Core Viewpoint - The analog chip industry is entering an upward cycle, with expected global market growth of 3.3% in 2025 and 5.1% in 2026, reaching $82.2 billion and $86.4 billion respectively. The long-term growth is driven by AI applications such as data centers, autonomous driving, and humanoid robots, indicating significant potential for domestic companies [3][7][12]. Industry Overview - The global analog chip market has a CAGR of 4.77% from 2004 to 2024, with a projected market size of $79.6 billion in 2024, which is a 2.0% decrease from the previous year. The market is expected to recover in 2025 and 2026 [3][12]. - The Chinese analog chip market is projected to reach ¥195.3 billion in 2024, with a CAGR of 11% from 2025 to 2029. The market is driven by sectors such as industrial, automotive, and AI [18][21]. Key Applications and Growth Areas - Key growth areas for analog chips include industrial applications, AI, and automotive sectors. The industrial sector is expected to see a recovery in procurement and new product introductions, while the automotive sector is experiencing a shift towards electrification and intelligence [7][21][37]. - AI applications are expected to significantly increase the demand for analog chips, particularly in power management and signal processing [31][34]. Domestic Market Potential - China accounts for approximately 35% of the global analog chip market, making it a crucial revenue source for international manufacturers. However, the domestic self-sufficiency rate remains low, indicating substantial room for growth [7][34]. - Major international players like TI and ADI derive significant revenue from China, with TI's revenue from China estimated at $3 billion in 2024, while ADI's is around $2.1 billion [34][35]. Competitive Landscape - The competitive landscape is characterized by a mix of established international firms and emerging domestic players. The industry is seeing increased competition as domestic companies aim to capture market share in high-end applications [51][52]. - The growth model for analog chip companies often involves a combination of product diversification and customer base expansion, with established firms leveraging extensive product lines and customer relationships to drive revenue [23][28]. Investment Strategy - The report recommends investing in companies with high-end and platform capabilities, as these firms are better positioned to capitalize on the growth opportunities in the analog chip market [5][8].

Core Viewpoints - The company reported a year-on-year revenue growth of 8.45% and a net profit growth of 42.15% for the first half of 2025, indicating strong financial performance and diversified business development [4][5]. Financial Performance - In 1H25, the company achieved a revenue of 101.28 billion yuan and a net profit attributable to shareholders of 3.25 billion yuan, with a non-recurring net profit of 2.28 billion yuan [5]. - The revenue for Q2 2025 was 50.68 billion yuan, reflecting a year-on-year increase of 6.7% and a quarter-on-quarter increase of 0.16% [5]. - The gross profit margin for Q2 2025 was 13.04%, showing a decline of 4.4 percentage points year-on-year and 2.7 percentage points quarter-on-quarter [5]. Business Segments - The display device business generated 84.33 billion yuan in revenue in 1H25, with a year-on-year growth of 8.10% and a gross margin of 12.40% [7]. - The flexible OLED segment saw a shipment of approximately 71 million units, a year-on-year increase of 10.3%, capturing a 23.8% share of the global flexible OLED panel market [7]. - The Internet of Things (IoT) innovation business reported a revenue of 18.19 billion yuan, growing by 6.03% year-on-year [8]. - The MLED business achieved a revenue of 4.35 billion yuan, with a year-on-year growth of 7.76% [8]. - The sensor business showed significant growth, with a revenue of 224 million yuan, marking a year-on-year increase of 36.80% [8].

