2025 年 08 月 25 日 东芯股份 (688110) ——参股子公司上海砺算发布 6nm 7G100 GPU 及显卡 报告原因：有业绩公布需要点评 中性（维持） | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 91.85 | | 一年内最高/最低（元） | 109.60/14.00 | | 市净率 | 12.9 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 40,621 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 7.09 | | 资产负债率% | 5.30 | | 总股本/流通 A 股（百万） | 442/442 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-22 09-22 10-22 11-22 12-22 01-22 02-22 03-22 04-22 05-22 06 ...

Core Insights - The article highlights the rapid growth and potential of edge AI and its integration with wireless connectivity, positioning the company as a leader in this emerging market [2][3][5] Group 1: Company Performance - The company expects to achieve approximately 503 million yuan in revenue for the first half of 2025, representing a year-on-year growth of about 37% [3] - The projected net profit attributable to shareholders is around 99 million yuan, reflecting a significant increase of approximately 267% year-on-year [3] - The company's edge AI chips are being rapidly deployed across various applications, contributing to the increase in shipment volumes across multiple product lines [2][3] Group 2: Market Trends - The edge AI market is anticipated to experience high growth, with 2025 potentially marking a pivotal year for the application of edge AI [2][3] - The global IoT device count is expected to reach 30 billion within five years, significantly driving demand for wireless connectivity chips [6] - The Chinese IoT wireless connectivity chip market is projected to reach 146.41 billion yuan by 2026, with a compound annual growth rate of 10% from 2023 to 2027 [6] Group 3: Technological Advancements - The company is not betting on a single wireless technology but is developing all necessary wireless connection technologies for IoT applications [4] - The introduction of Matter technology is expected to enhance user experience in smart home products by enabling interoperability among various wireless connection technologies [7] - The company has successfully launched new AI audio chips and wireless communication modules, achieving significant sales in the second quarter of 2025 [8] Group 4: Future Growth Opportunities - The company is focusing on multiple edge AI projects that will be launched in the coming quarters, covering various fields such as smart wearables and automotive security [9] - The demand for edge AI is expected to align closely with the company's existing IoT market, increasing the value of its chips [9] - The company anticipates rapid growth in shipments across various application scenarios, including smart offices, wearables, and industrial IoT [8]

Core Viewpoint - The A-share market is witnessing significant stock price increases following the announcements of positive earnings forecasts, indicating that market participants are focusing on the mid-year report trends [1][2]. Group 1: Earnings Forecasts - As of now, 54 listed companies have released their earnings forecasts for the first half of 2025, with 21 companies expecting profit increases, including 16 companies projecting net profit growth exceeding 100% [1][2]. - Notable companies with high profit growth forecasts include Huayin Power, which anticipates a net profit increase of 4423.07%, and Hanyu Pharmaceutical with a forecast increase of 1663.89% [2][3]. - The industries with the most companies reporting positive earnings forecasts include electronics, biomedicine, basic chemicals, hardware equipment, and power equipment [2]. Group 2: Stock Performance - Following the earnings forecasts, several companies experienced significant stock price increases, such as Huayin Power, which saw a weekly increase of 37.47%, and Meinuohua, which had a stock price surge of 29.58% [4][5]. - Taotao Automotive expects a net profit of 310 million to 360 million yuan, reflecting a year-on-year growth of 70.34% to 97.81% due to increased sales of electric vehicles [4]. Group 3: TMT Sector Focus - The TMT sector, particularly semiconductor and AI companies, is under focus as they release earnings forecasts, with companies like Chipeng Micro and Tailin Micro reporting significant revenue and profit growth [6][7]. - Chipeng Micro expects a revenue increase of approximately 38% and a net profit growth of 104%, driven by new product launches and increased market demand [6][7]. - The overall TMT sector is experiencing a recovery, with industrial production value maintaining over 10% growth, and semiconductor exports showing significant increases [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is in a rapid growth phase, with a projected revenue of 503 million yuan for the first half of 2025, representing a year-on-year increase of 37%. The net profit attributable to the parent company is expected to reach 99 million yuan, with a year-on-year growth of approximately 267% [1][2] - The company benefits from increased customer demand, new customer acquisition, and the successful launch of new products, including AI chips and BLE6.0 chips, which have gained significant market traction [2][3] - The company has demonstrated significant scale effects, with net profit growth outpacing revenue growth due to higher sales of high-margin products and operational leverage [3] Summary by Sections Financial Performance - For the first half of 2025, the company expects a revenue of 503 million yuan, a 37% increase year-on-year, and a net profit of 99 million yuan, reflecting a 267% increase. Excluding stock payment expenses, the net profit is approximately 119 million yuan [1][2] - The net profit margin is projected to reach around 19.7%, significantly higher than the previous year's figures [3] Market Position and Product Development - The company holds a leading position in the low-power Bluetooth SoC chip market and is the largest domestic Zigbee chip supplier, maintaining a strong global presence [2] - New product launches, such as the edge AI chip and Matter chip, have entered mass production and are well-received in the market, contributing to revenue growth [2][3] Future Outlook - The company is expected to maintain rapid growth, with revenue forecasts for 2025 to 2027 set at 1.115 billion yuan, 1.466 billion yuan, and 1.857 billion yuan, respectively [4][10] - The net profit forecasts for the same period have been revised upwards, indicating strong growth potential [9]

