Investment Rating - The report assigns a rating based on the AHP score, with a score of 3.39 indicating a position in the upper-middle tier of the AHP model for the Sci-Tech Innovation Board [8][11]. Core Insights - The company focuses on the research, design, and sales of self-developed full-function GPUs, with a strategic shift towards high-margin, high-performance segments, particularly in AI computing [11][19]. - The company has achieved significant advancements in GPU architecture, enabling breakthroughs in computing power and product performance that meet international standards [19][20]. - The AI chip market in China is projected to reach 1.3368 trillion yuan by 2029, with a compound annual growth rate of 53.7% from 2025 to 2029, indicating substantial growth potential for the company [19][24]. Summary by Sections 1. AHP Score and Expected Allocation Ratio - The AHP score for the company is calculated at 3.39, placing it in the 56.1% percentile of the AHP model, indicating a strong position in the market [8][10]. 2. Highlights and Features of the New Stock 2.1 Core Team and Self-Developed GPU Architecture - The core team comprises professionals with extensive experience from leading international companies, focusing on self-developed full-function GPUs [11][15]. 2.2 Full-Function GPU Achievements - The company has developed a comprehensive product system that includes AI computing, cloud computing, and personal computing applications, with significant revenue growth expected from AI computing products [11][19]. 2.3 Capitalizing on AI and Graphics Opportunities - The company plans to invest in the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, aiming to strengthen its product performance and technology barriers [24][26]. 3. Comparable Company Financial Metrics 3.1 Revenue and Profit Trends - The company’s revenue is projected to grow significantly, with estimates of 0.46 billion yuan in 2022, increasing to 7.02 billion yuan by the first half of 2025, while net losses are expected to narrow [28][30]. 3.2 R&D Expenditure Trends - R&D expenses have been increasing, with the company spending 11.16 million yuan in 2022 and 5.57 million yuan in the first half of 2025, indicating a strong commitment to innovation [34][36]. 3.3 Profitability and Debt Levels - The company’s gross margin has improved significantly, with a gross margin of 70.71% in 2024, while the debt-to-asset ratio has been relatively high, indicating potential financial risks [39][40]. 4. Fundraising Projects and Development Vision - The company plans to raise funds for the development of new AI training and inference chips, graphics chips, and AI SoC chips, which are expected to enhance its competitive position in the GPU market [42][43].

Core Insights - The semiconductor sector is experiencing a temporary downturn, but the long-term growth logic remains intact, driven by supply chain security and self-sufficiency trends [3] Industry Updates - SMIC reported Q3 2025 revenue of 17.162 billion yuan, a 6.9% increase quarter-on-quarter and a 9.9% increase year-on-year, achieving a record high for a single quarter. The net profit attributable to shareholders was 1.517 billion yuan, up 43.1% year-on-year and 60.64% quarter-on-quarter [2] - Domestic GPU company Moore Threads has initiated its IPO process on the Sci-Tech Innovation Board, planning to issue 70 million shares to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips [2] - Huawei is set to unveil a breakthrough technology in the AI field on November 21, which is expected to enhance the utilization efficiency of computing resources from the industry average of 30%-40% to 70%, significantly unlocking the potential of computing hardware [2] - Nvidia's earnings report, highly anticipated in the current earnings season, is expected to be released this week, with some investors believing that Wall Street's bullish sentiment towards the company is not yet strong enough [2] ETF Insights - The Sci-Tech Semiconductor ETF (588170) and its linked funds focus on semiconductor equipment (61%) and materials (23%), highlighting the importance of domestic substitution in these sectors, which have low domestic replacement rates and high ceilings for domestic substitution [3] - The Semiconductor Materials ETF (562590) also emphasizes semiconductor equipment (61%) and materials (21%), concentrating on the upstream semiconductor industry [3]

