主要观点： 事件 2025年4月24日，北京君正公告2025年一季度报告，公司1Q25实现营业收入10.6亿元，同比增长5.3%，环 比增长4.8%，归母净利润0.74亿元，同比下降15.3%，环比增长19.6%，扣非归母净利润0.66亿元，同比下 降18.8%，环比扭亏。 行业市场逐步回暖，静待产品周期花开 华安证券（600909）股份有限公司刘志来,陈耀波近期对北京君正（300223）进行研究并发布了研究报告 《行业市场逐步回暖，静待产品周期花开》，给予北京君正买入评级。 北京君正 投资建议 我们预计2025-2027年归母净利润为4.6、7.0、10.5亿元，对应EPS为0.96、1.45、2.17元/股，对应2025年4 月28日收盘价PE为67.8、45.0、30.1倍。我们认为北京君正的主要下游市场可能开始迎来复苏，2025年整 体形势较2024年会更好，从而带动业绩端的逐步修复，另外随着新制程DRAM的开发送样，有望开启公司 新一轮的成长周期，将公司由"增持"评级调整至"买入"评级。 风险提示 市场复苏不及预期；产品价格不及预期；费用端控制不及预期；地缘政治影响超预期。 最新盈利预测明细如下： ...

Investment Rating - The report upgrades the investment rating of the company from "Accumulate" to "Buy" based on expected market recovery and new product cycles [10]. Core Views - The industry market is gradually recovering, and the company is expected to benefit from this trend as its main downstream markets show signs of improvement [5][10]. - In Q1 2025, the company achieved revenue of 1.06 billion yuan, a year-on-year increase of 5.3% and a quarter-on-quarter increase of 4.8%. However, the net profit attributable to the parent company was 74 million yuan, a year-on-year decrease of 15.3% but a quarter-on-quarter increase of 19.6% [5][10]. Financial Performance - The company's Q1 2025 gross margin was 36.4%, a year-on-year decrease of 1.0 percentage points but a quarter-on-quarter increase of 1.9 percentage points [5]. - Revenue from the computing chip segment in Q1 2025 was 270 million yuan, showing a year-on-year increase of 12.4% but a quarter-on-quarter decrease of 2.7% [6]. - Revenue from the storage chip segment was 660 million yuan, with a year-on-year increase of 3.4% and a quarter-on-quarter increase of 9.9% [7]. - The report anticipates a recovery in the storage chip business as the automotive, industrial, and medical sectors begin to rebound in 2025 [7]. Product Development - The company is focusing on enhancing its computing power with the upcoming T42 chip, expected to exceed 2T, and plans to provide engineering samples of new DRAM products based on advanced processes in 2025 [6][7]. - The company is also actively pursuing opportunities in the AI storage market with its 3D AI DRAM products, leveraging its design experience and industry resources [8]. Future Outlook - The report projects net profits attributable to the parent company for 2025, 2026, and 2027 to be 460 million, 700 million, and 1.046 billion yuan, respectively, with corresponding EPS of 0.96, 1.45, and 2.17 yuan per share [10][12]. - The overall market situation in 2025 is expected to improve compared to 2024, leading to gradual performance recovery for the company [10].

乔迁新址与DSP量产：双里程碑见证国芯实力 在此背景和趋势下，2025年3月21日，国芯科技在新办公地址苏州市高新区狮山总部经济中心1号 楼隆重召开"国芯科技乔迁新址暨汽车电子DSP芯片量产启动仪式"，迎来了国芯科技发展史上的双 重里程碑。 国芯科技乔迁新址暨汽车电子 DSP 芯片量产庆典 此次活动以"智驭未来，'芯'动之声"为主题，通过新研发大楼启用仪式、12条产品线成果展示、技 术研讨会等环节，国芯科技全面展示了在汽车电子芯片领域的战略布局与技术突破。 近年来，全球新能源汽车产业驶入发展快车道。随着汽车"新四化"（电动化、智能化、网联 化、共享化）进程的加速，单车芯片使用量实现了快速增长。 根据中国汽车工业协会统计数据，传统燃油车所需汽车芯片数量为每辆车600-700颗，电动车 所需芯片数量为每辆车1600颗，而更高级的智能汽车对芯片的需求量将有望提升至每辆车 3000颗。有数据预计，2030年汽车电子在汽车总成本中的占比将达到50%，全球汽车芯片的 年需求量有望超过1600亿颗。 从动力控制到智能座舱，从线控底盘到车联网安全，芯片已成为汽车产业升级的核心引擎。 这一变革不仅重构了全球汽车供应链格局，更为 ...