证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-11 2025-02 2025-04 2025-06 2025-09 2025-11 -12% -5% 2% 9% 16% 23% 30% 37% 44% 51% 58% 艾为电子 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 71.82 | | --- | --- | | 总股本/流通股本（亿股）2.33 | / 1.36 | | 总市值/流通市值（亿元）167 | / 97 | | 52 周内最高/最低价 | 99.30 / 61.23 | | 资产负债率(%) | 22.9% | | 市盈率 | 65.29 | | 第一大股东 | 孙洪军 | 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 艾为电子(688798) 拟发行可转债，端侧 AI、汽车电子布局加速。随着 AI 技术向纵 深发展，智能终端的 AI ...

Core Viewpoint - The strategic cooperation agreement between Siwei Tuxin and Wuxi Chelian Tianxia aims to enhance the development and commercialization of automotive intelligence technologies through collaboration in five key areas: R&D platform, chip technology, supply chain, smart manufacturing, and market expansion [2] Group 1: Strategic Cooperation Details - The cooperation focuses on the intelligent cockpit and cockpit-driving integrated controller sector, establishing a full-chain cooperation system from technology R&D to market expansion [3] - The partnership will involve collaborative efforts in R&D platform capabilities, chip technology, supply chain optimization, and market development [4][5] Group 2: Specific Areas of Collaboration - In chip technology, the companies will open an SOC platform for mutual capability enhancement and jointly develop new SOC products [4] - They will establish a mechanism for shared BOM lists and supplier resources to optimize costs and enhance resource complementarity [3][6] - The collaboration will also include smart manufacturing, focusing on improving production capacity utilization and product delivery capabilities [5] Group 3: Market Expansion and Resource Integration - The partnership aims to integrate core resources in technology R&D, chip applications, supply chain management, and market channels to enhance product strength and market competitiveness in the intelligent cockpit sector [5] - Both companies will work together to explore overseas markets, leveraging their channel advantages to expand global business coverage [6]

Core Insights - The article discusses the recent offline salon of the Chip Distribution Club 2.0 held in Suzhou, highlighting the enthusiasm and collaboration among participants [1] - It emphasizes the recovery signs in the chip market attributed to geopolitical factors, technological advancements, and policy changes [4] Recent Market Trends - The chip market shows signs of recovery, driven by geopolitical tensions, technological advancements, and policy changes [4] - The supply chain is experiencing significant shifts due to recent events involving major companies like Anshi and Aierui, leading to price increases and market reshuffling opportunities [4] - Demand for chips in AI, automotive, and power management sectors is surging, with specific growth in silicon carbide and gallium nitride technologies [4] - The "three-year doubling plan" for charging stations is expected to significantly boost demand for power devices, with projections of 28 million charging devices by the end of 2027 [4] Regional Differences and Opportunities - The article contrasts the business environments of East and South China, noting that South China is more aggressive and price-focused, while East China emphasizes quality and long-term relationships [5][6] - South China’s market is characterized by rapid information exchange and flexibility, while East China focuses on high-value industries like medical and automotive [5] Industry Observations - Participants in the salon shared insights on the current chip market, discussing the differences in business strategies between regions and the opportunities presented by domestic alternatives [12][14] - The discussion included the impact of AI on demand for various chip types and the competitive landscape shaped by recent policy changes [13][14] Club Activities and Engagement - The Chip Distribution Club 2.0 offers monthly offline salons and small-scale gatherings for members to exchange information and explore collaboration opportunities [17][19] - The club has successfully attracted a diverse membership, facilitating discussions on market trends and operational strategies [16][31]

Core Viewpoint - The article discusses a significant confrontation between a Chinese company, Anshi Semiconductor, and the Dutch government, highlighting the resilience of Chinese enterprises in the face of geopolitical pressures and the implications for global supply chains in the semiconductor industry [1][5][10]. Group 1: Company Response - Anshi Semiconductor, after the Dutch government's takeover, declared its independence and shifted all transactions from USD to RMB, showcasing its strategic maneuvering in the semiconductor market [3][7]. - The company issued a letter to clients and employees, emphasizing the stability of its supply chain and asserting its rights against any illegal directives from the Dutch government [5][8]. - Anshi's actions have led to significant concern among European automakers, as they rely heavily on the company's chips, particularly in the automotive sector [7][8]. Group 2: Geopolitical Context - The Dutch government's actions were influenced by the United States, which has been wary of China's rise in the semiconductor industry, indicating a broader geopolitical struggle [5][10]. - The situation revealed that the core production capabilities of Anshi are primarily located in China, particularly in Dongguan, which is critical for the assembly and testing of automotive chips [8][10]. - The Dutch government’s realization that it had underestimated the importance of the Chinese operations led to urgent attempts to mitigate the fallout from its actions [10][11]. Group 3: Market Implications - Anshi's decision to reject USD transactions is seen as a significant move towards financial independence from Western systems, potentially influencing other companies to follow suit [7][11]. - The article suggests that if more Chinese companies adopt RMB for transactions, it could challenge the dominance of the USD in global trade [11][13]. - The semiconductor industry is highlighted as a critical battleground, with the article emphasizing that control over core production processes is essential for maintaining influence in the market [8][13].

