证券日报网讯 2月27日，赛微电子在互动平台回答投资者提问时表示，根据产业发展规律及公司此前境 内外产线的实际运营经验，不同类别MEMS芯片一般都需要经历从工艺开发到风险试产、规模量产的过 程，所耗时间存在客观差异，具体量产时间需以公司正式发布的公告为准。 （文章来源：证券日报） ...

证券日报网讯2月27日，赛微电子（300456）在互动平台回答投资者提问时表示，公司当前在产业链中 的主要角色为专业MEMS芯片制造厂商。 ...

（编辑 楚丽君） 证券日报网讯 2月26日，赛微电子在互动平台回答投资者提问时表示，相比IC芯片市场的规模，MEMS 市场在整体上还处于发展初期，体量规模较小，但在中长期市场需求增长及国产替代的背景下，国内 MEMS厂商仍然拥有巨大的发展机遇；公司将继续脚踏实地、做深做细，持续构建积累在MEMS芯片制 造方面的竞争壁垒，继续丰富扩大产品类别，获得中长期的稳定发展。 ...

答：随着万物互联与智能传感时代的到来，物理世界与数字世界需要相互连接的桥梁，无论科技及应用 如何发展，均离不开对真实世界的感知，人、设备、自然世界之间及内部各自之间的感知、联系均需要 通过声、热、光、电、磁、运动等等各种基础器件来辅助实现，基础感知及执行器件的应用场景将越来 越丰富，通过半导体工艺批量标准化制造的MEMS芯片，具备小型化、低成本、低功耗、高集成度等突 出特点，正在对部分传统传感器件进行渗透及替代。我们认为，基于"软硬件一体配比"的逻辑，相较于 IC芯片产业的规模体量，MEMS芯片产业仍处于发展初期，体量仍小，未来发展前景广阔。 格隆汇2月25日丨赛微电子(300456.SZ)在投资者关系中表示，有被问到：近年来 MEMS 行业的整体增 速并不高，请问公司如何看待 MEMS 行业未来的市场规模？ ...

格隆汇2月25日丨赛微电子(300456.SZ)在投资者关系中表示，有被问到：近年来 MEMS 行业的整体增 速并不高，请问公司如何看待 MEMS 行业未来的市场规模？ 答：随着万物互联与智能传感时代的到来，物理世界与数字世界需要相互连接的桥梁，无论科技及应用 如何发展，均离不开对真实世界的感知，人、设备、自然世界之间及内部各自之间的感知、联系均需要 通过声、热、光、电、磁、运动等等各种基础器件来辅助实现，基础感知及执行器件的应用场景将越来 越丰富，通过半导体工艺批量标准化制造的MEMS芯片，具备小型化、低成本、低功耗、高集成度等突 出特点，正在对部分传统传感器件进行渗透及替代。我们认为，基于"软硬件一体配比"的逻辑，相较于 IC芯片产业的规模体量，MEMS芯片产业仍处于发展初期，体量仍小，未来发展前景广阔。 ...

（编辑 丛可心） 证券日报网2月25日讯 ，赛微电子在接受调研者提问时表示，随着万物互联与人工智能的兴起，作为集 成电路细分行业的MEMS获得了更广阔的市场空间和业务机会。传统的传感器、执行器和无源结构器件 逐步被替代，MEMS技术的渗透率得以进一步提高。根据世界权威半导体市场研究机构 YoleDevelopment发布的《StatusoftheMEMSIndustry2025》，全球MEMS市场规模将由2024年的154亿美 元增长至2030年的192亿美元，CAGR（年均复合增长率）达到3.7%。MEMS行业Foundry模式与IDM模 式并存，代工企业通过支持Fabless、Fablite设计公司快速创新，推动MEMS生态发展。公司非常突出的 特点在于，公司是国内业界领先、极少数以Pure-Foundry模式运营的MEMS芯片专业制造厂商，包括其 他商业模式下的竞争对手主要为台积电、Teledyne、IMT、X-FAB、芯联集成、华鑫微纳、广州增芯、 上海先进、华虹宏力、华润微、士兰微等。截至目前，不同MEMS应用领域的竞争格局存在不同差异， 通信计算、生物医疗、工业汽车和消费电子领域的中高端市场已经开 ...

