芯朋微(688508)：业绩超预期

Core Insights - The company reported a significant increase in revenue and net profit for Q1 2025, with revenue reaching 301 million yuan, a year-on-year growth of 48.23%, and a net profit of 41 million yuan, up 72.54% year-on-year [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 301 million yuan, representing a year-on-year increase of 48.23% and a quarter-on-quarter increase of 17.11% - The net profit attributable to the parent company was 41 million yuan, showing a year-on-year growth of 72.54% and a quarter-on-quarter growth of 20.48% - The gross margin stood at 36.69%, with a slight year-on-year decrease of 0.05 percentage points but a quarter-on-quarter increase of 0.3 percentage points, indicating stability in profitability [2]. Market and Product Development - The market is recovering, driven by government policies aimed at promoting equipment upgrades and consumption of new products, which has positively impacted demand for chips [2]. - The company has successfully expanded its product lines, achieving breakthroughs in several new technology areas, including high-voltage isolation half-bridge chips and digital power chips, with new products growing over 120% year-on-year in Q1 2025 [3]. - The company is enhancing its product promotion efficiency by providing a comprehensive "PowerSemi Total Solution" to customers, which is expected to drive significant growth in emerging fields such as renewable energy, robotics, and AI computing [3]. Future Projections - The company is projected to achieve revenues of 1.22 billion yuan, 1.55 billion yuan, and 1.94 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 160 million yuan, 220 million yuan, and 290 million yuan for the same years [4].