Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 78.00 [7][8]. Core Views - The report expresses optimism about the company's potential for performance reversal in the special integrated circuit sector, despite a significant decline in revenue and net profit for 2024 [1][4]. - The company is expected to benefit from a strong demand recovery in the military industry, which is anticipated to lead to an increase in orders and overall market demand [1][4]. Revenue and Profitability Summary - In 2024, the company achieved revenue of RMB 55.11 billion, a year-on-year decrease of 27.26%, and a net profit of RMB 11.79 billion, down 53.43% year-on-year [1][2]. - The revenue breakdown for 2024 includes: - Special integrated circuits: RMB 25.77 billion, down 42.57% year-on-year, with a gross margin of 71.69% [2]. - Smart security chips: RMB 26.38 billion, down 7.61% year-on-year, with a gross margin of 44.16% [2]. - Quartz crystal frequency devices: RMB 2.24 billion, up 20.93% year-on-year, with a gross margin of 15.56% [2]. Research and Development Summary - The company increased its R&D expense ratio to 22.22% in 2024, up 3.43 percentage points year-on-year, with notable advancements in various product lines [3]. - Key developments include the successful market launch of radiation-resistant products for aerospace applications and the mass production of automotive security chip solutions [3]. Profit Forecast and Valuation Summary - The profit forecast for the company has been adjusted downward due to ongoing price pressures in military products and uncertainties regarding the large-scale commercialization of new smart security chip products [4][19]. - Expected net profits for 2025, 2026, and 2027 are RMB 16.59 billion, RMB 21.02 billion, and RMB 25.94 billion, respectively, reflecting a downward revision of 21.43% and 25.84% for 2025 and 2026 compared to previous estimates [4][19]. - The company is assigned a price-to-earnings (PE) ratio of 40 times for 2025, with a target price of RMB 78.00, indicating a potential upside from the current market price [4][18].

Financial Performance - The company's revenue for Q1 2025 was CNY 1,026,019,465.84, a decrease of 10.05% compared to the same period last year[5]. - Net profit attributable to shareholders was CNY 119,277,590.48, down 61.11% year-on-year[5]. - The company's basic and diluted earnings per share were CNY 0.1415, reflecting a decline of 61.09% year-on-year[5]. - Operating revenue for the current period was RMB 1.03 billion, down from RMB 1.14 billion in the previous period, representing a decrease of approximately 10%[27]. - Total profit decreased to $128.61 million from $328.97 million, representing a decline of about 60.9%[28]. - Net profit fell to $119.28 million from $312.80 million, a decrease of approximately 61.9%[28]. - The company reported a decrease in operating profit to $128.64 million from $328.98 million, a decline of about 60.9%[28]. - Basic and diluted earnings per share decreased to $0.1415 from $0.3637, a decline of approximately 61%[28]. Cash Flow and Assets - The net cash flow from operating activities was CNY -217,303,069.90, an improvement of 20.10% compared to the previous year[5]. - Cash and cash equivalents decreased from RMB 2.46 billion to RMB 1.88 billion, a decline of about 23.4%[24]. - Cash and cash equivalents at the end of the period decreased to $1.80 billion from $2.29 billion, a decline of approximately 21.5%[31]. - Cash flow from investing activities showed a net outflow of $332.70 million, an improvement from the previous outflow of $390.01 million[30]. - The company received cash related to investment activities amounting to $1.74 billion, an increase from $1.19 billion in the previous period[30]. - Total assets at the end of the reporting period were CNY 17,170,318,463.68, a slight decrease of 0.86% from the beginning of the year[5]. - As of March 31, 2025, total assets amounted to RMB 17.17 billion, a decrease from RMB 17.32 billion at the beginning of the period[25]. - The company's total liabilities decreased from RMB 4.93 billion to RMB 4.65 billion during the same