机构：东北证券 研究员：李玖/张禹/黄磊 事件： 华虹公司发布2025年第三季度报告，公司 2025 年前三季度实现营业收入125.83 亿元，同比+19.82%； 归母净利润2.51 亿元，同比-56.52%；扣非归母净利润2.19 亿元，同比-52.84%。 点评： 下游需求旺盛，结构略有分化。其中，嵌入式非易失性存储器销售收入1.597 亿美元，同比增长 20.4%，主要得益于MCU 产品的需求增加；独立式非易失性存储器销售收入6,060 万美元，同比增长 106.6%，主要得益于闪存产品的需求增加；功率器件销售收入1.690 亿美元，同比增长3.5%，主要得益 于超级结产品需求增加；逻辑及射频销售收入 8,113 万美元，同比增5.3%，主要得益于逻辑产品的需求 增加本季度模拟与电源管理销售收入1.648 亿美元，同比增长32.8%，主要得益于其他电源管理产品的 需求增加。 华力微收购完成在即，看好华虹集团资源赋能上市公司。华力微拥有中国大陆首条全自动12 英寸集成 电路代工生产线，设计月产能达3.8 万片，具备规模优势。华力微在引进比利时微电子研发中心 （IMEC）65nm工艺的基础上，通过自主研发 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 105, representing a potential upside of 32.16% from the current price of HKD 79.45 [4]. Core Insights - The company's revenue is projected to recover significantly, with a forecasted increase of 40.5% in 2025 and 22.5% in 2026, following a decline in the previous years [3]. - Gross margin is expected to improve, reaching 20.6% by 2027, up from 10.2% in 2023 [3]. - The company is benefiting from a strong demand for its products, particularly in the embedded non-volatile memory and power device segments, with notable growth rates of 20.4% and 3.5% year-on-year, respectively [5]. - The production capacity utilization rate remains high at 109.5%, indicating efficient operations and potential for further revenue growth [5]. - The report anticipates continued positive performance in the semiconductor industry, positioning the company as a key beneficiary of domestic substitution trends [5]. Financial Summary - Total revenue for the fiscal year ending December 31, 2022, was USD 2,286.1 million, with a projected increase to USD 3,459.3 million by 2025 [3]. - Shareholder net profit is expected to rise from USD 80.3 million in 2025 to USD 322.7 million by 2027, reflecting a strong recovery trajectory [3]. - The earnings per share (EPS) is forecasted to increase from USD 0.05 in 2025 to USD 0.18 in 2027 [3]. - The company’s market capitalization is currently HKD 105.49 billion, with a price-to-earnings (P/E) ratio of 218.0 for 2025, which is expected to decrease to 57.0 by 2027 [4][6]. Operational Highlights - The company has optimized its product mix, with all process platforms showing positive revenue growth [5]. - The average selling price (ASP) for wafer foundry services is projected to reach approximately USD 500 by 2027, indicating a robust pricing strategy [5]. - The company is also expanding its production capabilities, with the FAB5 facility expected to contribute an additional USD 600-700 million in revenue once operational [5].

Investment Rating - The report assigns a "Trading Buy" rating to the company, indicating a potential upside of 5% to 15% [7][12]. Core Insights - The company is experiencing a favorable supply-demand dynamic in the DRAM industry, leading to a significant increase in revenue and net profit. In Q3 2025, revenue grew by 31% year-over-year, while net profit surged by 61% [7][10]. - The company is positioned as a leader in the storage market, having achieved large-scale production of 45nm NOR Flash and successfully introduced DDR4 niche products to clients. It is also the largest supplier of 32-bit MCUs in China [7][10]. - The report anticipates continued price increases in storage products driven by AI computing demand and supply constraints, projecting further revenue growth for the company [10]. Financial Summary - For the fiscal year ending December 31, 2025, the company is expected to achieve a net profit of RMB 1,876 million, representing a year-over-year growth of 70% [9]. - The earnings per share (EPS) for 2025 is projected at RMB 2.81, with a corresponding price-to-earnings (P/E) ratio of 84.3 [9][10]. - The company’s revenue is forecasted to reach RMB 9,769 million in 2025, with a gross margin of 38.6% for the first three quarters of 2025 [10][14].

