晶合集成（688249）：公司业绩稳健增长，新品研发持续推进

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][10]. Core Views - The company has demonstrated steady growth in performance, with a revenue of 5.198 billion yuan for the first half of 2025, representing an 18.21% year-on-year increase, and a net profit attributable to shareholders of 332 million yuan, up 77.61% year-on-year [5][9]. - The company is focusing on continuous product research and development, with significant achievements in the first half of 2025, including a 13.13% increase in R&D expenditure to 695 million yuan, accounting for 13.37% of revenue [9][10]. - The company is expected to maintain stable growth in operating performance, with a diversified product layout showing initial results, particularly in the DDIC, CIS, and PMIC sectors [9][10]. Financial Summary - Revenue projections for 2025-2027 are adjusted to 872 million yuan, 1.342 billion yuan, and 1.811 billion yuan respectively, with corresponding P/E ratios of 55.9X, 36.3X, and 26.9X based on the closing price on August 29 [10]. - The company’s revenue and net profit are expected to grow at rates of 26.1% and 63.6% respectively in 2025, with a gross margin of 27.2% [12]. - The company’s total assets are projected to be 52.426 billion yuan in 2025, with a debt ratio of 49.0% [11][12].