Core Insights - The semiconductor sector is experiencing a temporary downturn, but the long-term growth logic remains intact, driven by supply chain security and self-sufficiency trends [3] Industry Updates - SMIC reported Q3 2025 revenue of 17.162 billion yuan, a 6.9% increase quarter-on-quarter and a 9.9% increase year-on-year, achieving a record high for a single quarter. The net profit attributable to shareholders was 1.517 billion yuan, up 43.1% year-on-year and 60.64% quarter-on-quarter [2] - Domestic GPU company Moore Threads has initiated its IPO process on the Sci-Tech Innovation Board, planning to issue 70 million shares to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips [2] - Huawei is set to unveil breakthrough AI technology on November 21, which aims to enhance the utilization efficiency of computing resources from the industry average of 30%-40% to 70%, significantly unlocking the potential of computing hardware [2] - Nvidia's earnings report, highly anticipated in the current earnings season, is expected to be released this week, with some investors believing that Wall Street's bullish sentiment towards the company is not yet strong enough [2] Sector Analysis - The semiconductor sector's performance has been weak recently, but the underlying support for long-term development remains strong, particularly in the context of supply chain security and self-sufficiency [3] - The semiconductor equipment and materials sectors are crucial areas for domestic substitution, characterized by low domestic replacement rates and high ceilings for domestic substitution, benefiting from the expansion of semiconductor demand driven by the AI revolution and technological advancements [3] - The Sci-Tech Innovation Board semiconductor ETFs focus on semiconductor equipment (61%) and materials (23%), indicating a strong emphasis on upstream semiconductor sectors [3]

Core Viewpoint - The IPO progress of domestic chip companies, specifically Moer Technology and Muxi Co., is advancing, with Moer Technology disclosing its intention to list on the Sci-Tech Innovation Board and Muxi Co. receiving approval for its IPO registration, intensifying the competition for the title of "first domestic GPU stock" [1][3]. Group 1: IPO Details - Moer Technology plans to issue 70 million shares, accounting for 14.89% of the total share capital post-issuance, with the initial inquiry date set for November 19 and subscription date for November 24 [3][4]. - The company will adopt a mixed issuance method, combining strategic placement for investors and public offerings for eligible investors [4]. - Muxi Co. has received approval from the China Securities Regulatory Commission for its IPO registration, with Huatai United Securities as the sponsor [4][5]. Group 2: Company Performance - Both companies were established in 2020 and have shown strong revenue growth, with Moer Technology achieving revenue of 702 million yuan in the first half of this year, surpassing the total revenue of 608 million yuan from 2022 to 2024 [9][10]. - Muxi Co. reported a revenue of 915 million yuan in the first half of this year, a year-on-year increase of 404.51%, also exceeding its total revenue from the previous three years [10]. - Despite the revenue growth, both companies have not yet turned profitable, with Moer Technology's net losses for 2022 to 2024 being 1.84 billion yuan, 1.67 billion yuan, and 1.49 billion yuan respectively, while Muxi Co.'s losses were 777 million yuan, 871 million yuan, and 1.409 billion yuan [10][11]. Group 3: R&D Investment - Moer Technology's R&D investments from 2022 to 2024 were 1.116 billion yuan, 1.334 billion yuan, and 1.359 billion yuan, while Muxi Co. invested 648 million yuan, 699 million yuan, and 901 million yuan in the same period [11]. - Post-IPO, Moer Technology plans to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, while Muxi Co. aims to raise 3.9 billion yuan for high-performance general-purpose GPUs and AI inference GPUs [11].

上海富芮坤的经营范围包括集成电路芯片、电子产品及其软件的研发、设计和销售，从事货物与技术的进出口业务。 10月20日，星宸科技发布公告称，公司已完成现金收购上海富芮坤微电子有限公司53.3087%股权的工商变更登记，交易对价为人民币21,430.743万元，上海 富芮坤成为公司控股子公司并纳入合并报表范围。 星宸科技表示，公司通过收购其控制权，能够进一步拓展在端侧AI SoC芯片设计领域的战略布局，在关键自研技术基础上补强连接、音频及低功耗的能 力，为星宸科技主芯片IP平台赋予强力升级的"感知+计算+连接"一体化竞争力，打造领先业内的完整SoC自研IP平台。 （校对/黄仁贵） ...

Core Viewpoint - Moole Thread, known as the "Chinese version of Nvidia," has successfully passed the listing review committee of the Sci-Tech Innovation Board, aiming to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips [1] Group 1: Company Overview - Moole Thread was established in 2020 and focuses on GPU-related computing infrastructure and providing one-stop solutions [1] - The company plans to use the funds raised from the IPO primarily for R&D in AI chips and graphics chips [1] Group 2: ESG Disclosure - Among the 17 A-share concept stocks related to Moole Thread, the ESG report disclosure rate is 52.94%, with greenhouse gas emissions disclosure at 35.29%, all of which only cover "Scope 1" (direct emissions) and "Scope 2" (purchased energy emissions) [1][2] - No companies disclosed "Scope 3" (value chain emissions) data, indicating a lack of comprehensive carbon accounting [2] Group 3: Emissions Data - The reported greenhouse gas emissions vary significantly among the concept stocks, with Shengyuan Environmental having the lowest emissions at 25,000 tons and Lianmei Holdings at the highest with 3.05 million tons [3] - Only two companies related to Moole Thread's business, Maijie Technology and Guanghuan New Network, disclosed carbon emissions data, highlighting a significant gap in carbon data disclosure in this sector [3] Group 4: R&D and Talent Management - R&D investment, talent acquisition, and management are core issues for Moole Thread, with only 23.53% of companies disclosing employee turnover rates [4] - Among the companies related to Moole Thread, only two disclosed employee turnover data, while 35.29% disclosed the proportion of R&D personnel, with Donghua Software having the highest at approximately 90% [5] Group 5: Future Recommendations - To align with Nvidia, Moole Thread should build a resilient supply chain and green procurement system, implement comprehensive carbon emission accounting, and disclose "Scope 3" emissions [7] - The company should also develop energy efficiency and green computing strategies, enhance talent strategy disclosure, and provide information on AI application ethics and social responsibility [7]

