晶合集成（688249）：公司收入稳健增长，新品研发稳步推进

Investment Rating - The investment rating for the company is "Recommended" (Maintain) [1] Core Views - The company has achieved steady revenue growth, with a reported revenue of 10.885 billion yuan in 2025, representing a year-on-year increase of 17.69%. The net profit attributable to shareholders reached 704 million yuan, up 32.16% year-on-year. The company plans not to distribute profits in 2025, meaning no cash dividends or stock bonuses will be issued [5][9] - The semiconductor industry is experiencing a recovery, leading to a stable increase in order volume and high capacity utilization. The growth in revenue is attributed to increased product sales and the transfer of related technology [9] - The company is focusing on research and development, with R&D expenses amounting to 1.453 billion yuan in 2025, which is 13.35% of total revenue. Significant achievements include the development of new products and the introduction of various chips into mass production [9] Financial Summary - Revenue projections for 2026-2028 are as follows: 12.868 billion yuan (2026), 14.813 billion yuan (2027), and 16.575 billion yuan (2028), with corresponding year-on-year growth rates of 18.2%, 15.1%, and 11.9% respectively [8][11] - The net profit attributable to shareholders is expected to be 1.041 billion yuan in 2026, 1.578 billion yuan in 2027, and 2.181 billion yuan in 2028, with growth rates of 47.9%, 51.6%, and 38.2% respectively [11] - The company maintains a gross margin of 25.5% in 2025, projected to increase to 29.0% by 2028. The net profit margin is expected to rise from 6.5% in 2025 to 13.2% in 2028 [13] Market Position and Product Development - The company holds a leading position in the DDIC foundry industry, with rapid growth in CIS and PMIC foundry services. The diversification of product offerings is beginning to show results [9] - The revenue contribution from various process nodes in 2025 is as follows: 40nm (0.05%), 55nm (10.71%), 90nm (42.95%), 110nm (27.16%), and 150nm (19.13%). The revenue from application products includes DDIC (58.06%), CIS (22.64%), PMIC (12.16%), Logic (3.87%), and MCU (2.82%) [9]