| | | 汽车零部件 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740525010002 Email：wangyue07@zts.com.cn 分析师：刘欣畅 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn | | | | 总股本(百万股) | 250.06 | | --- | --- | | 流通股本(百万股) | 213.68 | | 市价(元) | 34.61 | | 市值(百万元) | 8,654.63 | | 流通市值(百万元) | 7,395.52 | 1、《无锡振华 2024 年报及 2025 年 一季报点评：》2025-04-29 2024-12-11 无锡振华 2025 年中报点评： 下游优质客户齐放量，2Q25 毛利率创单季度新高 无锡振华（605319.SH） 证券研究报告/公司点评报告 2025 年 08 月 26 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | ...

证券研究报告 时代电气 (3898 HK/688187 CH) 港股通 1H25 轨交维修/半导体需求稳健向上 华泰研究 中报点评 2025 年 8 月 25 日│中国内地/中国香港 半导体 公司 1H25 实现营业收入 122.14 亿元（yoy+17.95%），其中轨道交通业务 收 入 69.11 亿 元 （ yoy+12.58% ） ， 新 兴 装 备 业 务 收 入 52.44 亿 元 （yoy+25.88%）。归母净利润 16.72 亿元（yoy+12.93%）。公司收入与利 润的增长主要得益于轨交检修、功率器件（特别是高压器件）以及新能源发 电板块需求增长。展望下半年，随着国铁大修和新增动车组招标需求高峰期 持续，以及公司在高压功率器件、新能源发电、深海装备领域逐步实现订单 突破，我们认为公司业绩将保持稳健增长。维持"买入"评级，给予 A/H 股目标价 63.58 元/49.30 港币。 | (港币/人民币) | 3898 HK 688187 CH | | | --- | --- | --- | | 目标价 | 49.30 | 63.58 | | 收盘价 (截至 8 月 22 日) | 39.08 ...

据证券之星公开数据整理，近期台基股份（300046）发布2025年中报。截至本报告期末，公司营业总收 入1.79亿元，同比上升4.18%，归母净利润3972.84万元，同比上升3789.41%。按单季度数据看，第二季 度营业总收入1.04亿元，同比上升12.69%，第二季度归母净利润2264.17万元，同比上升24.59%。本报 告期台基股份公司应收账款体量较大，当期应收账款占最新年报归母净利润比达552.33%。 本次财报公布的各项数据指标表现一般。其中，毛利率29.82%，同比减4.9%，净利率21.9%，同比增 2032.57%，销售费用、管理费用、财务费用总计1444.47万元，三费占营收比8.08%，同比增34.43%，每 股净资产4.76元，同比增2.91%，每股经营性现金流-0.01元，同比减119.43%，每股收益0.17元，同比增 3833.33% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 1.72亿 | 1.79亿 | 4.18% | | 归母净利润(元) | -107.68万 | 39 ...

Company Overview - Jiangsu Jiejie Microelectronics Co., Ltd. specializes in the research, design, production, and sales of power semiconductor chips and devices, primarily operating under an IDM (Integrated Device Manufacturer) model [2][3]. Financial Performance - For the first half of 2025, the company achieved a revenue of CNY 1,600.48 million, representing a year-on-year growth of 26.77% [4]. - Operating profit reached CNY 280.23 million, an increase of 8.76% compared to the previous year [4]. - Net profit amounted to CNY 247.02 million, reflecting a year-on-year increase of 8.51% [4]. - The net profit attributable to shareholders was CNY 246.84 million, up 15.35% from the same period last year [4]. - The net profit after deducting non-recurring gains and losses was CNY 245.51 million, a significant increase of 46.57% year-on-year [4]. Revenue Breakdown by Product - **Thyristors (chips + devices)**: Revenue of CNY 283 million, gross margin of 44.84%, accounting for 17.94% of total revenue [5]. - **Protection devices (chips + devices)**: Revenue of CNY 541 million, gross margin of 30.87%, representing 34.31% of total revenue [5]. - **MOSFETs (chips + devices)**: Revenue of CNY 753 million, gross margin of 33.57%, making up 47.75% of total revenue [5]. Market Segmentation - The company's downstream customer distribution is as follows: - Industrial: 43.55% - Consumer: 36.25% - Automotive: 15.79% - Communication: 1.82% - Others: 2.59% [8]. Production Capacity - The 6-inch wafer production line has a capacity of 6W wafers/month, currently operating at full capacity with consistent shipments above 5W for three consecutive months [10]. - The 8-inch line is producing approximately 11W wafers/month, with a yield rate of around 95% during the trial production phase [11]. Strategic Developments - The newly established Chengdu subsidiary focuses on high-end isolation chips, with expected sales of around CNY 5 million in 2025 [12]. - The automotive sector is a key growth area, with nearly 200 models of automotive-grade MOSFETs available, and over 100 models already in mass production [13]. Major automotive clients include companies like Honeywell and BYD [13]. Cash Flow Management - The company emphasizes effective cash flow management through: - Strengthening accounts receivable control - Optimizing procurement processes to reduce inventory costs - Maintaining close cooperation with banks for credit facilities [8].

