NCE(SH:605111) Guotou Securities·2025-08-21 08:05Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 41.42 CNY for the next six months [4][5]. Core Views - The company reported a revenue of 930 million CNY for the first half of 2025, representing a year-on-year growth of 6.44%, and a net profit of 235 million CNY, up 8.03% from the previous year [1][2]. - The automotive market is expected to continue its stable growth, with production and sales of vehicles increasing by 12.5% and 11.4% respectively in the first half of 2025, while new energy vehicle production and sales surged by 41.4% and 40.3% [2]. - The company has successfully optimized its product structure, introducing third-generation SGT MOS products widely used in various sectors, including automotive electronics and AI computing [3]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of 930 million CNY and a net profit of 235 million CNY, reflecting solid operational performance [1][2]. - Revenue projections for 2025 to 2027 are estimated at 2.25 billion CNY, 2.72 billion CNY, and 3.29 billion CNY respectively, with net profits expected to be 573 million CNY, 659 million CNY, and 809 million CNY [4][10]. Market Trends - The automotive sector, particularly in new energy vehicles, is experiencing significant growth, with exports of new energy vehicles increasing by 75.2% in the first half of 2025 [2]. - The AI sector is seeing broad applications for power semiconductors, indicating a positive trend for the company's product offerings in this area [2]. Product Development - The company has successfully introduced its third-generation SGT MOS products and is expanding its IGBT product applications in automotive electronics and industrial control [3]. - The revenue structure for the reporting period shows 39% from industrial automation, 15% from automotive electronics, and 7% from robotics, highlighting a diversified product portfolio [3].