据证券之星公开数据整理，近期晶晨股份（688099）发布2025年中报。截至本报告期末，公司营业总收 入33.3亿元，同比上升10.42%，归母净利润4.97亿元，同比上升37.12%。按单季度数据看，第二季度营 业总收入18.01亿元，同比上升9.94%，第二季度归母净利润3.08亿元，同比上升31.46%。本报告期晶晨 股份盈利能力上升，毛利率同比增幅4.04%，净利率同比增幅23.39%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率36.8%，同比增4.04%，净利率14.82%，同比增 23.39%，销售费用、管理费用、财务费用总计5730.0万元，三费占营收比1.72%，同比增81.92%，每股 净资产16.57元，同比增17.36%，每股经营性现金流-1.5元，同比减200.93%，每股收益1.18元，同比增 35.63% 财务报表中对有大幅变动的财务项目的原因说明如下： 交易性金融资产变动幅度为-49.99%,原因:公司使用闲置资金购买理财产品减少的影响。 应收款项变动幅度为56.60%,原因:本期销售增长导致尚在信用期内的应收账款增加的影响。 预付款项变动幅度为14337.68%,原因: ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved a revenue of 1.801 billion RMB in Q2 2025, representing a year-over-year increase of 9.94% and a quarter-over-quarter increase of 17.72%. The net profit attributable to the parent company was 308 million RMB, up 31.46% year-over-year and 63.90% quarter-over-quarter [1][2]. - The growth in revenue is primarily driven by the demand increase from the smart home market and the launch of new products such as the 6nm flagship products and WiFi6 chips [1][2]. - The company expects further growth in Q3 2025 and for the entire year of 2025, supported by the acceleration of product launches and upgrades to meet the higher computational demands of edge AI applications [1][4]. Summary by Sections Q2 2025 Review - The company reported record-high quarterly revenue and shipment volumes, with A-series product sales growing over 50% year-over-year in both 1H25 and Q2 2025. WiFi chip shipments exceeded 5 million units in Q2 2025, with WiFi 6 accounting for nearly 30% of shipments [2]. - The gross margin for Q2 2025 was 37.29%, benefiting from product mix optimization and improved operational efficiency [2]. Outlook for H2 2025 - As of the end of Q2, the company's advance payments reached 620 million RMB, reflecting increased inventory to meet strong downstream demand. The company anticipates continued year-over-year growth in Q3 2025 and for the full year [3]. - The company plans to launch new high-end TV SoC products and flagship A-series products in the second half of 2025, aiming to enhance market share and meet greater computational needs [3]. Investment Recommendations - The target price is set at 100.5 RMB, with an upward revision from the previous target of 88.9 RMB, based on a 35x PE for 2025. The expected net profits for 2025-2027 are projected at 1.208 billion, 1.504 billion, and 1.823 billion RMB, respectively [4][8].

Core Viewpoint - The domestic semiconductor industry is experiencing a strong rise, particularly in the AI sector, with significant trading activity in the Huabao Science and Technology Artificial Intelligence ETF (589520) [1] Group 1: ETF Performance - The Huabao Science and Technology Artificial Intelligence ETF (589520) saw a price increase of 1.22% on August 13, with a trading volume of 55.24 million yuan, marking an 82% increase compared to the previous period [1] - The ETF's trading volume has reached a new high since its listing, indicating strong buying signals from investors, with a closing premium rate of 0.22% [1] Group 2: Component Stocks - Among the ETF's component stocks, Jingchen Co. led with an increase of over 8%, followed by Lexin Technology with over 5%, and Youkede with over 3% [1] - The largest weighted stock, Cambricon, rose by over 1%, with a trading volume of 11.36 billion yuan, ranking fourth in the A-share trading list [1] Group 3: Industry Insights - The electronics and computer sectors are the top two heavy-weight industries in the Huabao ETF, accounting for 51% and 36.7% of the index, respectively [1] - Major inflows of capital were observed in the electronics and computer sectors, with net inflows of 17.23 billion yuan and 10.40 billion yuan, respectively, ranking first and fifth among 31 primary industries [3] Group 4: Company Earnings - Jingchen Co. reported a revenue of 3.33 billion yuan for the first half of 2025, a year-on-year increase of 10.42%, with a net profit of 497 million yuan, up 37.12% [5] - Among the 30 component stocks of the ETF, five have disclosed mid-year performance, all showing year-on-year revenue growth, with Aobi Zhongguang leading at a 104% increase [5][6] Group 5: Market Trends - The semiconductor cycle is currently in an upward trend, driven by strong AI demand and a recovery in the industrial sector, with domestic semiconductor manufacturers expected to benefit significantly from the ongoing AI industry development [6] - The focus on domestic AI industry chains and the strong characteristics of domestic substitution in the Huabao ETF suggest a robust growth potential in the sector [7]