period[26]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 213,007[14]. - The largest shareholder, Tibet Unisplendour Chuanghua Technology Co., Ltd., holds 26.00% of shares, totaling 220,901,326 shares[14]. - The top ten shareholders collectively hold a significant portion of shares, with the second-largest shareholder holding 3.26%[14]. - There are no preferred shareholders reported for the company[16]. - The company has a shareholding structure with no preferred shareholders and no significant changes in the top ten shareholders' participation in margin trading[15]. - The company has a total of 6,396,000 shares held in a repurchase special securities account, representing 0.75% of total shares[15]. Expenses and Costs - Total operating costs decreased from RMB 907.89 million to RMB 872.94 million, a reduction of about 3.8%[27]. - Research and development expenses for the current period were RMB 268.83 million, down from RMB 300.48 million, indicating a decrease of approximately 10.5%[27]. - Sales expenses increased by 46.60% to CNY 64,558,539.74, driven by higher personnel costs and sales service expenses[12]. - The company reported a significant decrease in other income by 34.92% to CNY 31,491,958.96, attributed to reduced VAT refunds[12]. - Investment income decreased by CNY 105,000,000, primarily due to lower profits from joint ventures and a one-time gain from the sale of a subsidiary in the previous year[11]. Future Plans and Transactions - The company plans to use up to RMB 660 million of temporarily idle raised funds for cash management within a 12-month period[18]. - The company also approved the use of up to RMB 1.6 billion of its own funds to purchase short-term principal-protected bank wealth management products[18]. - The estimated total amount for daily related transactions in 2025 is RMB 580 million, involving procurement and sales with an indirect controlling shareholder[20]. - The company plans to increase the estimated total amount of related party transactions for 2025 to RMB 1.3 billion (excluding tax)[21]. - The company will repurchase shares using its own funds, with a total repurchase amount between RMB 100 million and 200 million, at a price not exceeding RMB 103.39 per share[22]. Management Changes - The company has appointed a new president, Li Tianchi, following the resignation of the previous president[17].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 5.5 billion yuan for 2024, a year-on-year decrease of 27.26%, and a net profit attributable to shareholders of 1.2 billion yuan, down 53.43% year-on-year [5] - The decline in revenue is primarily due to a decrease in special integrated circuit income, which fell by 42.57% year-on-year [5] - The company continues to invest heavily in R&D, with an expenditure of 1.29 billion yuan, representing 23.33% of revenue, which is an increase of 4.54 percentage points year-on-year [5] - The company is expected to benefit from the acceleration of special informationization and the recovery of its main business, with anticipated revenue growth in the automotive chip sector [5] Financial Performance - The company achieved a net cash flow from operating activities of 1.5 billion yuan, a decrease of 17.07% year-on-year [5] - The net assets attributable to shareholders increased by 6.33% year-on-year to 12.4 billion yuan as of December 31, 2024 [5] - The projected revenues for 2025, 2026, and 2027 are 6.7 billion yuan, 8.3 billion yuan, and 10.5 billion yuan respectively, with corresponding net profits of 1.6 billion yuan, 2.2 billion yuan, and 2.3 billion yuan [5][8] Market Position and Outlook - The company is positioned to benefit from the growth in automotive electronics and the recovery of traditional consumer electronics [5] - The company has launched several new products, including the first commercial eSIM in China and automotive safety chip solutions, which are expected to contribute to future revenue growth [5] - The company maintains a leading position in FPGA and system-level chip products, which are anticipated to see improved performance in the current fiscal year [5]

