民生证券：给予汇顶科技买入评级

Core Viewpoint - The report highlights that despite a slight decline in revenue, the company's profitability continues to improve, driven by the expansion of new product commercialization and effective cost management [1][2][3][4]. Financial Performance - In H1 2025, the company achieved revenue of 2.251 billion yuan, a year-over-year decrease of 0.20%, while net profit attributable to shareholders reached 431 million yuan, an increase of 35.74% year-over-year [2][3]. - For Q2 2025, revenue was 1.187 billion yuan, reflecting a year-over-year growth of 14.40% and a quarter-over-quarter increase of 11.52%. Net profit for the same period was 235 million yuan, up 51.95% year-over-year and 20.43% quarter-over-quarter [2][3]. Profitability Metrics - The company's gross margin for H1 2025 was 43.28%, an increase of 1.23 percentage points year-over-year, while the net margin was 19.13%, up 5.07 percentage points year-over-year [3]. - Revenue breakdown by product shows fingerprint recognition chips, capacitive touch chips, and other chips generated revenues of 874 million, 837 million, and 483 million yuan, respectively, with year-over-year changes of +6.09%, -5.15%, and +2.04% [3]. Strategic Developments - The company has transferred 100% equity of its wholly-owned subsidiaries DCT GmbH and DCT B.V. to Tessolve Engineering Service Pte. Ltd., generating an investment income of 78 million yuan [3]. - New product commercialization, including ultrasonic fingerprint sensors and light sensors, has expanded since Q4 2024, contributing to steady growth in shipment volumes [4]. Future Outlook - The company anticipates continued growth in revenue and net profit, projecting revenues of 5.396 billion, 6.289 billion, and 6.990 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 837 million, 979 million, and 1.102 billion yuan [5]. - The company maintains a "buy" rating based on the expected release of new products and their potential to drive performance in the upcoming periods [1][5].