ASR(SH:688220) Changjiang Securities·2025-09-28 14:42Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 1.898 billion yuan for the first half of 2025, representing a year-on-year increase of 14.67%. The net profit attributable to the parent company was a loss of 245 million yuan, which is a significant reduction in loss compared to the previous year. Excluding the impact of share-based payments, the net loss was 161 million yuan, also showing a notable decrease in loss [2][4]. - In Q2 2025, the company's revenue reached 988 million yuan, reflecting a year-on-year growth of 19.76% and a quarter-on-quarter increase of 8.59% [2][4]. - The demand from downstream sectors such as IoT and consumer electronics is strong, driving overall sales upward. The reduction in industry price competition and the ongoing high-end product development are improving the company's profitability. The overall gross margin for chip products reached 23.96%, an increase of 4.85 percentage points year-on-year [9]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a total revenue of 1.898 billion yuan, with a year-on-year growth of 14.67%. The net loss attributable to the parent company was 245 million yuan, which is a significant improvement compared to the previous year. If excluding share-based payment impacts, the net loss was 161 million yuan, showing a substantial reduction in loss [2][4]. - The second quarter of 2025 saw a revenue of 988 million yuan, marking a year-on-year increase of 19.76% and a quarter-on-quarter increase of 8.59% [2][4]. Market Position and Product Development - The company is enhancing its market position in the cellular baseband product sector, with a sales volume growth exceeding 50% and revenue growth over 30% in the first half of 2025. The gross profit for this segment increased by over 60% [9]. - The company has successfully entered new markets with its products, including AI toys, smart wearables, and AI glasses, which are expected to support long-term growth [9]. - The smartphone SoC business is also expanding, with the first 4G quad-core smartphone chip successfully commercialized and expected to see significant shipment growth in 2025 compared to 2024 [9]. Future Outlook - The company anticipates revenues of 4.438 billion yuan, 6.316 billion yuan, and 8.443 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-sales ratios of 10X, 7X, and 5X [9].