士兰微：扣非净利润增113% IPM、汽车IGBT及SiC模块成核心引擎

Core Insights - The company reported a total revenue of 6.336 billion yuan for the first half of 2025, marking a year-on-year growth of 20.14% [1] - The net profit attributable to shareholders reached 265 million yuan, a significant increase of 290 million yuan compared to the same period last year, indicating a turnaround from losses [1] - The company achieved a non-GAAP net profit of 269 million yuan, reflecting a 113.12% increase year-on-year [1] Revenue Growth Drivers - The revenue growth was primarily driven by the implementation of an "integrated" strategy, which involved expanding into high-barrier markets and launching competitive products [1] - Full-capacity operation of chip production lines and improvements in profitability levels contributed to the financial performance [1] - The expansion and efficiency improvements in packaging lines also played a role in the company's turnaround [1] Integrated Circuit Segment Performance - The integrated circuit segment generated revenue of 2.558 billion yuan in the first half of 2025, representing a year-on-year increase of 26% [2] - Key growth drivers included the rise in shipments of IPM modules, MEMS sensors, and 32-bit MCUs, particularly in high-end fields such as automotive electronics and industrial control [2] - The IPM module remains the growth engine for the integrated circuit segment, with ongoing investments to expand production capacity [2] IPM Module Market Strategy - The company has nearly 10 years of quality statistics for its IPM modules, with a low failure rate, providing a reliable foundation for market share growth [3] - The automotive sector is identified as a crucial growth area, with expectations that by 2030, IPM demand in the electric vehicle market will account for 40% of the total market size [3] - The company plans to enhance the performance of its devices, increase power density, and reduce costs, including the introduction of high-voltage 1200V power modules [3] Other Product Categories - Other product categories, such as DrMOS circuits and low-voltage pre-driver circuits, have shown strong performance, with 32-bit MCU revenue increasing by 60% year-on-year [4] - MEMS sensor revenue grew by 10%, reversing a previous decline, with significant orders from domestic smartphone manufacturers [4] Power Semiconductor Business Growth - The power semiconductor and discrete devices segment achieved revenue of 3.008 billion yuan, a year-on-year increase of 25% [5] - Revenue from IGBT and SiC devices in the automotive and photovoltaic sectors grew by over 80%, highlighting the company's advantages in the new energy power device market [5] - The company has risen to sixth place globally in market share, reaching 3.3%, due to the synergy of advanced production lines and leading products [5] SiC Technology Development - The company is actively expanding its SiC production capacity, with a 6-inch SiC power device chip production line achieving a monthly output of 10,000 pieces [6] - The 8-inch SiC power device chip production line is nearing mass production, expected to significantly increase sales in 2026 [6] LED Business Outlook - The LED product segment reported revenue of 346 million yuan, a decrease of 17% year-on-year, but production capacity utilization has improved to 90% [7] - The company plans to strengthen cost control and improve efficiency to reduce operational losses [7] - Long-term strategies include advancing Micro-LED and driver technology integration to explore new growth opportunities in the LED business [7]