芯联集成（688469）：25H1营收同比快速增长，6英寸SiCMOSFET新增多项目定点

Investment Rating - The report maintains a rating of "Increase" for the company [4] Core Viewpoints - The company achieved a revenue of 3.495 billion yuan in the first half of 2025, representing a year-on-year growth of 21.38%. The net profit attributable to the parent company was a loss of 170 million yuan, which is a reduction in loss by 63.82% year-on-year [2] - The semiconductor industry is experiencing a recovery, driven by the demand from electric vehicles, smart driving, data centers, and AI computing needs. The global semiconductor market is expected to reach 700.9 billion USD in 2025, growing by 11.2% [3] - The company has strengthened its collaboration with end customers, leading to significant revenue growth in its module packaging business, particularly in automotive power modules and AI server applications [2][3] Financial Summary - Revenue is projected to grow from 5.324 billion yuan in 2023 to 13.006 billion yuan in 2027, with a compound annual growth rate (CAGR) of 20.7% [1] - The net profit attributable to the parent company is expected to improve from a loss of 1.958 billion yuan in 2023 to a profit of 336 million yuan in 2027 [1] - The company's return on equity (ROE) is forecasted to turn positive by 2026, reaching 3.9% in 2027 [1] Industry Insights - The demand for power semiconductors is expected to grow significantly due to the expansion of the electric vehicle market and advancements in smart technology [8] - The company has added over 10 new projects for its 6-inch SiC MOSFETs and has entered mass production with five automotive customers [8]