Group 1 - The core viewpoint of the news highlights the strong rise of domestic AI industry chain investments, particularly through the Huabao Sci-Tech AI ETF (589520), which saw a price increase of 1.22% and a trading volume of 55.24 million yuan, a significant 82% increase compared to the previous period [1] - The ETF has reached a new high in trading volume since its listing, indicating a potential buying signal as it frequently trades at a premium, closing with a premium rate of 0.22% [1] - Key constituent stocks of the ETF include Jingchen Co., which surged over 8%, and other companies like Lexin Technology and Youkede also saw gains, reflecting a positive trend in the semiconductor sector [1][6] Group 2 - In terms of capital flow, the electronics and computer sectors received significant net inflows of 17.23 billion yuan and 10.40 billion yuan, respectively, ranking first and fifth among 31 primary industries [3] - The electronics and computer sectors are the top two heavy-weight industries in the Huabao Sci-Tech AI ETF, accounting for 51% and 36.7% of the index weight as of August 13 [3] - The semiconductor cycle is currently in an upward trend, driven by strong AI demand, with both cloud AI and terminal AI applications expected to accelerate, benefiting domestic semiconductor manufacturers [8] Group 3 - As of August 12, five of the 30 constituent stocks of the Huabao Sci-Tech AI ETF have reported mid-year earnings, all showing year-on-year revenue growth, with Aobi Zhongguang leading at a 104% increase [6][8] - Jingchen Co. reported a revenue of 3.33 billion yuan for the first half of 2025, a 10.42% increase year-on-year, and a net profit of 497 million yuan, reflecting a 37.12% growth [6][8] - The ETF's constituent stocks are strategically positioned across four key segments: application software, terminal applications, terminal chips, and cloud chips, indicating a balanced approach to capitalize on the AI integration trend [9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company achieved record high quarterly shipment volume and revenue in the first half of 2025, with revenue reaching 3.33 billion yuan, a year-on-year increase of 10.42%, and a net profit of 497 million yuan, up 37.12% year-on-year [4][5] - The company has launched 19 commercial chips featuring self-developed intelligent edge computing units, with over 9 million units shipped in the first half of the year [6] - The company is expected to continue launching new products in the second half of the year, which will contribute to revenue growth in the coming years [6] Financial Summary - The latest closing price of the company's stock is 72.06 yuan, with a total market capitalization of 30.3 billion yuan [3] - The company reported a gross margin of 36.8% in the first half of 2025, an increase of 1.43 percentage points year-on-year [5] - Revenue projections for 2025, 2026, and 2027 are 7.45 billion yuan, 9.07 billion yuan, and 10.58 billion yuan respectively, with net profits of 1.09 billion yuan, 1.40 billion yuan, and 1.76 billion yuan [7][9]