Core Viewpoint - The report highlights the potential for aluminum electrolytic capacitors and supercapacitors to be widely used in AI servers, driven by increasing demand for high voltage and compact components in the AI sector [4] Financial Performance - In 1H25, the company achieved revenue of 2.694 billion yuan (YoY +13.96%) and a net profit attributable to shareholders of 358 million yuan (YoY +3.19%). The net profit after deducting non-recurring items was 344 million yuan (YoY +8.96%) [5] - For 2Q25, the company reported revenue of 1.536 billion yuan (YoY +17.02%, QoQ +32.69%) and a net profit of 206 million yuan (YoY -1.92%, QoQ +35.82%). The net profit after deducting non-recurring items was 207 million yuan (YoY +10.54%, QoQ +51.01%) [5] - The company's gross margin for 1H25 was 24.93% (YoY -0.01 percentage points), and the net margin was 13.42% (YoY -1.46 percentage points) [5] Aluminum Electrolytic Capacitors - In 1H25, revenue from aluminum electrolytic capacitors reached 2.229 billion yuan (YoY +16.70%) with a gross margin of 26.75% (YoY +0.19%). Growth was driven by increased demand in the photovoltaic sector and robust needs in UPS and communication power supply sectors [6] - The introduction of new products, such as MLPC for AI servers and solid-liquid hybrid capacitors for the automotive sector, is expected to enhance growth. The shift towards higher voltage requirements in AI servers will significantly increase the demand for horn-shaped capacitors [6] - The manufacturing process for horn-shaped aluminum electrolytic capacitors will transition from traditional chemical etching to atomic deposition technology, leading to higher product prices [6] Supercapacitors - In 1H25, supercapacitor revenue was 162 million yuan (YoY +48.93%) with a gross margin of 16.86% (YoY -3.71%). The decline in gross margin is attributed to the company's efforts to explore new application areas [7] - Supercapacitors are expected to become standard components in AI computing clusters due to their ability to provide instantaneous power compensation during significant power fluctuations caused by AI chip power consumption [7] - The company's EDLC and LIC products have received certifications from several leading domestic and international companies, with EDLC expected to achieve scale due to its lower heat generation and cost advantages [7] - The supercapacitor market is anticipated to experience explosive growth driven by increasing demand across various sectors, including AI servers, energy storage, smart meters, and controlled nuclear fusion [7]

Core Viewpoint - In Q2 2025, the company achieved a revenue growth of 43.9% year-on-year, with an improvement in gross margin both year-on-year and quarter-on-quarter [3][4]. Financial Performance - For the first half of 2025, the company reported a revenue of 304 million yuan, representing a year-on-year increase of 47.82%, and a net profit attributable to shareholders of 25 million yuan, marking a turnaround from losses. The gross margin stood at 31.64%, up by 10.21 percentage points year-on-year [4]. - In Q2 2025, the company generated a revenue of 169 million yuan, reflecting a year-on-year increase of 43.9% and a quarter-on-quarter increase of 25.2%. The net profit attributable to shareholders was 22 million yuan, showing a year-on-year growth of 207.9% and a quarter-on-quarter growth of 684.3%. The gross margin for this quarter was 36.2%, an increase of 15.2 percentage points year-on-year and 10.2 percentage points quarter-on-quarter [4]. Product Line Performance - The company experienced significant growth in multiple product lines, with pressure sensor revenue reaching 133 million yuan, a year-on-year increase of 67.05%, and inertial sensor revenue at 20 million yuan, a year-on-year increase of 98.82%. The increase in high-margin products has significantly improved the company's profitability, with Q2 2025 gross margin reaching a four-year high of 36.2% [5]. - In the first half of 2025, MEMS pressure sensors, MEMS acoustic sensors, and MEMS inertial sensors accounted for approximately 44%, 37%, and 6.5% of the company's main business revenue, respectively. The pressure sensor business has surpassed the acoustic product line to become the largest revenue contributor [5]. New Product Development - The demand for new consumer electronics driven by AI applications is increasing, with the MEMS acoustic sensor positioned as a key input for AI voice interaction technology. The company has begun developing high signal-to-noise ratio, low-power digital microphones, with some models already in small-scale production. Additionally, the company is focusing on R&D for next-generation products, including bone conduction acoustic sensors for AI glasses and six-dimensional force sensors based on MEMS chips [6].

