Investment Rating - The report gives a "Buy" rating for the company, based on its leading position in the special-purpose chip market and strong state-owned background [4] Core Views - The company is a leading enterprise in China's special-purpose integrated circuit industry, with a comprehensive product portfolio covering both digital and analog ICs [10][57] - It has undertaken multiple national major scientific research projects and achieved breakthroughs in high-performance FPGA and high-precision ADC technologies [1][57] - The company maintains high R&D investment, with R&D expenses accounting for over 20% of revenue for five consecutive years [65] - Its products are widely used in military, communication, control, and measurement fields, benefiting from the trend of domestic substitution in special-purpose chips [57][182] Company Overview - Established in 2000, the company focuses on the R&D, design, and testing of special-purpose ICs, adopting a Fabless model [57] - Its main products include FPGA, CPLD, ADC, DAC, etc., with leading domestic market positions [57][62] - The company has a strong state-owned background, with China Electronics as the actual controller holding 76.69% shares [59] Financial Performance - Revenue is expected to grow from 926 million yuan in 2023 to 1.26 billion yuan in 2026, with a CAGR of 10.8% [7][144] - Net profit is projected to increase from 311 million yuan in 2023 to 506 million yuan in 2026, with a CAGR of 17.6% [7][144] - Gross margin remains high at around 75%, benefiting from the company's technological advantages and special-purpose IC characteristics [144] Industry Analysis - The global FPGA market is expected to grow to $12.5 billion by 2025, with China's market reaching 33.2 billion yuan [123] - Domestic FPGA market is currently dominated by foreign companies, with Xilinx and Intel accounting for 71% market share [78] - The ADC/DAC market has huge potential, especially in military applications where domestic substitution rate is less than 10% [302] Competitive Advantages - The company has a complete product line in both digital and analog ICs, with leading technologies in FPGA and ADC [57][62] - It has undertaken multiple national major scientific research projects, demonstrating strong R&D capabilities [1][57] - The company has established a complete quality control system, ensuring high reliability of its products [57] Future Development - The company plans to invest 750 million yuan in R&D of high-performance FPGA, high-speed high-precision ADC, and adaptive intelligent SoC [114] - It will also invest 550 million yuan in building a high-end IC R&D and industrial base, with an expected IRR of 18.92% [114] - The company aims to further expand its market share in special-purpose ICs and accelerate the domestic substitution process [182]
成都华微：国内特种芯片头部企业，创新驱动核心技术国产化进程