中微半导2025上半年净利翻倍 存货下降33.36%周转率显著提升

Core Viewpoint - The semiconductor industry is experiencing a recovery, leading to significant growth in the performance of Zhongwei Semiconductor (688380.SH), with notable increases in revenue and profit in the first half of 2025 [1][2]. Financial Performance - In the first half of 2025, Zhongwei Semiconductor achieved revenue of 504 million yuan, a year-on-year increase of 17.56% - The net profit reached 86.47 million yuan, showing a remarkable growth of 100.99% - The non-deductible net profit was 75.76 million yuan, up by 19.92% [1][2]. Inventory Management - As of June 30, 2025, the company's inventory stood at 314 million yuan, a decrease of 33.36% year-on-year - The inventory turnover days significantly dropped by 96.5 days to 184.6 days, and the inventory turnover rate increased by 0.34 times to 0.98 times [3]. R&D Investment - Zhongwei Semiconductor's R&D expenses for the first half of 2025 amounted to 52.97 million yuan, a decrease of 11.06%, with an R&D expense ratio of 10.51% - The number of R&D personnel was 211, accounting for 49.07% of the total workforce, with an average salary of 185,800 yuan [4]. - The company applied for 9 new invention patents and received approval for 5 during the same period, with a total of 74 applications and 41 authorized patents [4]. Market Strategy - The company has intensified its market expansion efforts, particularly in consumer electronics, automotive electronics, and emerging applications such as AI and robotics - The revenue from consumer electronics chips was 205 million yuan, accounting for 40.58% of total revenue, while revenue from small appliance control chips was 155 million yuan, making up 30.66% [2][4]. - Zhongwei Semiconductor has established deep collaborations with major clients in various sectors, including Haier, Midea, Xiaomi, and Gree in the home appliance sector, and with automakers like Geely and Changan in the automotive sector [5][6].