Core Viewpoint - The company demonstrates long-term growth potential driven by high-value products such as DDR5 SPD chips, automotive-grade EEPROM chips, and high-performance industrial-grade EEPROM chips, which have mitigated the impact of declining consumer electronics demand on traditional business performance [1][2]. Group 1: Business Performance - In H1 2025, the company's revenue reached 570 million yuan, representing a year-on-year increase of 11.7%, while net profit attributable to shareholders was 210 million yuan, up 43.5% year-on-year, with a gross margin of 60.3%, an increase of 5.6 percentage points [1]. - The growth in revenue and profit is primarily attributed to the increased shipment of high-value products, effectively countering the decline in traditional business performance due to reduced consumer electronics demand [1]. Group 2: DDR5 SPD Chip Market - The company holds a leading position in the DDR5 SPD chip market, which is essential for various applications including personal computers and AI servers, with the global market for DDR5 SPD chips expected to grow as new applications emerge [1]. - The company collaborates with Longsys Technology to enhance its market presence in the DDR5 SPD chip segment [1]. Group 3: Automotive Electronics - The company is the only domestic supplier capable of providing a full range of automotive-grade EEPROM chips and NOR Flash products, actively expanding into key overseas markets [2]. - The sales and revenue from automotive-grade EEPROM and NOR Flash products are rapidly increasing as the company gains recognition from mainstream customers [2]. Group 4: NOR Flash Product Development - The company has developed a comprehensive range of low-power SPI NOR Flash chips, with significant supply to various applications including AMOLED screens and security monitoring [3]. - As the company continues to enhance its product offerings and market promotion efforts, the NOR Flash business is expected to experience sustained growth [3]. Group 5: Profit Forecast and Valuation - Revenue projections for the company from 2025 to 2027 are 1.33 billion, 1.79 billion, and 2.19 billion yuan, with year-on-year growth rates of 29.7%, 34.0%, and 22.7% respectively [4]. - Net profit forecasts for the same period are 460 million, 640 million, and 760 million yuan, with year-on-year growth rates of 57.1%, 39.4%, and 20.0% respectively, indicating strong future performance [4].

Investment Rating - The investment rating for the company is "Buy" [5][10]. Core Insights - The company reported a revenue of 575 million yuan for the first half of 2025, representing a year-on-year increase of 11.69%, and a net profit attributable to shareholders of 205 million yuan, up 43.50% year-on-year. The gross margin and net margin were 60.25% and 34.45%, respectively, reflecting increases of 5.55 and 7.69 percentage points year-on-year [1][5]. - The growth in high-value-added products, particularly DDR5 SPD chips and automotive-grade EEPROM chips, has significantly boosted the company's profit margins. The increase in shipment volumes of these products has been a key driver for the company's revenue expansion and profitability improvement [1][2]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 575 million yuan, with a year-on-year growth of 11.69%. The net profit attributable to shareholders was 205 million yuan, marking a 43.50% increase year-on-year. The gross margin improved to 60.25%, and the net margin reached 34.45%, both showing significant year-on-year increases [1][5]. Market Development - The DDR5 SPD market is entering a rapid growth phase, driven by the increasing global demand for servers and personal computers, as well as the rise of AI servers and AI PCs. This dual demand is expected to propel the DDR5 SPD market forward [2]. - The company is the only domestic provider of mature, serialized automotive-grade EEPROM chips, successfully integrating its products into the supply chains of leading global automotive Tier 1 suppliers. This positions the company favorably in the automotive storage chip market [2]. Product Innovation - The company has made significant progress in developing closed-loop and optical image stabilization drive chips, enhancing its product line's competitiveness and profitability. Several optical image stabilization drive chips have already been commercialized in mid-to-high-end smartphone models from major industry players [3]. Future Projections - Revenue projections for the company are estimated at 1.309 billion yuan for 2025, 1.795 billion yuan for 2026, and 2.403 billion yuan for 2027. Net profits are expected to be 442 million yuan, 632 million yuan, and 867 million yuan for the same years, respectively [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company achieved a revenue of 575 million RMB in 1H25, representing a year-over-year increase of 11.69%, and a net profit of 205 million RMB, up 43.50% year-over-year [1][2]. - In 2Q25, revenue reached 314 million RMB, reflecting a year-over-year growth of 17.32% and a quarter-over-quarter increase of 20.20% [1][2]. - The growth in automotive and industrial EEPROM, as well as DDR5 SPD shipments, has offset the negative impact from weak consumer electronics demand [2][3]. - The gross margin improved by 5.55 percentage points year-over-year in 2Q25, reaching 60.25% [2][3]. - The company expects continued growth in DDR5 SPD and automotive EEPROM/NOR Flash throughout the year, with the introduction of OIS voice coil motor driver chips into mainstream high-end smartphones contributing to additional revenue [1][4]. Summary by Sections 1H25 Review - The company experienced rapid growth in DDR5 SPD chips, automotive EEPROM chips, and high-performance industrial-grade chips, which mitigated the decline in traditional business performance due to fluctuations in consumer electronics demand [2]. - The overall expense ratio for 1H25 was stable at 26.43%, compared to 26.20% in the same period last year [2]. - R&D expenses increased by 24.96% year-over-year to 103 million RMB, focusing on new product development [2]. 2H25 Outlook - The business focus will remain on DDR5 SPD, automotive-grade, and industrial control EEPROM, which are expected to drive revenue growth [3]. - The report anticipates significant growth in automotive EEPROM shipments, aligning with the company's global market share in consumer electronics [3]. - Despite the expected high gross margin, ongoing price competition in traditional EEPROM and open-loop voice coil motor driver chip products may pose challenges [3]. Profit Forecast and Valuation - The report forecasts net profits of 471 million RMB, 648 million RMB, and 870 million RMB for 2025, 2026, and 2027, respectively [4]. - The target price is set at 104.70 RMB, based on a 35x PE for 2025 [4][8].

