Investment Rating - The report maintains an "Accumulate" rating for Shanghai Fudan (1385.HK) [4] Core Views - In 2025, the company achieved revenue of 3.982 billion RMB, a year-on-year increase of 10.92%, with Q4 revenue of 958 million RMB, up 5.7% year-on-year. The demand for products is differentiated, with some chip markets under pressure, while the company actively explores downstream customers in automotive electronics, industrial control, and smart home appliances, with stable growth in high-reliability sectors [1] - The smart meter chip business and FPGA business are the main growth drivers, with revenues increasing by 30.7% and 25.3% year-on-year, respectively. However, the net profit attributable to shareholders decreased by 59.42% year-on-year to 232 million RMB due to increased R&D expenses from capitalized project write-offs and increased inventory impairment losses [1][2] - The company plans to distribute a final dividend of 0.58 RMB per share (tax included), totaling 48 million RMB [1] Summary by Sections Revenue and Profitability - Revenue for 2025 reached 3.982 billion RMB, with a growth rate of 10.9%. The net profit attributable to shareholders was 232 million RMB, reflecting a decline of 59.4% [3][7] - The comprehensive gross margin for 2025 was 56.2%, an increase of 0.2 percentage points year-on-year [1] Business Segments - The smart meter chip business generated 518 million RMB in revenue, up 30.7% year-on-year, while the FPGA and other products achieved 1.42 billion RMB, a growth of 25.3% [1] - The non-volatile memory business saw a revenue decline of 8.3% to 1.042 billion RMB, with sales in automotive-grade EEPROM and NOR Flash products experiencing fluctuations [1] Future Projections - The company has revised its net profit forecasts for 2026 and 2027 to 670 million RMB and 780 million RMB, respectively, reflecting decreases of 31.2% and 34.7% from previous estimates. The forecast for 2028 is set at 900 million RMB, indicating a year-on-year growth of 15% [2][3]
上海复旦（01385）：撇销处理和存货跌价影响25年利润，智能电表和FPGA业务快速增长