证券代码：300613 证券简称：富瀚微 上海富瀚微电子股份有限公司投资者关系活动记录表 编号：2025-004 A: 公司芯片大部分内嵌 DDR，客户因配套内存未到位而延迟采购芯片的情况不太存在， 目前多数客户基本处于积极备货状态。对于内嵌 DDR 涨价的影响，客户对成本上升导致 的价格提升较为接受和认可，公司 Q4 将对客户进行提价。 | 投资者关 | □特定对象调研 □分析师会议 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 系活动类 | □媒体采访 业绩说明会 | | | | | | | | | | 别 | □新闻发布会 □路演活动 | | | | | | | | | | | □现场参观 其他 | | | | | | | | | | 参与单位 | 尚诚资管 黄向前 张小郭 | 创金合信基金 | | | 平安基金 | 季清斌 | 中庚基金 | | 陆伟成 | | 名称及人 | 长江资管 汪中昊 | 金信基金 黄飙 | 光大证券 | | 孙啸 | 明汯投资 唐毅 | | 中邮证券 | ...

Company and Industry Summary Company: 富瀚微 (Fuhang Micro) Key Industry Insights - Downstream customer inventory has significantly improved, with strong market demand and tight supply, reminiscent of 2021 [4] - The company plans to adjust product prices as customers are generally accepting of price increases to cope with upstream cost pressures [2][6] - Storage price increases are impacting gross margins, but wafer prices remain stable, and tight testing capacity may lead to localized price adjustments [2][7] - The automotive sector shows the highest gross margin, while home and IoT sectors have lower margins [2][8] Financial Performance - For Q3 2025, the company reported revenue of 452 million yuan, a year-on-year decrease of 9.82% but a quarter-on-quarter increase of 22.2% [3] - Net profit attributable to shareholders decreased by 26.74% year-on-year but increased by 604% quarter-on-quarter [3] Product and Market Developments - The company is focusing on AI and AIoT directions, planning to integrate AI capabilities into all SOC and SP products [5][23] - New product launches are planned in the AIoT space, including electronic dashboards and electronic photo albums, with a focus on high cost-performance [11][19] - The automotive sector is experiencing a trend towards smart driving and in-cabin video, increasing demand for external cameras and electronic rearview mirrors [14] Customer Dynamics - Most customers are currently in a "grab goods" state, showing high acceptance of price changes, which is expected to stabilize gross margins in Q4 and next year [9][10] - Different customer attitudes towards storage price increases vary by sector, with automotive being less affected due to lower KGD integration [10] Future Outlook - The company aims to achieve a revenue scale of 5 billion yuan within 3 to 5 years through fundraising in Hong Kong [5][23] - The security industry is expected to see stable growth driven by technology, with potential price increases based on supply chain conditions [25] - The company plans to launch three new chips in the NVR field and has a line of affordable AI products to cover cost-sensitive markets [26] Competitive Position - The company holds a leading position in the global market for intelligent visual processing chips, with projected revenue of 220 million USD and a market share of 21.3% in 2024 [18] Technological Advancements - The development of 6nm process high-performance chips is underway, aimed at real-time operation of large models for applications like real-time image recognition [21] - The company has significant technological advantages in dynamic SP cameras, particularly in electronic stabilization technology [22] Strategic Expansion - The company is gradually expanding its overseas presence, initially targeting Southeast Asia before moving to Europe and the Americas [20] Conclusion - The company is well-positioned in the AI and AIoT sectors, with a strong focus on innovation and customer collaboration to navigate cost pressures and market demands. The outlook remains positive with strategic plans for growth and product development.