [2] - The return on equity for 2024 was 11.14%, an increase of 0.26 percentage points compared to 2023, indicating steady improvement in profitability [3] Group 2: Market and Industry Outlook - The digital identity security industry has significant growth potential driven by the acceleration of digital transformation and the widespread application of AI, IoT, big data, and 5G [2] - The company plans to enhance its market share in eSIM and financial IC card sectors by leveraging its differentiated advantages [2] - The demand for digital identity security solutions is expected to expand continuously, providing opportunities for the company to grow [2] Group 3: Research and Development - The company's R&D investment for 2024 was approximately 135 million yuan, accounting for 9.75% of operating revenue, which is an increase of 0.09 percentage points from the previous year [3] - The company aims to strengthen its core technology leadership through continuous R&D efforts and innovation [3] - Future plans include increasing R&D investments to support the development of smart card business and digital identity solutions [4] Group 4: Market Position and Challenges - Despite steady performance, the company's stock price has remained around 10 yuan, raising concerns about market perception and potential risks [3] - The company is actively managing its market value and responding to regulatory guidelines to enhance communication with investors [3] - The integration with China Electronics Technology Group is being monitored for potential business synergies to promote healthy development [4]

点击 关注我们 报告发布日期：2025年2月9日 报告名称:《 国芯科技（688262.SH）-营收突破历史新高，汽车电子定点充裕 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/ 李书颖 S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 风险提示 行业竞争加剧风险；原材料采购价格上涨风险；产品研发进度不及预期风险；客户验证导入不及预期风险；下 游需求不及预期风险等。 核心观点 24年营收创历史新高，汽车MCU与定制芯片同步增长 公司发布2024年年度业绩预告，预计2024年实现营收5.77亿元(YoY +28.42%)；预计实现归母净利润-1.77亿 元，较上年同期增加843.26万元；预计实现扣非归母净利润-2.3亿元，较上年同期增加667.74万元。收入增长 主要来自于汽车电子MCU芯片产品的需求稳健增长，以及公司定制芯片量产服务的收入提升。研发费用方 面，公司继续加大研发投入，预计研发费用同比增长13.64%。此外，公司确 ...