臻镭科技(688270)：业绩超预期 上调盈利预测

Core Insights - The company reported significant growth in Q2 2025, with revenue reaching 205 million yuan, a year-on-year increase of 74%, and net profit attributable to shareholders at 62.32 million yuan, up 1007% [1] - The gross margin stood at 84.54%, showing a slight decrease of 0.63 percentage points year-on-year, while the net profit margin improved to 30.42%, an increase of 25.65 percentage points year-on-year [1] - The company is actively expanding its customer base and projects in strategic emerging industries such as commercial aerospace, low-altitude economy, and deep-sea technology, leading to a rapid increase in orders [2] Financial Performance - In Q2 2025, the company achieved revenue of 132 million yuan and a net profit of 40 million yuan, both showing substantial growth compared to previous quarters [1] - The company made provisions for asset impairment totaling 23.68 million yuan in the first half of 2025, including credit impairment losses of 14.6 million yuan and asset impairment losses of 9.08 million yuan [1] Product Segments - The RF transceiver and high-speed high-precision ADC/DAC chip segment generated approximately 80.86 million yuan in revenue, a year-on-year increase of 72%, with a gross margin of 96.53%, up 1.67 percentage points [2] - The power management chip segment reported revenue of 103 million yuan, a 96% increase year-on-year, with a gross margin of 86.22%, down 0.52 percentage points [2] - The micro-systems and modules, along with technical services, achieved combined revenue of 17.32 million yuan, reflecting a 12% year-on-year growth [3] Research and Development - The company maintained a high level of R&D investment, totaling 67 million yuan in the first half of 2025, which accounted for 33% of the revenue, focusing on personnel and wafer fabrication [4] - The company aims to enhance its product matrix and meet customized client needs through the development of a comprehensive product capability covering "chip-module-system" [4] Profit Forecast and Valuation - Given the strong Q2 performance and the rapid recovery in downstream demand, the company is expected to continue its high growth trend in the second half of the year [5] - The profit forecast for 2025-2027 has been revised upwards, with expected net profits of 134 million yuan, 235 million yuan, and 381 million yuan respectively, corresponding to a PE ratio of 110X for 2025 [5]