Core Viewpoint - The company has shown significant improvement in revenue and gross margin in Q2 2025, driven by a recovery in the storage market and increased customer base [2]. Group 1: Financial Performance - In Q2 2025, the company reported revenue of 2.369 billion yuan, representing a year-over-year increase of 38.2% and a quarter-over-quarter increase of 53.5% [2]. - The net profit attributable to the parent company was -16 million yuan, reflecting a year-over-year decline of 113.36% but a quarter-over-quarter increase of 92.61% [2]. - The gross margin for Q2 2025 was 13.68%, which is a decrease of 12.69 percentage points year-over-year but an increase of 11.7 percentage points quarter-over-quarter [2]. Group 2: AI and Embedded Storage Applications - The company's embedded storage segment achieved revenue of 2.286 billion yuan in the first half of 2025, with significant contributions from AI applications [3]. - Major clients for AI glasses include Meta, while products have also entered the supply chains of Google, Xiaomi, and Rokid [3]. - In the mobile sector, the company supplies high-capacity products (12GB, 16GB) to leading brands like OPPO and vivo [3]. - The PC storage segment generated revenue of 1.384 billion yuan in the first half of 2025, successfully entering the supply chains of Lenovo, Xiaomi, Acer, HP, and Tongfang [3]. Group 3: Enterprise and Automotive Storage - The company has secured core supplier qualifications from AI server manufacturers and leading internet firms for its enterprise-level products, with pre-production shipments already initiated [4]. - The automotive-grade storage segment generated revenue of 54 million yuan in the first half of 2025, with products already in mass production at major domestic automotive manufacturers [4]. - Advanced wafer-level packaging projects are expected to complete equipment installation and debugging by Q3 2025, with production set to begin in the second half of the year [4].

Core Viewpoint - The company reported a 17.3% year-on-year increase in net profit for the first half of 2025, driven by robust growth in its consumer electronics and automotive electronics segments, particularly in AR optical technology [3][4][5]. Financial Performance - The company achieved a revenue of 3.02 billion yuan in the first half of 2025, representing a 13.8% year-on-year growth, with a net profit of 501 million yuan, up 17.3% year-on-year [4][5]. - In Q2 2025, revenue reached 1.54 billion yuan, marking a 17.4% year-on-year increase, while net profit was 280 million yuan, reflecting a 12.8% year-on-year growth [6]. Business Segments - **Consumer Electronics**: Revenue from this segment was 2.54 billion yuan, growing 12.8% year-on-year, with a gross margin of 29.52% [7]. - **Automotive Electronics**: The AR+ business generated 241 million yuan, a significant increase of 79.07% year-on-year, with a gross margin of 25.24% [8]. - **AR/VR Business**: The company has made breakthroughs in product development and established deep collaborations with leading domestic and international firms, enhancing its product lineup in optical components and display systems [9].

Core Viewpoint - The company has shown a revenue growth of 14.67% year-on-year in the first half of 2025, while reducing its net loss compared to the previous year, indicating a positive trend in financial performance [4][5]. Financial Performance - In the first half of 2025, the company achieved a revenue of 1.898 billion yuan, representing a year-on-year increase of 14.67%. The net profit attributable to shareholders was -245 million yuan, which is a year-on-year improvement of 7.29%, reducing the loss by approximately 20 million yuan. Excluding the impact of share-based payments, the net profit attributable to shareholders was -161 million yuan [5]. - In Q2 2025, the revenue reached 988 million yuan, showing a year-on-year growth of 19.76% and a quarter-on-quarter increase of 8.59%. The net profit attributable to shareholders for this quarter was -123 million yuan, reflecting a year-on-year increase of 11.66% but a quarter-on-quarter decrease of 0.76% [5]. Business Segments - The company’s cellular IoT segment has seen a growth of over 30% year-on-year, with a sales volume increase of over 50%. The revenue from this segment has also grown by over 30%, with gross profit increasing by over 60%. The company holds a market share of nearly 50% in the Cat.1 bis segment for 2024 [7]. - The company’s 4G Cat.1 shipments in the first half of 2025 increased by over 50% year-on-year, with a quarter-on-quarter growth of over 40%. The 4G Cat.4 shipments also saw a year-on-year increase of approximately 35% [7]. - The company has launched the first smartphone featuring the 4G octa-core ASR8662, which has gained popularity in markets such as the Middle East and North Africa [7]. ASIC Business - The company has a strong order backlog in its ASIC business, having secured multiple projects from leading clients. The revenue from chip customization and IP licensing services in the first half of 2025 was approximately 144 million yuan, a decrease from 287 million yuan in the same period of 2024. This decline is attributed to a shift in ASIC resources towards self-developed chips and the typical delivery cycle of 1.5 years for ASIC orders [8]. - Starting from the second half of 2024, the ASIC customization market has expanded significantly, and the company is actively responding to demand in areas such as smart wearables, edge AI, and RISC-V chips. The company has also adapted to new overseas computing power regulations by providing ASIC services through innovative technology and new architectural designs [8].

