芯联集成59亿重组完成将减亏40% 发力四大应用领域毛利率达5.92%

Core Viewpoint - ChipLink Integration (688469.SH) is expected to improve its profitability, with projected revenue of approximately 8.19 billion yuan in 2025, representing a year-on-year growth of 25.83%, while reducing net losses significantly [2][5]. Financial Performance - The company anticipates a net loss of about 577 million yuan in 2025, a reduction of 40.02% compared to the previous year [5]. - The expected net loss excluding non-recurring items is approximately 1.094 billion yuan, reflecting a year-on-year decrease of 22.41% [5]. - The gross margin is projected to reach 5.92% in 2025, an increase of approximately 4.89 percentage points year-on-year [2][8]. Operational Efficiency - ChipLink Integration has achieved operational improvements through mergers and acquisitions, enhancing management efficiency and reducing period expense ratios [5][6]. - The company has focused on optimizing management in areas such as decision-making, internal management, and sales management [5][6]. Market Position and Demand - The company maintains a high capacity utilization rate driven by market demand, domestic substitution, and policy support [2][7]. - ChipLink Integration has made significant strides in four key application areas: automotive, industrial control, consumer electronics, and AI, with notable market share in MEMS sensors and laser radar [7][8]. Strategic Development - In 2025, ChipLink Integration completed an asset restructuring worth 5.897 billion yuan, acquiring 72.33% of ChipLink Yuezhou, which has enhanced its management and operational capabilities [3][6]. - The company is transitioning from a focus on scale expansion to deepening technology, aiming to improve profitability through efficiency gains and higher-value product offerings [9].