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].

Core Viewpoint - The company reported a sequential revenue increase of 5% in Q1 2025, with a turnaround in net profit, aligning with expectations. However, the annual revenue for 2024 is projected to decline by 7.03% due to weak market demand in the automotive and industrial sectors [1]. Financial Performance - In Q1 2025, the company achieved a revenue of 1.06 billion yuan, a sequential growth of 4.83%, and a net profit of 74 million yuan, reflecting a sequential increase of 19.62%. The net profit excluding non-recurring items was 66 million yuan, marking a return to profitability [1]. - The gross margin for Q1 2025 was 36.40%, up by 1.93 percentage points, while the net profit margin was 6.97%, an increase of 0.86 percentage points. The net profit margin excluding non-recurring items rose by 6.85 percentage points, primarily due to a decrease in financial expense ratio and a reduction in asset impairment losses as a percentage of revenue [1]. Product Performance - The storage chip segment, the largest product line, generated revenue of 2.589 billion yuan in 2024, accounting for 61.47% of total revenue, but saw a year-on-year decline of 11.06%. In Q1 2025, revenue was 663 million yuan, a sequential increase of 9.90% driven by market recovery in automotive and industrial sectors [2]. - The second-largest product, computing chips, had a revenue of 1.09 billion yuan in 2024, representing 25.88% of total revenue, with a slight year-on-year decline of 1.65%. Q1 2025 revenue was 270 million yuan, down 2.65% sequentially, attributed to the traditional off-season for the security monitoring market [2]. - The third product line, analog and connectivity chips, reported 472 million yuan in revenue for 2024, with a year-on-year growth of 15.31%. Q1 2025 revenue was 119 million yuan, a sequential decrease of 3.99% [2]. Strategic Developments - The company is launching DRAM products using 20/18/16nm processes and is actively developing 3D DRAM products aimed at AI applications, with engineering samples expected to be available by 2025 [3]. - In the computing chip segment, the C200 product targeting the video sector is anticipated to be fully masked by 2025, suitable for smart wearables and glasses [3]. - The first product from the GreenPHY line in the analog and connectivity segment is now in mass production, with some customers already integrating the product [3]. Market Position - The company is recognized as a leading automotive IC enterprise in China, with a comprehensive layout in automotive-grade chip platforms. The collaborative development across various segments is expected to yield net profits of 502 million, 632 million, and 749 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 63.2, 50.2, and 42.4 [4].

