紫光国微（002049）：业务多点开花，长期发展向好

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 107.30 [1][5] Core Views - The company reported a revenue of RMB 3.047 billion for H1 2025, representing a year-over-year increase of 6.07%, while the net profit attributable to the parent company was RMB 692 million, down 6.18% year-over-year. The second quarter showed significant improvement with a revenue of RMB 2.021 billion, up 16.68% year-over-year and 97.00% quarter-over-quarter [1] - The company is positioned well in the special integrated circuit and security chip sectors, with a strong recovery in downstream demand and improved order flow, indicating a positive outlook for future performance [1][3] Business Performance Summary - Special Integrated Circuits: Revenue for H1 2025 was RMB 1.469 billion, up 18.09% year-over-year, with a gross margin of 71.12%, down 3.44 percentage points [2] - Smart Security Chips: Revenue was RMB 1.395 billion, down 5.85% year-over-year, with a gross margin of 44.16%, down 3.60 percentage points due to intense market competition [2] - Crystal Components: Revenue reached RMB 151 million, up 35.78% year-over-year, with a gross margin of 11.13%, down 2.61 percentage points [2] - The overall gross margin for H1 2025 was 55.56%, a decrease of 2.32 percentage points year-over-year, but the decline in margin has slowed compared to previous years [2] Product Development and Market Position - The company successfully expanded its product line in special business areas, including high-end AI and visual perception products, which are expected to contribute to future revenue [3] - The eSIM product has entered mass shipment stages, and the company has established a strong position in the global SIM card chip market, with significant orders from leading mobile manufacturers [4] - The automotive safety chip solutions have been adopted by several major Tier 1 suppliers and OEMs, indicating a robust growth trajectory in the automotive electronics sector [4] Profit Forecast and Valuation - The company is projected to achieve net profits of RMB 1.659 billion, RMB 2.102 billion, and RMB 2.594 billion for the years 2025, 2026, and 2027 respectively, with a compound annual growth rate (CAGR) of 25.05% [5][8] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are RMB 1.95, RMB 2.47, and RMB 3.05 respectively [5][8] - The target price has been adjusted to RMB 107.30, based on a price-to-earnings (PE) ratio of 55 times for 2025 [5]