证券研究报告|公司动态报告 [Table_Date] 2025 年 08 月 25 日 [Table_Title] 国产特种芯片领先企业，模拟数字双轮驱动 [Table_Title2] 成都华微(688709) [Table_Summary] ►特种/民用下游需求复苏，国产替代持续进行 特种/民品领域下游需求复苏，订单有望持续。特种领域来 看，今年开始上游电子元器件订单开始复苏，预计持续保持复 苏态势。同时航天航空等下游都保持较高景气度。从民用端来 看，公司逐步在机器人布局，与四川具身科技机器人智慧大脑 与精密控制两大关键核心方向在芯片层面达成深度合作意向。 核心类别芯片替代空间广阔。从 FPGA 业务来看，海外龙头赛 灵思、阿尔特拉、莱迪思等厂商占全球 90%以上市场份额。国 内市场来看，2023 年国内 FPGA 芯片市场规模约为 297 亿元， 后续随公司及同业产品逐步突破，国产化率有望稳步提升。从 ADC/DAC 来看，ADI 和 TI 两家合计占有 95%的市场份额，尤其 是高端市场基本都被海外市场占据，国内市场来看，2023 年国 内 ADC 芯片市场规模超 150 亿元，替代空间广阔。 ►产品覆 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 统计数据显示，集成电路、电子元件、应用软件、生物科技等科技行业的上市公司，在8月获得上述机 构密集调研。 以集成电路行业为例，8月以来截至8月23日，共有21家行业上市公司，迎来机构调研。其中，更有多家 行业公司获得机构组团调研。 近期，"硬科技" 主线无疑是A股市场的焦点。 嗅觉敏锐的机构自然不会错过这一主线机会。Wind数据显示，截至8月23日，8月以来，集成电路、电 子元件、应用软件、生物科技等"硬科技"领域的上市公司，迎来机构的组团调研。 记者采访了解到，近期，不少机构研究员、基金经理化身"科研人员"，将公司晨会、策略会，开成 了"技术研讨会""产学研对接会"。 "硬科技"公司调研热度升温 Wind数据显示，截至8月23日，8月以来，包括证券公司、公募基金、私募基金、保险公司、外资机构 等，掀起"硬科技"行业上市公司的调研热。 8月19日，纳芯微的业绩说明会获得135家机构参与。参与调研的机构，包括IDG资本、博时基金、财通 证券、东方基金、东方证券、东海证券、东吴证券、东兴基金、方正证券等。"公司在AI服务器相关领 域的产品及 ...

紫光国微 20250820 摘要 紫光国微 2025 年上半年总资产同比增长 2.17%至 176.96 亿元，归属 于上市公司股东的净资产同比增长 3.9%至 128.78 亿元。二季度营收 环比增长 97%，同比增长 17%；扣非净利润环比增长 451%，同比增 长 39%；经营活动现金流净额环比增长 420%。 公司在特种集成电路领域保持领先，FPGA 和系统级芯片批量交货，新 一代交换机芯片推出并完成研发规划。智能安全芯片业务深耕电信 SIM 卡市场，eSIM 卡产品导入多家头部手机厂商，汽车安全芯片解决方案在 多家台湾主机厂量产落地。 石英频率器件业务受益于消费电子市场改善和新兴市场发展，公司紧抓 国产替代机遇，加强小型化、高频化、高精度产品研发，积极布局空间 信息、人工智能、低空经济等新兴市场。 公司积极进行市值管理，强化信息披露，深化投资者关系，分配现金红 利 1.77 亿元，并回购股份 308.99 万股，总成交金额 1.99 亿元，以提 升公司价值。 Q&A 紫光国微在 2025 年上半年取得了哪些主要的经营成果？ 2025 年上半年，紫光国微实现营业收入 30.47 亿元，同比增长 6.0 ...

