Ingenic(SZ:300223) Xin Lang Cai Jing·2025-09-15 10:44Core Insights - The company achieved a revenue of 2.249 billion yuan in H1 2025, representing a year-on-year growth of 6.75%, with a net profit attributable to shareholders of 203 million yuan, up 2.85% year-on-year [1][2] - The company is focusing on new product development and technology upgrades, particularly in AI, which is expected to drive future growth [2][3] Revenue and Profit Analysis - H1 2025 revenue growth was primarily driven by the collaborative growth of storage chips, computing chips, and analog & interconnect chips [2] - Storage chip revenue reached 1.384 billion yuan, up 5.2% year-on-year; computing chip revenue was 604 million yuan, up 15.59%; and analog & interconnect chip revenue was 244 million yuan, up 5.02% [2] - The company reported a net profit of 203 million yuan in H1 2025, with a non-recurring net profit of 161 million yuan, down 19.05% year-on-year, mainly due to increased R&D expenses [2] R&D and Product Development - R&D expenses in H1 2025 amounted to 348 million yuan, accounting for 15.47% of revenue, indicating a strong commitment to product line expansion [2] - The company is advancing its AI technology strategy, with new computing chip products like T33 already in production and T42 expected to launch in 2026 [2][3] - In the storage chip sector, new DRAM products based on 20nm/18nm/16nm processes are being sampled, which is anticipated to enhance competitiveness in the market [2] Future Outlook - The company's strategy of "computing + storage + analog" is expected to deepen its presence in automotive, industrial, and consumer electronics sectors, indicating potential for future earnings elasticity [3] - Revenue projections for 2025-2027 are estimated at 4.950 billion yuan, 5.886 billion yuan, and 6.948 billion yuan respectively, with net profits of 503 million yuan, 651 million yuan, and 833 million yuan [4]