Core Viewpoint - The company TaiLing Microelectronics has reported significant growth in its financial performance for the first half of the year, with net profit exceeding the total for the previous year, driven by increased customer demand and new product launches [4][6]. Financial Performance - TaiLing Microelectronics expects to achieve approximately 503 million yuan in revenue for the first half of the year, representing a year-on-year growth of around 37% [4]. - The company anticipates a net profit of approximately 99 million yuan, reflecting a substantial year-on-year increase of about 267% [4]. - The net profit margin is projected to be around 19.7%, a significant improvement from 7.38% in the same period last year [4]. - The gross profit margin is estimated at 50.7%, up 4.52 percentage points from 46.18% year-on-year [4]. Product Performance - The sales of the newly launched edge AI chips reached the scale of tens of millions of yuan in the second quarter, indicating strong market acceptance and potential for future growth [8]. - All product lines have seen revenue increases, with notable growth in multi-mode and audio product lines, as well as BLE product lines [8]. - The company has successfully entered mass production of its BLE 6.0 chips, which support advanced features like high-precision indoor positioning [9]. - The new WiFi chips have also achieved mass production, and audio business has seen significant growth with new major clients [9]. Market Outlook - The overseas business of TaiLing Microelectronics is expanding rapidly, with an increased proportion of foreign revenue compared to the same period last year [9]. - Future projections by Huashan Securities estimate the company will achieve net profits of 193 million yuan, 284 million yuan, and 387 million yuan in 2025, 2026, and 2027 respectively, with corresponding EPS of 0.80, 1.18, and 1.61 yuan [9].

Core Viewpoint - The performance forecast for the first half of 2025 indicates significant growth for TaiLing Microelectronics, with revenue and net profit expected to exceed the entire year of 2024, driven by strong sales across multiple product lines and a strategic focus on AI and IoT technologies [1][2][4]. Financial Performance - TaiLing Microelectronics anticipates approximately 503 million yuan in revenue for the first half of 2025, representing a year-on-year increase of about 37% [1] - The expected net profit attributable to shareholders is around 99 million yuan, reflecting a staggering growth of approximately 267% [1] - The gross margin is projected to rise by 4.52 percentage points to 50.7%, while the net margin is expected to increase significantly from 7.38% to 19.7% [2] Product and Market Development - The company has achieved substantial growth across all product lines, particularly in BLE, multi-mode, and audio products, with new AI chips entering mass production and gaining market recognition [5][6] - TaiLing Microelectronics has launched new products, including the TL721X and TL751X series, which are designed for low-power AI applications and support multiple wireless communication protocols [7][8] - The introduction of the TL7 series has led to significant sales in various sectors, including smart audio, smart home, and wearable technology, with revenues reaching the million yuan level in the second quarter [8] Strategic Positioning - The comprehensive layout of TaiLing Microelectronics in various communication protocols and product applications has begun to show results, enhancing its competitive edge in the market [3][4] - The company's strategic focus on integrating AI capabilities into its products positions it well for future growth, particularly as the demand for AIoT solutions increases [6][9] - The rapid expansion of overseas business and the increasing proportion of international revenue highlight the company's growing global presence [5]

Core Viewpoint - TP-Link's recent layoffs in its WiFi chip department reflect a strategic shift in response to competitive pressures in the WiFi chip market and a reallocation of resources towards emerging technology sectors like AIoT and edge computing [1][2]. Group 1: TP-Link Layoffs - TP-Link's WiFi chip department in Shanghai announced significant layoffs, completing the process within half a day, with a generous compensation package of N+3, exceeding the legal standard of N+1 [1]. - The layoffs primarily affected core positions in algorithm, validation, and design, with a focus on reducing investment in the development of WiFi front-end modules (FEM) [1]. - The decision to cut back on FEM development is likely linked to the production progress and cost control strategies for the upcoming WiFi 7 chips [1]. Group 2: Industry Context - The semiconductor industry is experiencing frequent layoffs, with Qualcomm's Shanghai wireless R&D department also undergoing significant cuts, including a 20% reduction in other departments [2]. - The layoffs at TP-Link included employees from a team that had previously transitioned from Qualcomm, highlighting the uncertainty in career paths within the tech industry [2]. - These events underscore the difficult decisions companies must make in response to market and technological challenges [2].