格隆汇8月20日丨紫光国微(002049.SZ)于近期投资者关系活动表示，公司FPGA芯片产品上半年出货量 和市场占有率维持在一个高位；新一代FPGA及RF-SOC芯片等产品市场拓展比较顺利，备货比较充 足，可以满足2025年的市场需求。公司也在统筹各方面资源，筹划新一代FPGA及RF-SOC芯片等产品 的未来市场推广工作，以实现可持续高质量发展。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, recognizing it as a leading enterprise in the special integrated circuit sector with a forward-looking layout and increased R&D investment [6][7]. Core Insights - The company is positioned as a leader in the integrated circuit industry, with a comprehensive product range covering multiple application scenarios. It has established a strong foothold in the special integrated circuit market through strategic acquisitions and continuous R&D efforts [14][19]. - The demand for special integrated circuits is expected to grow due to the acceleration of national defense informatization and the increasing needs in aerospace and unmanned systems. The company is well-positioned to benefit from this trend [6][39]. - The financial forecast indicates a recovery in profitability, with projected net profits of 15.8 billion, 21.3 billion, and 29.3 billion yuan for 2025-2027, respectively, alongside a decreasing PE ratio compared to industry averages [5][7]. Summary by Sections 1. Company Overview - The company has evolved through multiple stages, leveraging technology from Tsinghua University and expanding into various sectors, including special integrated circuits and automotive electronics [14][16]. - The stable shareholding structure, backed by the new Unisplendour Group, supports long-term strategic planning and operational stability [16][19]. 2. Market Demand and Growth - The national defense budget has shown consistent growth, with a projected budget of 1,784.67 billion yuan for 2025, which is expected to drive demand for special integrated circuits [41][42]. - The company’s products are crucial for various defense applications, including satellite communication and radar systems, positioning it to capture significant market opportunities [46][51]. 3. Financial Performance and Projections - The company experienced a decline in revenue and net profit in 2023 and 2024 due to market fluctuations, but it is anticipated that profitability will stabilize and recover as demand increases [27][32]. - The projected revenue for the special integrated circuit segment is expected to rebound, contributing significantly to overall financial performance [31][32].

Group 1: Low Earth Orbit Satellites and FPGA Industry - The successful launch of the low Earth orbit satellite group 07 on August 4 indicates a rapid acceleration in satellite deployment, with two launches occurring within four days [3] - The demand for FPGA in space electronic devices is increasing, with a significant example being the use of 149 FPGAs in the European Space Agency's Sentinel-2 satellite, which constitutes over 50% of its chips [3] - The growth in low Earth orbit satellite deployment is expected to boost the FPGA industry's overall market sentiment and demand [4] Group 2: Robotics Industry and World Robot Conference - The 2025 World Robot Conference will take place from August 8 to 12 in Beijing, featuring over 1,500 exhibits from more than 200 domestic and international robot companies, with a focus on humanoid robots [7] - Humanoid robots are achieving breakthroughs in mobility and dexterity, which are crucial for applications in home services, manufacturing, and logistics [8] - The development of high-performance embodied intelligent models is expected to enhance the fine manipulation capabilities of humanoid robots, accelerating their commercialization [9] Group 3: Lawn Mowing Robot Industry - The lawn mowing robot industry is experiencing a technological revolution, with smart robots offering significant advantages over traditional gas-powered mowers, including lower operational costs and higher efficiency [12] - The global market for lawn mowers is substantial, with a sales volume of approximately $8.292 billion, yet the penetration rate of smart lawn mowing robots remains low, particularly in the U.S. at under 5% [13] - The market is characterized by diverse participants, including traditional giants and tech-driven companies, with significant growth potential for those with technological advantages [14][15]

