Dosilicon(SH:688110) Shenwan Hongyuan Securities·2025-08-25 02:41Investment Rating - The investment rating for the company is "Neutral" [2][6]. Core Views - The company reported a revenue of 343 million yuan in H1 2025, with a year-on-year growth of 28.81%. However, the net profit attributable to the parent company was a loss of 11.1 million yuan, which is an increase in loss compared to the previous year [6]. - The company is one of the few in China that provides NAND, NOR, and DRAM storage chips, recognized as a "specialized and innovative small giant enterprise" by the Ministry of Industry and Information Technology [6]. - The company has made significant advancements in its NAND Flash and NOR Flash technologies, achieving mass production of 1xnm NAND Flash products and developing high-capacity NOR Flash products [6]. - The company is expanding its product line into automotive applications and has successfully passed AEC-Q100 testing for its SLC NAND Flash and NOR Flash products [6]. - The company is focusing on integrated solutions in storage, computing, and connectivity, with ongoing R&D in WiFi 7 technology and a recent investment in a subsidiary that launched a 6nm GPU [6]. Financial Data and Profit Forecast - The total revenue forecast for 2025 is adjusted to 860 million yuan, down from previous estimates of 1.2 billion yuan, with a projected net profit of -52 million yuan [6]. - The company expects a significant increase in net profit by 2027, projecting a profit of 180 million yuan, reflecting a growth rate of 3,585.9% compared to 2026 [5][6]. - The gross margin is expected to improve from 18.8% in H1 2025 to 30.0% by 2027, indicating a positive trend in profitability [5][6].