将迎“6连亏”，芯联集成2025年预亏5.77亿元

Core Viewpoint - The company is expected to continue its trend of annual net losses for the sixth consecutive year, with projections indicating a reduction in losses for 2025 compared to the previous year [2]. Financial Performance - The company anticipates achieving an operating revenue of approximately 8.19 billion yuan in 2025, representing an increase of about 1.68 billion yuan or 25.83% year-on-year [4]. - The projected net profit attributable to the parent company for 2025 is approximately -577 million yuan, which is a reduction in losses of about 385 million yuan or 40.02% compared to the previous year [4]. - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be around -1.09 billion yuan, reflecting a reduction in losses of approximately 316 million yuan or 22.41% year-on-year [4]. - In the previous year, the company reported an operating revenue of 6.51 billion yuan and a net profit attributable to the parent company of -962 million yuan [5]. Industry Trends - The global semiconductor industry is projected to experience growth driven by technological iterations, increased demand, and the expansion of new application scenarios in 2025 [6]. - The domestic semiconductor industry is advancing in technology levels, with a rapid progression in domestic substitution processes and a gradual increase in market share [6]. Growth Drivers - The company is maintaining high capacity utilization rates and is benefiting from market demand, domestic substitution, and policy support, leading to sustained growth in revenue and gross margin [6]. - The expected gross margin for the company is projected to reach 5.92%, an increase of approximately 4.89 percentage points year-on-year, driven by operational efficiency and product structure optimization [6]. Operational Efficiency - The company has achieved operational efficiency improvements through mergers and acquisitions, optimizing management and reducing expense ratios while maintaining significant R&D investments [7]. - The company’s business model, which provides a one-stop system foundry platform, is gradually realizing its effectiveness, contributing to revenue growth across various application fields [6][7]. Recent Financial Results - In the first three quarters of the previous year, the company reported an operating revenue of 5.42 billion yuan, a year-on-year increase of 19.23%, while the net profit attributable to the parent company improved from a loss of 684 million yuan to a loss of 463 million yuan [8]. - The third quarter of the previous year saw an operating revenue of 1.93 billion yuan, a year-on-year increase of 15.52%, but the net profit attributable to the parent company worsened from a loss of 213 million yuan to a loss of 293 million yuan [8].