Summary of Satellite Internet Industry Conference Call Industry Overview - The satellite internet industry is experiencing a slowdown in satellite deployment in the first half of 2025, but a concentrated launch is expected in the second half, with overall launch volumes remaining within last year's expectations [1][2] - Key bottlenecks include rocket capacity, costs, electric propulsion technology, and laser networking technology, with future development focused on small-scale constellation deployment and technology validation [1][2] Key Points and Arguments - **Satellite Deployment and Challenges**: The deployment progress in the first half of 2025 has been slow, with anticipated concentrated satellite launches in the second half. Current limitations include rocket capacity and costs, as well as challenges in electric propulsion and laser networking technologies [2][3] - **Demand for Computing Constellations**: There is an increasing demand for CPUs, GPUs, and large-scale storage devices, necessitating considerations for radiation resistance and reliability. Satellite platforms continue to use traditional equipment, focusing on new computing and processing devices to meet space environment requirements [1][4] - **Reliability vs. Cost in Commercial Space**: The initial use of commercial-grade components in commercial space has led to reliability issues. Future standards may be developed to balance low costs with reliability, with FPGA chip prices expected to range from several thousand to tens of thousands of yuan [1][5] - **Industrial Component Upgrades**: Industrial-grade components are currently used in low-cost satellite manufacturing but require optimization. During the mass networking phase, industry standards will be established to ensure a balance between cost and reliability [1][6] - **Rocket Capacity Bottlenecks**: Current rocket models struggle to meet the demand for dense launches. The Long March 5 rocket is costly, and commercial rockets lack stable mass launch capabilities. Completing the planned launch of one to two hundred satellites in the second half of the year is considered optimistic [1][6] Emerging Trends and Applications - **Terminal Applications**: Current terminal applications are focused on specialized terminals for government, military, and remote shipping scenarios where ground network coverage is poor. Low Earth orbit (LEO) direct mobile connections are seen as the future direction, although commercial demand is not yet strong [3][7] - **Government Support for Commercial Space**: Local governments are increasingly supportive of the commercial space industry, with regions like Wuxi and Zhuzhou providing favorable policies and significant financing support [3][15] - **5G and Satellite Communication Standards**: The establishment of the 3GPP NTO standard is seen as a trend for future development, although each country has its own innovations and technical ideas. The standard's impact on the industry is still being evaluated [7][8] Competitive Landscape - **State-Owned vs. Private Enterprises**: The initial commercialization of satellite internet relied heavily on state-owned enterprises. While many commercial companies are emerging, most bidding projects are still dominated by state-owned firms, although some private companies are being included to foster development [8][20] - **Comparison with SpaceX**: China's satellite internet development is more cautious compared to SpaceX, with more complex single-satellite designs driven by government and military needs. This complexity results in higher costs, while SpaceX reduces costs through large-scale user services [8][20] Future Outlook - **User Base and Satellite Planning**: The user base for satellite internet in China is expected to remain small in the short term, primarily targeting specialized applications. Initial satellite constellation plans involve a few hundred satellites, with total investment expected to be in the tens of billions [9][10] - **Manufacturing Costs**: Current satellite manufacturing costs in China are high, with individual satellites costing around tens of millions. Reducing costs will require technological maturity and mass production [10][12] - **Ground Station and Data Transmission**: Insufficient ground station construction in China may affect data transmission latency after large-scale networking. New network designs aim to minimize the need for global ground stations [11][12] Conclusion - The satellite internet industry is at a critical juncture, facing both challenges and opportunities. The balance between cost and reliability, government support, and technological advancements will play a significant role in shaping the future of this sector.

Core Viewpoint - The article emphasizes the significance of the China International Industry Fair as a platform for showcasing advancements in manufacturing and technology, particularly focusing on the integration of computing power and industrial applications [1][20][21]. Group 1: Event Overview - The "Industrial Computing Power 'Chip' Engine Technology Seminar" will be held on September 23, focusing on the potential applications of chips in industrial scenarios and the evolution of computing power [1][5]. - The seminar aims to connect technological innovation, industry demand, and market opportunities, featuring participation from industry experts, scholars, and corporate representatives [5][9]. Group 2: Industry Context - The global landscape is undergoing a technological revolution, with computing power becoming a core productivity driver in the digital age, transforming production methods and industry structures [5][23]. - The industrial sector is experiencing unprecedented digitalization, networking, and intelligence transformation, which imposes high standards on foundational computing power [5][9]. Group 3: Seminar Agenda - The seminar will cover various topics, including: - Storage root technology for data storage in Chinese manufacturing [6]. - Industrial big data from governance to value realization [7]. - Predictive maintenance 2.0 focusing on fault warning and lifespan calculations [7]. - The role of FPGA chips in the "Robot+" era [7]. - Accelerating IIOT solution implementation [7]. - A roundtable forum for discussion [7]. Group 4: Participant Composition - The seminar will feature prominent companies such as Huawei, ZTE, and BYD, alongside international industrial giants like Siemens and Bosch, highlighting the event's professional and international caliber [9][10]. - The diverse participation from various industry organizations and enterprises underscores the strategic importance of industrial computing power across different sectors [10].

