Ingenic(SZ:300223) Huaan Securities·2025-08-26 07:48Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company announced its 2025 semi-annual report, achieving operating revenue of 2.249 billion yuan, a year-on-year increase of 6.75%, and a net profit attributable to the parent company of 203 million yuan, a year-on-year increase of 2.85% [5] - The company is enhancing its AI research and development layout, focusing on a multi-dimensional development strategy of "computation + storage + simulation" [5] Financial Performance Summary - In Q2 2025, the company reported operating revenue of 1.189 billion yuan, a year-on-year increase of 8.10% and a quarter-on-quarter increase of 12.13% [5] - The net profit attributable to the parent company for Q2 2025 was 129 million yuan, a year-on-year increase of 17.22% and a quarter-on-quarter increase of 74.83% [5] - The company's computing chip revenue in Q2 2025 was 334 million yuan, with a year-on-year growth of 18.1% and a quarter-on-quarter growth of 23.7% [6] - Storage chip revenue in Q2 2025 was 722 million yuan, with a year-on-year growth of 6.8% and a quarter-on-quarter growth of 9.0% [6] - The revenue from analog interconnect chips in Q2 2025 was 125 million yuan, showing a year-on-year decrease of 1.2% but a quarter-on-quarter increase of 4.4% [7] Future Earnings Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 460 million, 700 million, and 1.046 billion yuan, respectively, with corresponding EPS of 0.96, 1.45, and 2.17 yuan per share [9] - The projected P/E ratios for 2025, 2026, and 2027 are 78.5, 52.0, and 34.8 times, respectively [9]