Core Insights - Beijing Junzheng's MCU products support dual BLDC motor control and include CAN and Ethernet interfaces, suitable for multi-axis motion control and precision driving in complex machinery [1][3] - The company's MCUs are capable of meeting the demands of parallel multi-motor driving and communication, already achieving mass production in smart manufacturing, industrial control, and automotive electronics [3] - The company is recognized as a leading supplier of embedded processors and smart control chips in China, with a focus on smart control, IoT, and automotive electronics [3] Product Features - The MCU series features multi-core architecture, high-speed peripheral interfaces, and low power consumption, forming a complete product matrix that includes general-purpose MCUs, automotive-grade MCUs, and AIoT control chips [3] - The disclosed performance metrics of the MCUs reflect the company's ongoing R&D capabilities in the smart control sector [3] Market Outlook - With the rapid growth in demand for robotics and smart manufacturing, the MCU's capabilities in multi-motor coordination and high-speed communication are expected to be key competitive factors in the industry [3] - The company is likely to expand its market share in the high-performance control chip sector in the future [3]

格隆汇10月29日丨北京君正(300223.SZ)在投资者互动平台表示，公司MCU产品可以同时支持两组 BLDC电机控制，并且包含CAN和以太网接口。 ...

Core Viewpoint - The company Beijing Junzheng (300223.SZ) confirmed that its MCU products can support two sets of BLDC motor control and include CAN and Ethernet interfaces, indicating potential applications in robotics and automation [2] Group 1: Product Capabilities - The MCU products can control two sets of BLDC motors simultaneously [2] - The products are equipped with CAN and Ethernet interfaces, enhancing connectivity options [2] Group 2: Potential Applications - The inquiry from investors suggests interest in the application of MCUs in dexterous hands, arm joints, and leg joints, highlighting the growing demand for advanced motor control in robotics [2]

Core Viewpoint - The company, Zhaoyi Innovation, reported a significant increase in net profit and revenue for Q3 2025, driven by improvements in the DRAM industry supply chain and diversified product offerings [1][2]. Financial Performance - In Q3 2025, Zhaoyi Innovation achieved a revenue of 2.681 billion yuan, representing a year-on-year growth of 31.4%, and a net profit of 508 million yuan, up 61.13% [2]. - For the first three quarters of 2025, the company reported a total revenue of 6.832 billion yuan, a year-on-year increase of 20.92%, and a net profit of 1.083 billion yuan, growing by 30.18% [2]. - The basic earnings per share for the company stood at 1.64 yuan [2]. Market Dynamics - The growth in revenue was attributed to a favorable supply situation in the DRAM industry, leading to a "price and volume increase" scenario [2]. - The company is experiencing increased demand across various sectors, including consumer, industrial, and automotive, which aligns with its diverse product matrix [2]. Cash Flow and Liabilities - The net cash flow from operating activities increased by nearly 38% year-on-year, primarily due to higher sales revenue and improved collection of receivables [2]. - Contract liabilities reached 219 million yuan, reflecting a year-on-year increase of 189% [2]. Industry Outlook - Company executives indicated that the market prices for MCU products remain stable, while Flash prices are expected to rise moderately due to full production capacity [3]. - The DRAM market is anticipated to continue experiencing price increases due to supply shortages, with gross margins expected to improve despite rising costs [3]. - Overall demand in the industry is projected to remain strong, driven by robust consumer activity and a steady recovery in industrial sectors [3]. Shareholder Activity - In Q3, several institutional shareholders reduced their stakes in Zhaoyi Innovation, including notable investor Ge Weidong, who decreased his holdings by approximately 1.6953 million shares, bringing his ownership to 2.55% [4]. - The company's stock price has surged nearly 96% since July, with a current market capitalization of 164.8 billion yuan, ranking fifth in the integrated circuit sector [4].

