SG Micro Corp(SZ:300661) Dongguan Securities·2025-09-01 12:21Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Views - The company achieved a record high quarterly revenue in Q2 2025, with strong growth in both major business segments [1][6]. - In the first half of 2025, the company reported revenue of 1.819 billion yuan, a year-on-year increase of 15.37%, and a net profit attributable to shareholders of 201 million yuan, up 12.42% year-on-year [2][6]. - The company is a leading domestic analog IC design firm, with a comprehensive product matrix covering signal chain and power management sectors, serving various industries including industrial control, automotive electronics, communication equipment, medical instruments, and consumer electronics [6][7]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 1.029 billion yuan, representing a year-on-year growth of 21.46% and a quarter-on-quarter increase of 30.35%, marking a historical high for quarterly revenue [6]. - The net profit for Q2 2025 was 141 million yuan, with a year-on-year growth of 13.52% and a quarter-on-quarter increase of 136.04% [6]. - The gross margin for Q2 2025 was 51.00%, a decrease of 1.19 percentage points year-on-year but an increase of 1.94 percentage points quarter-on-quarter [6]. Business Segments - The power management segment generated revenue of 1.127 billion yuan in the first half of 2025, a year-on-year increase of 8.16%, while the signal chain products achieved revenue of 692 million yuan, up 28.57% year-on-year [6][7]. - The gross margin for signal chain products was 58.85%, an increase of 1.55 percentage points year-on-year, while the gross margin for power management products was 44.64%, a decrease of 5.11 percentage points year-on-year [6]. Research and Development - The company significantly increased its R&D investment, with R&D expenses in the first half of 2025 amounting to 508 million yuan, accounting for 27.90% of revenue [6][7]. - The number of R&D personnel reached 1,219, representing 72.56% of the total workforce, and the company held a total of 430 authorized patents by the end of 2025 [6][7]. Earnings Forecast - The company is expected to achieve earnings per share of 1.31 yuan and 1.82 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 66 times and 48 times [7][8].