证券研究报告·行业点评报告·电子 电子行业点评报告 端侧 AI 散热机遇，微泵液冷关注艾为/南芯 2025 年 09 月 02 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 艾为电子：公司已推出的全新的国产液冷驱动 AW86320 压电驱动 "静 界·冰核"。该方案可以提供超过 180Vpp 的驱动电压，为控制液冷散热 提供充足动力。功耗与海外 Top1 友商相当，为小型化电子设备量产应 用带来极大便利。高负载场景下温度可降低 10-15℃。 南芯科技：公司宣布推出自主研发的 190Vpp 压电微泵液冷驱动芯片 SC3601，可在移动智能终端实现低功耗液冷散热。SC3601 可实现 10 倍的节电效率提升，驱动波形的总谐波失真加噪声 (THD+N) 低至 0.3%，待机功耗低至微安级。搭载该芯片的液冷方案可大幅提升移动智 能终端散热性能，填补了国产技术空白。目前，SC3601 已在多家客户 导入验证并即将量产。 ◼ 风险提示：AI 应用进展不及预期，技术发展不及预期，市场竞争风险。 证券分析师 陈海进 执业证书：S0600525020001 chenhj@dwzq.com ...

Overview - The report provides insights into the performance of various companies across different industries, highlighting key financial metrics and growth prospects for the first half of 2025 [1][2]. Key Insights - The coal industry shows signs of recovery with companies like 潞安环能 and 山煤国际 reporting improved performance in Q2 2025, driven by increased production and cost optimization [34][40]. - The electric equipment sector is witnessing stability in pricing due to the phosphoric iron lithium development initiative, which aims to support sustainable growth in the industry [5]. - The construction and decoration industry, represented by companies like 中国建筑 and 矩阵股份, is experiencing accelerated growth in Q2 2025, with improved cash flow and profitability [10][14]. - The agricultural sector, particularly 温氏股份, is seeing a rebound in chicken prices, which is expected to enhance profitability in the latter half of 2025 [12]. - The media and entertainment industry, with companies like 风语筑 and 荣信文化, is leveraging AI and digital transformation to enhance revenue streams and improve financial performance [18][27]. Company Summaries Coal Industry - 潞安环能 reported a Q2 2025 revenue of 71.01 billion yuan, a decrease of 21.05% year-on-year, but with a significant improvement in production and cost management [34]. - 山煤国际's Q2 2025 revenue was 51.58 billion yuan, down 33.03% year-on-year, but the company is optimistic about recovery due to rising coal prices in the second half of the year [40]. Electric Equipment - The phosphoric iron lithium initiative aims to stabilize prices and improve profitability for companies in the sector, with a focus on sustainable development [5]. Construction and Decoration - 中国建筑 achieved a Q2 2025 net profit of 466 billion yuan, reflecting a 1% increase year-on-year, supported by improved cash flow and reduced impairment losses [10]. - 矩阵股份 reported a significant increase in net profit, with a 103% growth in non-recurring profit, driven by enhanced asset quality and cash flow [14]. Agriculture - 温氏股份 sold 1,793.19 million pigs in H1 2025, a 25% increase year-on-year, with a notable drop in costs leading to improved profitability [12]. Media and Entertainment - 风语筑's H1 2025 revenue grew by 33.97% to 7.75 billion yuan, marking a turnaround to profitability, while 荣信文化 is focusing on AI-driven marketing strategies to enhance growth [18][27]. Financial Projections - The report includes projections for various companies, indicating expected growth in net profits for 2025-2027 across multiple sectors, with specific figures provided for companies like 海尔智家 and 龙净环保 [28][30].

据证券之星公开数据整理，近期南芯科技（688484）发布2025年中报。截至本报告期末，公司营业总收 入14.7亿元，同比上升17.6%，归母净利润1.23亿元，同比下降40.21%。按单季度数据看，第二季度营 业总收入7.85亿元，同比上升21.08%，第二季度归母净利润5916.79万元，同比下降43.44%。本报告期 南芯科技公司应收账款体量较大，当期应收账款占最新年报归母净利润比达94.57%。 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 12.5亿 | 14.74Z | 17.60% | | 归母净利润(元) | 2.05亿 | 1.23 Z | -40.21% | | 扣非净利润(元) | 2.06亿 | 9741.84万 | -52.70% | | 货币资金(元) | 28.46亿 | 26.25亿 | -7.78% | | 应收账款(元) | 1.6亿 | 2.9亿 | 81.88% | | 有息负债 (元) | 597.08万 | 588.88万 | -1.37% | | 毛利率 | 41. ...