| 证券代码：002049 | 证券简称：紫光国微 公告编号：2025-039 | | --- | --- | | 债券代码：127038 | 债券简称：国微转债 | 紫光国芯微电子股份有限公司 关于回购股份事项前十名股东及前十名无限售条件股东 持股情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 紫光国芯微电子股份有限公司（以下简称"公司"）于2025年4月21日召开第八 届董事会第二十二次会议，审议通过《关于以集中竞价交易方式回购公司股份方案 的议案》。具体内容详见公司于2025年4月23日在《中国证券报》和巨潮资讯网 （http://www.cninfo.com.cn）上披露的《关于以集中竞价交易方式回购公司股份 方案的公告暨回购报告书》（公告编号：2025-035）。 根据《中华人民共和国证券法》《上市公司股份回购规则》和《深圳证券交易 所上市公司自律监管指引第9号——回购股份》等相关规定，现将公司董事会公告回 购股份决议的前一个交易日（2025年4月22日）登记在册的公司前十名股东和前十名 无限售条件股东的名称及持股数量、比例情况公告如下 ...

Core Insights - The company reported a revenue of 5.511 billion yuan for 2024, representing a year-over-year decline of 27.3%, and a net profit attributable to shareholders of 1.179 billion yuan, down 53.4% year-over-year [1] - The special circuit segment faced significant pressure, leading to a noticeable decline in gross margin [1] Revenue Breakdown - Integrated circuit revenue was 2.577 billion yuan, down 42.6% year-over-year, significantly impacted by industry cycle adjustments [2] - Smart security chip revenue was 2.638 billion yuan, down 7.6% year-over-year; quartz crystal business saw growth with revenue of 224 million yuan, up 20.9% year-over-year [2] - The overall gross margin for 2024 was 55.8%, a decrease of 5.4 percentage points year-over-year, with integrated circuit gross margin at 71.7%, down 1.5 percentage points [2] Cost and Expenses - The company maintained high R&D expenses, with a period expense ratio of 32.8%, up 6.4 percentage points year-over-year, primarily due to rapid revenue decline and fixed costs [2] - R&D expense ratio was 22.4%, an increase of 3.4 percentage points year-over-year, focusing on new storage, AI smart chips, and automotive domain control chips [2] Inventory and Contract Liabilities - Inventory balance was 1.974 billion yuan, down 21.5% from the beginning of the year, mainly due to the exclusion of Unisoc Qinghan from consolidation and reduced production in the integrated circuit business [3] - Contract liabilities were 284 million yuan, down 63.1% from the beginning of the year, indicating reduced visibility on short-term orders [3] Future Outlook - The company is expected to benefit from the high demand in 2025, as emphasized by President Xi Jinping during the Two Sessions, with a potential performance turnaround as early as Q2 2025 [3] - A share buyback plan of 100 to 200 million yuan has been proposed to support employee stock ownership plans, following a previous buyback of 600 million yuan in 2023 [3] Strategic Focus - The company is focusing on its core business and optimizing resource allocation post-judicial restructuring of Unisoc Group, enhancing competitiveness through a "design-driven + manufacturing collaboration" model [4] - The company has completed equity adjustments and liquidations of certain subsidiaries to improve operational efficiency [4]

Core Insights - In 2024, despite a highly competitive market and cyclical fluctuations in the special integrated circuit industry, the company reported increased R&D investment and continuous breakthroughs in core technologies [1] - The company achieved an operating revenue of 5.511 billion yuan, with integrated circuits contributing 5.215 billion yuan; the electronic components business saw a year-on-year revenue growth of 20.93% to 224 million yuan [1][2] - The company maintained a focus on core business development, ensuring a strong R&D investment of 1.286 billion yuan, accounting for 23.33% of operating revenue, and obtained 85 invention patents during the reporting period [2][3] Revenue and Profit Performance - The company reported a net profit attributable to shareholders of 1.179 billion yuan, indicating a certain degree of decline in revenue and net profit for the fiscal year [1][2] - The company is leveraging domestic substitution opportunities and focusing on key markets to stabilize and grow sales and production volumes [1] R&D and Product Development - The company has made significant advancements in special integrated circuits, including the successful market launch of radiation-resistant products and breakthroughs in key technologies such as high-current power module design and low-noise switch power supply design [2][3] - The company is also advancing its smart security chip business, with eSIM products achieving commercial success and automotive safety chip solutions entering mass production [3] Business Optimization and Management - The company has restructured its business and management systems to enhance operational efficiency, including the transfer of equity in certain subsidiaries and the establishment of new departments to optimize resource allocation [4] - The company emphasizes corporate governance and social responsibility, aiming for high-quality development and value enhancement [5] Recognition and Future Plans - The company received multiple accolades, including being ranked first in the "2024 China IC Design Fabless 100" list and recognized as a top semiconductor enterprise in various global rankings [5] - Looking ahead to 2025, the company plans to optimize its business and management systems under the board's leadership, focusing on product quality, technology strength, market expansion, and service improvement [5]

Financial Performance - In 2024, the company achieved a revenue of CNY 5.511 billion, a decrease of 27.26% compared to the previous year [3] - The net profit attributable to shareholders was CNY 1.179 billion, down 53.43% year-on-year [3] - The net cash flow from operating activities was CNY 1.467 billion, a decline of 17.07% from the previous year [3] - As of December 31, 2024, the net assets attributable to shareholders were CNY 12.394 billion, an increase of 6.33% from the beginning of the year [3] R&D Investment - Total R&D expenditure for 2024 was CNY 1.2859145 billion, accounting for 23.33% of revenue [3] - The company obtained 85 invention patents and 19 utility model patents during the year [3] Business Highlights Special Integrated Circuits - The company maintained a leading position in FPGA and system-level chip products [4] - Continued advancements in special memory and network interface products, with new chip launches covering various application scenarios [4] Intelligent Security Chips - The intelligent security chip business made significant progress in product technology and market expansion, achieving a leading position in the global SIM card chip market [4] - The annual shipment volume of automotive safety chips reached several million units [4] Quartz Crystal Frequency Devices - The quartz crystal frequency device business showed steady growth, expanding into emerging markets such as security and renewable energy [5] Shareholder Returns - The company has implemented cash dividend plans 18 times since its listing in 2005, with a total cash dividend of CNY 573 million in 2024 [6] - A proposed cash dividend of CNY 177 million for 2024 is pending shareholder approval [6] Strategic Initiatives - The company is focusing on enhancing its core business areas, including special integrated circuits, intelligent security chips, and quartz crystal frequency devices [7] - Plans to integrate AI technology into special integrated circuits and expand into automotive electronics [7] Market Outlook - The company anticipates significant growth in orders for special integrated circuits in 2025, despite expected price declines due to market competition [10] - The domestic chip market is expected to grow, particularly in high-end control chips where domestic alternatives are still developing [15]

