Zheng Quan Zhi Xing·2025-09-02 07:08Core Viewpoint - The report highlights the rapid growth of Jinghe Integrated Circuit's performance in the first half of 2025, with a significant increase in revenue and net profit, driven by higher sales volume and improved production efficiency [2][9]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 5.198 billion yuan, an 18.21% increase compared to 4.398 billion yuan in the same period of 2024 [2]. - The net profit attributable to shareholders reached 332 million yuan, marking a 77.61% increase from 187 million yuan in the first half of 2024 [2]. - The increase in net profit and non-recurring net profit is attributed to revenue growth, high capacity utilization, reduced unit sales costs, and improved gross profit margins [2]. Market Position - The company holds a leading position in the global market for LCD panel display driver chip foundry, ranking ninth globally and third among mainland Chinese companies [3]. - The company is actively expanding into the OLED display driver chip foundry market, with expectations of increasing shipment volumes as OLED panel demand rises [3][4]. Product Development - The company has successfully commenced mass production of its 40nm high-voltage OLED display driver chips and is making progress on the 28nm OLED display driver chips, which are expected to enter risk production by the end of 2025 [4]. - The company’s CIS products cover process nodes from 90nm to 55nm, with the 55nm CIS chips being widely used in smartphone cameras [6]. Industry Trends - The global CIS market is projected to grow to 27 billion USD by 2029, with a compound annual growth rate of 6% from 2023 to 2029, driven by demand in smartphones and the automotive sector [5]. - The company is enhancing its product variety and optimizing its product structure to improve gross profit levels, with a significant portion of revenue coming from DDIC and CIS products [7]. Investment Outlook - Revenue projections for the company from 2025 to 2027 are estimated at 11.169 billion yuan, 12.715 billion yuan, and 14.184 billion yuan, respectively, with net profits expected to be 990 million yuan, 1.297 billion yuan, and 1.485 billion yuan [9].