芯朋微（688508）：业绩超预期

Investment Rating - The report maintains a "Buy" rating for Chipown Microelectronics (688508) [2][9] Core Views - The company reported a significant revenue increase of 48.23% year-on-year for Q1 2025, reaching 301 million yuan, with a net profit growth of 72.54% to 41 million yuan [6][7] - The market recovery and government policies are expected to boost demand for ACDC and driver chips, contributing to the company's strong performance [7] - New product lines are expanding successfully, with revenue from new products growing over 120% year-on-year, enhancing the company's market position in emerging fields like renewable energy and AI [8] Company Overview - Latest closing price: 52.32 yuan - Total shares: 1.31 billion; Total market capitalization: 6.9 billion yuan - 52-week high/low: 57.89 / 28.41 yuan - Debt-to-asset ratio: 15.7%; Price-to-earnings ratio: 60.14 [4] Financial Forecasts - Expected revenues for 2025, 2026, and 2027 are 1.22 billion, 1.55 billion, and 1.94 billion yuan respectively, with net profits of 161 million, 219 million, and 293 million yuan [9][11] - The company anticipates a revenue growth rate of 26.42% in 2025, 27.43% in 2026, and 25.06% in 2027 [11]