【券商聚焦】太平洋证券维持博泰车联(02889)买入评级 指收购补齐芯片能力

金吾财讯
Aug 12

金吾财讯 | 太平洋证券发布研报指,博泰车联(02889)宣布以不超过14亿元人民币收购国内高性能通信芯片设计企业成都明夷约70%股权。此为博泰车联上市以来首次重大产业并购,标志其“软硬芯云”一体化战略在“芯”环节迈出实质性一步。收购标的成都明夷是国内稀缺的光通信电芯片平台,采用Fabless模式,从事高速光电芯片、高性能模拟芯片及模组的研发、设计与销售。该公司是国内极少数可实现单通道100G TIA电芯片量产的企业,产品应用于400G/800G光模块,解决AI数据中心算力高速互联的关键环节,具备全面替代国际领先通信芯片的潜力。其射频前端芯片性能指标亦对标国际头部厂商,处于行业领先地位。当前AI大模型进入万亿参数时代,AI数据中心内部正从400G向800G大规模切换,驱动光模块核心电芯片向更高波特率演进。25G及以上高速率电芯片国产化率偏低,替代空间广阔。此次收购补齐了公司在芯片环节的核心能力,夯实了其在智能座舱、车载AI Agent、物理AI世界模型等领域的底层根基。博泰车联将转变成为国内少数同时具备“座舱操作系统+车联网云平台+核心通信芯片”完整能力的系统供应商。该行预计公司2026-2028年归母净利润分别为-3/0/6亿元,对应EPS分别为-2.1/0.12/3.63元。维持“买入”评级。报告同时提示了订单落地节奏不及预期、算力收购不及预期、行业竞争加剧等风险。

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