晶合集成（688249）：25H1业绩保持增长态势，产品结构持续优化

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 32.1 yuan [2][7]. Core Views - The company achieved a revenue of 5.198 billion yuan in H1 2025, representing a year-on-year growth of 18.21%. The net profit attributable to shareholders reached 332 million yuan, up 77.61% year-on-year [7]. - The demand for the company's products is driven by the acceleration of domestic substitution in CIS, growth in automotive semiconductors, and power management chips, alongside the release of new products [7]. - The company’s product structure is continuously optimized, with DDIC, CIS, PMIC, MCU, and Logic contributing 60.61%, 20.51%, 12.07%, 2.14%, and 4.09% to the main business revenue respectively [7]. - The company’s R&D investment reached 695 million yuan in H1 2025, a year-on-year increase of 13.13%, indicating a strong focus on enhancing technological capabilities [7]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 9,249 million yuan, 11,557 million yuan, 13,303 million yuan, and 14,437 million yuan respectively, with corresponding growth rates of 27.7%, 24.9%, 15.1%, and 8.5% [3][8]. - Net profit attributable to shareholders is forecasted to be 533 million yuan, 807 million yuan, 1,119 million yuan, and 1,404 million yuan for the same years, with growth rates of 151.8%, 51.5%, 38.6%, and 25.4% respectively [3][8]. - The company’s earnings per share (EPS) are projected to be 0.27 yuan, 0.40 yuan, 0.56 yuan, and 0.70 yuan for 2024A, 2025E, 2026E, and 2027E respectively [3][8].