南芯科技（688484.SH） 优于大市 证券研究报告 | 2025年08月28日 投资建议：公司不断拓展产品线和应用领域，维持"优于大市"评级 由于公司在加大研发投入，我们下调公司 2025-2027 年归母净利润至 3.13/4.31/5.60 亿元（前值为 3.78/4.85/5.76 亿元），对应 2025 年 8 月 27 日股价的 PE 分别为 66/48/37x，维持"优于大市"评级。 风险提示：新产品研发不及预期；客户验证不及预期；需求不及预期。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,780 | 2,567 | 3,342 | 4,018 | 4,643 | | (+/-%) | 36.9% | 44.2% | 30.2% | 20.2% | 15.6% | | 归母净利润(百万元) | 261 | 307 | 313 | 431 | 560 | | (+/-%) | 6.2% | 17.4% | 2.1% | 37.4% ...

持续高强度研发投入，构筑全链路技术壁垒。公司持续保持高强度研发投入，1H2025 研发费用达2.82 亿元，同比+54.62%。研发费用率同比提升4.60pcts 至19.21%，为长期发展提供强劲动能。截至 1H2025，公司研发人员增至756 人，占总人数68.35%。 投资建议： 我们预计公司2025/2026/2027 年公司收入为32.78/41.51/50.07 亿元，归母净利润为 3.62/5.46/7.08 亿元，对应PE 分别为57.6/38.2/29.5 倍。维持"增持"评级。 风险提示：行业需求不及预期；新产品研发不及预期；行业竞争加剧。 事件：公司公布1H2025 业绩。1H2025 公司实现营业收入14.70 亿元，同比+17.60%；实现归母净利润 1.23 亿元，同比-40.21%；实现扣非归母净利润0.97 亿元，同比-52.70%。 2Q2025 营收延续增长，盈利能力同比有所下滑。单季度来看，2Q2025公司实现收入7.85 亿元，同比 +21.08%，环比+14.54%；实现归母净利润0.59 亿元，同环比有所下滑。业绩变动主要原因系：1）业务 规模稳健扩张，消费电子市场 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 1.47 billion yuan in 1H2025, representing a year-on-year increase of 17.60%, while the net profit attributable to shareholders decreased by 40.21% to 123 million yuan [7] - The company continues to expand its product matrix across various sectors, including consumer electronics, automotive, and industrial applications, with significant new product launches [7] - High R&D investment remains a focus, with R&D expenses reaching 282 million yuan in 1H2025, a year-on-year increase of 54.62%, indicating a commitment to building technological barriers [7] Financial Performance Summary - Revenue projections for the company are as follows: 3.28 billion yuan in 2025, 4.15 billion yuan in 2026, and 5.01 billion yuan in 2027, with corresponding net profits of 362 million yuan, 546 million yuan, and 708 million yuan respectively [6][7] - The company’s revenue growth rates are projected at 27.7% for 2025, 26.6% for 2026, and 20.6% for 2027 [6] - The company’s earnings per share (EPS) are expected to be 0.85 yuan in 2025, 1.28 yuan in 2026, and 1.66 yuan in 2027 [6] Market Performance - The company has shown a market performance of 94% over the last 12 months, outperforming the Shanghai Composite Index and the semiconductor sector [4]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a steady revenue growth of 17.60% year-on-year, with total revenue reaching 1.47 billion yuan in the first half of 2025 [1] - The company has expanded its R&D team significantly, with R&D expenses increasing by 54.62% year-on-year, and the number of R&D personnel rising to 756, accounting for 68.35% of total employees [4] - The company is diversifying its product offerings, launching new products in high-end consumer electronics and automotive electronics, which are expected to enhance its market position [2][3] Financial Performance - In Q2 2025, the company reported revenue of 785 million yuan, a year-on-year increase of 21.08% and a quarter-on-quarter increase of 14.54% [2] - The net profit attributable to the parent company for Q2 2025 was 59 million yuan, reflecting a year-on-year decrease of 43.42% and a quarter-on-quarter decrease of 6.81% [2] - The company expects to achieve revenues of 3.34 billion, 4.30 billion, and 5.49 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 30%, 28.9%, and 27.7% [5][6] Product Development and Strategic Initiatives - The company has adjusted its fundraising project to focus on building a chip testing industrial park, which will enhance its testing capabilities for consumer, automotive, and industrial chips [3] - New core technologies developed include piezoelectric micro-pump drive technology and GaN drive control technology, among others, which are expected to strengthen the company's competitive edge [4] Market Position and Valuation - The current stock price corresponds to a price-to-earnings (P/E) ratio of 64.1 for 2025, 46.5 for 2026, and 32.0 for 2027 [5][6] - The company’s total market capitalization is approximately 20.83 billion yuan [7]

