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]

智通财经APP讯，聚辰股份(688123.SH)发布2025年半年度报告，报告期内，公司实现营业收入5.75亿 元，同比增长11.69%。实现归属于上市公司股东的净利润2.05亿元，同比增长43.50%。实现归属于上市 公司股东的扣除非经常性损益的净利润1.77亿元，同比增长22.47%。基本每股收益1.3元。 ...

格隆汇8月22日丨聚辰股份(688123.SH)公布半年度报告，报告期内，公司实现营业收入57,485.54万元， 归属于上市公司股东的净利润为20,515.06万元，归属于上市公司股东的扣除非经常性损益的净利润为 17,736.03万元，分别较上年同期增长11.69%、43.50%和22.47%，再创历史同期最好成绩。与此同时， 公司持续提升企业研发水平，不断完善技术储备和产品布局，上半年的研发投入达10,267.08万元，较上 年同期增加2,051.13万元，创历史同期最高水平，为进一步丰富公司的业务结构、提升公司的盈利能力 和综合竞争力奠定了坚实基础。 ...