行业动态跟踪：小米发布SoC芯片玄戒，重视功率半导体景气度复苏

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [35]. Core Insights - Xiaomi has launched its self-developed 3nm flagship SoC chip, "Xuanjie O1," making it the fourth global smartphone manufacturer to have its own flagship mobile SoC chip after Apple, Samsung, and Huawei. This chip utilizes TSMC's second-generation 3nm process technology, N3E, and integrates 6-core NPU with a computing power of 44 TOPS, which is expected to enhance China's high-end SoC R&D capabilities and drive the domestic chip industry upgrade in the long term [3][4]. - The power semiconductor sector is witnessing a significant recovery, with revenue and net profit growth of 18% and 34% year-on-year, respectively, in Q1 2025. This marks a notable improvement from a 9% revenue growth and a -32% net profit growth in Q1 2024 [5][15]. - The average inventory turnover days for power semiconductor companies have decreased from 156 days in Q1 2024 to 142 days in Q1 2025, indicating improved operational efficiency and rising industry prosperity [5][18]. - The gross margin for power semiconductor companies has stabilized above 30%, while the net profit margin has increased from 4.44% in Q1 2024 to 11.66% in Q1 2025, showing a clear recovery trend [6][25]. Summary by Sections Power Semiconductor Business Recovery - In Q1 2025, the total revenue for power semiconductors reached 14.56 billion, reflecting an 18% year-on-year increase, while net profit totaled 1.52 billion, up 34% year-on-year [21][16]. - The revenue growth trend has been improving since Q1 2024, indicating a robust recovery in the sector [15]. Profitability Recovery of Power Semiconductor Companies - The average gross margin for power semiconductor companies has remained stable at over 30%, and the net profit margin has shown a significant increase, indicating a recovery in profitability [25][29]. Investment Recommendations - Recommended companies in the power semiconductor sector include: New Clean Energy, Wente Technology, China Resources Microelectronics, Yangjie Technology, Silan Microelectronics, Jiejie Microelectronics, Star Semiconductor, Galaxy Microelectronics, Dongwei Microelectronics, and Hongwei Technology. In the chip design sector, recommended companies include: Chipone Technology, Aojie Technology, Hengxuan Technology, Rockchip, Allwinner Technology, and Juchip Technology. For mergers and acquisitions, companies to watch include: Northern Huachuang, Chip Source Microelectronics, and Haiguang Information [7].