2026年2月25日，赛微电子披露接待调研公告，公司于2月25日接待淡水泉基金、孝庸基金、领丰资本、 腾飞资本等4家机构调研。 调研情况显示，赛微电子专注MEMS芯片制造主业，组织了北京FAB3产线洁净间参观。公司收购展诚 科技，因其为高新技术企业等，从事芯片设计服务及EDA软件开发，可协同MEMS EDA领域开发，拓 展战略布局，推动"MEMS＋"模式提升竞争力；转让瑞典Silex控制权是基于国际政经环境，为其寻求稳 定经营环境，避免价值减损，公司保留约45％股份获取投资收益及重大决策参与权。 赛微电子瑞典产线毛利率高于北京产线，因运营久、工艺开发占比高、折旧压力小，但北京产线工艺开 发毛利率不一定低；北京FAB3产能利用率较低，规划推动硅麦克风等量产爬坡、风险试产及工艺开 发，未来随订单增加提升良率和产能利用率；北京FAB3已量产硅麦克风等，试产气体芯片等，推进微 流控等工艺开发到量产阶段。 MEMS行业因万物互联和智能传感需求前景广阔，正替代传统传感器，公司认为纯代工模式能为设计公 司节省投入，与IDM模式长期共存；行业规模预计2024到2030年从154亿美元增至192亿，CAGR3． 7％，中高端市 ...

