AWINIC(SH:688798) Guoxin Securities·2025-08-15 08:39Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company's gross margin continues to improve, with a significant year-on-year increase in net profit attributable to the parent company by 71% in the first half of 2025 [1] - The company has launched new products, including a piezoelectric micro-pump liquid cooling active heat dissipation solution, which meets the cooling requirements for high-performance mobile phones, PCs, and AI glasses [2] - The company is actively expanding its product offerings in the power management chip sector, achieving a slight revenue increase and improved gross margin [3] - The company maintains a positive outlook on profitability, with projected net profits for 2025-2027 being 393 million, 523 million, and 621 million yuan respectively [3] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 1.37 billion yuan, a year-on-year decrease of 13.4%, while net profit attributable to the parent company was 157 million yuan, reflecting a year-on-year increase of 71.09% [1] - The gross margin for the first half of 2025 improved by 8.0 percentage points to 36.12%, with R&D expenses increasing by 4% to 263 million yuan [1] - The revenue from high-performance mixed-signal chips was 707 million yuan, accounting for 52% of total revenue, with a gross margin of 35.20%, up 4.9 percentage points from the previous year [2] - The revenue from power management chips was 525 million yuan, with a gross margin of 39.51%, an increase of 2.7 percentage points from the previous year [3] - The company forecasts revenue growth of 21.1% in 2023, followed by 15.9% in 2024, and a modest increase of 2.6% in 2025 [5]