必易微(688045)：盈利能力持续修复 收购兴感强化产品布局

Core Insights - The company reported a revenue of 461 million yuan for the first three quarters of 2025, a year-on-year decrease of 3.15%, while achieving a net profit attributable to shareholders of -3 million yuan, significantly reducing losses [1] - In Q3 2025, the company achieved a revenue of 179 million yuan, a year-on-year increase of 3.61% and a quarter-on-quarter increase of 12.13%, with a net profit attributable to shareholders of 6 million yuan, a year-on-year increase of 161.63% and a quarter-on-quarter increase of 39.46% [1] Revenue and Profitability - The most notable highlight of the quarter was the recovery in profitability, with a gross margin exceeding 30%, an increase of over 5 percentage points year-on-year, directly driving the net profit attributable to shareholders into positive territory and achieving profitability for two consecutive quarters [2] - Despite a decline in revenue year-on-year, the gross profit amount increased by over 15% in the first three quarters, supported by a simultaneous optimization of expenses, including a 12.83% year-on-year decrease in R&D expenses [2] Strategic Acquisition - The acquisition of Xinggan Semiconductor, a leading global supplier of high-performance sensor chips, aims to build a comprehensive system-level solution capability [3] - Xinggan Semiconductor possesses independent intellectual property and rich technical reserves in sensor devices, high-precision mixed-signal processing, and sensor packaging, serving downstream sectors such as new energy equipment, automotive terminals, and industrial automation [3] - Post-acquisition, the company will form a complete product system from current detection, motion sensing to power management, battery management, and motor drive, significantly enhancing product portfolio competitiveness [3] Investment Outlook - Revenue projections for 2025-2027 are estimated at 738 million, 909 million, and 1.121 billion yuan, respectively, with net profits attributable to shareholders of 15 million, 42 million, and 70 million yuan [4] - Corresponding EPS is projected at 0.22, 0.60, and 1.00, with PE ratios of 188.06, 68.81, and 40.92x, maintaining a "buy" rating [4]