芯联集成（688469）：三季报点评：营收再创佳绩，功率+模拟IC+AI业务条线多点开花

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 54.22 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 19.23%. The revenue for Q3 alone was 19.27 billion yuan, up 15.52% year-on-year. The net profit attributable to the parent company for the same period was -4.63 billion yuan, a reduction in loss of 2.21 billion yuan year-on-year [5][6] - The company is focusing on building a one-stop system foundry capability, expanding production capacity, and iterating technology, which has led to a robust growth in revenue and an improvement in profitability. The gross margin reached 3.97%, an increase of 4.4 percentage points compared to the same period in 2024 [6] - The company has achieved significant growth in its module packaging business, with a year-on-year increase of over 180%, and expects to maintain high growth in Q4 2025. In the high-value-added sectors of silicon carbide (SiC) and analog ICs, the company has made substantial progress, including the mass production of its first hybrid SiC product in collaboration with Xiaopeng [7][8] Summary by Sections Company Overview - The latest closing price of the company's stock is 6.37 yuan, with a 12-month price range of 4.17 to 7.34 yuan. The total share capital is approximately 8,382.69 million shares, with a circulating market value of 28.218 billion yuan [2] Financial Performance - For 2025, the company is projected to achieve revenues of 84.29 billion yuan, with a year-on-year growth rate of 29.5%. The net profit attributable to the parent company is expected to be -585 million yuan in 2025, with a significant recovery to 109 million yuan in 2026 and 329 million yuan in 2027 [9][10] Market Position and Strategy - The company is actively seizing strategic opportunities presented by the new energy and intelligent sectors, focusing on enhancing its product matrix with high-value-added businesses such as SiC and analog ICs. The company aims to achieve real profitability by 2026 as depreciation costs decrease relative to revenue [6][8]