Amlogic(SH:688099) Changjiang Securities·2025-09-15 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In the first half of 2025, the company achieved revenue of 3.33 billion yuan, a year-on-year increase of 10.42%, and a net profit attributable to shareholders of 497 million yuan, a year-on-year increase of 25.93% [2][6]. - In the second quarter of 2025, the company reported revenue of 1.80 billion yuan, a year-on-year increase of 9.94% and a quarter-on-quarter increase of 17.72%, with a net profit of 308 million yuan, a year-on-year increase of 31.46% and a quarter-on-quarter increase of 63.90% [2][6]. - The growth in sales of WiFi6 and 6nm chips significantly contributed to the company's performance, with the second quarter's results exceeding expectations [2][11]. Summary by Sections Financial Performance - The company’s revenue for the first half of 2025 was 3.33 billion yuan, with a net profit of 497 million yuan, reflecting strong growth in new product sales [2][11]. - In Q2 2025, the company achieved a revenue of 1.80 billion yuan and a net profit of 308 million yuan, with a gross margin of 37.29%, showing continuous improvement [11]. Product Sales and Market Expansion - The sales of WiFi6 and 6nm chips have seen significant growth, with smart home product sales increasing by over 50% year-on-year in the first half of 2025 [11]. - The company has launched 19 commercial chips with self-developed edge computing capabilities, with over 9 million units shipped in the first half of 2025, surpassing the total shipments for 2024 [11]. - The W series chips saw sales exceeding 8 million units in the first half of 2025, with Q2 sales breaking 5 million units, including over 1.5 million units of WiFi6 chips [11]. Future Outlook - The company is expected to maintain growth driven by diverse product lines, continuous expansion into overseas markets, and increasing demand in sectors like automotive and AIoT [11]. - Projected net profits for 2025-2027 are estimated at 1.10 billion, 1.44 billion, and 1.79 billion yuan respectively, supporting the "Buy" rating [11].