芯联集成（688469）：一站式芯片系统代工，持续推出稀缺工艺技术平台

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company offers a comprehensive chip system foundry service, with significant growth in module packaging business, which saw over 100% year-on-year revenue increase. The automotive power module revenue grew over 200% in the first half of 2025 due to deepening collaboration with end customers [4] - The company has established multiple production lines covering power semiconductors and signal chain foundry, continuously advancing in analog and control foundry services. The 12-inch silicon-based production line and 8-inch silicon carbide line are expected to enhance cost advantages and technological leadership, driving long-term growth in automotive, AI, high-end consumer, and industrial control sectors [5] - The company anticipates revenues of 8.04 billion, 10.01 billion, and 12.22 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected to be -470 million, 136 million, and 310 million yuan for the same years [7][8] Company Overview - The latest closing price is 5.18 yuan, with a total market capitalization of 36.6 billion yuan and a circulating market value of 22.9 billion yuan. The company has a total share capital of 7.069 billion shares, with a debt-to-asset ratio of 41.7% [3]