Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a steady revenue growth of 17.60% year-on-year, with total revenue reaching 1.47 billion yuan in the first half of 2025 [1] - The company has expanded its R&D team significantly, with R&D expenses increasing by 54.62% year-on-year, and the number of R&D personnel rising to 756, accounting for 68.35% of total employees [4] - The company is diversifying its product offerings, launching new products in high-end consumer electronics and automotive electronics, which are expected to enhance its market position [2][3] Financial Performance - In Q2 2025, the company reported revenue of 785 million yuan, a year-on-year increase of 21.08% and a quarter-on-quarter increase of 14.54% [2] - The net profit attributable to the parent company for Q2 2025 was 59 million yuan, reflecting a year-on-year decrease of 43.42% and a quarter-on-quarter decrease of 6.81% [2] - The company expects to achieve revenues of 3.34 billion, 4.30 billion, and 5.49 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 30%, 28.9%, and 27.7% [5][6] Product Development and Strategic Initiatives - The company has adjusted its fundraising project to focus on building a chip testing industrial park, which will enhance its testing capabilities for consumer, automotive, and industrial chips [3] - New core technologies developed include piezoelectric micro-pump drive technology and GaN drive control technology, among others, which are expected to strengthen the company's competitive edge [4] Market Position and Valuation - The current stock price corresponds to a price-to-earnings (P/E) ratio of 64.1 for 2025, 46.5 for 2026, and 32.0 for 2027 [5][6] - The company’s total market capitalization is approximately 20.83 billion yuan [7]
南芯科技（688484）：季度收入持续环比提升，研发团队扩张迅速