Core Insights - The rise of AI technologies like ChatGPT and DeepSeek has led to explosive growth in China's intelligent computing market, with the scale reaching 640.7 EFLOPS in 2024 and the AI server market exceeding $19 billion, a year-on-year increase of 87% [1] - The intelligent computing scale is expected to grow to 1271.4 EFLOPS by 2026, with a compound annual growth rate (CAGR) of 58% from 2019 to 2026, driving demand for AI computing chips [1] - System on Chip (SoC) technology is experiencing unprecedented development opportunities due to the rapid rise of emerging technologies such as 5G, AI, and IoT [1] SoC Chip Overview - SoC chips integrate all components required for an electronic system into a single chip, including processor cores, memory, digital signal processors, communication modules, and power management units [2] - This design allows for independent operation of operating systems and execution of complex tasks, breaking the limitations of traditional multi-chip architectures [2] - SoC chips are widely used in various fields, including communication, healthcare, transportation, industrial control, automation, networking, and consumer electronics [2] Industry Chain Analysis - The SoC chip industry chain consists of upstream components like chip IP cores, EDA software, and semiconductor materials, primarily dominated by overseas manufacturers [5] - The midstream includes core manufacturing, chip design, wafer manufacturing (mainly by foundries like TSMC and Samsung), and packaging/testing [5] - The downstream application end involves Tier 1 suppliers integrating SoCs into systems for OEMs, with some automotive companies participating in the in-vehicle SoC application layout through self-research or joint ventures [5] Development Prospects - The global SoC chip market is expected to continue growing, driven by the increasing demand for high-performance and highly integrated designs across multiple sectors [8] - According to Mordor Intelligence, the global SoC chip market is projected to reach $274.1 billion by 2030, with the AI SoC market expected to account for 15% by 2033 [8] - Consumer electronics are anticipated to represent 40% of the AI SoC market, while automotive electronics, smart home devices, and security will account for 25%, 20%, and 10%, respectively [8] Listed Companies Involved in SoC Chips - Allwinner Technology (300458) focuses on the development and design of intelligent application processors SoC, achieving revenue of 1.337 billion yuan in H1 2025, a year-on-year increase of 25.82% [9][11] - Hengxuan Technology (688608) specializes in smart audio and video SoC chips, reporting revenue of 1.938 billion yuan in H1 2025, a year-on-year increase of 26.58% [11][12] - Ankai Microelectronics (688620) designs IoT smart hardware SoC chips, with revenue of 234 million yuan in H1 2025, a year-on-year decrease of 3.02% [12][17]

