证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 公司基本情况 | 最新收盘价（元） | 92.50 | | --- | --- | | 总股本/流通股本（亿股）4.82 | / 4.20 | | 总市值/流通市值（亿元）445 | / 388 | | 周内最高/最低价 52 | 92.50 / 43.09 | | 资产负债率(%) | 7.2% | | 市盈率 | 82.92 | | 第一大股东 | 北京屹唐盛芯半导体产 | | | 业投资中心(有限合伙) | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 北京君正(300223) NPU 助力定制化存储 l 投资要点 CUBE 助力变革边缘 AI 计算。华邦电子开发的创新型 CUBE （Customized Ultra Bandwidth Element，定制化超高带宽元件） 技术，作为客制化的高宽带存储芯片 3D TSV DRAM，专门为边缘 AI 运算装置所设计的存储架构，利用 3D 堆叠技术并结合异质键合技 术以提供高带宽、低功耗、单颗 256Mb 至 8Gb ...

证券研究报告：电子 | 公司点评报告 股票投资评级 公司基本情况 | 最新收盘价（元） | 92.50 | | --- | --- | | 总股本/流通股本（亿股）4.82 | / 4.20 | | 总市值/流通市值（亿元）445 | / 388 | | 周内最高/最低价 52 | 92.50 / 43.09 | | 资产负债率(%) | 7.2% | | 市盈率 | 82.92 | | 第一大股东 | 北京屹唐盛芯半导体产 | | | 业投资中心(有限合伙) | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 北京君正(300223) NPU 助力定制化存储 l 投资要点 CUBE 助力变革边缘 AI 计算。华邦电子开发的创新型 CUBE （Customized Ultra Bandwidth Element，定制化超高带宽元件） 技术，作为客制化的高宽带存储芯片 3D TSV DRAM，专门为边缘 AI 运算装置所设计的存储架构，利用 3D 堆叠技术并结合异质键合技 术以提供高带宽、低功耗、单颗 256Mb 至 8Gb 的存储芯片， ...

Summary of Conference Call Records Companies and Industries Involved - **Aojie Technology** - **Xinpeng Co., Ltd.** - **Chip Origin Technology** - **Beijing Junzheng** - **Storage Market** Key Points and Arguments Aojie Technology - Aojie Technology has completed a full product matrix from feature phones to smartphones, enhancing market competitiveness, particularly in the ultra-low-end smartphone market, with expectations for revenue growth through 4G/5G chip promotion and turning losses into profits [1][3] - The company is actively expanding into smart glasses and other mobile terminals, leveraging its SoC technology, low-power technology, and system-level chip design capabilities to capture market opportunities in AI edge applications [1][6] - The IoT module market is experiencing a cyclical recovery with reduced price competition, which, combined with the spread of AI edge applications, may lead to a situation of simultaneous volume and price increases, benefiting Aojie Technology [1][8] - Aojie Technology's custom business is expected to generate revenue of 400 to 500 million yuan in 2024, with strong performance and a client base including well-known domestic internet companies [3][7] - The company has a significant advantage in the smartphone SoC field due to ten years of R&D accumulation, with plans to promote 4G octa-core and 5G chips to achieve revenue growth and gradually offset R&D cost pressures [5][9] Xinpeng Co., Ltd. - Xinpeng Co., Ltd. is a leading domestic IP licensing company, with core IP revenues from GPU, GPGPU, NPU, and VPU accounting for 70%-80% of total IP revenue, indicating a strong technical capability approaching global leading levels [1][10] - The company is transitioning to a one-stop custom service provider, which is favored by major internet companies, and is expected to see significant growth in the co-processor market [1][12] Chip Origin Technology - Chip Origin Technology offers one-stop custom services, including chip design, simulation verification, and mass production, which are well-received by major internet companies and are transitioning towards a comprehensive solution provider model [1][12][13] - The company is advancing its EDA tool business, with expectations for core projects to materialize by 2025, enhancing its business model and value proposition [1][13] Beijing Junzheng - Beijing Junzheng is seeing recovery signs in the automotive, industrial, and consumer sectors, focusing on NPU and video processing chips for security monitoring, IoT, and AI applications [1][14] - The company anticipates a gradual increase in overall revenue in 2024, with expectations for year-on-year growth in the second half of 2025 as the automotive industry and consumer demand recover [1][15][20] - The company is also developing low-power, cost-effective edge computing capabilities, with plans to launch new products based on RISC-V architecture [1][17] Storage Market - The storage market is benefiting from the recovery of the automotive industry and increasing demand for DDR4, with expectations to upgrade to DDR5, providing opportunities for domestic companies due to overseas production cuts [2][19] - The overall outlook for the storage market remains optimistic, driven by increased end-side demand from AI applications [2][19] Other Important but Possibly Overlooked Content - Aojie Technology's competitive edge in the ultra-low-end smartphone market is attributed to its cost-performance advantage, despite existing gaps with industry giants like Qualcomm [1][4] - The IoT market is entering a new growth cycle, which may provide additional opportunities for Aojie Technology [1][8] - The collaboration model of Chip Origin Technology avoids competition with its own products, making it attractive to major internet companies [1][12]

