晶晨股份（688099）：单季度出货量、营收双新高

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company achieved record high quarterly shipment volume and revenue in the first half of 2025, with revenue reaching 3.33 billion yuan, a year-on-year increase of 10.42%, and a net profit of 497 million yuan, up 37.12% year-on-year [4][5] - The company has launched 19 commercial chips featuring self-developed intelligent edge computing units, with over 9 million units shipped in the first half of the year [6] - The company is expected to continue launching new products in the second half of the year, which will contribute to revenue growth in the coming years [6] Financial Summary - The latest closing price of the company's stock is 72.06 yuan, with a total market capitalization of 30.3 billion yuan [3] - The company reported a gross margin of 36.8% in the first half of 2025, an increase of 1.43 percentage points year-on-year [5] - Revenue projections for 2025, 2026, and 2027 are 7.45 billion yuan, 9.07 billion yuan, and 10.58 billion yuan respectively, with net profits of 1.09 billion yuan, 1.40 billion yuan, and 1.76 billion yuan [7][9]