Core Viewpoint - Xingchen Technology has submitted its H-share listing application to the Hong Kong Stock Exchange, marking a significant step in its international capital strategy following its A-share listing, aiming to enhance its global competitiveness in the AI SoC chip sector [1] Financial Performance - In the first half of 2025, Xingchen Technology achieved revenue of approximately 1.403 billion yuan, representing a year-on-year growth of 18.63%. However, the net profit attributable to shareholders was about 120 million yuan, a decrease of 7.47%, primarily due to increased R&D investments and market competition [3] - The company's total assets reached approximately 4.43 billion yuan, with net assets around 3.03 billion yuan, indicating steady growth in asset scale [3] Business Segments - The smart security segment is the largest business, accounting for 65.66% of revenue in the first half of 2025, generating approximately 909 million yuan, with a year-on-year growth of 12%. Significant growth was noted in emerging markets such as Southeast Asia, the Middle East, Africa, and Latin America, driven by urbanization and security demand [3] - The smart IoT segment, the second-largest, contributed 23.44% of revenue, amounting to about 325 million yuan, with a year-on-year increase of 31.79%. The smart robotics business has become a key growth driver, expanding from home cleaning robots to high-end applications like courtyard robots and humanoid robots, achieving substantial growth in shipment volumes [3] - The smart automotive segment, although only 10.9% of total revenue, saw the fastest growth, reaching 151 million yuan, a year-on-year increase of 45.43%. The company is expanding into L0-L2 level ADAS systems and has partnered with Tier 1 suppliers to develop L2+ advanced ADAS chips, resulting in a doubling of revenue from the pre-installed market [4] Strategic Initiatives - Xingchen Technology is strategically positioning itself in the 3D perception field, launching integrated solutions for "3D perception + AI computing" aimed at high-performance applications such as automotive lidar and advanced intelligent robotics, intending to capture the high-performance and high-reliability chip market [4] - The move to pursue an H-share listing is expected to leverage international capital platforms to increase R&D investments in AI chips, 3D perception, and intelligent driving, enhancing global market expansion capabilities, particularly in high-growth areas like smart security, robotics chips, and pre-installed automotive systems [4]

Core Insights - The Shanghai Stock Exchange has accepted IPO applications from five companies, including Moore Threads and Muxi Integrated Circuit, for listing on the Sci-Tech Innovation Board, bringing the total number of accepted IPO applications to 30 in the first half of 2025 [1] Company Summaries Moore Threads - Founded in 2020, Moore Threads focuses on developing a full-function GPU to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins [1] - The company has successfully launched four generations of GPU architectures and has a product matrix covering AI computing, cloud computing, and personal computing [1] - From 2022 to 2024, Moore Threads is projected to have a compound annual growth rate (CAGR) of 208.44% in revenue [2] - The company plans to raise up to 8 billion yuan for the development of its next-generation AI training and inference integrated chip [3] Muxi Integrated Circuit - Muxi Integrated Circuit is dedicated to the independent research and development of full-stack high-performance GPU chips and computing platforms, primarily for AI training and inference, general computing, and graphics rendering [6] - The company's revenue from 2022 to 2024 is expected to grow from 426,400 yuan to 743 million yuan, with a CAGR of 4,074.52% [6][7] - Muxi plans to raise up to 3.904 billion yuan for the development and industrialization of new high-performance general-purpose GPUs [7] Fundraising Purposes - Moore Threads intends to use the IPO proceeds for the development of its next-generation AI training and inference integrated chip and other related projects [3][5] - Muxi Integrated Circuit's fundraising will support various GPU development projects, including the second and third generations of high-performance general-purpose GPUs and AI inference GPUs [8]

Investment Rating - The report maintains a "Buy" rating for Guoke Microelectronics (300672.SZ) with a current price of 81.06 CNY [1]. Core Insights - Guoke Microelectronics is acquiring a 94.366% stake in Zhongxin Ningbo, a leading domestic semiconductor foundry, to break the overseas monopoly in the high-end filter market [5][6]. - The acquisition is expected to enhance the company's capabilities in chip design and manufacturing, particularly in high-end filters, which are crucial for communication technologies [10][12]. - The company is focusing on an "ALL IN AI" strategy, aiming to develop AI SoCs and expand into automotive and wireless sectors, which aligns with industry trends [10][11]. Summary by Sections Company Overview - Guoke Microelectronics specializes in chip design and is a leading provider of solutions in AI, multimedia, automotive electronics, IoT, and data storage [10]. - The acquisition of Zhongxin Ningbo will allow Guoke to integrate the entire supply chain from chip design to wafer processing, enhancing its competitive edge [12]. Market Position - Zhongxin Ningbo is positioned to disrupt the high-end filter market, currently dominated by foreign companies like Murata and Broadcom, which hold significant market shares [6][7]. - The company has established long-term supply agreements with major domestic mobile communication terminal manufacturers, ensuring stable revenue streams [8]. Financial Projections - Revenue for Guoke Microelectronics is projected to decline in 2024 but is expected to recover with a compound annual growth rate (CAGR) driven by AI SoC growth [13]. - The forecasted net profit for 2025, 2026, and 2027 is estimated at 137 million, 204 million, and 257 million CNY respectively, reflecting a significant increase from previous estimates [13][15]. Valuation Metrics - The report provides a detailed financial outlook, including revenue growth rates and profit margins, indicating a strategic shift towards higher-margin AI products [15][18]. - The company's P/E ratio is projected to decrease from 183 in 2023 to 68 by 2027, suggesting improved valuation as the business scales [19].