NCE(SH:605111) Guoxin Securities·2025-09-10 15:23Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company has shown steady revenue growth in 1H25, achieving revenue of 930 million yuan (YoY +6.44%) and a net profit of 235 million yuan (YoY +8.03%) [1] - The company is expanding its applications in emerging sectors such as automotive electronics, robotics, and AI computing servers, securing bulk orders from leading clients [2][4] - The company has a diversified product portfolio, with significant contributions from SGT MOSFET, Trench MOSFET, IGBT, and SJ MOSFET, indicating a robust market position [3] Summary by Sections Financial Performance - In 1H25, the company reported revenue of 930 million yuan, with a net profit of 235 million yuan, and a gross margin of 35.07% [1] - The second quarter of 2025 saw a revenue of 481 million yuan (YoY +4.21%, QoQ +7.04%) and a net profit of 127 million yuan (YoY +7.88%, QoQ +17.16%) [1] Application and Market Expansion - The automotive electronics segment has accelerated growth, accounting for 16% of total applications, with over 30 new automotive-grade MOSFET products launched and 85 million units shipped [2] - The robotics sector represents 7% of applications, with successful integration of products into robotic joint motor drive systems [2] - AI computing and communication applications also account for 7%, with products being sold in bulk to major server clients [2] Product Development - SGT MOSFET remains the main product line, generating 419 million yuan in revenue (45.21% of main business income) [3] - Trench MOSFET achieved revenue of 250 million yuan (26.95% of main business income), with a year-on-year sales growth of 5.7% [3] - IGBT products generated 132 million yuan in revenue (14.26% of main business income), benefiting from a recovering solar storage market [3] Future Outlook - The company is expected to achieve net profits of 503 million yuan, 636 million yuan, and 751 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 28, 22, and 18 [4] - The company is well-positioned to capitalize on growth opportunities in AI computing, automotive, and robotics sectors, along with its long-term overseas and IC product strategies [4]