ASR(SH:688220) ZHONGTAI SECURITIES·2025-09-15 05:25Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10] Core Views - The company's revenue for H1 2025 reached 1.9 billion yuan, representing a year-on-year growth of 14.7%, driven primarily by the strong performance of its core cellular baseband chip business, which now accounts for over 85% of total revenue [3][6] - The company is expected to achieve revenues of 4.52 billion yuan in 2025, with a projected growth rate of 33% year-on-year [2][6] - The company is focusing on expanding its product offerings in both 4G and 5G markets, with significant growth in its 4G cellular IoT and 5G RedCap sectors [6] Summary by Sections Financial Performance - H1 2025 revenue was 1.9 billion yuan, with a 14.7% increase year-on-year; net profit attributable to shareholders was -245 million yuan, a reduction in loss by 19 million yuan [3][6] - Q2 2025 revenue was 988 million yuan, up 19.8% year-on-year, with a net profit of -123 million yuan, showing a narrowing of losses [6] - The gross margin for H1 2025 was 24.7%, an increase of 0.45 percentage points year-on-year [6] Business Segments - The core cellular baseband chip business saw sales increase by over 50% year-on-year, with revenue growth exceeding 30% and gross profit growth over 60% [6] - Custom chip and IP licensing services generated 144 million yuan in revenue, a decrease of 49.8% year-on-year due to strategic resource allocation towards self-developed chips [6] Research and Development - The company invested in 15 R&D projects in H1 2025, with total R&D expenses reaching 668 million yuan, a 12.4% increase year-on-year [6] - The company is advancing its 5G and smart SoC chip offerings, with significant orders and expected product launches in the near future [6] Market Position - The company is positioned as a leader in the domestic mobile phone baseband chip market, with notable advantages in technology and customer relationships [6]