同研究 /公司深 2025 年 12 月 29 日 下载动联科 (688582) 强芯强国之特种模块/芯片系列报告之八: MEMS 惯性 传感器领军者，国产替代叠加场景拓展驱动高增长 型入(首次评级) | 市场数据: 2025 年 12 月 26 日 | | | --- | --- | | 收盘价（元） 68.25 | | | 一年内最高/最低（元） 88.95/45.57 | | | 市净率 | 11.3 | | 股息率%（分红/股价） | 0.56 | | 流通 A 股市值 (百万元) 17,077 | | | 上证指数/深证成指 3,963.68/13,603.89 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产（元） | 6.05 | | 资产负债率% | 3.13 | | 总股本/流通 A 股 (百万) | 402/250 | | 流通 B 股/H 股 (百万) | -/- | 年内股价与大盘对比走势： 沪深300指数 证券分析师 韩强 A0230518060003 hanqiang@swsres ...

上 市 公 司 公 司 研 究 / 公 司 深 度 2025 年 12 月 29 日 芯动联科 (688582) ——强芯强国之特种模块/芯片系列报告之八：MEMS 惯性 传感器领军者，国产替代叠加场景拓展驱动高增长 报告原因：首次覆盖 买入（首次评级） | 市场数据： 2025 年 12 月 26 日 | | | --- | --- | | 收盘价（元） | 68.25 | | 一年内最高/最低（元） | 88.95/45.57 | | 市净率 | 11.3 | | 股息率%（分红/股价） | 0.56 | | 流通 A 股市值（百万元） | 17,077 | | 上证指数/深证成指 3,963.68/13,603.89 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 6.05 | | 资产负债率% | 3.13 | | 总股本/流通 A 股（百万） | 402/250 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -50% 0% 50% 100% ...

人形机器人板块指数日K线图 张大伟 制图 ◎记者 李雨琪 12月25日，A股市场继续稳步上扬。截至收盘，上证指数报3959.62点，涨0.47%，录得日线七连阳；深 证成指报13531.41点，涨0.33%，录得日线五连阳；创业板指报3239.34点，涨0.30%。沪深北三市全天 成交19439亿元，较上个交易日放量467亿元。 盘面上，全市场超3700只个股上涨，市场风格呈现强者恒强态势。商业航天概念再掀涨停潮，昊志机 电、超捷股份、广联航空收获20%幅度涨停。人形机器人概念同样强势，天奇股份、浙江荣泰等多只个 股涨停。此外，白酒、造纸、保险板块涨幅领先。 国元证券研报表示，2025年成为全球人形机器人由"技术展示期"迈向"产品化与订单验证期"的关键一 年，国内外路径呈现明显分化。展望2026年，投资机会将围绕整机、关键零部件与核心模组、进化演进 路径方向三条主线展开。 把握景气度与产业发展两大逻辑 近期，商业航天板块热度飙升。多家A股上市公司回应相关业务进展情况。广联航空近日在接受机构调 研时表示，公司近期与文昌国际航天城签约合作，有望深度接入区域"火箭链、卫星链、数据链"产业生 态，打通"研发—制造—应 ...

格隆汇12月24日｜有投资者在互动平台向芯动联科提问：请问商业航天是公司的主要下游应用之一吗， 随着商业航天发展提速，公司会深度受益吗？公司哪些产品可以应用于商业航天，是否已经供货星网或 者垣信星座？和下游哪些商业航天公司有合作呢？ 芯动联科回复称，商业航天是公司重要的下游应用 方向之一，公司在商业航天领域主要开展高性能MEMS惯性传感器业务，核心产品包括MEMS陀螺仪和 MEMS加速度计，适用于卫星导航、姿态控制及轨道确定等惯性系统。随着低轨卫星星座建设和商业航 天发射节奏加快，下游对小型化、高可靠惯性器件的需求持续提升，公司有望受益于行业发展。具体客 户信息可关注公司已披露信息和定期报告。 ...

