Core Insights - The financing buy-in amount for ChipLink Integrated reached 0.69 billion yuan on August 26, ranking 460th in the two markets [1] - The financing repayment amount on the same day was 0.72 billion yuan, resulting in a net sell of 2.47 million yuan [1] - Over the last three trading days (August 22-26), the financing buy-in amounts were 1.20 billion yuan, 1.52 billion yuan, and 0.69 billion yuan respectively [1] - On the securities lending side, there were no shares sold or net sold on that day [1]

Investment Rating - The report maintains a rating of "Increase" for the company [4] Core Viewpoints - The company achieved a revenue of 3.495 billion yuan in the first half of 2025, representing a year-on-year growth of 21.38%. The net profit attributable to the parent company was a loss of 170 million yuan, which is a reduction in loss by 63.82% year-on-year [2] - The semiconductor industry is experiencing a recovery, driven by the demand from electric vehicles, smart driving, data centers, and AI computing needs. The global semiconductor market is expected to reach 700.9 billion USD in 2025, growing by 11.2% [3] - The company has strengthened its collaboration with end customers, leading to significant revenue growth in its module packaging business, particularly in automotive power modules and AI server applications [2][3] Financial Summary - Revenue is projected to grow from 5.324 billion yuan in 2023 to 13.006 billion yuan in 2027, with a compound annual growth rate (CAGR) of 20.7% [1] - The net profit attributable to the parent company is expected to improve from a loss of 1.958 billion yuan in 2023 to a profit of 336 million yuan in 2027 [1] - The company's return on equity (ROE) is forecasted to turn positive by 2026, reaching 3.9% in 2027 [1] Industry Insights - The demand for power semiconductors is expected to grow significantly due to the expansion of the electric vehicle market and advancements in smart technology [8] - The company has added over 10 new projects for its 6-inch SiC MOSFETs and has entered mass production with five automotive customers [8]

Core Viewpoint - Silicon carbide (SiC) is regarded as the second growth curve for the company, with significant potential in the power semiconductor market, particularly in the automotive sector [1][40]. Group 1: Financial Performance - In the first half of 2025, the company reported a net profit of -170 million, a significant reduction in losses by 63.8% year-on-year, achieving a quarterly profit of 12 million for the first time since its establishment [4][6]. - The company aims to achieve a revenue exceeding 10 billion by 2026, with a projected compound annual growth rate (CAGR) of 24% from 2025 to 2026 [23]. - The EBITDA for 2024 is expected to be 2.146 billion, with an EBITDA margin of 31.7%, aligning with global industry standards, while the gross margin is projected to improve further [9][10]. Group 2: Business Strategy and Operations - The company focuses on specialty foundry services, particularly in power devices, MEMS, BCD, and MCU technology platforms, transitioning from pure foundry services to a one-stop solution including design and packaging [7][8]. - The revenue contribution from the foundry business remains over 80%, indicating its core importance [8]. - The company has optimized its product structure, reducing the revenue share from consumer electronics from 45.6% in 2022 to approximately 28% in the first half of 2025, while increasing the share from automotive applications to around 50% [17][18]. Group 3: Market Position and Growth Potential - The company is now the largest automotive-grade IGBT production base in China and ranks as the third-largest supplier of automotive power devices domestically [19][20]. - The SiC business is expected to be a major growth driver, with revenues reaching approximately 1 billion in 2024, representing over 15% of total revenue, and a significant increase in shipment volumes [42]. - The global SiC power device market is projected to grow from over 3 billion in 2024 to 10.3 billion by 2030, with a CAGR of about 20.7%, primarily driven by the automotive sector [40]. Group 4: Capital Expenditure and Cash Flow - The company reported a net operating cash inflow of 981 million in the first half of 2025, a 77.1% increase year-on-year, indicating improved cash flow management [24]. - Capital expenditures have decreased significantly, with 2024's capital spending dropping to 3.558 billion, down from over 10 billion in previous years [27]. - The company is currently focused on completing the construction of the Chip Pioneer project, which is expected to enhance its production capacity significantly [30][31]. Group 5: Acquisition and Future Outlook - The company plans to acquire 72.33% of Chip Lian Yuezhou for a total consideration of approximately 5.897 billion, which will allow it to fully control the SiC business operations [35][39]. - Despite the acquisition, the target company is currently operating at a loss, with a revenue of 2.264 billion and a loss of 1.052 billion in 2024, which may impact the company's profitability in the short term [43][44]. - Management maintains the goal of achieving overall profitability by 2026, despite the challenges posed by the acquisition [46].

Group 1 - The core viewpoint of the article is that Shanghai Securities has given a "buy" rating to Chipone Integrated Circuits (688469.SH) based on its strategic positioning in the new energy industry and its potential for growth in various sectors [2] Group 2 - The company is focusing on building a domestic one-stop system foundry platform, which aligns with new trends in the new energy supply chain [2] - Cost reduction in the supply chain is driving application penetration, particularly in the silicon carbide segment, which is expected to unlock significant growth potential [2] - The company is also investing in AI and humanoid robotics, aiming to create a new growth trajectory [2]