Core Insights - TP-Link's overseas subsidiary, Lianzhou International, has undergone rapid layoffs in its Shanghai Zhangjiang WiFi chip department, with a compensation plan of N+3 [1][3] - The company was split in 2022 into domestic (TP-Link Technologies) and overseas (Lianzhou International) divisions, focusing on the overseas market [4] - TP-Link holds approximately 65% market share in the U.S. router market and collaborates with over 300 internet service providers in the U.S. [4] Layoff Details - The layoff process was swift, with notifications in the morning, signing in the afternoon, and departures by evening [1] - Some former employees expressed acceptance of the high compensation, while others viewed it as "trauma compensation" after prolonged high-pressure work conditions [3] Market Position and Challenges - TP-Link is a popular brand on Amazon and provides internet communication services to the U.S. Department of Defense and other federal agencies [4] - In December 2024, the U.S. initiated an investigation into TP-Link citing "national security risks," with potential sales bans discussed for 2025, although no definitive actions have been taken yet [4]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来着半导体芯闻综合 。 6月5日晚，集成电路设计企业国科微(300672)披露重组预案，拟通过发行股份及支付现金等方式 购买中芯集成电路（宁波）有限公司（简称中芯宁波）94.37%的股权。 通过本次交易，公司将具备在高端滤波器、MEMS等特种工艺代工领域的生产制造能力，构建"数 字芯片设计+模拟芯片制造"的双轮驱动体系。本次交易预计构成重大资产重组。公司股票将于 2025年6月6日开市起复牌。 中芯国际(688981)也公告称，全资子公司中芯控股拟向湖南国科微电子股份有限公司出售所持有 的中芯集成电路（宁波）有限公司14.832%的股权。交易完成后，中芯控股将不再持有中芯宁波的 股权。 根据重组预案，并购标的中芯宁波是国内少数可以提供覆盖SUB6G全频段、全工艺滤波器的晶圆 制造企业，掌握高端BAW滤波器芯片制造技术；标的公司生产的滤波器产品已应用于国内某头部 移动通讯终端企业的旗舰机型。 资料显示，国科微此前主要以Fabless模式，专注超高清智能显示、智能视觉、人工智能、汽车电 子、物联网、固态存储等领域的大规模芯片设计及整体解决方案开发。产品方面，推出 ...

Core Viewpoint - The article discusses the acquisition plan of Guoke Microelectronics (国科微) to purchase 94.37% of the shares of Zhongxin Integrated Circuit (Ningbo) Co., Ltd. (中芯宁波), which is expected to enhance its capabilities in high-end filter and MEMS manufacturing, thereby creating a dual-driven system of "digital chip design + analog chip manufacturing" [1][2]. Group 1: Acquisition Details - The acquisition is anticipated to constitute a significant asset restructuring, with Guoke Micro expected to resume trading on June 6, 2025 [2]. - Zhongxin Ningbo is one of the few domestic wafer manufacturing companies capable of producing filters covering the SUB6G frequency band and has advanced BAW filter chip manufacturing technology [2][3]. - The filters produced by Zhongxin Ningbo have already been applied in flagship models of leading domestic mobile communication terminal companies, indicating a breakthrough in the filter manufacturing sector [3]. Group 2: Market Impact and Financials - The acquisition is expected to enhance Guoke Micro's market competitiveness by integrating resources and providing comprehensive solutions to shared customer bases in the communication chip sector [4]. - Financially, Zhongxin Ningbo has reported significant losses, with projected revenues of 213 million yuan and 454 million yuan for 2023 and 2024, respectively, and net losses of 843 million yuan and 813 million yuan [4]. - The industry expert notes that losses during the capacity ramp-up phase are normal for chip manufacturing companies, and improvements in financial metrics are expected as production stabilizes [4]. Group 3: Investor Protection Measures - The acquisition plan includes strict restrictions on share reduction for the transaction counterparties, ensuring the protection of minority investors' interests [5][6]. - The transaction counterparties are prohibited from reducing their holdings for three years, with specific conditions for potential reductions thereafter based on Zhongxin Ningbo's profitability [5]. - The voting process for the shareholders' meeting will exclude major shareholders, allowing minority investors to have a significant say in the decision-making process [6]. Group 4: Broader Market Context - The article highlights a trend of increasing acquisitions of unprofitable assets in the semiconductor sector, supported by recent regulatory changes aimed at promoting technological innovation and industrial upgrades [7][8]. - Examples of similar acquisitions include companies like Sireus and Jingrui Electric, which have also pursued unprofitable targets to enhance their technological capabilities and market positions [7][8].