CRM(SH:688396) Zheng Quan Shi Bao Wang·2025-10-31 03:55Core Insights - The company reported a revenue of 8.069 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 7.99% [1] - The net profit attributable to shareholders reached 526 million yuan, up 5.25% year-on-year [1] - The net cash flow from operating activities was 1.362 billion yuan, reflecting a growth of 22.30% year-on-year [1] - The company achieved a quarterly revenue of 2.851 billion yuan, with a year-on-year growth of 5.14% and a gross margin of 27.88%, which is an increase of 1.94 percentage points from the previous quarter [1] Industry Context - The global semiconductor industry is experiencing a recovery, with strong demand in automotive electronics, artificial intelligence, and consumer electronics, leading to intensified competition [1] - The company is increasing its R&D investment to enhance its resilience and anti-cyclical capabilities amid this competitive landscape [1] R&D and Innovation - The company has increased its R&D investment from 7.71% of revenue in 2021 to 11.53% in 2024, with 850 million yuan allocated in the first three quarters of 2025, representing 10.55% of revenue [2] - The company is focusing on automotive chips, leveraging the "new four modernizations" in the automotive sector, and has achieved certification for 110 automotive-grade products [2] Project Development - The company is advancing key projects to support product upgrades, with the Chongqing 12-inch project being a critical component for power device production, achieving a monthly output target of 30,000 wafers ahead of schedule [4] - The company has successfully developed the G7 series of high-end power devices, which are now being supplied to leading clients in the photovoltaic and energy storage sectors [4] Packaging and Testing - The packaging business saw a revenue increase of 25% year-on-year in the first three quarters, with the advanced packaging base's revenue growing by 69%, and module packaging revenue soaring by 176% [5] - The company is also making progress in its mask business, with sales increasing by over 36% year-on-year, and is actively optimizing its customer structure [6] Future Outlook - The company plans to continue leveraging technological innovation to accelerate the construction and capacity release of major projects, aiming for sustainable growth in high-end markets and diversified applications [6]