Core Viewpoint - The article emphasizes the significance of the China International Industry Fair as a platform for showcasing advancements in manufacturing and technology, particularly focusing on the integration of computing power and industrial applications [1][10]. Group 1: Event Overview - The "Industrial Computing Power 'Chip' Engine Technology Seminar" will be held at the China International Industry Fair, focusing on the potential applications of chips in industrial scenarios and the evolution of computing power [1][3]. - The seminar aims to connect technological innovation, industry demand, and market opportunities, reflecting the growing importance of specialized computing power in the industrial sector [1][3]. Group 2: Industry Context - The global shift towards industrial internet is driving a transformation in production methods and organizational models, with computing power becoming a core productivity driver in the digital age [3]. - Traditional computing architectures are struggling to meet the stringent requirements of real-time, reliability, and security in industrial settings, highlighting the need for dedicated computing power chip systems [3]. Group 3: Seminar Agenda - The seminar will cover various topics, including: - Storage root technology for data storage in Chinese manufacturing [4]. - Industrial big data from governance to value realization [5]. - Predictive maintenance 2.0 focusing on fault prediction and lifespan calculations [5]. - The role of FPGA chips in the "Robot+" era [5]. - Accelerating IIOT solution implementation [5]. - A roundtable forum for discussion [5]. Group 4: Participant Composition - The seminar will feature prominent companies such as Huawei, ZTE, and BYD, alongside international industrial giants like Siemens and Bosch, indicating a high level of expertise and international collaboration [7]. - The diverse participation from various industry organizations and enterprises underscores the strategic importance of industrial computing power across different sectors [7]. Group 5: Fair Significance - The China International Industry Fair, established in 1999, is the only national industrial exhibition in China and has become a significant platform for showcasing advanced manufacturing and emerging industries [10]. - The upcoming 2024 fair will feature over 28,000 square meters of exhibition space, attracting more than 200,000 professional visitors and over 2,600 leading companies, reaffirming its status as a global industrial exhibition leader [10]. Group 6: Future Outlook - The integration of computing power is reshaping the foundational logic of the industrial sector, with chips being the driving force behind this technological wave [13]. - The seminar represents a pivotal moment for stakeholders in the Chinese manufacturing sector to engage in discussions that will shape the future of industrial intelligence [13].

Group 1: Middle East Geopolitical Risks - The Middle East region has high geopolitical uncertainty, with structural conflicts persisting despite temporary de-escalation[5] - The potential for localized control or conflict in the Strait of Hormuz poses significant risks to global shipping and energy supply[6] - In extreme scenarios, a blockade of the Strait could lead to a supply gap of approximately 12.7% of global oil demand[6] Group 2: Impact on Global Supply Chains - If conflicts escalate, oil and chemical transport through the Strait of Hormuz could decrease by 25% compared to pre-conflict levels[6] - Affected oil transport includes 9.7% for China, 3-4% for India, Japan, and South Korea, and 1.5% for Europe[6] - The energy and chemical sectors will face immediate impacts, which will transmit to transportation, pharmaceuticals, and electronics[7] Group 3: Regional Economic Dependencies - Asian economies, particularly China, India, Japan, and South Korea, are most exposed to risks from Middle Eastern energy supplies[7] - In 2025 Q1, China imported 5.4 million barrels per day from the Strait, highlighting its dependency[47] - European and American reliance on the Strait is decreasing, but they remain vulnerable in high-tech supply chains, particularly in sectors like semiconductors[55] Group 4: Recommendations for China - China should diversify its import sources for products heavily reliant on the Middle East, such as energy and chemicals[8] - The report suggests enhancing domestic production capabilities in sectors like fertilizers and energy chemicals to reduce dependency[8] - Exploring alternative import channels from countries like Canada, Algeria, and Brazil is recommended to mitigate supply risks[73]