安路科技回复称，公司完整掌握了FPGA的相关核心技术，拥有国内领先的SERDES技术及研发团队。 公司所有带SERDES通道的FPGA产品，都可以连接光模块，满足客户的各种高速传输需求。 格隆汇12月2日｜有投资者在互动平台向安路科技提问：FPGA能够驱动光模块，核心在于其内部集成 的高速串行收发器，在Xilinx（现AMD）FPGA中常被称为GT/GTX/GTH，在Intel FPGA中可能称 Transceiver。FPGA接口直接驱动光模块以替代铜缆进行高速连接，是一项非常成熟、可靠且高性能的 工程技术方案。它成功解决了铜缆在高速率、长距离传输时面临的物理瓶颈。请问公司FPGA接口和光 模块能进行连接吗？ ...

格隆汇12月2日丨安路科技(688107.SH)在投资者互动平台表示，公司的FPGA产品可以适配光模块 CPO。 ...

Core Viewpoint - Unisoc announced on November 3 that its FPGA products for the aerospace sector are progressing smoothly towards implementation by 2025, indicating a positive outlook for the company's growth in this market [1] Group 1: Product Development - The company is focusing on core control chip FPGA as the centerpiece of its offerings, complemented by read-refresh chips, memory, and bus interfaces, creating a comprehensive system solution [1] - The company is actively promoting these solutions to users, which has resulted in successful market penetration [1] Group 2: Market Performance - The market promotion efforts have yielded positive results, with the products being applied in bulk by mainstream and core users [1] - This successful application is contributing to a continuous and stable revenue stream for the company [1]

Core Insights - Unigroup Guowei announced on November 3 that its revenue from special integrated circuits includes a distribution of various FPGA products [2] - The V7 and K7 series products hold a significant market share, while the VU series has entered small batch supply stage, with potential for gradual volume increase in the future [2] - Due to the rapid iteration of FPGA technology, the company typically initiates the research and development of the next generation of products in advance to maintain technological and market competitiveness [2]

Core Viewpoint - Unigroup Guowei (002049.SZ) has confirmed that its FPGA products utilize self-developed dedicated EDA design tools, and the use of general EDA design tools has not been affected, allowing normal operations to continue [1] Group 1 - The company has developed its own dedicated EDA design tools for FPGA products [1] - The usage of general EDA design tools remains unaffected [1] - All company operations are proceeding normally [1]

Group 1 - The report highlights that the A-share market is expected to trend upward after a period of consolidation, focusing on three main directions: policy catalysis, economic recovery, and benefits from interest rate cuts [4][14][17] - The report emphasizes the importance of monitoring the U.S. government shutdown and its potential impact on asset volatility, while also noting the relatively mild market reaction so far [15][16] - Domestic policies are expected to provide short-term support, with significant attention on the 14th Five-Year Plan and the upcoming APEC meeting for potential U.S.-China progress [16][17] Group 2 - The report identifies ten key stocks for October, including companies from various sectors such as electronics, automotive, and new energy, with no specific ranking among them [5][12] - The electronic sector features companies like Zhongwei Company and Fudan Microelectronics, which are expected to benefit from advancements in technology and market demand [18][22] - The automotive sector includes Moulding Technology, which is positioned to gain from increasing demand for lightweight and customized exterior parts due to the shift towards electric vehicles [34][36] Group 3 - In the electronics sector, Zhongwei Company reported a significant revenue increase of 36.46% year-on-year for the first half of 2024, although net profit saw a decline due to increased costs [18][19] - Fudan Microelectronics is facing intense competition in the market, leading to a slight decrease in revenue and profit, but is advancing its FPGA product line to maintain a competitive edge [22][23] - Moulding Technology is expected to see a recovery in profitability due to new projects with major automotive clients, projecting revenues of 71.4 billion yuan for 2024 [32][34] Group 4 - The report indicates that Meihu Co. is diversifying into new energy vehicles while maintaining strong growth in its traditional pump business, with a projected revenue increase for 2025 [39][40] - Shenzhen New Star is experiencing a significant recovery in performance, with a projected revenue of 15 billion yuan for the first half of 2025, driven by a rebound in lithium hexafluorophosphate prices [43][44] - Luoyang Molybdenum Co. reported a record net profit of 8.67 billion yuan for the first half of 2025, driven by increased production and rising prices of copper and cobalt [49][50]

