Ju Chao Zi Xun·2026-01-24 02:32Core Viewpoint - Fudan Microelectronics anticipates a revenue increase for 2025, but expects a significant decline in net profit due to structural changes in the semiconductor industry and varying demand across applications [1] Revenue and Profit Forecast - The company projects 2025 revenue to be between 3.93 billion and 4.03 billion RMB, representing a year-on-year increase of 9.46% to 12.25% [1] - Expected net profit attributable to shareholders is forecasted to be between 190 million and 283 million RMB, reflecting a year-on-year decrease of 66.82% to 50.58% [1] - Net profit after excluding non-recurring gains and losses is estimated to be between 125 million and 185 million RMB, indicating a year-on-year decline of 73.07% to 60.14% [1] Industry Insights - The semiconductor industry is experiencing significant structural differentiation in demand, with notable variations in downstream application needs [1] - Despite the overall revenue growth, the company maintains stable gross margins, with gross profit expected to increase by approximately 200 million to 260 million RMB compared to the previous year [1] Product Performance - FPGA products are showing strong applications in various fields such as wired and wireless communication, satellite communication, video imaging, industrial control, artificial intelligence, and high-reliability sectors, contributing to revenue growth [1] - The market performance of security and identification chips varies across subcategories, with overall revenue experiencing slight growth driven by RFID and sensor chips [1] - The non-volatile memory market is facing intense competition, leading to a decline in annual revenue [1] - MCU chips benefit from a solid market presence and stable product quality, with rapid growth in shipments in the automotive and white goods markets compared to the previous year [1] R&D and Other Income - R&D expenses for 2025 are expected to increase by approximately 180 million RMB, primarily due to changes in supply chain and customer demand [1] - Other income is projected to decrease by about 90 million RMB due to a reduction in government subsidies [1]