Core Insights - The company, Rockchip (瑞芯微), reported a stock inventory of approximately 800 million yuan as of the end of Q2 this year, which includes about 330 million yuan in finished goods and approximately 470 million yuan in consigned processing materials [1] Group 1 - The company emphasizes the need for strategic inventory management due to the complexity of its main products, which involve advanced manufacturing processes and long production cycles [1] - The current volatile international situation has prompted the company to adopt a proactive approach to ensure supply chain security through continuous strategic stocking [1]

Core Viewpoint - The company, Rockchip (603893), has a long-term accumulation of technology in ISP, video, display, and audio, which positions it well for future growth in the AI and visual chip markets [1] Group 1: Technology and Product Development - The RV series visual chips leverage low power consumption solutions and self-developed ISP advantages [1] - The company is optimizing AI stabilization and codec technologies specifically for AI glasses and other motion scenarios [1] - There are already customer projects utilizing the company's products [1]

天眼查商业履历信息显示，瑞芯微电子股份有限公司，成立于2001年，位于福州市，是一家以从事软件 和信息技术服务业为主的企业。企业注册资本41792.8万人民币，实缴资本22010.9892万人民币。公司法 定代表人为励民。 通过天眼查大数据分析，瑞芯微电子股份有限公司共对外投资了5家企业，参与招投标项目18次，知识 产权方面有商标信息57条，专利信息1230条，此外企业还拥有行政许可9个。 来源：金融界 资金流向方面，今日主力资金净流入1.49亿元，占比成交额4.83%。其中，超大单净流入5590.43万元、 占成交额1.82%，大单净流入9284.05万元、占成交额3.02%，中单净流出流出2946.24万元、占成交额 0.96%，小单净流出11928.23万元、占成交额3.87%。 瑞芯微最新一期业绩显示，截至2025中报，公司营业总收入20.46亿元、同比增长63.85%，归属净利润 5.31亿元，同比增长190.61%，扣非净利润5.16亿元，同比增长191.63%，流动比率4.191、速动比率 3.391、资产负债率21.02%。 金融界消息 截至2025年8月22日收盘，瑞芯微（603893）报收 ...

半导体行业 2025 年 8 月 22 日 超配（维持） 半导体行业双周报（2025/08/08-2025/08/21） 行 业 关注国产算力、存力投资机遇 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 周 报 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：东莞证券研究所，iFind 善共同驱动下存储行业投资机遇。 风险提示：贸易形势不确定性导致下游需求存在不确定性的风险、国产替 代进程不及预期的风险、产能持续释放导致竞争加剧的风险等。 请务必阅读末页声明。 2 半导体行业指数近两周涨跌幅：截至2025年8月21日，半导体行业指数近两 周（2025/08/08-2025/08/21）累计上涨9.48%，跑赢沪深300指数5.26个百 分点；2025年以来申 ...

Investment Rating - The report assigns an "Accumulate" rating for the company [1] Core Views - The company has achieved a historical high in quarterly performance, with a significant increase in revenue and net profit driven by its AIoT product strategy [4][5] - The company is advancing the development of next-generation edge computing processors to support larger parameter models, enhancing its product offerings in various applications [6] - The company is expanding its automotive electronics segment, covering multiple directions in automotive intelligence, and has launched several new products to strengthen its market position [8][9] Company Overview - The latest closing price is 185.94 CNY, with a total market capitalization of 78.2 billion CNY and a total share capital of 4.21 billion shares [3] - The company reported a revenue of 2.046 billion CNY for the first half of 2025, representing a year-on-year growth of 63.85%, and a net profit of 531 million CNY, up 190.61% year-on-year [4][5] Financial Forecasts - Projected revenues for 2025, 2026, and 2027 are 4.36 billion CNY, 5.57 billion CNY, and 6.97 billion CNY respectively, with net profits expected to be 1.14 billion CNY, 1.46 billion CNY, and 1.89 billion CNY [10][12] - The company is expected to maintain strong growth rates, with revenue growth rates of 39.02%, 27.66%, and 25.26% for the respective years [12][13]

截至2025年8月22日 10:38，集成电路ETF(562820)上涨5.54%；成分股方面，海光信息涨超16%，盛科通 信-U涨近16%，寒武纪-U、杰华特、中芯国际等跟涨。 数据显示，截至2025年7月31日，中证全指集成电路全收益指数前十大权重股分别为中芯国际、寒武 纪、海光信息、豪威集团、澜起科技、兆易创新、长电科技、紫光国微、芯原股份、通富微电，前十大 权重股合计占比50.35%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 688981 | 中芯国际 | 7.86% | 9.96% | | 688041 | 海光信息 | 17.63% | 7.45% | | 688256 | 寒武纪 | 13.13% | 7.13% | | 603501 | 豪威集团 | 3.53% | 6.17% | | 688008 | 澜起科技 | 4.44% | 5.32% | | 603986 | 兆易创新 | 1.75% | 4.78% | | 600584 | 长电科技 | 4.10% | 2.74% | | 002049 | 紫光国微 | 1.9 ...