Core Insights - Juchen Semiconductor Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, achieving operating income of 574.9 million yuan, a year-on-year growth of 11.69%, and a net profit attributable to shareholders of 205 million yuan, up 43.50% [1] - The company’s basic earnings per share reached 1.30 yuan, reflecting a 42.86% increase, while the weighted average return on equity improved by 1.85 percentage points to 8.92% [1] Financial Performance - In the first half of 2025, Juchen Semiconductor's R&D investment amounted to 103 million yuan, a 25% increase, representing 17.86% of operating income, marking a historical high [2] - The net cash flow from operating activities was 149 million yuan, a decline of 10.55% year-on-year, primarily due to increased inventory and extended customer payment terms [2] - As of the end of the first half, total assets reached 2.45 billion yuan, a 6.30% increase, while net assets attributable to shareholders grew by 7.80% to 2.377 billion yuan [2] Product Development and Market Strategy - The company has focused on high-value markets, with significant growth in shipments of DDR5 SPD chips, automotive-grade EEPROM chips, and high-performance industrial-grade EEPROM chips, which have driven revenue and profit [1] - Juchen Semiconductor successfully entered the supply chain of several leading global automotive electronics Tier 1 suppliers with its automotive-grade NOR Flash chips, enhancing its competitiveness in the automotive market [1] - The company is pursuing a "high value + differentiation" product strategy, actively expanding into long-cycle markets such as automotive electronics, industrial control, and high-end storage [2]

证 券 研 究 报 告 聚辰股份（688123）2025 年半年报点评 强推（维持） DDR5 SPD 拉货加速，汽车 EEPROM 空间 广阔 事项： ❖ 聚辰股份发布 2025 年半年度报告：公司 2025 年上半年实现营收 5.75 亿元 （YoY+11.69%），实现归母净利润 2.05 亿元（YoY+43.5%），实现扣非归母净 利润 1.77 亿元（YoY+22.47%）。单季度来看，公司 25Q2 实现营收 3.14 亿元 （YoY+17.32%，QoQ+20.20%），实现归母净利润 1.06 亿元（YoY+15.02%， QoQ+6.22%），实现扣非归母净利润 0.96 亿元（YoY+22.57%，QoQ+19.29%）。 评论： 资料来源：公司公告，华创证券预测 注：股价为 2025 年 8 月 22 日收盘价 公司研究 集成电路 2025 年 08 月 25 日 目标价：112.61 元 当前价：83.28 元 华创证券研究所 证券分析师：岳阳 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 [ReportFinancialIndex] 主要财务指标 ...

