芯联集成（688469）：碳化硅业务再上新台阶，重点覆盖新能源和AI数据中心电源！：芯联集成（688469）：

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company is expected to achieve an annual revenue of 8.0-8.3 billion yuan in 2025, representing a year-on-year growth of 23%-28% [6] - The company has successfully developed and mass-produced SiC MOSFET technology, becoming the first in China to apply it on a large scale in new energy vehicles [6] - The new G2.0 technology platform focuses on enhancing performance in new energy and AI data center power applications, with significant improvements in power density and efficiency [6] Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are 82.4 billion, 108.4 billion, and 127.1 billion yuan respectively, with adjusted net profit forecasts of -475 million, 23 million, and 214 million yuan [6] - The company’s gross margin is expected to improve from 8.8% in 2025 to 19.7% by 2027 [5] - The return on equity (ROE) is projected to turn positive in 2026, reaching 1.2% by 2027 [5] Market Data - As of December 11, 2025, the closing price of the stock was 6.54 yuan, with a market capitalization of approximately 28.971 billion yuan [2] - The stock has seen a one-year high of 7.69 yuan and a low of 4.01 yuan [2]