Core Viewpoint - In 2024, the company aims to focus on core business development, maintain R&D investment, and enhance management efficiency to navigate challenges in a competitive market and the cyclical nature of the special integrated circuit industry [1][4]. Group 1: Business Development and Market Position - The company is seizing opportunities in the recovering global semiconductor industry, positioning itself as a leading comprehensive integrated circuit enterprise in China [2][3]. - The special integrated circuit business has improved quality assurance and production efficiency through optimization of quality systems, organizational structure, and supply chain management [2][5]. - The company has successfully launched radiation-resistant products for aerospace applications and achieved breakthroughs in key technologies such as high-current power modules and low-noise switch power designs [2][6]. Group 2: Financial Performance - In 2024, the company reported revenue of 5.511 billion yuan, a decrease of 27.26% year-on-year, and a net profit of 1.179 billion yuan, down 53.43% from the previous year [4]. - The net cash flow from operating activities was 1.467 billion yuan, a decline of 17.07% compared to the previous year [4]. - The company's total equity attributable to shareholders increased by 6.33% to 12.394 billion yuan, while the asset-liability ratio decreased by 6.63 percentage points to 28.44% [4]. Group 3: R&D and Innovation - The company invested 1.286 billion yuan in R&D in 2024, accounting for 23.33% of its revenue, and obtained 85 invention patents and 19 utility model patents [6][8]. - The company is focusing on domestic substitution and achieving breakthroughs in critical technologies in "bottleneck" areas while enhancing its position in international markets [6][7]. - The company is developing next-generation core devices in response to industry changes and demands, aiming to create new revenue growth points [3][8]. Group 4: Future Strategy - In 2025, the company plans to expand its special integrated circuit business by enhancing product categories, extending application areas, and increasing market share [7][8]. - The company will continue to innovate in security chip products and explore new industry applications while capitalizing on opportunities in the automotive electronics sector [7][8]. - The company aims to leverage AI technologies to enhance existing product lines and develop new intelligent product lines, thereby improving overall competitiveness and driving performance growth [8].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the fiscal year 2024, while maintaining a positive growth in net assets and continuing to invest heavily in R&D to strengthen its industry position [1][2]. Financial Performance - The company achieved an operating revenue of 5.511 billion yuan, a decrease of 27.26% compared to the previous year [1]. - The net profit attributable to shareholders was 1.179 billion yuan, down 53.43% year-on-year [1]. - The net cash flow from operating activities was 1.467 billion yuan, a reduction of 17.07% from the previous year [1]. - As of December 31, 2024, the net assets attributable to shareholders reached 12.394 billion yuan, reflecting a growth of 6.33% since the beginning of the year [1]. - The company plans to distribute a cash dividend of 2.10 yuan for every 10 shares to all shareholders [1]. R&D and Technological Advancements - The company invested 1.286 billion yuan in R&D, accounting for 23.33% of its operating revenue [2]. - It secured 85 invention patents and 19 utility model patents during the year [2]. - The company successfully launched radiation-resistant products for aerospace applications and made progress in the development of analog products [2]. - Key technological breakthroughs were achieved in high-current power module design and low-noise switch power supply design [2]. - The company initiated the construction of a production base for ultra-miniature quartz crystal resonators and successfully developed several new specifications and products [2]. Business and Management Optimization - The company restructured its business and management systems to focus on core operations, optimize resource allocation, and enhance management efficiency [3]. - It completed the equity transfer of Ziguang Qingteng and dissolved two subsidiaries while establishing a new entity, Guoxin Jinyuan (Yueyang) [3]. - The company adjusted its management headquarters' responsibilities and created new departments to improve overall operational capabilities [3].

紫光国芯微电子股份有限公司 2024 年度内部控制评价报告 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建 立和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。 公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任 何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性 承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及 相关信息真实完整，提高经营效率和效果，促进实现公司发展战略。内部控制存 在固有局限性，且由于情况的变化可能导致内部控制变得不恰当，或对控制政策 和程序遵循的程度降低，公司将及时进行内部控制体系的补充和完善，但根据内 部控制评价结果推测未来内部控制的有效性具有一定的风险。 二、内部控制评价结论 紫光国芯微电子股份有限公司2024年度内部控制评价报告 紫光国芯微电子股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称"企业内部控制规范体系"），结合紫光国 ...