Investment Rating - The report maintains a "Buy" rating for Beijing Junzheng, expecting a price increase of 5% to 15% relative to the industry index over the next six months [7]. Core Views - The company has turned a profit in Q1 2025, with a significant recovery in its non-net profit attributable to shareholders, driven by a rebound in the automotive and industrial sectors [2][3]. - The company is actively expanding into advanced DRAM processes and 3D DRAM products aimed at AI applications, indicating strong growth potential [4]. - The overall revenue for 2024 is projected to decline by 7.03% year-on-year, with a net profit decrease of 31.84%, primarily due to weak market demand in the automotive and industrial sectors [10]. Financial Summary - **Revenue and Profitability**: - 2023 revenue is projected at 4,531 million CNY, with a decline to 4,213 million CNY in 2024, followed by a recovery to 5,109 million CNY in 2025 [14]. - The net profit attributable to shareholders is expected to decrease from 537 million CNY in 2023 to 366 million CNY in 2024, before rising to 502 million CNY in 2025 [14]. - The gross margin for Q1 2025 improved to 36.40%, up 1.93 percentage points from the previous quarter [2][8]. - **Earnings Per Share (EPS)**: - The latest diluted EPS is projected to be 1.12 CNY in 2023, decreasing to 0.76 CNY in 2024, and then recovering to 1.04 CNY in 2025 [14]. - **Valuation Ratios**: - The Price-to-Earnings (P/E) ratio is expected to decrease from 59.1 in 2023 to 42.4 by 2027, indicating a potential improvement in valuation as earnings recover [14]. - **Return on Equity (ROE)**: - ROE is projected to decline from 4.4% in 2023 to 3.0% in 2024, with a gradual recovery to 5.4% by 2027 [14]. Product Segmentation - **Memory Chips**: - Revenue from memory chips is expected to be 25.89 billion CNY in 2024, accounting for 61.47% of total revenue, despite a year-on-year decline of 11.06% [3]. - Q1 2025 revenue for memory chips was 6.63 billion CNY, reflecting a 9.90% quarter-on-quarter increase [3]. - **Computing Chips**: - Revenue from computing chips is projected at 10.90 billion CNY in 2024, with a slight year-on-year decline of 1.65% [3]. - Q1 2025 revenue for computing chips was 2.70 billion CNY, showing a decrease of 2.65% quarter-on-quarter [3]. - **Analog and Connectivity Chips**: - Revenue from analog and connectivity chips is expected to grow by 15.31% year-on-year to 4.72 billion CNY in 2024 [3].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 82.6 yuan, maintaining the rating [3][5]. Core Views - The company is expected to benefit from the trends in edge AI industries, with a focus on deepening technology innovations in SOC and DRAM [2]. - The company maintains a product strategy of "computing + storage + analog," actively developing new technologies and products for edge AI and automotive intelligence/electrification [3]. - Revenue projections for the company are estimated at 4.97 billion yuan, 5.82 billion yuan, and 6.86 billion yuan for the years 2025 to 2027, with corresponding net profits of 519 million yuan, 665 million yuan, and 771 million yuan [3]. Financial Performance - In Q1 2025, the company achieved revenue of 1.06 billion yuan, a year-on-year increase of 5.28%, and a net profit of 74 million yuan, a decrease of 15.3% year-on-year [1]. - The gross margin for Q1 2025 was 36.4%, remaining stable compared to the previous quarter [1]. - The company invested 680 million yuan in R&D in 2024, with 176 million yuan spent in Q1 2025 [1]. Business Segments - The company's business includes computing chips, storage chips, and analog/interconnect chips, with significant R&D investments in embedded CPUs, video encoding, image signal processing, neural network processors, and AI algorithms [2]. - In the computing chip segment, the company is accelerating the development of various RISC-V CPU cores and enhancing NPU and VPU capabilities to meet new technology demands [2]. - In the DRAM segment, the company is focusing on advanced process technology and expanding its 3D DRAM layout to meet the needs of AI mobile phones, AI PCs, and AIoT [2].

Financial Performance - The company's revenue for Q1 2025 was CNY 1,060,232,459.55, representing a year-over-year increase of 5.28% compared to CNY 1,007,095,092.34 in the same period last year[5] - Net profit attributable to shareholders decreased by 15.30% to CNY 73,904,992.30 from CNY 87,259,945.64 year-over-year[5] - Total operating revenue for the current period reached ¥1,060,232,459.55, an increase of 5.1% compared to ¥1,007,095,092.34 in the previous period[22] - Net profit for the current period was ¥73,674,693.47, a decrease of 15.5% from ¥87,255,226.99 in the previous period[23] Cash Flow - The net cash flow from operating activities increased significantly by 388.33%, reaching CNY 175,151,109.32, compared to a negative cash flow of CNY -60,745,713.05 in the previous year[5] - Operating cash flow for the period was ¥175,151,109.32, a significant improvement from a negative cash flow of ¥60,745,713.05 in the previous period, indicating a turnaround in operational efficiency[25] - Total cash inflow from operating activities was ¥1,070,271,263.64, compared to ¥1,040,268,003.81 in the prior period, reflecting a growth of approximately 2.4%[25] - Cash outflow from operating activities decreased to ¥895,120,154.32 from ¥1,101,013,716.86, representing a reduction of about 18.7%[25] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 12,953,437,988.00, a slight increase of 0.20% from CNY 12,926,945,100.27 at the end of the previous year[5] - Total liabilities decreased to ¥815,303,131.29 from ¥844,031,402.20 in the prior period[20] - The company's equity attributable to shareholders rose to ¥12,109,377,822.84, compared to ¥12,053,926,365.37 in the previous period[20] Investment Income - Investment income surged by 1772.04% to CNY 7,449,000.00, attributed to higher returns from financial products[10] - The company reported an investment income of ¥7,448,950.04, significantly higher than ¥397,905.24 in the previous period[23] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 91,287, with the top ten shareholders holding significant stakes[12] - The total number of shares held by the top 10 shareholders was 61,929,113 shares, with significant holdings by Liu Qiang and Li Jie[15][16] - Liu Qiang holds 30,356,658 shares, while Li Jie holds 14,038,339 shares, both under lock-up agreements[15] - The company has a strategy for gradual release of locked shares, with 25% of shares eligible for release annually after the initial lock-up period[15] Expenses - Management expenses rose by 34.07% to CNY 57,761,300.00, primarily due to increased stock incentive costs[9] - Research and development expenses were ¥176,326,719.95, slightly down from ¥180,486,827.22 in the previous period[22] Other Financial Metrics - The company reported a 60.04% increase in asset impairment losses, totaling CNY 14,868,400.00, mainly due to increased inventory write-downs[10] - Basic earnings per share for the current period were ¥0.1535, down from ¥0.1812 in the previous period[24] - Other comprehensive income after tax was -¥30,345,567.83, compared to -¥69,480,673.23 in the previous period[23]

