AWINIC(SH:688798) Huaan Securities·2025-08-14 11:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.37 billion yuan for the first half of 2025, a year-on-year decrease of 13.4%, while the net profit attributable to the parent company was 157 million yuan, an increase of 71.09% year-on-year [4][5] - The second quarter of 2025 saw a revenue of 730 million yuan, a year-on-year decrease of 9.45% but a quarter-on-quarter increase of 14.02% [5] - The gross margin for the second quarter of 2025 was 37.04%, showing a recovery trend over the past seven quarters [5] Financial Performance - The company expects net profits attributable to the parent company to be 400 million yuan, 607 million yuan, and 803 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.72, 2.60, and 3.44 yuan per share [9] - The projected revenue for 2025 is 3.71 billion yuan, with a year-on-year growth of 26.6% [11] - The gross margin is expected to improve to 33.2% in 2025 and further to 34.3% in 2026 [11] Product Development and Market Position - The company has made significant advancements in its manufacturing processes, particularly in the BCD process, moving towards 55/40nm technology nodes [5] - The company has launched a series of high-performance mixed-signal chips and has established a comprehensive audio ecosystem that includes hardware, algorithms, and services [6] - The company is actively expanding its product offerings in power management and signal chain chips, achieving mass production with major clients [7][8]