Oriental Semi(SH:688261) China Post Securities·2025-09-18 03:12Investment Rating - The report assigns an "Accumulate" rating to Dongwei Semiconductor (688261) [4][7]. Core Insights - The company reported a revenue of 616 million yuan in the first half of 2025, representing a year-on-year growth of 46.79%, with a net profit attributable to the parent company of 27.58 million yuan, up 62.80% year-on-year [1][2]. Revenue Breakdown - The revenue from the super junction MOSFET products reached 469 million yuan, a growth of 40.36% year-on-year. The medium and low voltage shielded gate MOSFET products generated 118 million yuan, growing by 62.14%. TGBT products achieved 20.67 million yuan, up 88.62% year-on-year. Super silicon MOSFET products contributed 1.69 million yuan, with an 18.15% increase. SiC devices (including Si2CMOSFET) generated 0.35 million yuan, a growth of 5.24% [2][3]. Market Growth Areas - The industrial communication power supply sector, including data center computing server power supplies, accounted for approximately 39% of total revenue, growing about 74% year-on-year. The automotive charger sector represented about 22% of revenue, with over 90% growth. The photovoltaic inverter sector contributed over 7% of revenue, growing approximately 98%, while the revenue from DC charging piles for new energy vehicles also accounted for about 7%, increasing by 45% [3]. Financial Forecast - The projected revenues for 2025, 2026, and 2027 are 1.34 billion yuan, 1.73 billion yuan, and 2.16 billion yuan, respectively. The net profits attributable to the parent company are expected to be 120 million yuan, 190 million yuan, and 300 million yuan for the same years [4][6]. Valuation Metrics - The report provides earnings per share (EPS) estimates of 0.96 yuan, 1.53 yuan, and 2.42 yuan for 2025, 2026, and 2027, respectively. The price-to-earnings (P/E) ratios are projected to be 85.16, 53.52, and 33.94 for the same years [6][11].