点击 关注我们 报告发布日期：2025年9月7日 报告名称: 《 电子行业周报——电子板块戴维斯双击趋势不改，AR眼镜及折叠屏加速落地 》 分析师：胡剑 S098052 1080001/胡慧 S0980521080002/ 叶子 S0980522100003 / 詹 浏洋 S0980524060001 / 张大为 S0980524100002/李书颖S0980522100003/ 连欣然S0980525080004 完整报告请扫描下方二维码 国信研究 电子行业周报-电子板块戴维斯双击趋势不 改,AR眼镜及折叠屏加速落地 2025-09-08 | 胡剑 胡慧 叶子 詹浏洋 张大为 李书颖 连欣然 电子板块戴维斯双击趋势不改,AR眼镜及折叠屏加速 落地。过去一周上证下跌1.18%,电子下跌4.57%,子行 业中半导体下跌6.55%。同期恒生科技、费城半导体、台 湾资讯科技上涨0.23%、1.63%、1.30%。继北美算力产 业链高速增长的业绩兑现催化主线行情之后,半导体在台积 电上修年度业绩指引、中芯国际和华虹半导体在法说会上对 未来订单及景气乐观展望的背景下,迎来板块性快速上涨行 情。与此同时,Deepseek ...

点击 关注我们 报告发布日期：2025年9月1日 报告名称: 《乐鑫科技（688018.SH）：收入利润齐创新高，WiFi6E计划下半年量产》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 张大为 S0980524100002/ 詹浏洋 S0980524060001 / 李书颖 S0980122080309/ 连欣然S0980525080004 完整报告请扫描下方二维码 2025上半年营收同比增长35.35%，归母净利润同比增长72.29% 核心观点 公司发布2025年半年度报告，实现营业收入12.46亿元，同比增加35.35%；实现归母净利润2.61亿元，同比增 加72.29%；扣非归母净利润2.39亿元，同比增加64.22%。其中，2Q25实现收入6.88亿元(YoY +29.02%，QoQ +23.28%)，归母净利润1.68亿元(YoY +71.45%，QoQ +78.82%)。 收入利润齐创新高，2Q毛利率环比提升 二季度公司营业收入创下历史新高，并实现同环比稳步增长，收入增长的主要来源是下游各行各业数字化与智 能化渗透率 ...

Core Viewpoint - The report emphasizes the importance of the "three-cycle" resonance in the semiconductor industry, highlighting the potential for valuation expansion elasticity [3]. Market Performance - In the past week, the Shanghai Composite Index rose by 3.49%, while the electronic sector increased by 8.95%. Within this sector, semiconductors surged by 12.26%, and components rose by 1.68%. In contrast, the Hang Seng Tech Index and Philadelphia Semiconductor Index saw increases of 1.89% and 0.03%, respectively, while Taiwan's information technology sector declined by 3.35% [3]. Industry Trends - The strong rise in computing power in North America has become a major sentiment driver, particularly benefiting the switch and server supply chains due to changes in network architecture driven by ASIC trends. This has led to significant incremental growth in these industries [3]. - Supply chains have recently revised upward their shipment expectations for NVIDIA's GB series products for 2026, indicating that profit elasticity in the server assembly segment will gradually become evident [3]. - TSMC anticipates sustained strong demand for AI, with moderate recovery in non-AI demand, which is expected to contribute to annual revenue growth [3].