广东纳睿雷达科技股份有限公司（以下简称"纳睿雷达"）近日披露重大资产重组问询函回复报告，公司 拟通过发行股份及支付现金方式收购天津希格玛微电子技术有限公司（以下简称"标的公司"）100%股 权，交易作价3.7亿元。此次收购旨在拓展雷达专用芯片设计能力，构建自主可控的芯片技术体系，将 雷达系统开发从"部件级集成"提升至"芯片级协同"，以应对下一代数字相控阵雷达对核心元器件的需 求。 交易背景：芯片自主化成雷达技术升级关键 公告显示，纳睿雷达当前主要通过外购通用芯片生产相控阵雷达，芯片成本占整机成本的23%-29%。随 着下一代数字相控阵雷达技术演进，ADC/DAC等芯片用量将大幅上升，预计芯片成本占比将提升至 30%-50%。标的公司在光电传感器、MCU芯片等领域拥有成熟技术储备，其ADC/DAC知识产权矩阵与 雷达芯片需求存在共通性，可通过技术延伸应用于雷达系统。 研发进展：MCU芯片已送样测试 多项目同步推进 合作研发方面，标的公司已向纳睿雷达交付MCU芯片样品，完成常温功能测试，正在进行高低温及可 靠性验证，预计6个月内进入小批量验证阶段。ADC芯片项目已完成立项，DAC芯片处于立项前评估阶 段，射频多功 ...

Group 1: Company Announcement - Chengdu Huayi announced the successful release of its HWD12B40GA4 ADC chip, which features 4 channels, 12-bit resolution, and a sampling rate of 40GSPS, marking a significant technological breakthrough for the company [1][2] - The new chip fills a gap in both domestic and international markets, achieving international leading technology levels and consolidating the company's position in the high-speed, high-precision ADC field [2][3] - The chip supports configurable sampling rates of 24-40GSPS in 4-channel mode and 48-80GSPS in dual-channel mode, with an input analog bandwidth of up to 19GHz and a low noise spectral density of -152dBFs/Hz [2][3] Group 2: Industry Context - The special integrated circuit industry is reportedly at a turning point, with several research institutions indicating that the industry has bottomed out and is expected to see upward trends in demand, particularly due to low-orbit satellite factors [1][5][6] - The industry maintains relatively high gross margins, and with rapid revenue growth, net profits are anticipated to be released quickly [6] - The domestic ADC chip market is projected to exceed 15 billion yuan in 2023, with significant replacement opportunities available as the market is currently dominated by foreign companies [7]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3][4]. Core Insights - The company is a leading domestic player in the special chip market, focusing on both analog and digital products, with rapid progress in new product development [3][14]. - The recovery in downstream demand for special and civilian products is expected to continue, with significant opportunities for domestic substitution in the FPGA and ADC/DAC markets [1][2]. Summary by Sections Company Overview - Chengdu Huami is a leading enterprise in high-end integrated circuit design in China, focusing on the research and industrialization of analog and digital chips, covering core categories such as ADC/DAC, intelligent SoC, and FPGA [10]. - The company is actively pushing for high-performance products in the analog chip sector, particularly in high-speed and high-precision data converters and power management [10]. Financial Forecast - Revenue projections for 2025-2027 are estimated at 1,002 million, 1,170 million, and 1,420 million yuan, respectively, with net profit estimates of 360 million, 421 million, and 530 million yuan [3][11]. - The expected EPS for the same period is 0.57, 0.66, and 0.83 yuan [3][11]. Market Position and Growth Potential - The domestic FPGA chip market is projected to reach approximately 29.7 billion yuan in 2023, with significant room for increasing domestic market share [1]. - The ADC chip market in China is expected to exceed 15 billion yuan in 2023, indicating a broad replacement space in the high-end market currently dominated by foreign players [1][2]. Product Development - The company has introduced a series of high-speed and high-precision ADC products, achieving mass production and actively developing AI chips for edge computing with significant processing capabilities [2][10]. - The product lineup includes various types of chips such as logic chips, storage chips, microcontrollers, and power management chips, indicating a comprehensive approach to market needs [2][10]. Valuation Metrics - The projected PE ratios for 2025-2027 are 83.17, 71.10, and 56.51, respectively, based on the closing price of 47.04 yuan per share on August 22, 2025 [3][14]. - The company is positioned favorably compared to peers, with a higher PE ratio reflecting its growth potential in the special chip market [14].