Investment Rating - The investment rating for the company is "Outperform the Market" [5][29]. Core Views - The company achieved a revenue of 1.47 billion yuan in the first half of 2025, representing a year-on-year growth of 17.6%. The second quarter of 2025 saw revenue reach 785 million yuan, marking a year-on-year increase of 21.08% and a quarter-on-quarter increase of 14.54% [1]. - The company has completed the acquisition of Zhuhai Shengsheng Microelectronics, enhancing its embedded processor capabilities and allowing for better integration of MCU chip design and development technologies [3]. - The company is expanding its product line with new offerings in high-end consumer electronics and automotive electronics, including piezoelectric drive chips and high-speed CAN/CAN FD transceivers [2]. Financial Summary - The company reported a net profit attributable to shareholders of 123 million yuan for the first half of 2025, a decrease of 40.21% year-on-year. The gross margin decreased by 4.3 percentage points to 36.97% [1]. - The revenue forecast for the company is as follows: 1.78 billion yuan in 2023, 2.57 billion yuan in 2024, and 3.34 billion yuan in 2025, with respective growth rates of 36.9%, 44.2%, and 30.2% [4]. - The projected net profit attributable to shareholders is 313 million yuan for 2025, with a corresponding PE ratio of 66x based on the stock price as of August 27, 2025 [3][4].
南芯科技（688484）：二季度收入创季度新高，继续加大研发投入