本报讯 （记者张文湘）8月27日晚间，上海南芯半导体科技股份有限公司（以下简称"南芯科技"）发布2025年半年度报 告。今年上半年，南芯科技实现营业收入14.7亿元，同比增长17.60%，归属于上市公司股东的净利润、扣非净利润分别为1.23 亿元和9742万元。 南芯科技公告称，随着公司研发投入的增加，公司产品结构越来越丰富，消费电子领域目前已覆盖从供电端的AC-DC（交 流电转换成直流电）、协议芯片到设备端的充电管理、锂电管理全充电链路，同时汽车电子领域已覆盖车载电源管理芯片和车 载智能驱动芯片。 （编辑 张昕） 今年上半年，南芯科技继续加大研发投入。截至六月末，公司研发人员数量增至756人，较2024年末增长33.33%，研发人 员数量占公司员工总数的比例为68.35%。今年上半年，公司研发投入2.82亿元，较上年同期增长54.62%。报告期末，公司获得 新增授权专利50项，累计获取专利165项。 资料显示，南芯科技主营业务为模拟与嵌入式芯片的研发、设计和销售，专注于电源及电池管理领域，为客户提供高性 能、高品质与高经济效益的完整解决方案。2025年上半年，汽车和工业领域需求复苏，公司凭借技术创新，原有产 ...

中信建投证券股份有限公司 关于上海南芯半导体科技股份有限公司 开展远期结售汇等外汇衍生产品业务的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为上海南芯半导体科技股份有限公司（以下简称"南芯科技"或"公司"）首 次公开发行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理 办法》《上海证券交易所科创板股票上市规则》和《上海证券交易所科创板上市 公司自律监管指引第 1 号——规范运作》等相关规定，对南芯科技开展远期结售 汇等外汇衍生产品业务进行了核查，发表意见如下： 一、交易情况概述 （一）开展相关业务的目的 公司在经营业务活动开展过程中存在境外销售和境外采购，结算币种主要采 用美元，人民币汇率波动将直接影响产品的价格竞争力，从而对经营业绩造成影 响。为适应外汇市场变化，充分利用远期结售汇的套期保值功能及期权类产品外 汇成本锁定功能，实现以规避风险为目的的资产保值，降低汇率波动对公司的影 响，公司及纳入合并报表范围内的子公司（以下简称"子公司"）拟开展远期结 售汇等外汇衍生产品业务。 （二）交易方式 公司及子公司拟开展的外汇产品业务包括（但不限于）外币远期结售汇、外 ...

上海南芯半导体科技股份有限公司2025 年半年度报告 公司代码：688484 公司简称：南芯科技 上海南芯半导体科技股份有限公司 上海南芯半导体科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细描述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本报告 "第三节 管理层讨论与分析"之"四、风险因素"中的相关内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人阮晨杰、主管会计工作负责人赵熹及会计机构负责人（会计主管人员）赵熹声 明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来发展战略、发展规划、经营计划等前瞻性陈述，不构成公司对投资 者的实质承诺，请投资者注意投资风险。 ...