CRM(SH:688396) Huachuang Securities·2025-09-01 12:09Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][21]. Core Insights - The company achieved steady revenue growth in H1 2025, with a revenue of 5.218 billion yuan, representing a year-on-year increase of 9.62%. The net profit attributable to the parent company reached 339 million yuan, up 20.85% year-on-year [5]. - The semiconductor market is experiencing a mild recovery, with stable demand from automotive electronics, photovoltaics, energy storage, and consumer electronics. The company is actively expanding production capacity, maintaining a high utilization rate [5]. - The company is positioned as a leader in power semiconductors in China, with advanced manufacturing and packaging technologies, and is strategically expanding into AI applications [5]. Financial Performance Summary - In H1 2025, the company reported a revenue of 5.218 billion yuan, with a gross margin of 25.65%, a slight decrease of 0.75 percentage points year-on-year. The net profit attributable to the parent company was 339 million yuan, reflecting a year-on-year increase of 20.85% [5]. - For Q2 2025, the company achieved a revenue of 2.863 billion yuan, with a year-on-year increase of 8.28% and a quarter-on-quarter increase of 21.61%. The net profit for the quarter was 256 million yuan, up 3.42% year-on-year and 207.12% quarter-on-quarter [5]. - The company’s projected net profit for 2025-2026 has been adjusted to 1.022 billion yuan and 1.341 billion yuan, respectively, with an additional forecast for 2027 at 1.596 billion yuan [6]. Growth Drivers - The company is leveraging its IDM capabilities to drive growth, focusing on high-performance products and expanding its core customer base. New product introductions are expected to support sustainable growth in market share and performance [5]. - The company is actively pursuing opportunities in AI, with plans to expand into AI mobile devices, AI PCs, and smart vehicles, while also focusing on high-performance power devices for server power supplies [5]. - The company’s modular capabilities are improving, with power module revenue increasing by 70% year-on-year, and automotive-grade IGBT modules entering mass production [5].