Investment Rating - The report maintains a "Buy" investment rating for the company [1]. Core Views - The company plans to acquire Zhongxin Ningbo, aiming to build a full industry chain capability of "chip design + wafer processing" [1][6]. - In 2024, the company experienced a significant revenue decline of 53.26% due to market demand slowdown and intensified competition, but managed to achieve a slight profit increase of 1.13% in net profit [5]. - The company has a diverse chip design capability and has launched various chips with core proprietary intellectual property in multiple fields [6]. - The acquisition of Zhongxin Ningbo is expected to enhance the company's capabilities in high-end BAW filter manufacturing and expand its presence in the RF front-end industry [7][8]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 197,789.18 million yuan, a year-on-year decrease of 53.26%, while net profit reached 9,715.47 million yuan, a year-on-year increase of 1.13% [5]. - The overall gross margin improved to 26.29%, an increase of 13.85 percentage points year-on-year [5]. - R&D investment for 2024 was 67,532.16 million yuan, reflecting a growth of 10.26% year-on-year [5]. Business Strategy - The company is transitioning towards a full industry chain model by integrating chip design and wafer processing capabilities through the acquisition of Zhongxin Ningbo [6]. - The company has established strategic partnerships with leading mobile communication terminal companies, enhancing its market position in the RF front-end sector [7][8]. Earnings Forecast - The company forecasts revenues of 23.35 billion yuan, 28.04 billion yuan, and 35.23 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.58, 1.00, and 1.32 yuan [9]. - The current stock price corresponds to PE ratios of 147, 86, and 65 for the years 2025, 2026, and 2027 respectively [9].

Core Viewpoint - Guokemicro (300672) plans to acquire a 94.366% stake in SMIC Integrated Circuit (Ningbo) Co., Ltd. (referred to as "SMIC Ningbo") through a combination of share issuance and cash payment, which has attracted significant attention in the market [1][3]. Group 1: Acquisition Details - The transaction is priced at 57.01 yuan per share and involves multiple parties including Ningbo Yongxin, Yuanqi Lichuang, and others [3]. - After the transaction, SMIC Holdings will no longer hold any shares in SMIC Ningbo, allowing SMIC International to focus on its core business [3]. - The acquisition aligns with national policies on the integrated circuit industry and aims to enhance domestic substitution in core components [3]. Group 2: Financial Performance of SMIC Ningbo - In 2024, SMIC Ningbo achieved revenue of 454 million yuan, a year-on-year increase of 113% [2][5]. - Despite the revenue growth, SMIC Ningbo remains in a loss position, with net profits of -843 million yuan in 2023 and -813 million yuan in 2024 [4][5]. - The company is still in a capacity ramp-up phase, and its product structure and process optimization have not yet reached optimal levels [2][4]. Group 3: Guokemicro's Financial Outlook - Guokemicro's revenue for 2022 and 2023 was 3.605 billion yuan and 4.231 billion yuan, respectively, with year-on-year growth rates of 55.26% and 17.38% [6]. - In 2024, Guokemicro's revenue is projected to decline to 1.978 billion yuan, a decrease of 53.26% [6]. - The company aims for a revenue growth rate of no less than 15% in 2025 compared to 2024 [6][7]. Group 4: Research and Development Focus - Guokemicro emphasizes technology accumulation and new product development, with R&D investment reaching 612 million yuan in 2023, a 20.87% increase [9]. - In 2024, R&D investment is expected to rise to 675 million yuan, accounting for 34.14% of the company's revenue [9]. - By the end of 2024, Guokemicro had 646 R&D personnel, representing 76.09% of its total workforce, and had obtained a total of 365 authorized patents [10].

消息方面，6月6日，创业板芯片公司国科微（300672.SZ）披露重大资产重组交易预案，公司拟通过发 行股份及支付现金等方式购买中芯集成电路（宁波）有限公司（下简称"中芯宁波"）94.366%股权，同 时拟发行股份募集配套资金。公告显示，国科微以 Fabless 模式聚焦超高清智能显示、人工智能等领域 芯片设计，推出系列自主知识产权芯片；中芯宁波掌握高端 BAW 滤波器制造技术，其产品应用于国内 头部移动通信终端企业旗舰机型，打破海外工艺垄断。通过本次交易，国科微将具备在高端滤波器、 MEMS等特种工艺代工领域的生产制造能力，构建"数字芯片设计+模拟芯片制造"的双轮驱动体系，依 托射频前端器件领域的技术优势，公司将显著提升对产业核心客户的全链条服务能力，为推动我国半导 体产业链自主可控发展提供有力支撑。 截至14:52，中证半导体材料设备主题指数(931743)上涨0.12%，成分股中晶科技上涨4.70%，富创精密 上涨3.32%，华海清科上涨1.62%，康强电子上涨1.19%，金宏气体上涨0.82%。半导体材料ETF(562590) 上涨0.09%， 冲击4连涨。最新价报1.07元。拉长时间看，截至6月5日 ...