Silan(600460) 证券时报网·2025-04-29 13:15Core Viewpoint - Company Silan Microelectronics (士兰微) has reported a steady growth in revenue and a return to profitability in Q1 2025, driven by its IDM model and expansion into high-barrier markets [1][2][3] Financial Performance - In Q1 2025, Silan Microelectronics achieved a revenue of nearly 3 billion yuan, representing a year-on-year growth of 21.7% [1] - The net profit attributable to shareholders was 149 million yuan, marking a turnaround from losses [1] - For the full year 2024, the company reported a revenue of 11.221 billion yuan, with a net profit of 220 million yuan, also indicating a recovery [1] Business Strategy - The company is leveraging its IDM model to enhance its competitive advantages in integrated circuits, power devices, and third-generation semiconductor chips [2] - Silan Microelectronics is focusing on expanding its presence in high-barrier markets such as large home appliances, communications, industrial applications, new energy, and automotive sectors [2][3] - The company plans to achieve a total revenue of approximately 14 billion yuan in 2025, with a year-on-year growth target of about 25% [2] Product Development - Silan Microelectronics is accelerating product structure adjustments and has seen significant growth in its integrated circuit revenue, which increased by about 30% to approximately 4.1 billion yuan [2] - The revenue from IGBT and SiC products used in automotive and photovoltaic applications reached 2.261 billion yuan, growing over 60% year-on-year [2] - The company is also focusing on developing automotive-grade analog circuits and power circuits related to computing servers, with plans to launch a series of automotive-grade products this year [3] Market Position - The company has seen an increase in holdings from northbound capital, with a net increase of nearly 2.1 million shares in Q1, raising the holding ratio to 2.55% [3] - The National Integrated Circuit Industry Investment Fund's holding ratio remained unchanged, indicating stable institutional support [3]