| 政策波动对业务带来的潜在风险。在夯实主业、提升经营管理水平的同 | | --- | | 时，公司高度重视投资者关系管理与市值管理工作。未来公司将进一步 | | 加强与资本市场的互动交流，拓宽沟通渠道，以更全面、直观的方式向 | | 投资者展现公司的核心竞争力与发展潜力，增进投资者对公司价值的认 | | 知与认同，实现公司价值与市场价值的良性互动。感谢您对公司的关注！ | 2、您好！观察到近期行业回暖趋势明显，贵司在智能显示照明、 半导体分销等核心业务领域技术优势突出。请问二季度以来，贵司高端 产品线（如 Mini LED 驱动芯片、高附加值商业照明解决方案）的客户 拓展及订单增长情况如何？此外，国家"新基建"与绿色节能政策持续 推进，太龙是否有计划加大相关领域研发投入或布局新产能，以把握政 策红利、进一步提升市场份额？期待您的解答！ 答：尊敬的投资者，您好！公司二季度以来相关业务的具体订单情 况，还请留意公司后续发布的公告及定期报告，我们会按照相关规定及 时履行信息披露义务。后续公司将持续强化经营管理效能，深度整合与 优化现有资源配置，依据业务发展布局及实际订单状况，动态、灵活地 调整产能规划与生产安排， ...

Core Viewpoint - Wentech Technology (600745.SH) reported a significant increase in net profit for Q1 2025, achieving 261 million yuan, a year-on-year growth of 82.29%, with a strong performance in the semiconductor business [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 73.598 billion yuan, a year-on-year increase of 20.23%, with semiconductor revenue reaching 14.715 billion yuan [2] - The semiconductor business saw a record high shipment volume in Q1 2025, generating revenue of 3.711 billion yuan, a year-on-year increase of 8.40%, and operating net profit grew by 65.14% [2] - The overall gross margin for the semiconductor business reached 37.47% for the year, with a significant increase in the second half of the year compared to the first half [2] Group 2: Product Development and Strategy - The company launched multiple third-generation semiconductor and analog chip products in Q1 2025, including 1200V SiC MOSFETs and GaN FETs [3] - The strategy of transitioning from power to analog and from low voltage to high voltage has effectively accelerated the localization of analog chips, with the company's logic IC shipment volume ranking second globally [3][5] - The company plans to exceed 200 new product numbers for analog chips in 2025, leveraging its extensive customer base in automotive and industrial sectors [5] Group 3: Market Trends and Opportunities - The semiconductor market is experiencing a boost due to the rapid development of AI technology, which increases demand for high-performance semiconductor products [6] - The demand for new energy vehicles in China has been strong, with sales growth exceeding market expectations in Q1 2025 [6][7] - The company is expanding its market reach by targeting leading domestic new energy vehicle manufacturers and data center clients [7] Group 4: Supply Chain and Global Strategy - Wentech Technology is enhancing its supply chain through a combination of globalization and localization, establishing a strategic supply chain system [8] - The company has completed vehicle-grade certification for its 12-inch wafer factory, which is expected to begin mass production by the end of 2024 [8] - The company is also investing in next-generation wide bandgap semiconductor products, further strengthening its global presence [8] Group 5: Strategic Focus and Future Outlook - The company is divesting non-core assets to focus entirely on the semiconductor industry, marking a transition from a consumer electronics cycle stock to a growth stock in hard-core chips [9] - With the restructuring of the international semiconductor supply chain and the arrival of new cycles in high-performance computing and intelligent driving, the company is positioned for significant growth and valuation enhancement [10]

Core Viewpoint - The company, Runxin Technology, has reported a steady growth in revenue and net profit for the fiscal year 2024, driven by its focus on AIoT, automotive electronics, and audio sensors, while also emphasizing its strategic partnerships and technological innovations in the semiconductor industry [4][5]. Company Overview - Runxin Technology specializes in the distribution, application design, and technological innovation of wireless communication ICs, RF ICs, and sensors, positioning itself as a leading provider of IC products and solutions in China [3]. - The company collaborates with major suppliers such as Qualcomm and has established a strong customer base including Midea Group and DJI [3]. Financial Performance - For the fiscal year 2024, the company reported a revenue of 2.596 billion yuan, representing a growth of 20.16% compared to 2023 [4]. - The net profit attributable to shareholders for 2024 was 36.37 million yuan, an increase of 2.07% from the previous year [4]. - The net profit after deducting non-recurring gains and losses was 34.50 million yuan, reflecting a growth of 10.17% year-on-year [4]. - The adjusted net profit, excluding the impact of stock option expenses, was 50.81 million yuan for 2024, up 57.54% from 32.25 million yuan in 2023 [4]. Business Development - The company has seen robust business development in AIoT smart modules, automotive electronics, and audio sensors during the reporting period [4]. - Runxin Technology is enhancing its AIoT chip business capabilities by investing in edge computing and sensor integration technologies, aiming to meet the increasing demand for hardware performance in AI applications [5][6]. - The company has launched customized wireless smart appliance chips and has seen a 42.22% increase in sales from its self-developed and customized chip business, totaling 176 million yuan [6]. Technological Innovations - The company is actively involved in the development of innovative technologies such as AI and edge computing, which are expected to create new business opportunities [5]. - Runxin Technology is collaborating with the National Intelligent Sensor Innovation Center to develop integrated sensor solutions and enhance its technological capabilities in MEMS sensors [5]. - The introduction of Chiplet heterogeneous stacking technology aims to improve production efficiency and reduce costs, catering to diverse customer needs [6].

Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The report indicates that the company's inventory has shown a declining trend, which is expected to lead to a recovery in gross margin. The company is actively exploring opportunities in emerging fields such as automotive, robotics, and AI with its MCU and BMS products [3][8] - The company's revenue for 2024 is projected to be RMB 1.343 billion, reflecting a year-on-year growth of 3.3%. However, the gross margin is expected to decrease slightly to 33.6% [8] - The report maintains the "Buy" rating despite a downward adjustment in the EPS forecast for 2025 and 2026 to RMB 0.51 and RMB 0.72 respectively, with an estimated EPS of RMB 0.93 for 2027 [5][8] Summary by Sections Stock Performance - The company's stock price as of April 8, 2025, is RMB 20.07, with a total market capitalization of approximately RMB 6.85 billion [1] Financial Projections - The company’s projected revenues and net profits for the upcoming years are as follows: - 2025E Revenue: RMB 1.515 billion, Net Profit: RMB 174 million - 2026E Revenue: RMB 1.671 billion, Net Profit: RMB 247 million - 2027E Revenue: RMB 1.827 billion, Net Profit: RMB 319 million [7][8] Business Strategy - The company is focusing on upgrading smart appliance chips and expanding its market share in the variable frequency motor control chips for major appliances. It aims to enter the automotive sector with its MCU and BMS products [8] - The company is also advancing its AMOLED driver chips for smartphones and wearable devices, with plans for mass production expected in the second half of 2025 [8]

2 0 2 5年3月7日，在CINNO Re s e a r c h举办的"全球驱动芯片市场机遇与挑战"会员线上沙龙中， CINNO Re s e a r c h首席分析师周华以近期行业密集的资本动作为切口，揭开了显示驱动芯片市场 的深层变革。 数据显示，中国大陆已占据全球显示面板7 6%的产能份额，驱动芯片本土化率已跃升至3 4%。然 而，在OLED驱动芯片等高端领域，2 8 nm及以下制程仍被台韩企业主导，价格下行与存量竞争的 双重压力持续挤压利润空间。周华（Ch a rl e y）指出："当前行业正处于技术迭代、地缘政治与资 本寒冬的三重挤压下，并购重组已从'可选项'变为'必选项'。" 市场分化：高端战场与价格绞杀 过去三年，全球驱动芯片行业经历了一场"冰火两重天"的洗礼，陷入"量升价跌"的怪圈。2 0 2 1年 受缺芯潮推动，市场达到高点；而2 0 2 2至2 0 2 3年，受消费电子需求低迷影响，整体市场量价双 降。进入2 0 2 4年后，受AI芯片需求拉动，晶圆代工产能利用率回升，尽管整体价格趋稳，但显 示驱动芯片价格依然承压，市场正逐步进入存量竞争阶段。 在显示驱动芯片领域，市场呈现出价格持续下 ...

星标 ★ IPO日报 精彩文章第一时间推送 几个月内，两家上市公司先后公告拟并购同一标的公司。 2024年11月，英唐智控和爱协生科技公司（下称"爱协生"）未能协商一致终止收购后。3月，新相微快速接上，向并购标的伸出橄榄枝。 近期，新相微公告称，公司正在筹划以发行股份及支付现金的方式购买爱协生控制权并同时募集配套资金。经初步沟通，本次交易预计构成重大资产重 组。公司股票已于2025年3月3日开市起停牌，并将于2025年3月4日继续停牌，预计停牌时间不超过5个交易日。 当前半导体显示行业竞争激烈，但行业整合趋势明显，这或是新相微在行业整合上的新方向。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 688593 | 新相微 | A 股 停牌 | 2025/3/4 | | | | 制图：佘诗婕 业务协同 近年来，新相微也一直在推动产业生态布局和业务发展，此次收购爱协生是其战略布局的一部分。 据悉，新相微是国内领先的显示芯片设计企业，专注于显示驱动IC的研发和销售。 ...