研报掘金丨华西证券：紫光国微Q2单季度增长亮眼，首予"买入"评级

Core Viewpoint - Unisoc achieved a net profit of 692 million yuan in the first half of 2025, representing a year-on-year decline of 6.18% [1] Financial Performance - In Q2, the net profit reached 573 million yuan, showing a year-on-year increase of 33% and a quarter-on-quarter increase of 381% [1] - Q2 gross margin was 56.30%, with a quarter-on-quarter increase of 2.2 percentage points [1] Business Expansion - The company has over 800 varieties in special integrated circuits, with expertise in AI + visual perception, processors, programmable devices, memory, networking and interfaces, analog devices, and ASIC/SoPC [1] - New application scenarios have been expanded into commercial aerospace, alongside traditional business foundations [1] Market Position - The company continues to excel in the smart card sector, with leading market shares in SIM card chips both in China and globally [1] - It holds a leading position in the domestic market for financial IC card chips, ID card readers, and POS machine SE chips [1] - In certain areas of automotive electronic chips, the company is also a domestic leader [1] Future Outlook - As a leading domestic enterprise in special chips, the company is expected to benefit from the recovery of special demand and the growth potential brought by innovative product lines [1] - The report initiates coverage with a "buy" rating [1]