Group 1 - The core viewpoint of the news is that 晶晨股份 (A-share code: 688099) has shown a significant increase in stock price and positive financial performance as of August 13, 2025, with a closing price of 77.83 yuan, up 8.01% [1] - The company reported total revenue of 3.33 billion yuan for the first half of 2025, representing a year-on-year growth of 10.42%, and a net profit attributable to shareholders of 497 million yuan, up 37.12% year-on-year [1] - The company has a strong liquidity position with a current ratio of 7.349 and a quick ratio of 5.128, alongside a low debt-to-asset ratio of 11.26% [1] Group 2 - 晶晨半导体 (Shanghai) Co., Ltd. was established in 2003 and is primarily engaged in the manufacturing of computers, communications, and other electronic devices [2] - The company has made investments in 10 external enterprises and has participated in 6 bidding projects, indicating active engagement in business development [2] - 晶晨股份 holds 24 trademark registrations and 347 patents, showcasing its commitment to innovation and intellectual property [2]

Market Overview - The semiconductor sector increased by 1.04% on August 13, with Zhongchuan Special Gas leading the gains [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Top Gainers in Semiconductor Sector - Zhongchuan Special Gas (688146) closed at 44.86, up 20.01% with a trading volume of 310,400 shares and a transaction value of 1.376 billion [1] - Sawing Wall Technology (688270) closed at 68.51, up 15.63% with a trading volume of 262,800 shares [1] - Shanghai HePin (688584) closed at 26.18, up 14.52% with a trading volume of 431,000 shares [1] - Liyang Chip (688135) closed at 24.40, up 14.23% with a trading volume of 183,600 shares [1] Decliners in Semiconductor Sector - Juguang Technology (688167) closed at 100.20, down 3.65% with a trading volume of 62,400 shares [2] - Xindao Technology (688230) closed at 72.71, down 2.56% with a trading volume of 32,900 shares [2] - Jinghua Micro (688130) closed at 25.52, down 2.48% with a trading volume of 52,800 shares [2] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 2.551 billion from institutional investors, while retail investors saw a net inflow of 2.53 billion [2] - The net inflow from speculative funds was 20.592 million [2] Individual Stock Capital Flow - Haowei Group (603501) had a net inflow of 476 million from institutional investors, while it faced a net outflow of 240 million from speculative funds [3] - Ziguang Guowei (002049) saw a net inflow of 199 million from institutional investors, with a net outflow of 85.01 million from speculative funds [3] - Long Electric Technology (600584) had a net inflow of 169 million from institutional investors, with a net outflow of 39.93 million from speculative funds [3]

Market Overview - The Shanghai Composite Index closed at 3683.46 points, above the six-month moving average, with an increase of 0.48% [1] - The total trading volume of A-shares reached 21,752.11 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 63 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Guanggang Gas with a deviation rate of 10.02% - Fuan Energy at 9.12% - Tenglong Co. at 8.88% [1] Detailed Stock Performance - The following stocks showed notable performance: - Guanggang Gas: Today's increase of 13.13% with a turnover rate of 13.67% [1] - Fuan Energy: Increased by 10.04% with a turnover rate of 1.43% [1] - Tenglong Co.: Increased by 10.06% with a turnover rate of 7.65% [1] - Other stocks with smaller deviation rates include: - Guangshen Railway, Luopus Gold, and Chahua Co., which have just crossed the six-month line [1]

证券日报网讯 8月12日晚间，晶晨股份发布公告称，2025年半年度公司实现营业收入3，330，405， 333.78元，同比增长10.42%；归属于上市公司股东的净利润为496，569，648.51元，同比增长37.12%。 （文章来源：证券日报） ...

东吴证券8月13日发布研报称，给予晶晨股份（688099.SH，最新价：72.06元）买入评级。评级理由主 要包括：1）2025H1营收稳步增长，盈利能力显著增强；2）机顶盒业务技术领先，8K芯片获国内外运 营商订单；3）AIoT产品快速放量，Wi-Fi芯片销量持续攀升。风险提示：技术升级不及预期，需求不 及预期，市场竞争风险，地缘政治风险等。 （文章来源：每日经济新闻） ...