【私募调研记录】德若私募基金调研晶丰明源

Core Insights - A well-known private equity firm, 德若私募基金, recently conducted research on a listed company, 晶丰明源, revealing significant growth in sales and profits for the first half of 2025 [1] Financial Performance - In the first half of 2025, 晶丰明源 achieved a sales revenue of 731 million yuan and a net profit of 15.76 million yuan, representing a year-on-year growth of 151.67% [1] - The overall gross margin increased to 39.60%, attributed to process iteration, supply chain management, and product structure optimization [1] Business Segments - The high-performance computing power chip business saw a revenue increase of 419.81% [1] - The motor control driver chip revenue grew by 24.30% [1] - The AC/DC power chip business experienced a slight decline, although progress was made in the major and small appliance sectors [1] - The LED lighting business revenue decreased by 15.02%, but the market layout for smart LED lighting products has expanded [1] Strategic Developments - The company is advancing its acquisition of 四川易冲, with the restructuring work expected to be submitted for review within a month [1]