国泰海通证券股份有限公司 关于芯联集成电路制造股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐机构名称：国泰海通证券股份有限 公司 | 被保荐公司简称：芯联集成 | | --- | --- | | 保荐代表人姓名：徐亦潇、宋轩宇 | 被保荐公司代码：688469 | 重大事项提示 芯联集成电路制造股份有限公司（以下简称"上市公司"、"公司"）上市 时未盈利且尚未实现盈利，2025 年 1-6 月，公司净利润-93,672.85 万元，归属于 上市公司股东的净利润为-17,034.04 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-53,560.81 万元，仍为负值。 公司所处的晶圆代工行业系技术密集型和资本密集型行业。由于公司建设 发展期的大额资产投入，公司整体仍处于折旧压力高位。目前公司尚处于规模扩 张初期，规模效应尚未完全显现，产品结构也尚未达到最优状态，因此公司尚未 盈利。公司将通过优化产品结构、提升公司的产品竞争力，改善盈利能力。同时， 不断提升技术开发和生产管理效率。在经营规模快速增长的同时，公司的市场渗 透率、合作伙伴的多样性、团队的技术水平等都在稳步提升，为公司盈利能力的 改 ...

Core Insights - Company has made significant progress in AI server and data center sectors, including mass production of data transmission chips and power management chips for AI servers and AI accelerator cards [1] Group 1: Product Development - Data transmission chips have entered mass production [1] - Power management chips for AI servers and AI accelerator cards have achieved large-scale production [1] - The first 55nm BCD integrated DrMOS chip in China has passed customer verification [1] Group 2: Customer Engagement - The company has launched a second-generation high-efficiency power management chip manufacturing platform specifically for data centers [1] - Key customers have been introduced to the new manufacturing platform [1]

Group 1 - Wuxi Xingqu Technology Co., Ltd. successfully completed a Series B financing round, led by semiconductor leader Chiplink Integration and market-oriented industrial capital [2] - The financing will be used for mass production of a new generation of ultra-integrated electric drive systems, research and development of silicon carbide technology, and global market expansion [2] - Xingqu Technology, established in 2021, is a high-performance electric drive company backed by Geely Holding Group and has nearly 20 years of R&D and manufacturing experience in power transmission systems and electronic components [2] Group 2 - The first phase of Xingqu Technology's factory has an annual production capacity of 300,000 electric drive systems and 250,000 motors, with an average capacity utilization rate exceeding 100% in 2024 [3] - The second phase of the project, covering 60,000 square meters, is expected to be topped out by the end of this year, with total electric drive system capacity projected to exceed 1 million units and motor capacity to exceed 2.5 million units by 2026 [3] - Since its establishment, Xingqu Technology has completed a full product line layout for pure electric and hybrid electric drives and has successfully expanded its customer base to over a dozen domestic and international clients [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue of 3.495 billion yuan in the first half of 2025, representing a year-on-year growth of 21.38%, while the net profit attributable to shareholders was a loss of 170 million yuan, reducing losses by 63.82% [1] - The company has seen significant growth in its four main business areas: automotive, industrial control, consumer electronics, and AI-related applications, contributing to a steady increase in revenue [2] - The transition to a system-level foundry model has enhanced the company's growth potential, allowing it to provide comprehensive chip system services, which has led to a substantial increase in revenue from module packaging [3] - Continuous breakthroughs in product development and market expansion, particularly in the AI sector, have positioned the company favorably for future growth [4] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 1.762 billion yuan, a year-on-year increase of 15.39%, and achieved a net profit of 12 million yuan, marking a return to profitability [1] - The company expects revenues for 2025-2027 to be 8.411 billion yuan, 10.605 billion yuan, and 13.256 billion yuan, respectively, with corresponding net profits of -446.71 million yuan, 662.39 million yuan, and 1.33282 billion yuan [8] Business Segments - Revenue from automotive, industrial control, and consumer electronics grew by 23%, 35%, and 2% respectively in the first half of 2025, with AI-related applications contributing 196 million yuan, accounting for 6% of total revenue [2] - The module packaging business saw a revenue increase of 141%, with automotive power module revenue growing over 200% [3] Market Position and Strategy - The company has successfully transitioned to a system-level foundry model, enhancing its service offerings and market recognition, particularly in automotive and AI sectors [3] - The company is actively expanding its presence in emerging markets, with significant advancements in automotive and data center technologies [4]

Core Viewpoint - Recently, Xilinx Integrated Circuit Manufacturing (Shaoxing) Co., Ltd. underwent a business change, with 15 shareholders, including Shaoxing Binhai New Area Chip Investment Fund Partnership (Limited Partnership), exiting, resulting in Xilinx Integrated holding a 100% stake [1] Group 1 - The company was established in 2021 with a registered capital of 3 billion yuan [1] - The business scope includes integrated circuit manufacturing, sales, design, and production of integrated circuit chips and products [1]

Core Viewpoint - Company has completed the transfer of 72.33% equity in the target company, achieving full ownership of 100% equity in the target company through a share issuance and cash payment transaction [1][2][3] Group 1: Transaction Overview - Company plans to issue shares and pay cash to acquire 72.33% equity in the target company from 15 transaction parties [1] - The transaction has received approval from the China Securities Regulatory Commission (CSRC) on July 18, 2025 [1] - The transfer of the target assets has been completed, with the new business license issued on August 8, 2025 [2] Group 2: Post-Transaction Matters - Company will issue shares and pay cash to transaction parties as per the agreement, and will handle the registration and listing of the new shares [2] - Independent financial advisor confirms that the transaction complies with relevant laws and regulations, and there are no substantial obstacles to the completion of subsequent matters [2][3] - Legal advisor states that all necessary approvals and authorizations have been obtained, and the transfer of the target assets has been successfully completed [3]