Group 1: Industry Overview - The commercial aerospace sector is experiencing significant growth, with multiple stocks hitting the daily limit up [1] - Companies are actively engaging with investors and stakeholders regarding their developments in the commercial aerospace field [1] Group 2: Company Highlights - ChipMotion Technology produces high-performance MEMS inertial sensors, which are core components for inertial navigation in commercial aerospace, achieving navigation-grade precision and filling a domestic gap in the high-performance silicon-based MEMS inertial sensor market [1] - GaoHua Technology is expanding its presence in the aerospace market, with applications in ground testing equipment, rocket engines, telemetry systems, and launch vehicles, establishing partnerships with commercial aerospace firms [1] - Lichung Group is actively developing aluminum-based rare earth intermediate alloys for use in civil and commercial aircraft, as well as rocket components, contributing to critical aerospace manufacturing [2] - Shaanxi Huada specializes in electrical connectors for commercial aerospace satellite manufacturing, leveraging extensive project experience and technical expertise [2] - Zhangjiang Hi-Tech has invested in Blue Arrow Aerospace Technology Co., Ltd. through its subsidiary fund, indicating a strategic move into the aerospace sector [3]

芯动联科回复称，公司生产的高性能MEMS惯性传感器是商业航天领域里惯性导航的核心器件之一，公 司产品在商业航天领域已经有所应用并持续多年。公司生产的高性能MEMS惯性传感器作为惯性系统的 核心器件，其性能已达到导航级精度，主要技术指标与国际主流厂商处于同一梯队，在高性能硅基 MEMS惯性传感器领域填补了国内空白。 格隆汇11月28日｜有投资者在互动平台向芯动联科提问：请问公司在商业航天领域的业务竞争力体现在 哪些方面？ ...

Core Viewpoint - The company, ChipMotion Technology, has developed high-performance MEMS inertial sensors that are essential components for inertial navigation in the commercial aerospace sector, filling a domestic gap in this technology [1] Group 1: Product and Technology - The high-performance MEMS inertial sensors produced by the company are recognized as core components in inertial systems, achieving navigation-grade accuracy [1] - The technical specifications of the company's products are on par with international mainstream manufacturers, indicating competitive positioning in the market [1] Group 2: Market Application - The company's MEMS inertial sensors have been applied in the commercial aerospace field for several years, demonstrating their reliability and effectiveness in real-world applications [1]

Core Viewpoint - The company is actively monitoring opportunities in downstream application fields, including commercial aerospace, and is committed to expanding its product applications based on market and customer demands [2]. Group 1: Company Developments - The company has high-performance MEMS inertial sensor products that are characterized by high reliability and have applications in commercial aerospace, high-reliability fields, unmanned systems, and intelligent driving [2]. - Ongoing projects in the commercial aerospace sector are progressing, establishing a technological foundation for the company to participate in the commercial aerospace industry chain and support national action plans [2]. - The company plans to leverage its core advantages in high-performance MEMS inertial technology to continuously expand the breadth and depth of product applications [2].

Core Viewpoint - The company is actively involved in the commercial aerospace sector, focusing on high-performance MEMS inertial sensors, including MEMS gyroscopes and MEMS accelerometers, which are essential for satellite navigation, attitude control, and orbit determination systems [1]. Group 1 - The company primarily conducts business in the commercial aerospace field with high-performance MEMS inertial sensors [1]. - Core products include MEMS gyroscopes and MEMS accelerometers [1]. - The company's products have been gradually applied in the commercial aerospace sector for several years [1].

Core Viewpoint - The company is actively engaged in the commercial aerospace sector, focusing on high-performance MEMS inertial sensors, including MEMS gyroscopes and MEMS accelerometers, which are essential for satellite navigation, attitude control, and orbit determination systems [1] Group 1 - The company's core products are MEMS gyroscopes and MEMS accelerometers [1] - The applications of the company's products in the commercial aerospace field have been gradually implemented and sustained over several years [1]