3PEAK(SH:688536) Ping An Securities·2025-08-31 09:10Investment Rating - The report maintains a "Recommended" rating for the company [1][11]. Core Insights - The company achieved significant revenue growth, with a 87.33% year-on-year increase in revenue, reaching 949 million yuan in the first half of 2025, and turned a profit with a net profit of 66 million yuan [3][6]. - The company has established a comprehensive market presence in four key sectors: industrial, automotive, communication, and consumer electronics, benefiting from a recovery in downstream demand and successful integration with Chuangxin Micro [6][7]. - The sales revenue from signal chain chips was 643 million yuan, up 53.66% year-on-year, while power management chips saw a remarkable increase of 246.11%, reaching 306 million yuan [6]. Financial Performance Summary - The company reported a gross margin of 46.38% and a net margin of 6.92% for the first half of 2025, with a notable improvement in net profit margin by 19.87 percentage points year-on-year [6]. - The company’s operating expenses decreased significantly, with a total expense ratio of 40.96%, down 29.10 percentage points year-on-year [6]. - For the second quarter of 2025, the company achieved revenue of 527 million yuan, a 71.96% increase year-on-year, and a net profit of 50 million yuan, reflecting a 222.07% quarter-on-quarter growth [6]. Future Projections - The company’s projected net profits for 2025, 2026, and 2027 are 152 million yuan, 322 million yuan, and 507 million yuan respectively, with corresponding price-to-earnings ratios of 147.5X, 69.7X, and 44.3X based on the closing price on August 29 [7][9]. - The company is expected to continue benefiting from the large market potential in the analog integrated circuit sector in China, with a focus on semiconductor localization [7][9].