不过，由于赛莱克斯北京产线仍处于产能爬坡阶段，其尚未盈利。2024年和2025年一季度，赛莱克斯北 京分别实现营业收入2.62亿元、2568.21万元，净利润分别为亏损2.42亿元、7024.4万元。 受赛莱克斯北京亏损以及研发投入力度较高等因素影响，赛微电子MEMS主业整体亏损。2024年，赛微 电子实现营业收入12.05亿元，同比下降7.31%；净利润和扣除非经常性损益后的净利润分别为亏损1.7 亿元、1.91亿元，同比均由盈转亏。 拟收购赛莱克斯北京9.5%股权 资料显示，赛莱克斯北京原名为纳微矽磊国际科技（北京）有限公司（以下简称"纳微矽磊"），由赛微 电子于2015年发起设立，原本为赛微电子的全资子公司。 长江商报消息 ●长江商报记者 徐佳 核心子公司正处于产能爬坡的关键阶段，赛微电子（300456.SZ）将继续收购其股权，加强控制力。 6月30日晚间，赛微电子公告称，公司全资子公司赛莱克斯国际有意向以不高于3.24亿元的价格，摘牌 取得赛莱克斯微系统科技（北京）有限公司（以下简称"赛莱克斯北京"）9.5%股权。本次交易完成后， 赛微电子将合计持有赛莱克斯北京81%的股权。 长江商报记者注意到，赛莱 ...

Core Viewpoint - Guokewai (300672.SZ) is progressing with its acquisition of 94.37% of the shares of SMIC Integrated Circuit (Ningbo) Co., Ltd. to enhance its capabilities in the semiconductor industry and respond to national policies for domestic substitution in core components [2][10] Group 1: Acquisition Details - The acquisition will be executed through a combination of issuing shares and cash payments [2] - The transaction aims to establish a dual-driven model of "digital chip design + analog chip manufacturing" by gaining production capabilities in high-end filters and MEMS [2][4] - Guokewai acknowledges that SMIC Ningbo is currently experiencing losses, which may pose risks of consolidated losses in the short term [2][6] Group 2: Financial Performance of SMIC Ningbo - SMIC Ningbo's projected revenues for 2023 and 2024 are 213.2 million and 453.8 million respectively, reflecting a year-on-year growth of approximately 113% [6] - Despite revenue growth, SMIC Ningbo is expected to incur net losses of 813 million in 2024, slightly improving from a loss of 843 million in 2023 [6] - The company is in a capacity ramp-up phase, and its financial performance is under pressure due to high depreciation costs and suboptimal capacity utilization [6][7] Group 3: Strategic Synergies - The acquisition is expected to create synergies by combining Guokewai's digital chip expertise with SMIC Ningbo's strengths in RF front-end and MEMS manufacturing [5] - Guokewai aims to transition from a Fabless design model to a more integrated "chip design + wafer processing" approach, enhancing competitiveness [5] - The collaboration is anticipated to improve operational efficiency and strengthen market cooperation by providing comprehensive solutions to strategic clients [5] Group 4: Market Context and Opportunities - The market for RF filters, particularly in the context of domestic substitution, presents significant growth potential, with SMIC Ningbo being one of the few domestic manufacturers capable of producing high-end BAW filters [9][10] - Currently, foreign companies dominate the SAW and BAW filter markets, with domestic firms holding less than 5% market share in the high-frequency BAW filter segment [9] - The demand for domestic alternatives in the RF filter market is urgent, supported by national policies aimed at reducing reliance on foreign suppliers [9][10]

Group 1 - Guokemicro (300672.SZ) announced a major asset restructuring plan to acquire 94.366% of the shares of Zhongxin Integrated Circuit (Ningbo) Co., Ltd. through a combination of issuing shares and cash payments, aiming to establish a dual-driven system of "digital chip design + analog chip manufacturing" in the semiconductor field [1] - Guokemicro is a leader in the domestic integrated circuit design sector, focusing on chip design and R&D, providing solutions for AI, multimedia, automotive electronics, IoT, and data storage, with products widely used in various popular fields [1] - Zhongxin Ningbo operates primarily under a Foundry model, specializing in RF front-end and MEMS semiconductor wafer foundry and customized chip manufacturing services, equipped with 6-inch and 8-inch wafer manufacturing lines [1] Group 2 - Zhongxin Ningbo has established deep cooperation with leading domestic mobile terminal companies, signing a strategic cooperation framework agreement to supply 50% of the RF filters needed for mobile terminal products, indicating strong recognition of its products [2] - China has become the largest RF filter consumption market globally, accounting for nearly 30% of the market size, but domestic companies hold less than 5% of the BAW filter market, which is dominated by US firms like Broadcom and Qorvo [2] - With the deepening of 5G commercialization and accelerated 6G technology development, the demand for high-performance RF front-end devices is increasing, making BAW filters a critical bottleneck [2] Group 3 - The acquisition of Zhongxin Ningbo will enhance Guokemicro's production capabilities in high-end filters and MEMS, while leveraging Zhongxin Ningbo's cooperation with strategic clients to expand into markets such as smartphones and smart connected vehicles [3] - This acquisition extends Guokemicro's industrial chain layout into the high-value core components of RF front-end, enhancing competitiveness in the analog chip market and opening new business growth points [3] - The collaboration between Zhongxin Ningbo and strategic clients will inject strong momentum into the domestic filter industry, promoting the semiconductor industry chain towards self-control and technological innovation, gradually breaking the long-standing monopoly of foreign companies in the high-end filter market [3]

