紫光国微（股票代码：002049） 推荐 维持评级 公司点评 · 国防军工行业 完善功率半导体产品布局，开拓业务发展新动能 —— 紫光国微公司点评 2026 年 01 月 16 日 核心观点 分析师 李良 ：010-80927657 ：liliang_yj@chinastock.com.cn 分析师登记编码：S0130515090001 胡浩淼 ：010-80927657 ：huhaomiao_yj@chinastock.com.cn 分析师登记编码：S0130521100001 | 市场数据 | 2026 年 01 月 15 日 | | --- | --- | | 股票代码 | 002049 | | A 股收盘价(元) | 86.69 | | 上证指数 | 4,112.60 | | 总股本(万股) | 84,962 | | 实际流通 A 股(万股) | 84,947 | | 流通 A 股市值(亿元) | 736 | 相对沪深 300 表现图 2026 年 01 月 15 日 -20% 0% 20% 40% 60% 80% 2025/1/15 2025/2/15 2025/3/15 2025/4/15 202 ...

补全功率半导体产业链，拓展新业务增长点。公司拟以61.75 元向关联方在内的14 家股东发股收购瑞能 半导100%股权，同步配融不超100%。标的原为恩智浦双极功率器件业务部门，现主营功率半导体研 制，拥有芯片设计、晶圆制造和封测一体化经营能力，主要产品为晶闸管、功率二极管、碳化硅二极 管、碳化硅MOSFET、IGBT 及功率模块等。 股权激励落地实施，未来持续增长有保障。公司股权激励于2025 年11 月11 日完成首次授予。费用方 面， 激励实施后25-29 年每年摊销费用为0.29/1.65/1.06/0.54/0.18 亿。业绩考核方面，以2024 年为基 数，公司2025-2028 年的扣非净利润增速需分别不低于10%、60%、100%和150%，约为 10.2/14.8/18.5/23.2 亿元，四年复合增速25.7%。加回支付费用和非经常损益后，目标归母净利约为 12.2/18.2/21.3/25.1 亿，四年复合增速21%。此次激励的落地将有效提升员工积极性，为公司未来持续增 长提供支撑。 投资建议： 不考虑本次收购， 预计公司2025-2027 年净利润分别为16.7/19.4/24.3 亿 ...

Core Viewpoint - Unisoc is a leading enterprise in the integrated circuit chip design sector in China, with a strong focus on chip design and sales, as well as the development and production of piezoelectric quartz crystal components and LED sapphire substrate materials [1] Group 1: Business Performance - In Q3 2025, Unisoc achieved a revenue of 4.904 billion yuan, ranking 10th in the industry out of 48 companies, surpassing the industry average of 2.912 billion yuan and the median of 1.156 billion yuan [2] - The net profit for the same period was 1.262 billion yuan, ranking 5th in the industry, exceeding the industry average of 348 million yuan and the median of 107 million yuan [2] - Revenue growth year-on-year was 15.05%, while net profit growth was 25.04%, driven by stable demand for special integrated circuits and improved cost control [6][7] Group 2: Financial Ratios - As of Q3 2025, Unisoc's asset-liability ratio was 27.02%, higher than the industry average of 24.46%, showing a slight increase from 26.84% in the same period last year [3] - The gross profit margin for the same period was 56.60%, significantly above the industry average of 36.52%, although it slightly decreased from 56.81% year-on-year [3] Group 3: Leadership and Shareholder Structure - The chairman, Chen Jie, aged 62, took office in October 2024, bringing extensive experience in chip research and management [4] - As of September 30, 2025, the number of A-share shareholders decreased by 0.53% to 182,400, with an average holding of 4,656.58 shares, an increase of 0.54% [5] Group 4: Future Outlook - Forecasts for net profit from 2025 to 2027 are 1.675 billion, 1.926 billion, and 2.613 billion yuan, with corresponding price-to-earnings ratios of 44, 39, and 28 times [6] - The company is expected to maintain a strong position in the FPGA and system-level chip markets, with growth opportunities in automotive electronics and eSIM sectors [7]

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company has set clear growth targets in its stock option incentive plan, aiming for a net profit increase of at least 10% in 2025 compared to 2024, reflecting management's long-term confidence [5]. - The revenue from special integrated circuits is beginning to recover, with a reported revenue of 3.047 billion yuan in H1 2025, a 6.07% increase year-on-year, and a net profit of 653 million yuan, up 4.39% year-on-year [5]. - The company is well-positioned to benefit from the acceleration of special information technology and the growth in consumer demand, indicating high growth potential in the future [8]. Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 6.701 billion yuan and a net profit of 1.611 billion yuan, with corresponding P/E ratios of 46.08 and 34.63 for 2024 and 2025 respectively [7][8]. - The company's gross margin is expected to stabilize around 52.6% in 2025, with a net profit margin of 24.1% [9]. - The total assets are projected to grow from 17.320 billion yuan in 2024 to 24.364 billion yuan by 2027, indicating a strong asset growth trajectory [9]. Business Development Path - The company has established a dual development path, with both special integrated circuits and security chips contributing significantly to revenue, with respective shares of 48.20% and 45.78% [5]. - The demand for eSIM cards and automotive MCUs is expected to grow, with the company ready to capitalize on these opportunities once market conditions improve [5][6]. - The company has made technological advancements in digital currency and stablecoin hardware, positioning itself to benefit from future commercial applications [6].