Group 1 - The 2025 World Intelligent Connected Vehicle Conference was held in Beijing, focusing on the collaborative development of the Beijing-Tianjin-Hebei region in the intelligent connected vehicle industry [1] - Representatives from major companies like BAIC, Li Auto, and Xiaomi presented their supply chain goals and engaged in cooperation discussions with well-known automotive parts manufacturers [1] - Component companies highlighted the favorable business environment and professional services available in the Beijing-Tianjin-Hebei intelligent connected vehicle technology ecosystem [1] Group 2 - A total of 12 high-quality projects were signed in the ecological parks of Shunyi, Wuqing, and Langfang, enhancing the region's capabilities in key areas such as vehicle chips, intelligent cockpits, and electronic control systems [2] - Beijing E-Town Investment Holding Co. and the Zhongguancun Beijing-Tianjin-Hebei New Energy Vehicle Collaborative Development Promotion Association reached a significant cooperation agreement to establish a 1 billion yuan industry fund for the next generation of intelligent connected vehicles and robotics [2] - The conference demonstrated the strong momentum of collaboration among government, industry, and finance in the Beijing-Tianjin-Hebei region to create a new model of productive development in the intelligent connected vehicle sector [2][3] Group 3 - The conference represents an important practice for the three regions to implement national strategic deployments in the field of intelligent connected new energy vehicles, promoting policy coordination, industrial chain collaboration, and innovation synergy [3] - The Beijing-Tianjin-Hebei region is accelerating the creation of an open, collaborative, and resilient industrial ecosystem to support the development of a globally influential intelligent connected new energy vehicle industry cluster [3]

Core Insights - The China Securities 500 Quality Growth Index (930939) has shown a strong increase of 1.34% as of October 20, 2025, with notable gains in constituent stocks such as Jingwang Electronics (603228) up 9.61% and Yangjie Technology (300373) up 7.47% [1] - The 500 Quality Growth ETF (560500) also rose by 1.31%, indicating positive market sentiment towards quality growth stocks [1] - Demand for power semiconductors is on the rise, particularly driven by the smartization of electric vehicles, which require a significant number of onboard chips, creating growth opportunities for power semiconductor companies [1] Market Performance - As of October 17, 2025, the average daily trading volume for the 500 Quality Growth ETF over the past month was 6.6979 million yuan, with a notable increase in shares by 28 million over the same period [1] - The top ten weighted stocks in the China Securities 500 Quality Growth Index as of September 30, 2025, include Huagong Technology (000988) and Kaiying Network (002517), collectively accounting for 22.61% of the index [2] Industry Trends - The global semiconductor demand is improving, with expectations for continued acceleration in domestic semiconductor production, as the world is undergoing a new round of technological iteration and industrial upgrading [1] - The transition of automotive electronics towards smart and electric technologies, along with the widespread penetration of artificial intelligence across various sectors, is leading to explosive growth in the demand for power semiconductors [1]

Core Insights - JD.com has officially announced a collaboration with CATL's Times Electric and GAC Group to launch a new vehicle called "National Good Car" during the JD 11.11 shopping festival, which will be exclusively sold on JD's platform [1] - The collaboration leverages GAC's strengths in smart manufacturing and safety technology, CATL's battery systems and battery swap technology, while JD.com focuses on consumer insights and sales [1][2] - JD.com has established a comprehensive automotive ecosystem that includes sales, maintenance, and service, transitioning from merely selling cars to participating in their manufacturing [1][2] Company Strategy - JD.com's approach to vehicle manufacturing mirrors Huawei's strategy in the automotive sector, where both companies avoid heavy asset manufacturing but engage deeply in user experience and technology integration [2][3] - JD.com aims to redefine the automotive industry by utilizing its 600 million active users and extensive supply chain to drive vehicle development based on consumer data and insights [2][3] - The company emphasizes a retail-driven model that integrates data from the consumer end to inform vehicle design, pricing, and service delivery [2][3] Industry Impact - Both JD.com and Huawei are reshaping the traditional automotive industry's division of labor, with JD.com focusing on channel and user empowerment in manufacturing, while Huawei emphasizes technological empowerment for automakers [3] - The distinction lies in their core competencies: Huawei focuses on making vehicles smarter through technology, while JD.com aims to simplify the car buying and ownership experience through retail and service innovation [3]