Group 1: Company Overview - Beijing Junzheng Integrated Circuit Co., Ltd. is involved in various semiconductor products including SRAM, DRAM, and FLASH [2] - The company has a significant focus on automotive applications, with over 50% of its LED DRIVER products used in this sector [2] Group 2: Product Development - The company is researching new DRAM processes, specifically 21nm and 20nm, with samples expected to be available to customers this year [2] - AI technologies, including algorithms and NPU, are integrated into the company's SOC chips [3] Group 3: Market Position and Sales - Over 80% of the company's computing chips target the consumer market, primarily for security monitoring products [3] - More than 20% of the revenue from storage chips comes from domestic customers, while over 50% of revenue from analog chips is also from domestic clients [3] Group 4: Future Prospects - The company is monitoring the market for AI DRAM products, which are believed to have significant market potential [3] - The competitive landscape for computing chips is intense, with domestic competitors affecting profit margins [3]

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Insights - The company focuses on integrated circuit fields with a rich product matrix, including computing chips, storage chips, and analog/interconnect chips, targeting markets such as automotive, industrial, medical, communication, and consumer sectors [4][5] - The company has seen a decrease in revenue and profitability in the short term, with a projected revenue of 32.01 billion yuan for the first three quarters of 2024, a year-on-year decrease of 6.39%, and a net profit of 3.04 billion yuan, down 17.37% [3] - The company continues to invest in core technology R&D, enhancing its market competitiveness and maintaining a strong technology reserve in various fields, including embedded CPU technology and AI algorithms [5] Financial Forecast - The company forecasts revenues of 45.26 billion yuan, 54.26 billion yuan, and 63.14 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.01 yuan, 1.28 yuan, and 1.55 yuan [6][9] - The current stock price corresponds to a PE ratio of 85.0, 66.9, and 55.4 for the years 2024, 2025, and 2026 respectively [6][9]

证券代码：300223 证券简称：北京君正 公告编号：2025-002 北京君正集成电路股份有限公司 关于公司部分股东、董事、监事及高级管理人员 4、持有本公司股份 1,351,363 股（占本公司总股本比例 0.28%）的副总经理 兼董事会秘书张敏计划在 2025 年 3 月 19 日至 2025 年 6 月 18 日的三个月内以集 中竞价方式减持本公司股份 250,000 股（占本公司总股本比例 0.0519%）； 5、持有本公司股份 757,331 股（占本公司总股本比例 0.16%）的监事会主席 张燕祥计划在 2025 年 3 月 19 日至 2025 年 6 月 18 日的三个月内以集中竞价方式 减持本公司股份 180,000 股（占本公司总股本比例 0.0374%）。 北京君正集成电路股份有限公司（以下简称"公司"）于近日收到上述股东 关于减持计划的书面文件，现将相关情况公告如下： 股份减持计划预披露公告 公司股东北京四海君芯有限公司、控股股东暨实际控制人之一/董事李杰、 董事冼永辉、监事张燕祥、高级管理人员张敏保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本 ...

Summary of Beijing Junzheng's Conference Call Company Overview - **Company**: Beijing Junzheng - **Main Business Segments**: Computing chips, storage chips, and analog interconnect chips Key Points Financial Performance - **Total Revenue**: 2024 Q1-Q3 revenue reached 3.2 billion yuan, averaging over 1 billion yuan per quarter, with Q3 remaining stable compared to Q2 [2][3] - **Computing Chips Revenue**: 812 million yuan in Q1-Q3, primarily for security monitoring, with Q2 and Q3 each contributing around 280 million yuan [2][3] - **Storage Chips Revenue**: Close to 2 billion yuan in Q1-Q3, with a quarterly average of over 600 million yuan, but expected to decline in Q4 due to seasonal factors [3] - **Analog Interconnect Chips Revenue**: Approximately 400 million yuan for the year, with over 50% coming from the automotive market [3] Market Trends and Projections - **2025 Market Recovery**: Anticipated recovery in the industry after two years of decline, with Q1 expected to show sequential growth and significant growth in the second half of 2025 [3][5] - **Analog Interconnect Growth**: Expected to maintain growth due to its small size and good growth potential [3] - **Computing Chips Strategy**: Focus on enhancing competitiveness in mid-range and high-end products to achieve growth [3][4] Product Development Plans - **New Product Launches**: Plans to introduce new computing products in 2025, including T33 (mid-low end) and T42 (mid-high end), to enhance competitiveness in the security monitoring sector [4][13] - **DRAM Development**: 21nm products expected to provide engineering samples in H1 2025, with 20nm products also in development [2][10] Market Dynamics - **Storage Business**: Domestic market share increased from slightly below 20% in Q1 2024 to over 25% in Q4 2024, with growth still reliant on overseas market recovery [8] - **Automotive Sector Demand**: Increased demand for automotive-grade storage due to advancements in smart driving technologies [9] Competitive Landscape - **Market Competition**: The computing chip market is highly competitive, with the company maintaining an advantage in low-power applications and proprietary core IP [19] - **Gross Margin**: Computing chip gross margin around 33% for Q1-Q3 2024, with an annual estimate of about 32% [20] Risks and Challenges - **Price Pressure**: Potential price pressure on analog chips despite maintaining a gross margin of around 40% [21] - **Supply Chain Risks**: Consideration of potential supply chain disruptions, particularly regarding foundry services [18] Additional Insights - **LED Driver Applications**: LED drivers are used in various automotive lighting applications, with ongoing development in smart LED and mini LED technologies [23] - **Focus on Domestic Market**: Increasing emphasis on the domestic market due to the trend of domestic substitution and the importance of self-sufficiency [8] This summary encapsulates the key insights from the conference call, highlighting the company's performance, market outlook, product strategies, and competitive positioning.

