上市以来首次单季度盈利，芯联集成业绩拐点隐现

Core Insights - The company, ChipLink Integrated (688469.SH), reported a reduction in losses for the first half of the year, achieving a revenue of 3.495 billion yuan, a year-on-year increase of 21.38%, and a net loss of 170 million yuan, a reduction of 63.82% compared to the previous year [2] - In Q2, the company achieved a net profit of approximately 12 million yuan, marking its first quarterly profit since its IPO [2] - The company aims to achieve profitability by 2026, as indicated in its initial public offering information [2] Business Segments - The automotive sector contributed the largest revenue growth, accounting for 47% of total revenue, with a year-on-year increase of 23% in the first half of 2025 [3] - The industrial control business saw a revenue increase of 35%, driven by stable mass production in photovoltaic and energy storage modules [3] - The company has entered the AI market, reporting revenue of 196 million yuan from AI-related applications, which accounted for 6% of total revenue [3] Financial Performance - The company received approximately 305 million yuan in government subsidies in the first half of the year, which contributed to its profitability in Q2 [4] - The overall gross margin improved to 3.54%, an increase of 7.79 percentage points year-on-year, indicating progress towards annual profitability [4] - The company is facing significant fixed asset depreciation, which is expected to peak in 2024, but this is anticipated to ease in the future, improving profitability [4] Management Outlook - The chairman and general manager, Zhao Qi, stated that the company is entering a phase of declining depreciation, which will enhance profitability over time [5] - The company maintains its target of achieving a net profit by 2026, with expectations of reaching a revenue scale of 10 billion yuan [5]