证券代码：300223 证券简称：北京君正 公告编号：2025-023 北京君正集成电路股份有限公司 2025 年第一季度报告披露提示性公告 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、误导性陈述或重大遗漏。 北京君正集成电路股份有限公司《2025 年第一季度报告》已于 2025 年 4 月 25 日在中国证监会指定的创业板信息披露网站巨潮资讯网（www.cninfo.com.cn） 上披露，敬请投资者注意查阅。 特此公告。 北京君正集成电路股份有限公司 董事会 二○二五年四月二十五日 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 67.89 and an industry rating of outperforming the market [1][3]. Core Views - The company's performance in 2024 is expected to decline due to the industry's market downturn, but its forward-looking multi-dimensional product layout is anticipated to benefit from the release of AI edge-side demand, justifying the "Buy" rating [3][5]. Financial Summary - The company is projected to achieve revenues of RMB 50.15 billion, RMB 56.87 billion, and RMB 64.48 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 5.42 billion, RMB 6.27 billion, and RMB 7.30 billion [5][7]. - The revenue growth rates are expected to be -16.3% in 2023, -7.0% in 2024, followed by 19.1% in 2025, and 13.4% in both 2026 and 2027 [7][8]. - The company's EBITDA is forecasted to be RMB 714 million in 2025, RMB 803 million in 2026, and RMB 906 million in 2027 [7][8]. Market Position and Strategy - The company is accelerating its layout in AI edge-side products, with a continuous improvement in its product line. The sales of computing chips in various fields are expected to grow, while the security monitoring sector may experience slight declines due to demand fluctuations [8]. - The company is focusing on the mid-to-low-end market with its T23 product and has introduced the T32 IPC chip, which is designed for high cost-performance in the security market [8]. Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 60.3, 52.1, and 44.8 respectively, indicating a potential for valuation improvement as the market stabilizes [5][7]. - The company’s net profit margin is expected to recover to 10.8% in 2025, 11.0% in 2026, and 11.3% in 2027 [8].