Group 1 - Hailanxin (300065) benefits from the collaborative development of the capital urban area port cluster and the intelligent upgrade of shipping, leading to strong growth momentum for the company [1][34] - The company specializes in marine electronic information systems and marine engineering equipment, with a leading position in domestic navigation technology [1][34] - The demand for technology support is expected to increase due to the acceleration of intelligent transformation at key ports like Tianjin and Tangshan [1][34] Group 2 - Jingtou Development (600683) focuses on the development of rail transit properties, leveraging the construction of a cross-regional rail transit network to unlock land value along the routes [2][36] - The company has developed a mature "rail + property" model and holds multiple patents in core technologies related to rail property [2][36] - The ongoing construction in key areas like Beijing's sub-center and Xiong'an New Area aligns with the demand for residential and industrial support due to population relocation [2][36] Group 3 - Chengjian Development (600266) is positioned to benefit from the accelerated urban renewal and non-capital function relief, which creates sustained demand for urban development and infrastructure projects [3][37] - The company has extensive experience in old city renovation and affordable housing construction, participating deeply in the quality upgrade projects of core cities [3][37] - The company’s land reserves and project resources in key areas can directly meet the housing and industrial space needs arising from population relocation [3][37] Group 4 - Langfang Development (600149) is strategically positioned in the land development business in the Beijing area, benefiting from the integration of Tongzhou and the North Three Counties [4][38] - The company can leverage local resource advantages to undertake land consolidation and infrastructure construction projects [4][38] - The demand for land development is expected to be rigidly released due to the implementation of cross-regional demonstration policies [4][38] Group 5 - Julisi (002342) sees a surge in demand for engineering equipment and rigging due to large-scale infrastructure projects in the urban area [5][39] - The company specializes in engineering rigging and lifting equipment, widely used in construction scenarios such as bridges and ports [5][39] - The integration of transportation in the Beijing-Tianjin-Hebei region is expected to drive significant growth in the company's product demand [5][39] Group 6 - Huasheng Tiancai (600410) focuses on cloud computing and digital services, capitalizing on the digital infrastructure upgrade and industrial digital transformation in the urban area [6][40] - The company has a comprehensive digital technology system and rich industry service experience [6][40] - The demand for digital services is expected to grow as the region develops smart transportation and digital governance applications [6][40] Group 7 - Jinyu Group (601992) is a leading supplier of building materials in the Beijing-Tianjin-Hebei region, benefiting from the ongoing construction boom and urban renewal [7][41] - The company’s product offerings include cement, concrete, and aggregates, with a strong supply chain advantage [7][41] - The demand for building materials is expected to rise significantly due to large-scale infrastructure and housing projects [7][41] Group 8 - Jidong Equipment (000856) is positioned to benefit from the upgrade of traditional industries and the demand for equipment renewal in the building materials sector [8][42] - The company specializes in cement equipment manufacturing and engineering services, with a strong technical capability [8][42] - The demand for high-end cement equipment and environmental renovation technology is expected to grow as the region pushes for green upgrades [8][42] Group 9 - Fushi Holdings (300071) focuses on brand marketing and public relations, benefiting from the growing demand for brand promotion in the urban area [9][43] - The company has a full-chain marketing service capability and serves clients across multiple industries [9][43] - The demand for customized marketing solutions is expected to rise as many enterprises establish and upgrade their brands [9][43] Group 10 - Huaxia Happiness (600340) specializes in the development and operation of industrial new towns, benefiting from the influx of industries due to non-capital function relief [10][44] - The company has a mature operational model that integrates industrial introduction and urban support [10][44] - The value of industrial new towns is expected to increase as the region enhances transportation and public services [10][44] Group 11 - Hongqiang Co., Ltd. (002809) sees a rigid growth in demand for concrete additives due to large-scale infrastructure projects [11][45] - The company specializes in concrete additives and new building materials, with stable product performance [11][45] - The demand for concrete is expected to rise significantly, driving the growth of the additives market [11][45] Group 12 - Siwei Tuxin (002405) is positioned to benefit from the rapid development of smart transportation and the growth of the connected vehicle and autonomous driving industries [12][46] - The company specializes in navigation maps and connected vehicle services, with leading technology in high-precision mapping [12][46] - The demand for smart transportation solutions is expected to grow as the region promotes intelligent upgrades in transportation systems [12][46] Group 13 - Leike Defense (002413) focuses on radar systems and electronic countermeasures, benefiting from the dual growth in defense and civilian security demands [13][48] - The company has core technologies and intellectual property rights in the defense and civilian security sectors [13][48] - The demand for security solutions is expected to increase as the region enhances its security capabilities [13][48] Group 14 - Aerospace Technology (000901) is involved in the aerospace equipment manufacturing sector, benefiting from the integration of innovation resources and the upgrade of high-end manufacturing [14][49] - The company leverages its aerospace technology advantages to participate in regional aerospace projects [14][49] - The demand for aerospace technology applications is expected to grow as the region develops its aerospace industry [14][49] Group 15 - Keri International (300662) focuses on human resources services, benefiting from the accelerated flow of talent and the growing demand for high-end talent in the urban area [15][50] - The company provides comprehensive human resources services, covering various industries [15][50] - The demand for customized human resources solutions is expected to rise as enterprises upgrade and expand [15][50] Group 16 - Tanshijia (300005) is positioned to benefit from the growth in outdoor leisure demand and the development of ecological tourism resources [16][51] - The company specializes in outdoor apparel and equipment, with a strong brand presence in the outdoor products industry [16][51] - The demand for outdoor products is expected to grow as consumer awareness of outdoor activities increases [16][51] Group 17 - Gangyan Gaona (300034) focuses on high-temperature alloy materials, benefiting from the rapid development of aerospace and new energy sectors [17][52] - The company specializes in the research and production of high-end alloy materials, with leading technology in the field [17][52] - The demand for high-temperature alloys is expected to grow as the region promotes high-end manufacturing upgrades [17][52] Group 18 - Electronic City (600658) focuses on the development and operation of technology parks, benefiting from the demand for innovation resources and the establishment of tech enterprises [18][53] - The company has extensive experience in park operation and enterprise incubation [18][53] - The demand for technology parks is expected to grow as the region promotes innovation and collaboration [18][53] Group 19 - Shangda Co., Ltd. (301522) specializes in the processing of special steel materials, benefiting from the growing demand for high-end materials in traditional industries [19][54] - The company focuses on the deep processing of special steel, with significant advantages in material processing technology [19][54] - The demand for special steel products is expected to rise as the region promotes the upgrade of manufacturing industries [19][54] Group 20 - Jikai Co., Ltd. (002691) focuses on mining equipment and intelligent upgrades, benefiting from the demand for efficient resource development [20][55] - The company specializes in mining machinery and technical services, with a strong service network [20][55] - The demand for intelligent mining equipment is expected to grow as the region promotes equipment renewal [20][55] Group 21 - Xinhua News (603888) focuses on news dissemination and digital content services, benefiting from the growing demand for media and cultural industries [21][56] - The company has authoritative information channels and strong content creation capabilities [21][56] - The demand for customized media solutions is expected to rise as the region promotes cultural integration and digital transformation [21][56]

