Core Viewpoint - Beijing Junzheng has submitted an application for H-share listing on the Hong Kong Stock Exchange to enhance its global strategy and accelerate overseas business development [1] Group 1: Company Overview - Beijing Junzheng was listed on the Shenzhen Stock Exchange in 2011, with a market capitalization of 39.98 billion as of September 15 [1] - The company operates a fabless model, providing computing, storage, and analog chips applicable in automotive electronics, industrial medical, AIoT, and smart security markets [1] - According to Frost & Sullivan, Beijing Junzheng holds a leading market position in niche DRAM, SRAM, NOR Flash, and IP-Cam SoC sectors based on 2024 revenue projections [1] Group 2: Product Development - The company is expanding its product line, with the new computing chip T33 already in production, targeting the H.265 security market, and T42 expected to launch in 2026 [1] - DRAM products based on 20nm/18nm/16nm processes are being sampled, along with automotive-grade LED drivers and interconnect chips [1] Group 3: Financial Performance - Beijing Junzheng's revenue for 2022, 2023, and 2024 was 5.412 billion, 4.531 billion, and 4.213 billion respectively, with net profits of 0.779 billion, 0.516 billion, and 0.364 billion [1] - In the first half of 2025, the company reported revenue of 2.249 billion and net profit of 0.203 billion, with computing chip revenue growing by 15.59% [2] - For Q2 2025, revenue was 1.189 billion, reflecting an 8.10% year-over-year increase and a 12.13% quarter-over-quarter increase, while net profit was 0.129 billion, up 17.22% year-over-year and 74.83% quarter-over-quarter [2] Group 4: Shareholder Activity - Prior to the IPO application, a major shareholder, Beijing Yitang Shengxin, reduced its stake by 0.999999% from July 18 to September 12, 2025, selling 4.8254 million shares [2] - The shareholder's stake decreased from 14.43% to 7.999991%, with a total reduction of approximately 21.9435 million shares over the past year [2] - Other shareholders, including Beijing Sihai Junxin and controlling shareholder Li Jie, also announced plans to reduce their holdings, totaling around 2.53 million shares [2]

营收稳健增长彰显市场韧性。公司2025H1 营收同比增长6.75%，主要受益于存储芯片、计算芯片及模 拟与互联芯片的协同增长。存储芯片收入13.84 亿元，同比+5.2%，计算芯片收入6.04 亿元，同比 +15.59%，模拟与互联芯片收入2.44 亿元，同比+5.02%。 事件 2025H1，公司实现营业收入22.49 亿元，同比+6.75%；归母净利润2.03 亿元，同比+2.85%；扣非归母 净利润1.61 亿元，同比-19.05%。 单季度看，Q2 营收11.89 亿元，同比+8.1%，环比+12.13%；归母净利润1.29 亿元，同比+17.22%，环比 +74.83%。 投资要点 我们预计公司2025-2027 年分别实现收入49.50/58.86/69.48 亿元，归母净利润5.03/6.51/8.33 亿元，给 予"增持"评级。 风险提示 产品开发风险；市场拓展风险；新技术研发风险；毛利率下降的风险；技术人员人力成本增加的风险； 供应商风险；存货风险；募投项目实施的风险；外汇风险；税务风险；商誉减值风险;贸易摩擦风险。 盈利预测和财务指标 2025H1，公司实现归母净利润2.03 亿元，同比+ ...