Investment Rating - The report maintains a "Recommendation" rating for Beijing Junzheng, with a target price of 85.84 CNY, compared to the current price of 67.89 CNY [3][7]. Core Views - The company is advancing its platform strategy and leveraging AI to drive new growth momentum. Despite facing industry headwinds, the company demonstrates operational resilience and maintains solid profitability [2][7]. - The global consumer electronics market is experiencing varied demand dynamics, with AI technology propelling overall market growth, while certain segments like security monitoring show unstable demand [7][8]. - The company’s revenue for 2024 is projected at 4.213 billion CNY, a year-over-year decrease of 7.03%, with a net profit of 366 million CNY, down 31.84% year-over-year [7][8]. Financial Summary - **2024 Financial Performance**: - Total revenue: 4.213 billion CNY (YoY -7.03%) - Net profit: 366 million CNY (YoY -31.84%) - Non-recurring net profit: 312 million CNY (YoY -36.52%) [7][8]. - **Quarterly Performance**: - Q4 2024 revenue: 1.011 billion CNY (YoY -8.97%, QoQ -7.58%) - Q4 2024 net profit: 62 million CNY (YoY -63.41%, QoQ -42.22%) [7][8]. - **Revenue Breakdown**: - Computing chips: 1.09 billion CNY (YoY -1.65%), gross margin 33.02% - Storage chips: 2.589 billion CNY (YoY -11.06%), gross margin 34.55% - Analog and interconnect chips: 472 million CNY (YoY +15.31%), gross margin 49.61% [7][8]. - **Future Projections**: - Expected revenue for 2025-2027: 5.167 billion CNY, 6.122 billion CNY, and 7.110 billion CNY respectively - Expected net profit for 2025-2027: 510 million CNY, 673 million CNY, and 834 million CNY respectively [8][9]. Research and Development - The company is focusing on core technology development and expanding its product matrix, including advancements in RISC-V technology and new AI-ISP products for video applications [7][8]. - New storage chip products are being developed to meet the demand for high-capacity DRAM, with plans to provide engineering samples by 2025 [7][8]. Market Position - The company maintains a strong competitive position in the integrated circuit market, supported by its technological capabilities and product offerings, despite the cyclical downturn in the industry [7][8].

Core Viewpoint - The company reported a decline in revenue and profit for 2024, attributed to industry cyclical lows, but anticipates gradual recovery in 2025 due to new demand in various sectors [1][2]. Financial Performance Summary - For 2024, the company achieved revenue of 4.21 billion, a year-on-year decrease of 7.0%, and a net profit attributable to shareholders of 370 million, down 31.8% year-on-year. The non-recurring net profit was 310 million, reflecting a 36.5% decline [1]. - In Q4 2024, revenue was 1.01 billion, a decrease of 9.0% year-on-year and 7.6% quarter-on-quarter. The net profit attributable to shareholders was 60 million, down 63.4% year-on-year and 42.2% quarter-on-quarter. The non-recurring net profit was -6 million, indicating a 104.2% decline year-on-year and 105.1% quarter-on-quarter [1]. Industry Outlook - The automotive, industrial, and medical sectors are currently experiencing low market conditions, leading to revenue declines for the company. Additionally, increased stock-based compensation and depreciation from acquisitions have negatively impacted profit performance [1]. - The industry has been in a down cycle for over two years, with ongoing inventory destocking. However, new demands in smart driving, data centers, and industrial automation are expected to contribute to a gradual market recovery in 2025 [1]. Product Development and Growth Potential - The company is actively developing new products such as 3D AI DRAM to meet the rising demand for AI computing and storage bandwidth. It has completed mass production of 8Gb DDR4 and 16Gb LPDDR4 products and is advancing the development of new DRAM products across various process nodes [2]. - Emerging applications for DRAM, SRAM, and Flash memory in robotics are also being explored, providing additional growth opportunities [2]. Investment Forecast - Due to the slow recovery of market demand, the company has adjusted its profit forecasts, expecting net profits attributable to shareholders of 450 million, 560 million, and 700 million for 2025-2027, with corresponding PE ratios of 72, 58, and 46 times [2].

Group 1: Market Outlook - The industry market is expected to gradually recover in 2025, with Q3 and Q4 likely showing better performance due to seasonal factors [2][3] - Storage chips are anticipated to reflect global market conditions, with improvements expected in Q1 2025 compared to the previous year [2][3] - The automotive sector is projected to show an upward trend, indicating 2025 could be a turning point for the industry [3] Group 2: Product Development - The 3D DRAM product is still in the R&D phase, with sample availability aimed for this year, while revenue contributions are uncertain [3][4] - High-performance SoC products are expected to exceed 2T by the end of the year, targeting applications in IPC and NVR markets [4] - The demand for 3D DRAM is increasing due to risks associated with HBM export restrictions, with potential applications in AI and high-performance computing [4][5] Group 3: Challenges and Strategic Planning - Tariffs are impacting both DRAM and analog product lines, potentially stabilizing prices for domestic chip manufacturers [5][6] - Key technical challenges for 3D stacking DRAM include stacking processes and thermal management [6] - The company plans to continue focusing on existing product lines while enhancing R&D in high-performance chips and 3D DRAM over the next three to five years [7]