Chipown(SH:688508) Guoxin Securities·2025-08-18 13:57Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a record high revenue in Q2 2025, with a year-over-year revenue increase of 40.32% to 636 million yuan and a net profit increase of 106.02% to 90 million yuan. The gross margin improved by 0.9 percentage points to 37.33% [1] - The company has developed nearly 1,800 product models, with non-ACDC product line revenue growing by 73% year-over-year in the first half of the year. The industrial market revenue also increased by 57% year-over-year, indicating successful product diversification and market expansion [2] - Due to the successful launch of new product lines and market expansion, the company's net profit forecasts for 2025-2027 have been raised to 168 million, 208 million, and 241 million yuan respectively, maintaining the "Outperform the Market" rating [3] Financial Performance and Forecast - The company reported a revenue of 636 million yuan in the first half of 2025, with a gross margin of 37.33%. The revenue for Q2 2025 was 335 million yuan, marking a 34% year-over-year increase [1] - The financial forecast for the company includes projected revenues of 1,262 million yuan in 2025, 1,499 million yuan in 2026, and 1,725 million yuan in 2027, with corresponding net profits of 168 million, 208 million, and 241 million yuan [4] - The company's earnings per share are expected to increase from 0.45 yuan in 2023 to 1.28 yuan in 2025, reflecting a strong growth trajectory [4]