Sou Hu Cai Jing·2025-12-01 11:45Core Viewpoint - Fudan Microelectronics (688385) is experiencing stable business growth with ongoing expansion in various application scenarios, particularly in safety and identification products, smart meters, and FPGA product lines, while also focusing on building an ecosystem of "chip-software-solutions" for 2026 [2][4]. Business Development - The company has seen stable development in its business since 2025, with various lines expanding into new application scenarios, such as progress in contactless payment and smart meter markets [2]. - The MCU business, particularly in smart meters, has been a significant revenue contributor, with good shipment performance and growth in the first three quarters of 2025 [3]. - The FPGA business maintains a leading position domestically, with ongoing product development aimed at meeting market demands, including the introduction of a 32TOPS computing power chip [4]. Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 3.024 billion yuan, a year-on-year increase of 12.7%, while net profit attributable to shareholders was 330 million yuan, a decrease of 22.69% [6]. - In Q3 2025, the company achieved a quarterly main revenue of 1.186 billion yuan, up 33.28% year-on-year, and a net profit of 137 million yuan, up 72.69% year-on-year [6]. - The company's gross margin stands at 58.47%, with a debt ratio of 26.66% [6]. Investment and Partnerships - The company is in the process of finalizing a formal transaction agreement with Guosheng Investment, aiming to complete necessary approvals and compliance checks by the end of the year [5]. - Guosheng Investment and Fudan University are committed to supporting the company's development and fostering strategic cooperation and collaborative research [6]. Analyst Ratings - Over the past 90 days, five institutions have rated the stock as a buy, with an average target price of 78.0 yuan [6].