中邮证券：首次覆盖英诺赛科予“增持”评级 氮化镓产品于多项领域取得全面突破

Core Viewpoint - The report from Zhongyou Securities indicates that InnoScience (02577) is experiencing rapid revenue growth, with a projected revenue of 5.53 billion yuan in the first half of 2025, representing a year-on-year increase of 43.43%. The company's gross margin has improved to 6.8%, benefiting from product structure optimization and economies of scale [1]. Revenue Growth - In the first half of 2025, the company achieved a revenue of 5.53 billion yuan, marking a 43.43% increase year-on-year. The gross margin turned positive at 6.8%, driven by product structure optimization and scale effects [1]. High-End Business Expansion - The company has made significant breakthroughs in key areas such as data centers, new energy vehicles, and humanoid robots with its gallium nitride (GaN) products. The GaN products are now in mass production for applications in AI and data centers, specifically the 48V-12V application based on 100V GaN. In the humanoid robot sector, the company has collaborated with leading robot manufacturers to achieve mass production of GaN chip-based joint motors and dexterous hand drive solutions, enhancing efficiency and compactness in power solutions. In the new energy vehicle sector, products for applications like lidar and onboard chargers are experiencing rapid growth, while the consumer electronics segment is consolidating its advantages and expanding into home appliances and energy storage markets [2]. Technological Collaboration - The company has partnered with NVIDIA to support the implementation of an 800VDC power architecture, which is crucial for the ongoing evolution of the next-generation GPU roadmap. This architecture is expected to bring significant advancements to AI data centers, enabling higher efficiency, power density, and reduced energy consumption and CO2 emissions. As a leading GaN IDM enterprise, the company’s third-generation GaN devices offer rapid switching characteristics, high efficiency, and excellent reliability, facilitating a leap from kilowatt to megawatt rack upgrades in AI data centers [3]. Investment Outlook - The company is projected to achieve revenues of 14 billion yuan, 25 billion yuan, and 39 billion yuan in 2025, 2026, and 2027, respectively [4].