Ingenic(300223)2025-06-06 03:52Group 1: Company Overview - Beijing Junzheng Integrated Circuit Co., Ltd. held an investor relations activity on June 5, 2025, with key participants from Western Securities, JPMorgan, and Ping An Securities [1][2]. - The meeting included a company introduction and a Q&A session led by the board secretary, Zhang Min [2]. Group 2: Product Structure and Market Segmentation - The product structure of storage chips shows that automotive applications account for over 40%, industrial and medical applications over 30%, and other applications around 20% [2]. - DRAM constitutes approximately 50% of the product classification [2]. Group 3: DRAM Development and Market Trends - The development of 3D DRAM is ongoing, with progress aligning with expectations; however, the market is still in an exploratory phase, and mass production is not anticipated this year [2]. - Current DRAM processes are at 25nm, with expectations to introduce 20nm, 18nm, and 16nm products in the market soon, which will increase the share of DDR4 and LPDDR4 [3]. Group 4: Revenue Breakdown - In 2024, the revenue breakdown is projected as follows: storage chips 61.47%, computing chips 25.88%, and analog and interconnect chips 11.19% [3]. Group 5: Market Conditions and Competition - The global SRAM market is currently stable, while the overall market lacks growth potential [3]. - The analog chip gross margin is expected to remain around 50% in Q1 2025, although competition may cause some fluctuations [4]. Group 6: Pricing Strategy - Pricing for computing chips may experience significant fluctuations due to intense competition in the consumer market, while storage chip prices are relatively stable [4].