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 84.49 CNY based on a projected average PE of 71 for comparable companies in 2025 [3][6]. Core Views - The company is expected to experience a decline in earnings per share (EPS) for 2024, with projections of 0.90 CNY, followed by 1.19 CNY in 2025 and 1.38 CNY in 2026. This adjustment is primarily due to a downturn in industry conditions, leading to a downward revision of revenue forecasts across its main business segments [3][9]. - The company is actively expanding its three main product lines, focusing on the consumer market for computing chips, automotive applications for storage chips, and maintaining a competitive edge in analog interconnect products [8][9]. Financial Summary - Revenue is projected to decline from 4,531 million CNY in 2023 to 4,378 million CNY in 2024, before recovering to 5,185 million CNY in 2025 and reaching 6,136 million CNY in 2026, reflecting a growth rate of 18.4% in 2025 and 18.3% in 2026 [5][12]. - Operating profit is forecasted to decrease from 545 million CNY in 2023 to 472 million CNY in 2024, with a subsequent increase to 628 million CNY in 2025 and 736 million CNY in 2026 [5][12]. - The net profit attributable to the parent company is expected to decline to 434 million CNY in 2024, followed by a recovery to 572 million CNY in 2025 and 667 million CNY in 2026 [5][12]. - The gross margin is projected to stabilize around 37.5% to 37.9% from 2024 to 2026, while the net margin is expected to fluctuate between 9.9% and 11.0% during the same period [5][12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 84.49 CNY based on a projected average PE of 71 for comparable companies in 2025 [3][6]. Core Views - The company is expected to experience a decline in earnings per share (EPS) for 2024, with projections of 0.90 CNY, followed by a recovery to 1.19 CNY in 2025 and 1.38 CNY in 2026. This adjustment is primarily due to a downturn in industry conditions, leading to a downward revision of revenue forecasts across its main business segments [3][9]. - The company is actively expanding its three main product lines, focusing on the consumer market for computing chips, automotive applications for storage chips, and maintaining a competitive edge in analog interconnect products [8][9]. Financial Summary - The company's revenue for 2022 was 5,412 million CNY, with a forecasted decline to 4,531 million CNY in 2023, followed by a slight decrease to 4,378 million CNY in 2024, before rebounding to 5,185 million CNY in 2025 and 6,136 million CNY in 2026 [5][12]. - Operating profit is projected to decrease from 814 million CNY in 2022 to 545 million CNY in 2023, with a further decline to 472 million CNY in 2024, before increasing to 628 million CNY in 2025 and 736 million CNY in 2026 [5][12]. - The net profit attributable to the parent company is expected to drop from 789 million CNY in 2022 to 537 million CNY in 2023 and 434 million CNY in 2024, with a recovery to 572 million CNY in 2025 and 667 million CNY in 2026 [5][12]. - The gross margin is projected to remain stable, with values of 38.6% in 2022, 37.1% in 2023, and gradually increasing to 37.9% by 2026 [5][12].

| 上，我们预计长期来看会保持很好的成长性。 | | --- | | 3、眼镜产品目前进展如何？ | | 目前这类产品使用的 系列芯片，有一些客户在研发中， T | | 有的客户已经发布了产品，还有一些客户在评估阶段，我们会 | | 持续跟进和支持这个市场方向。 | | 4、公司产品的毛利率水平如何？ | | 计算芯片的毛利率波动较大，受市场需求和竞争影响较大， | | 今年前三季度的毛利率在 30%以上；存储芯片的毛利率前三季 | | 度大约 34%上下；模拟与互联芯片毛利率一直保持在较高水 | | 平，前三季度保持在 50%以上。 | | 5、比亚迪汽车是公司的客户吗？ | | 比亚迪是我们的客户。 | | 6、公司各产品线在国内的销售情况？ | | 计算芯片大部分客户是国内客户，存储芯片 20%多的收入 | | 来自国内客户，模拟芯片大概 50%多的收入来自国内客户。 | | 目前的销售情况如何？ 7、SRAM | | SRAM 的销售收入相对稳定，客户以汽车、工业为主，价 | | 格上也比较稳定，一直保持了很好的毛利率。 | | 8、公司 DRAM 的代工厂是哪家？ | | 目前主要在力晶。 | | ...