Core Insights - The company reported a total revenue of 575 million yuan for the first half of 2025, marking an increase of 60.18 million yuan compared to the same period last year, representing a year-on-year growth of 11.69% [1] - The net profit attributable to shareholders reached 205 million yuan, an increase of 62.19 million yuan from the previous year, reflecting a year-on-year growth of 43.50% [1] - The net cash inflow from operating activities was 148 million yuan [1] Financial Metrics - The latest debt-to-asset ratio stands at 5.04%, a decrease of 0.71 percentage points from the same period last year [3] - The gross profit margin is reported at 60.25%, an increase of 5.55 percentage points year-on-year, achieving two consecutive years of growth [3] - The return on equity (ROE) is 8.63%, up by 1.62 percentage points compared to the previous year [3] - The diluted earnings per share (EPS) is 1.30 yuan, an increase of 0.39 yuan from the same period last year, representing a year-on-year growth of 42.86% [3] - The total asset turnover ratio is 0.24 times, and the inventory turnover ratio is 0.87 times [3] Shareholder Structure - The number of shareholders is 11,900, with the top ten shareholders holding a total of 71.74 million shares, accounting for 45.37% of the total share capital [3] - The largest shareholder is Shanghai Tianhao Technology Co., Ltd., holding 21.1% of the shares [3] - Other significant shareholders include Ningbo Yiding Venture Capital Partnership (4.82%), Hong Kong Central Clearing Limited (3.76%), and Ju Chen Semiconductor (Hong Kong) Co., Ltd. (2.94%) [3]

Core Insights - The company reported a total revenue of 575 million yuan and a net profit attributable to shareholders of 205 million yuan for the first half of 2025 [1] - The operating cash flow showed a net inflow of 148 million yuan, which is a decrease of 17.51 million yuan or 10.55% compared to the same period last year [1] Financial Performance - The latest asset-liability ratio stands at 5.04%, an increase of 0.35 percentage points from the previous quarter [3] - The gross profit margin is reported at 60.25%, a slight decrease of 0.04 percentage points from the last quarter [3] - The return on equity (ROE) is recorded at 8.63% [3] Earnings and Ratios - The diluted earnings per share (EPS) is 1.30 yuan [4] - The total asset turnover ratio remained stable, but it decreased by 1.87% compared to the same period last year [4] - The inventory turnover ratio is 0.87 times, which is a decrease of 0.18 times or 17.08% year-on-year [4] Shareholder Structure - The number of shareholders is 11,900, with the top ten shareholders holding a total of 71.74 million shares, accounting for 45.37% of the total share capital [4] - The largest shareholder is Shanghai Tianhao Technology Co., Ltd., holding 21.13% of the shares [4]

Core Viewpoint - The company, Juchen Co., announced the approval of its 2025 semi-annual report and several other proposals during the sixth meeting of its third board of directors held on August 22 [2] Group 1 - The board meeting resulted in the approval of the 2025 semi-annual report [2] - Multiple proposals were reviewed and passed during the meeting [2]

Group 1 - The company reported a revenue of 574,855,354.88 yuan for the first half of 2025, representing a year-on-year growth of 11.69% [2] - The net profit attributable to shareholders of the listed company was 205,150,559.55 yuan, showing a year-on-year increase of 43.50% [2]

Group 1 - The core point of the article is that Juchen Co., Ltd. announced the approval of its 2025 semi-annual report and several other proposals during the sixth meeting of its third supervisory board [2] Group 2 - The announcement was made on the evening of August 22 [2] - The meeting focused on reviewing the company's financial performance and strategic decisions [2] - The approval of the semi-annual report indicates the company's commitment to transparency and regulatory compliance [2]