晶丰明源股价上涨3.29%，业绩扭亏与资金博弈成焦点

Core Viewpoint - The stock price of Jingfeng Mingyuan increased by 3.29% on February 12, 2026, closing at 139.54 yuan, influenced by multiple factors including performance turnaround, capital speculation, and sector sentiment [1] Financial Performance - The company announced on January 30 that it expects a net profit attributable to shareholders of 36 million yuan for 2025, marking a turnaround from losses, with a non-recurring net profit of 18 million yuan, representing a 299.79% year-on-year increase [2] - For the first three quarters of 2025, revenue reached 1.117 billion yuan, a year-on-year growth of 2.67%, and the net profit attributable to shareholders was 23.33 million yuan, up 142.96% year-on-year, with the third quarter net profit at 7.57 million yuan, reflecting a 131.81% increase [2] - The turnaround is primarily attributed to product structure optimization and improved gross margins, supported by a recovery in global demand for simulation chips and increased utilization rates in domestic wafer foundries [2] Capital and Technical Analysis - On February 11, there was a net outflow of 17.32 million yuan in main funds, but on February 12, main funds turned to a net inflow of 0.78 million yuan, with retail funds showing a net inflow of 203.94 million yuan, indicating short-term fluctuations in capital sentiment [3] - Despite the performance improvement, the company's price-to-earnings ratio stands at 277.02, significantly higher than the semiconductor industry average, with the stock price having declined by 8.02% from its peak on January 28 [3] - Institutional holdings have seen adjustments, with Jia Shi Fund reducing its holdings by 1.2532 million shares in the third quarter, while other funds like Huaxia Pansheng Mixed Fund continue to hold significant positions [3] Sector Performance - On February 12, the semiconductor sector index rose by 2.43%, and the simulation chip concept sector increased by 2.20%, indicating a recovery in overall industry sentiment [4] - On September 13, 2025, China initiated an anti-dumping investigation against U.S. simulation chips, with the investigation period ending in September 2026, leading to long-term expectations for accelerated domestic substitution, although short-term speculation remains strong [4] Future Development - The company currently has a high valuation level, with LED lighting driver chips accounting for 51.44% of its main business, indicating limited growth potential in traditional areas [5] - Attention should be paid to the actual performance in the 2025 annual report and the progress of product structure optimization [5]