Oriental Semi(SH:688261) Xin Lang Cai Jing·2025-09-04 06:38Core Viewpoint - The company's Q2 2025 performance was below expectations, primarily due to ongoing price competition in the power semiconductor sector [1] Group 1: Q2 2025 Performance - The company reported revenue of 333 million yuan, with year-on-year and quarter-on-quarter growth of 35.1% and 17.7% respectively [1] - Gross margin was 18.0%, reflecting an increase of 3.2 and 4.4 percentage points year-on-year and quarter-on-quarter [1] - Net profit attributable to shareholders was 20 million yuan, with significant year-on-year and quarter-on-quarter growth [1] Group 2: Development Trends - The company is aligning with the growing demand for data center power and expanding its low-voltage small current product offerings [2] - Despite the power semiconductor industry's ongoing demand downturn, the company is leveraging its technical strengths to capture high-structural growth opportunities in data centers [2] - The company has optimized its 25V-150V low-voltage MOSFET product line, enhancing performance and supporting domestic replacement efforts for core clients [2] Group 3: R&D and External Growth - R&D investment increased by 9% year-on-year, with a 20% rise in R&D personnel [3] - The sixth-generation high-voltage super junction MOSFET is progressing well, with sales in AI power and new robotics [3] - The acquisition of electric chip technology is expected to accelerate the expansion of key product lines in servers and automotive applications [3] Group 4: Profit Forecast and Valuation - The company maintains its revenue forecast for 2025 but has reduced its net profit forecast by 50% to 100 million yuan due to ongoing industry price competition [4] - The company has introduced 2026 revenue and net profit forecasts of 1.63 billion yuan and 190 million yuan respectively [4] - The valuation has been switched to 2026, with a target price increase of 25% to 94.00 yuan, corresponding to a 60x P/E ratio for 2026 [4]