Core Insights - The 25th China International Industrial Expo showcased several manufacturers presenting industrial edge AI computing products, highlighting a shift towards edge AI computing that integrates AI algorithms for real-time data processing and analysis near data sources [1] Group 1: Transition from Cloud to Edge Computing - Edge computing is defined as processing data near its source rather than relying on centralized cloud computing, addressing issues of latency, privacy, and bandwidth [2] - The first step in digital transformation for industrial enterprises is equipment networking, which leads to the need for edge computing to gather and process data locally before sending it to the cloud [2] Group 2: Benefits of Edge AI Computing - Edge AI computing devices are typically compact and energy-efficient, reducing data transmission distances and frequencies, which lowers energy consumption [3] - An example provided indicates that a small edge gateway can cover an entire charging station, performing tasks such as sensor data collection and image recognition [3] Group 3: Industrial Large Model Deployment - The demand for inference in industrial applications is increasing, leading to the development of edge AI that allows for real-time inference at the edge [4] - Large models require significant computational resources, but they can be more cost-effective in development compared to small models, which need extensive data for training [5] Group 4: Hardware and Chip Development - The integration of powerful AI chips like GPUs, ASICs, and NPUs into edge devices is essential for supporting large models, with companies like Dawning Network and Advantech leading in this area [5][6] - The demand for low-latency, high-efficiency custom chips is rising, with new products being developed to support industrial-grade applications [6]

Group 1 - The core viewpoint of the article highlights the recent research conducted by QuanGuo Fund on Fudan Microelectronics, focusing on the company's strategic direction and product development [1][2]. - QuanGuo Fund was established on February 8, 2022, and currently manages assets totaling 16.396 billion yuan across six funds, with the best-performing fund in the past year being QuanGuo XuYuan Three-Year Holding Mixed A, achieving a return of 48.96% [1][2]. - The company is enhancing its business units' capabilities and focusing on supply chain construction while exploring new product lines to drive high-quality growth [1][2]. Group 2 - The FPAI heterogeneous fusion architecture chip integrates CPU, FPGA, and NPU, with a product development range from 4 TOPS to 128 TOPS, and the first 32 TOPS chip is progressing well in the market [3]. - The FPGA products are primarily based on 28nm technology, with ongoing efforts to expand into 1xnm FinFET ten billion gate products [4]. - The company is a leading FPGA supplier in China, actively building a "chip-software-solution" ecosystem [5]. Group 3 - In the first half of the year, the revenue from the security and identification chip product line was approximately 393 million yuan, accounting for 21% of total revenue, with some sub-line revenues declining due to market impacts [6]. - The RFID and sensor chip sub-lines, as well as the smart identification device chip sub-line, performed well, with the company maintaining a leading market share in several niche areas [6]. - The smart meter chip product line continued to grow, with sales increasing in various applications, including smart water, gas, and heat meters, as well as industrial control [6].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 75.13 CNY per share and 49.06 HKD per share for its AH shares [2][8]. Core Views - The company's revenue for the first half of 2025 was 1.839 billion CNY, showing a year-on-year increase of 2.49%, while the net profit attributable to shareholders decreased by 44.38% to 194 million CNY [2][8]. - The FPGA product line experienced significant growth, with revenue reaching 681 million CNY in the first half of 2025, a year-on-year increase of 23.15% [8]. - The demand for high-reliability products is improving, although high inventory levels are impacting short-term profit performance [8]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 3,590 million CNY, 4,220 million CNY, 4,850 million CNY, and 5,510 million CNY respectively, with expected growth rates of 1.5%, 17.5%, 14.9%, and 13.6% [4]. - The net profit attributable to shareholders is projected to be 573 million CNY in 2024A, increasing to 1,227 million CNY by 2027E, with growth rates of -20.4%, 40.3%, 28.1%, and 19.3% respectively [4]. - The company’s gross margin for the first half of 2025 was 56.8%, a slight increase of 0.31 percentage points year-on-year [8]. Market Performance - The company’s stock price as of August 27, 2025, was 58.60 CNY, with a 12-month high of 58.60 CNY and a low of 23.68 CNY [5][8]. - The report indicates that the company has maintained a competitive advantage in the smart meter chip product line, achieving revenue of 248 million CNY in the first half of 2025, a year-on-year increase of 16.98% [8].

Group 1 - The core viewpoint of the news is that Ruoyang Investment has conducted research on Fudan Microelectronics, highlighting the company's stable overall performance in 2023, with varying results across different product lines [1] - In the security and identification product line, the smart card business has seen a decline in revenue due to decreased demand for financial and social security cards, as well as intense competition [1] - NFC-related chips and RFID products have made progress in emerging fields, while the storage product line is experiencing low prices in consumer products [1] Group 2 - The MCU products are expanding successfully in automotive and white goods sectors, and the FPGA product line is benefiting from the high-reliability market, leading to sales growth [1] - The company is actively promoting higher integration heterogeneous fusion in FPGA development, creating a computing platform for various application scenarios [1] - New products are performing well in terms of pricing and gross margin, with cost reductions achieved through supply chain optimization and testing solutions [1] Group 3 - The company is focusing on inventory digestion and reducing inventory levels, with good credit status among accounts receivable customers [1] - Non-high-reliability products in RFID and security chip sectors are performing well, and the new management team is enhancing systematic design and optimizing research and development methodologies [1] - Progress has been made in supply chain construction, with some FPGA products expected to be supplied on domestic process platforms in the second half of the year [1] Group 4 - The management team is placing importance on investor relations, with plans for communication with investors after the new team is established [1]