Core Insights - As of August 20, 2025, 623 private listed companies in A-shares have disclosed their semi-annual performance, with 528 achieving profitability, representing over 80% [1][2] - Among the profitable companies, 318 reported year-on-year net profit growth, with 46 successfully turning losses into profits [1][2] - The strong performance is attributed to companies seizing opportunities in sectors such as commercial aviation, robotics, and AI computing power, alongside increased R&D investments [1] Group 1: Performance Overview - 318 companies achieved positive net profit growth, with 59 of them reporting growth exceeding 100% [3] - Notably, 17 companies with a market capitalization of less than 5 billion yuan experienced profit growth exceeding 2000% [3] - Leading companies like CATL, Industrial Fulian, WuXi AppTec, and Great Wall Motors reported net profits exceeding 5 billion yuan [2] Group 2: R&D Investment and Innovation - 125 of the 318 companies had R&D expenditures accounting for more than 5% of their revenue, indicating a strong focus on innovation [5] - Companies like Guangli Microelectronics reported a staggering 518.42% increase in net profit, supported by a high R&D expenditure ratio of 58.57% [5] - The emphasis on R&D and innovation is seen as a critical driver for long-term growth, with many companies capitalizing on emerging industries and market opportunities [5] Group 3: Sector Performance - The electronics, basic chemicals, and machinery equipment sectors led the profitability rankings, with 67, 66, and 62 companies respectively achieving profits [2] - AIoT market continued to grow, with companies like Rockchip reporting a 191.61% increase in net profit, driven by expansion in automotive electronics and industrial applications [6] - Companies such as Weicai Technology benefited from trends in smart driving and AI computing, achieving a net profit increase of 831.03% [5]

| 600060 | 海信视 | 1.48 | 1.39 | 704.87 | 1.85 | | --- | --- | --- | --- | --- | --- | | | 像 | | | | | | 688416 | 恒烁股 份 | 3.10 | 6.52 | 645.61 | 4.81 | | 688380 | 中微半 导 | 2.90 | 6.67 | 620.40 | 1.82 | | 688595 | 芯海科 技 | 1.32 | 5.92 | 556.53 | 1.60 | | 688061 | 灿瑞科 技 | 2.07 | 5.03 | 399.31 | 5.09 | | 688045 | 必易微 | 0.10 | 7.92 | 291.79 | 2.38 | | 300681 | 英搏尔 | 0.64 | 6.00 | 265.40 | 0.74 | | 688172 | 燕东微 | 2.33 | 1.39 | 13.91 | 0.08 | | 688469 | 芯联集 成 | 1.66 | 2.45 | -8.72 | -0.01 | | 688391 | 钜泉科 技 | 0.51 | ...

截至8月20日收盘，国家大基金持股概念上涨2.76%，位居概念板块涨幅第3，板块内，40股上涨，盛科 通信20%涨停，三安光电涨停，芯原股份、中科飞测、瑞芯微等涨幅居前，分别上涨15.52%、8.16%、 7.09%。跌幅居前的有赛微电子、中电港、机器人等，分别下跌4.64%、1.84%、1.63%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 同花顺果指数 | 3.70 | 猴痘概念 | -0.86 | | AI手机 | 2.77 | 重组蛋白 | -0.85 | | 国家大基金持股 | 2.76 | 辅助生殖 | -0.81 | | MCU芯片 | 2.60 | 高压氧舱 | -0.68 | | 丙烯酸 | 2.56 | 肝炎概念 | -0.67 | | 智能音箱 | 2.55 | CRO概念 | -0.64 | | AI眼镜 | 2.54 | 细胞免疫治疗 | -0.60 | | 白酒概念 | 2.40 | 华为盘古 | -0.56 | | 金属锌 | 2.39 | 中船系 | -0.55 | | ...

Investment Rating - The investment rating for the company is "Buy" [4][6]. Core Views - The company achieved record high revenue and profit in Q2 2025, with revenue of 2.046 billion yuan, a year-on-year increase of 64%, and a net profit of 531 million yuan, a year-on-year increase of 191% [1]. - The growth is driven by flagship products like RK3588 and new products such as RK3576, particularly in the AIoT sector, with significant expansion in automotive electronics, industrial applications, machine vision, and robotics [1]. - The gross margin reached 43.3%, up 6.5 percentage points year-on-year, and the net margin improved to 27.7%, up 11.4 percentage points year-on-year, indicating stable profitability driven by improved product mix [1]. Product Development - The company launched the RK182X edge computing co-processor, designed to meet diverse computing needs with high neural network performance and bandwidth [2]. - The new AI visual processor RV1126B was released in May 2025, enhancing the company's visual chip product matrix [3]. - The audio processor RK2116 was introduced in July 2025, completing the audio product lineup [3]. - Ongoing development of mid-range AIoT processors and next-generation flagship chips is aimed at expanding the product portfolio and improving design efficiency [3]. Financial Forecast and Recommendations - Revenue forecasts for 2025, 2026, and 2027 are set at 43.1 billion yuan, 55.9 billion yuan, and 69.7 billion yuan, respectively, with year-on-year growth rates of 37.5%, 29.7%, and 24.6% [4]. - Net profit forecasts for the same years are 1.14 billion yuan, 1.49 billion yuan, and 1.92 billion yuan, with year-on-year growth rates of 92.2%, 30.8%, and 28.7% [4]. - The strong performance and expanding product range support the "Buy" rating [4].