【国信电子胡剑团队】翱捷科技-U：ASIC业务在手订单充足，4G八核8662首发G9智能机

Core Viewpoint - The company has shown a revenue growth of 14.67% year-on-year in the first half of 2025, while reducing its net loss compared to the previous year, indicating a positive trend in financial performance [4][5]. Financial Performance - In the first half of 2025, the company achieved a revenue of 1.898 billion yuan, representing a year-on-year increase of 14.67%. The net profit attributable to shareholders was -245 million yuan, which is a year-on-year improvement of 7.29%, reducing the loss by approximately 20 million yuan. Excluding the impact of share-based payments, the net profit attributable to shareholders was -161 million yuan [5]. - In Q2 2025, the revenue reached 988 million yuan, showing a year-on-year growth of 19.76% and a quarter-on-quarter increase of 8.59%. The net profit attributable to shareholders for this quarter was -123 million yuan, reflecting a year-on-year increase of 11.66% but a quarter-on-quarter decrease of 0.76% [5]. Business Segments - The company’s cellular IoT segment has seen a growth of over 30% year-on-year, with a sales volume increase of over 50%. The revenue from this segment has also grown by over 30%, with gross profit increasing by over 60%. The company holds a market share of nearly 50% in the Cat.1 bis segment for 2024 [7]. - The company’s 4G Cat.1 shipments in the first half of 2025 increased by over 50% year-on-year, with a quarter-on-quarter growth of over 40%. The 4G Cat.4 shipments also saw a year-on-year increase of approximately 35% [7]. - The company has launched the first smartphone featuring the 4G octa-core ASR8662, which has gained popularity in markets such as the Middle East and North Africa [7]. ASIC Business - The company has a strong order backlog in its ASIC business, having secured multiple projects from leading clients. The revenue from chip customization and IP licensing services in the first half of 2025 was approximately 144 million yuan, a decrease from 287 million yuan in the same period of 2024. This decline is attributed to a shift in ASIC resources towards self-developed chips and the typical delivery cycle of 1.5 years for ASIC orders [8]. - Starting from the second half of 2024, the ASIC customization market has expanded significantly, and the company is actively responding to demand in areas such as smart wearables, edge AI, and RISC-V chips. The company has also adapted to new overseas computing power regulations by providing ASIC services through innovative technology and new architectural designs [8].