Core Viewpoint - Mergers and acquisitions (M&A) have become a crucial means for companies to achieve strategic expansion, resource integration, and capability enhancement, particularly in the semiconductor industry, as exemplified by Guokewai's acquisition of a majority stake in Zhongxin Integrated Circuit (Ningbo) Co., Ltd. [2][3] Company Summary - Guokewai plans to acquire 94.37% of Zhongxin Ningbo through a combination of share issuance and cash payment, while Zhongxin International will sell its 14.832% stake in Zhongxin Ningbo [2][3] - Zhongxin Ningbo has accumulated losses exceeding 1.6 billion yuan in 2023 and 2024, raising questions about Guokewai's decision to acquire this underperforming asset [2][3] - The acquisition aims to secure high-end BAW filter manufacturing technology, which is critical for domestic production and reducing reliance on foreign suppliers [3][6] - Guokewai's transition from a pure chip design company to a dual-driven model of "digital chip design + analog chip manufacturing" enhances its competitiveness in the semiconductor industry [6] Industry Summary - China is the largest consumer market for RF filters, accounting for nearly 30% of the global market, yet domestic companies hold less than 5% of the BAW filter market, dominated by U.S. firms [4] - Zhongxin Ningbo has established partnerships with leading domestic mobile communication terminal companies to ensure stable supply and capacity release for filter products [5] - The semiconductor industry is experiencing a surge in M&A activities, with nearly 30 disclosed transactions in the first quarter of 2025, driven by policy support and market demand [8][10] - The "Six M&A Rules" introduced in 2024 aim to optimize the restructuring environment and encourage long-term investment, facilitating industry consolidation [7][9] - The ongoing trend of M&A in the semiconductor sector is seen as a pathway for domestic companies to overcome technological bottlenecks and enhance competitiveness on a global scale [10]

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].

公司研究 2025 年 6 月 6 日 整合全产业链，并购中芯宁波打破海外滤波器垄断 ——国科微（300672.SZ）跟踪报告之二 买入（维持） 当前价：81.06 元 作者 分析师：刘凯 执业证书编号：S0930517100002 021-52523849 kailiu@ebscn.com 分析师：孙啸 执业证书编号：S0930524030002 021-52523857 sunxiao@ebscn.com | 市场数据 | | --- | | 总股本(亿股) | 2.17 | | --- | --- | | 总市值(亿元)： | 176.01 | | 一年最低/最高(元)： | 41.95/86.85 | | 近 3 月换手率： | 141.42% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 18.64 | 7.12 | 36.46 | | 绝对 | 20.35 | 5.04 | 44.30 | | 资料来源：Wind | | | | 相关研报 自研新品营收比例提升，WiFi 与汽车业务带 来全 ...

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 ...

6月5日晚，国科微发布了详细的交易预案，上市公司拟以发行股份及支付现金等方式收购中芯集成电路 （宁波）有限公司（简称"中芯宁波"，标的公司）94.366%的股权。 据了解，中芯宁波系为配合当地产业发展战略，于2016年由当地产投基金、中芯国际等多方联合成立。 中芯宁波股东——也是此次交易的股权转让方，包括了宁波甬芯、宁波经开区产投、宁波金帆三家宁波 当地的国资机构。中芯宁波在中芯国际集团内部的位置，是作为重要联营企业而存在。 公司专注于射频前端、MEMS传感器、高压模拟等特种工艺技术，是国内少数实现量产制造BAW滤波 器的厂商，属于半导体特种工艺晶圆制造领域具备技术稀缺性的优质标的。 据悉，滤波器是射频前端的核心器件，提供手机无线通信功能，技术研发难度较高。中芯宁波产品在手 机端的成功搭载，标志着已打破海外厂商在滤波器制造领域的工艺垄断，有望破解我国通信芯片行业长 期面临的"卡脖子"问题。 从基本面来看，中芯宁波未经审计的主要财务数据显示，截止今年一季度，公司总资产规模达45.18亿 元，所有者权益达15.67亿元。但是，中芯宁波因多种原因，导致公司报告期内存在较大规模亏损。 2024年中芯宁波全年的净利润为 ...

6月5日晚，国科微（SZ300672）发布《发行股份及支付现金购买资产并募集配套资金暨关联交易预 案》。 今年5月21日，国科微公告正在筹划重大资产重组，股票自5月22日开市时起停牌。 《每日经济新闻》记者注意到，停牌公告中国科微并未公布并购标的，仅称标的公司主要从事特种工艺 半导体晶圆代工及定制化芯片代工业务。 中芯宁波总计有13名股东，无控股股东，无实际控制人。前四名股东分别为广东元器利创投资合伙企业 （有限合伙）、宁波甬芯集成电路股权投资有限公司、中芯国际控股有限公司和国家集成电路产业投资 基金股份有限公司。 上述股东中，中芯国际控股有限公司是中芯国际（SH688981，股价84.39元，市值6739亿元）的子公 司。对于出售中芯宁波股份，中芯国际称："本次交易有利于公司聚焦主业。" 据预案，国科微此次并购标的系中芯集成电路（宁波）有限公司（以下简称中芯宁波），中芯宁波2023 年和2024年累计亏损超过16亿元。 设定120个月超长锁仓期 国科微介绍称，中芯宁波是国内领先的特种工艺半导体晶圆代工及定制化芯片代工企业，主要从事射频 前端、MEMS（微机电系统）和高压模拟器件等领域的晶圆代工及封装测试业务 ...