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 112.92 CNY and a fair value of 141.24 CNY [4]. Core Insights - The company is expected to achieve significant revenue and profit growth, with a projected revenue of approximately 60 billion CNY for 2025, reflecting a year-on-year increase of about 93% in net profit [9][10]. - The company is focusing on expanding its sales scale and maintaining a robust order backlog, supported by increased R&D investment and new product development [10]. - The infrared imaging business is anticipated to see substantial growth, driven by recovering demand in specialized fields and expanding overseas markets [11]. - The microwave RF business is also expected to grow significantly, with revenue projections showing a year-on-year increase of 21.95% in 2025, 60% in 2026, and 100% in 2027 [12]. Financial Projections - Revenue and profit forecasts for the company are as follows: - Revenue: 3,559 million CNY in 2023, increasing to 10,300 million CNY by 2027, with growth rates of 34.5% in 2023 and 30.4% in 2027 [3][12]. - Net profit: Expected to rise from 496 million CNY in 2023 to 2,274 million CNY in 2027, with a growth rate of 58.2% in 2023 and 39.9% in 2027 [3][12]. - EPS is projected to increase from 1.11 CNY in 2023 to 4.94 CNY in 2027 [3][12]. Business Segments - The infrared imaging segment is projected to generate revenues of 55 million CNY in 2025, with a growth rate of 40.70% [14]. - The microwave RF segment is expected to achieve revenues of 3.50 million CNY in 2025, with a growth rate of 21.95% [15]. - Overall, the company is positioned in a growth-oriented sector with significant technological barriers and potential for market expansion [16].

Core Insights - Wuxi is positioning itself as a benchmark city for "Artificial Intelligence+" by leveraging government support and market-driven initiatives to enhance the integration of the real economy and digital economy [1][3][6] Government Initiatives - The government is actively promoting the integration of AI and IoT technologies, establishing Wuxi as a pilot city for intelligent connected vehicles, with over 4,000 traffic control intersections fully networked by the end of 2025 [2][3] - Wuxi has implemented 23 national-level major application demonstration projects in the field of vehicle networking, enhancing data accumulation and technological infrastructure [3][9] Industry Development - The IoT industry in Wuxi has been recognized as a national advanced manufacturing cluster, with significant investments in new infrastructure such as computing power centers and industrial brains [3][9] - Wuxi's IoT technology applications span over 300 sub-industries, with notable companies recognized for their AI-enabled industrial applications [4][8] Innovation and Education - Wuxi has established a training center for embodied intelligent robots, which focuses on practical learning and data accumulation to enhance the capabilities of robots in various industrial applications [5][6] - The city is fostering a "value flywheel" model that emphasizes real-world applications, problem-solving, and guiding new technology development [5][7] Market Dynamics - Wuxi has over 80,000 industrial enterprises across various sectors, with leading companies driving digital and intelligent transformation, thereby creating a ripple effect for industry upgrades [7][8] - The city has launched a three-year action plan to deepen the digital transformation of key industries, focusing on integrated circuits, high-end equipment, and high-end textiles [7][8] Economic Impact - The IoT industry in Wuxi is expected to achieve a scale of 300 billion by 2025, reflecting continuous growth and leadership in Jiangsu province [8][9] - Wuxi is nurturing 13 manufacturing champions and 107 core enterprises in the AI sector, establishing a complete industrial chain that encompasses various layers of AI technology [9][10] Ecosystem Development - Wuxi is building a comprehensive ecosystem for innovation, including platforms for communication between hardware and software companies, and providing support for startups through financing and resources [10] - Recent initiatives include the establishment of the Wuxi Computing Power Equipment Industrial Park, aimed at creating a complete ecosystem that supports innovation and manufacturing [10]