Core Insights - The company, Zhaoyi Innovation, reported a significant increase in net profit for Q3 2025, benefiting from improvements in the DRAM industry supply chain, with a net profit of 508 million yuan, representing a year-on-year growth of 61.13% [1][2]. Financial Performance - In Q3 2025, Zhaoyi Innovation achieved an operating revenue of 2.681 billion yuan, up 31.4% year-on-year, and a net profit of 508 million yuan, reflecting a 61.13% increase [2]. - For the first three quarters of 2025, the company reported total operating revenue of 6.832 billion yuan, a year-on-year increase of 20.92%, and a net profit of 1.083 billion yuan, up 30.18% [2]. - The basic earnings per share for the company stood at 1.64 yuan [2]. Market Dynamics - The growth in operating revenue is attributed to the continuous improvement in the DRAM supply landscape, leading to a favorable "price and volume increase" scenario [2]. - The company has diversified its product offerings, with demand growth in consumer, industrial, and automotive sectors, effectively leveraging its extensive product matrix [2]. Cash Flow and Liabilities - The net cash flow from operating activities increased by nearly 38% year-on-year, driven by higher sales revenue and improved collection of receivables [2]. - Contract liabilities reached 219 million yuan, marking a year-on-year increase of 189% [2]. Industry Outlook - Company executives indicated that the market prices for MCU products remain stable, while Flash memory is expected to see moderate price increases due to full production capacity [3]. - DRAM prices have been rising due to supply shortages, with expectations for continued price increases into Q3 [3]. - The overall demand in the industry is anticipated to remain strong, supported by robust consumer demand and a steady recovery in industrial sectors [3]. Shareholder Activity - In Q3, several institutional shareholders reduced their stakes in Zhaoyi Innovation, including notable investor Ge Weidong, who decreased his holdings by approximately 1.6953 million shares, bringing his ownership down to 2.55% [4]. - Despite the reductions, the company's stock price has surged nearly 96% since July, with a current market capitalization of 164.8 billion yuan, ranking fifth in the integrated circuit sector [4].

Investment Rating - The investment rating for the company is "Buy" with an expectation of over 15% increase relative to the CSI 300 index in the next six months [23]. Core Views - The company has shown steady revenue growth driven by both policy incentives and market demand, with a 15% year-on-year increase in revenue for the first half of 2025 [6][9]. - The supply situation for niche DRAM has improved, leading to simultaneous increases in volume and price, while the customized storage market is expanding successfully [9][10]. - The company is actively investing in R&D, with a 7.7% increase in R&D expenditure in the first half of 2025 [9]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 4.15 billion yuan, a year-on-year increase of 15.00%, and a net profit of 575 million yuan, up 11.31% year-on-year [6]. - The second quarter of 2025 saw a revenue of 2.24 billion yuan, a 13.09% year-on-year increase and a 17.40% quarter-on-quarter increase [6]. Market Demand - The demand for the company's products in storage and computing, mobile, automotive, and consumer sectors has seen rapid growth due to AI and consumer subsidy policies [9]. - The company's NOR Flash and niche DRAM products have experienced significant growth, with the latter benefiting from a supply-demand imbalance as major competitors exit the market [9]. Product Development - The company is expanding its customized storage business in AI mobile, AI PC, automotive, and robotics sectors, with successful client acquisition [10]. - The MCU products have also seen nearly 20% revenue growth, focusing on high-quality consumer and industrial markets [10]. Profitability Forecast - Revenue projections for 2025-2027 are 9.16 billion, 11.04 billion, and 13.19 billion yuan respectively, with corresponding net profits of 1.51 billion, 1.99 billion, and 2.46 billion yuan [10]. - The expected EPS for 2025-2027 is 2.27, 3.00, and 3.70 yuan, with PE ratios of 69.50, 52.57, and 42.60 respectively [10].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][23]. Core Views - The company's revenue growth is driven by market share expansion and the rapid development of its "Storage+" products. Despite a slight year-on-year revenue increase of 1.19% in H1 2025, net profit saw a significant decline of 70.05% [2][8]. - The semiconductor storage market is expected to recover, benefiting the company from increased demand for memory and MCU products, while also capitalizing on domestic opportunities [2][8]. Financial Performance Summary - In H1 2025, the company achieved a revenue of 907 million, with a net profit of 41 million. The second quarter alone saw revenues of 500 million, marking a quarter-on-quarter increase of 23.16% [2]. - The financial projections for the company indicate a total revenue growth from 1,804 million in 2024 to 3,169 million by 2027, with a compound annual growth rate (CAGR) of 18.2% [2][9]. - The net profit is projected to grow from 292 million in 2024 to 467 million by 2027, reflecting a CAGR of 19.9% [2][9]. Product Development and Market Strategy - The company's "Storage+" series chips generated revenue of 233 million in H1 2025, showing a year-on-year growth of 35.62%. This product line is expected to enhance competitiveness in the camera module sector [2][8]. - The company is focusing on expanding its EEPROM applications in industrial control and automotive sectors, with significant revenue contributions from automotive electronics [2][8]. Valuation and Price Target - The report sets a target price of 98.22 yuan for the company's stock, based on a price-to-earnings (P/E) ratio of 45 times for 2025 [2][3].