Investment Rating - The report indicates a positive investment outlook for the automotive chip industry, driven by the growth of electric vehicles and advancements in autonomous driving technology [4]. Core Insights - The automotive chip market is expected to grow significantly, with projections indicating a market size increase from 66.692 billion yuan in 2020 to 171.181 billion yuan by 2025 [37]. - The demand for automotive chips is being propelled by the electrification of vehicles, with electric vehicles requiring approximately twice the number of chips compared to traditional vehicles, and L4 autonomous vehicles needing over ten times the number of chips [12][39]. - The report highlights a clear trend towards domestic chip production in China, with local companies rapidly advancing in the automotive chip sector due to supply chain vulnerabilities exposed by global chip shortages [13][49]. Industry Definition - Automotive chips, also known as vehicle-grade chips, are semiconductor integrated circuits specifically designed for automotive electronic systems, serving as core components of Electronic Control Units (ECUs) [5]. - The industry is characterized by high technical barriers, stringent certification processes, and a growing trend towards domestic production in response to global supply chain challenges [11][14]. Industry Characteristics - The report identifies three main characteristics of the automotive chip industry: 1. Electrification driving market demand growth [12] 2. Significant domestic replacement of imported chips [13] 3. High technical barriers due to rigorous certification requirements [14] Development History - The automotive chip industry has evolved through three main phases: 1. Emergence phase (1970-1999) focused on basic electronic control [16] 2. Initiation phase (2000-2009) marked by the rise of electric and intelligent vehicles [17] 3. Rapid development phase (2010-present) characterized by the integration of advanced processing units and the rise of AI technologies [19]. Industry Chain Analysis - The automotive chip industry chain consists of three segments: upstream (raw materials and equipment), midstream (chip design and manufacturing), and downstream (system integration and vehicle application) [20]. - Upstream segments are heavily reliant on global suppliers, with low domestic penetration in high-end materials and equipment [21]. - Midstream manufacturers are increasingly competitive, with local companies making significant strides in various chip categories [22]. - Downstream demand is surging due to the rapid growth of electric and smart vehicles, with significant increases in chip requirements for power modules and advanced driver-assistance systems [34]. Market Size and Growth - The automotive chip market is projected to grow from 66.692 billion yuan in 2020 to 171.181 billion yuan by 2025, driven by the increasing penetration of electric vehicles and advancements in autonomous driving technology [37][41]. - The report notes that the market is expected to maintain a high growth rate due to the ongoing transformation of the automotive industry towards electrification and intelligence [42]. Competitive Landscape - The report outlines a competitive landscape where domestic companies are rapidly increasing their market share, with a notable shift from less than 3% to approximately 15% in domestic chip production [49]. - Key players in the domestic market include BYD Semiconductor, Sinda Semiconductor, and Horizon Robotics, with each company demonstrating strong technical capabilities in their respective fields [50].

Core Viewpoint - The news highlights that OmniVision Technologies, referred to as a major player in the CIS (Camera Image Sensor) market, has officially entered NVIDIA's supply chain, indicating a significant partnership in the AI chip sector [1][11]. Company Overview - OmniVision is recognized as a leading domestic CIS manufacturer, supplying sensors to major Chinese smartphone brands like Huawei and Xiaomi [1]. - The company's CEO, Yu Renrong, is noted for his entrepreneurial spirit and strategic vision, having transitioned from a sales manager to founding multiple successful companies in the semiconductor industry [5][9]. Strategic Moves - Yu Renrong founded Well Semiconductor in 2007, using profits from distribution to fund research and development, which allowed the company to maintain high-quality standards [9][11]. - The acquisition of OmniVision by Well Semiconductor was a strategic move that capitalized on the potential of image sensors, particularly during the U.S.-China chip conflict [11]. Market Position and Growth - OmniVision has successfully pivoted towards the automotive sector, with revenue from automotive chips surpassing that from mobile devices by 2025, showcasing rapid growth and adaptability [13]. - The company is set to launch new automotive chips in 2026, further bolstered by its partnership with NVIDIA, enhancing its market position [13]. Philanthropic Efforts - Yu Renrong has committed significant resources to charitable causes, including a donation of 5.3 billion yuan to support chip talent development, positioning his investments as a long-term strategy for the industry [15]. Industry Implications - The partnership between OmniVision and NVIDIA is seen as a milestone for the Chinese semiconductor industry, reflecting a shift from following global trends to leading in certain areas [15].

Core Viewpoint - The company is strategically investing in emerging fields such as AMOLED display driver chips, Mini/Micro LED display technology, and automotive chips, while also investing in AI company Beidian Shuzhi to drive rapid development through a combination of organic growth and external expansion [1][3]. Group 1: Company Strategy - The company plans to invest 100 million RMB in Beidian Shuzhi to enhance its strategic holdings in quality AI enterprises, aiming to create a synergistic industrial ecosystem [1]. - The company has established a comprehensive product matrix covering both TFT LCD and AMOLED technologies, focusing on new areas such as automotive chips and Mini/Micro LED display technology [3]. Group 2: AI Sector Development - Beidian Shuzhi is addressing key challenges in China's AI industry, such as the commercial difficulties of domestic chips and the adaptation of large model applications, by developing an advanced computing iteration verification platform [2]. - The company has successfully adapted and managed 11 domestic AI chips, supporting mainstream large model training and inference, thereby accelerating the application of domestic computing power in various verticals [2]. Group 3: Financial Projections - Revenue projections for the company are estimated at 820 million RMB, 1.16 billion RMB, and 1.65 billion RMB for the years 2025, 2026, and 2027 respectively, with net profits of 40 million RMB, 93 million RMB, and 174 million RMB for the same years [3].