Ingenic(300223)2025-02-26 16:22Summary 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]