securities star news, Fudan micro power (688385) announced on February 2, 2024 that guangfa fund and zhongtai securities will investigate our company on January 30, 2024.

The details are as follows:

Q: What is the price change of the company's MCU and the downstream market for its main application?

A: The company's MCU is mainly smart meter MCU chip, at the same time, the company is also expanding other water vapor heat and other public utility market and white power, car gauge products and other general MCU chip market. There is a certain price reduction in 2023. At present, it is basically stable. The company will adjust according to market conditions.

Q: chiplet technology does the company apply in packaging?

A: The company is pushing forward the development and industrialization project of a new generation of FPG platform. The development of FPG adopts 1xnm process and Chiplet packaging, which is mainly aimed at high-performance application fields such as data center and network communication, and conforms to the technical trend of high-end FPG developing towards large capacity and high performance.

Q: What are the expectations for the safety and identification product line?

A: The security and identification product line accounts for about 1/4 of the company's revenue. The product line in the consumer electronics down stage, the overall stability of the business situation. In the first three quarters of 2023, the product line declined by about 10% year-on-year, and no major fluctuations are expected throughout the year; the gross margin of the product line is about 30% to 40%. Fudan micro-electric security and identification chip technology is better, more competitive.

Q: What is the application of the company's non-volatile memory in the consumer market?

A: The company's non-volatile memory products include EEPROM,NORFlash and SLCNNDFlash. The company's non-volatile memory products include EEPROM,NORFlash and SLCNNDFlash(1) The company's EEPROM memory is mainly composed of small-capacity EEPROM(1Kbit 16Kbit), medium-capacity EEPROM(32Kbit 128Kbit) and large-capacity EEPROM(256Kbit 1024Kbit). The representative application fields of small-capacity EEPROM include household appliances, computer monitors, optical terminal modules, automotive electronics, etc. The representative application fields of medium-capacity EEPROM include automotive electronics, mobile phone camera modules, set-top boxes, etc. The representative application fields of large-capacity EEPROM include instruments, high-end televisions, new energy batteries, etc. Typical customers include South Korea's Samsung, Foxconn, Jiangsu Linyang, South China Weisheng, Xu Ji Electric, etc. (2) The company's NORFlash memory is mainly composed of small-capacity NORFlash(512Kbit 16Mbit) and medium-capacity NORFlash(32Mbit to 256Mbit), large-capacity 512Mbit/1Gbit new products are expected to be mass-produced in 2024. The main application areas of small-capacity NORFlash include computer cameras and computer peripheral accessories (such as USB external hard disks, Type-C interface expanders, etc.), display panel modules, WiFi modules, etc. The main application areas of medium-capacity NORFlash include computer motherboards, security monitoring, Instruments, electronic tags, wearable, automotive electronics, etc. Typical customers include Quanta Electronics, Group Optoelectronics, Huaxing Optoelectronics, Lexin, Huami, Hangzhou Xiongmai, etc. (3) The company's SLCNNDFlash memory capacity covers 1Gbit 8Gbit, the main application areas include PON, WiFi6 router, security monitoring, 4G module and functional mobile phone, wearable devices, etc. Typical customers include ZTE, TPlink, Huami, HMD-NOKI, etc.

Fudan Microelectronics (688385) main business: engaged in VLSI design, development, testing, and to provide customers with system solutions.

Fudan Microelectronics's third quarterly report in 2023 showed that the company's main revenue was 2.738 billion yuan, up 1.25 year-on-year; net profit attributable to the parent was 0.65 billion yuan, down 24.33 year-on-year; non-net profit was 0.604 billion yuan, down 27.75 year-on-year; in the third quarter of 2023, the company's single-quarter main revenue was 0.942 billion yuan, down 6.0 year-on-year; single-quarter net profit was 0.201 billion yuan, down 38.88; non-net profit was deducted by 0.189 billion yuan in a single quarter, down 40.41 year on year. Debt ratio 28.72, investment income 1.0414 million yuan, financial expenses 5.3397 million yuan, gross profit margin 64.58.

The stock has been rated by three agencies and bought by three in the last 90 days; the average institutional target price in the past 90 days is 57.81.

The following is detailed earnings forecast information:

The margin trading data shows that the net inflow of financing of the stock in the past three months has 40.4652 million, and the financing balance has increased; the net outflow of securities has 10.3805 million, and the margin trading balance has decreased.

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