8月20日，瑞能半导发布2025年半年度报告称，上半年，公司实现营业收入4.41亿元，同比增长17.8%；归属于挂牌公司股东的净利润为3032.48万元，同比 减少10.05%；扣除非经常性损益的净利润为2793.4万元，同比增长43.19%。 | | | | | 单位: 元 | | --- | --- | --- | --- | --- | | 盈利能力 | 本期 | 上年同期 | 增减比例% | | | 营业收入 | 440.995.785.34 | 374,150,152.68 | | 17.87% | | 毛利率% | 27. 77% | 31. 55% | - | | | 归属于挂牌公司股 | 30,324,755.63 | 33,713,557.72 | | -10.05% | | 东的净利润 | | | | | | 归属于挂牌公司股 | 27,934,024.98 | 19,570,448.36 | | 43.19% | | 东的扣除非经常性 | | | | | | 损益后的净利润 | | | | | | 加权平均净资产收 | 1. 92% | 2. 16% | | | | 益率%(依据归属于 ...

Core Viewpoint - Chip导科技 plans to acquire 100% equity of Jishun Technology and 17.15% equity of Shunlei Technology for a total of 402.6 million yuan, which is expected to constitute a major asset restructuring [1][2]. Group 1: Transaction Details - The transaction involves issuing convertible bonds and cash payments to acquire 100% equity of Jishun Technology and 17.15% equity of Shunlei Technology, achieving 100% control over Shunlei Technology [2][3]. - The transaction price is tentatively set at 402.6 million yuan, with the final price to be determined based on an asset evaluation report [3]. - The target companies, Shunlei Technology and Jishun Technology, are engaged in the research, production, and sales of power devices [3][6]. Group 2: Strategic Rationale - The acquisition aims to enhance the product matrix of Chip导科技 and accelerate expansion into downstream fields [8]. - Chip导科技's main revenue comes from power devices and power ICs, with TVS products representing 56.23% of the main business revenue in 2024 [8]. - Shunlei Technology and Chip导科技 operate in the same power semiconductor sector, with complementary product lines that can enhance their ability to meet diverse and high-performance customer needs [8]. Group 3: Market Performance - In the 20 trading days prior to the transaction announcement, Chip导科技's stock price increased by 15.59%, outperforming the Sci-Tech 50 Index and the semiconductor industry index [8].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company has achieved significant revenue and profit growth, with a 40.32% year-over-year increase in revenue to 636 million yuan and a 106.02% increase in net profit to 90 million yuan in the first half of 2025 [1][2]. - The industrial market revenue saw a remarkable growth of 57% year-over-year, contributing to the overall performance [2]. - The company emphasizes research and development, investing 19.69% of its revenue in R&D, leading to the launch of several new products that have entered mass production [3]. Financial Performance - The company forecasts revenues of 1.25 billion yuan, 1.48 billion yuan, and 1.72 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 178 million yuan, 236 million yuan, and 286 million yuan for the same years [4][6]. - The EBITDA for the years 2025, 2026, and 2027 is expected to be 199.66 million yuan, 244.86 million yuan, and 291.80 million yuan respectively [6]. - The company’s gross margin is projected to improve slightly, reaching 37.4% in 2025 and 37.5% in 2026 [6]. Market Position - The company is expanding its market share in key sectors such as smart home appliances, power energy, smart terminals, industrial control, and AI computing [2]. - The company has established trust with top customers in these strategic application markets, indicating a strong competitive position [2].

Group 1 - The core viewpoint of the news is that Chipown Microelectronics (芯朋微) reported significant growth in revenue and net profit for the first half of 2025, driven by new product launches and market expansion [1] - The company achieved operating revenue of 636 million yuan, representing a year-on-year increase of 40.32% [1] - The net profit attributable to shareholders reached 90.49 million yuan, with a year-on-year growth of 106.02% [1] Group 2 - The growth in performance is attributed to the diversification strategy of the "Power System Total Solution," with non-AC-DC product lines seeing a substantial revenue increase of 73% year-on-year [1] - The industrial market revenue also saw a significant rise of 57% year-on-year, driven by the successful launch of high-voltage, high-reliability AC-DC products [1] - The company has a diverse product portfolio, including nearly 1,800 effective product models across various applications such as smart appliances, AI computing, and industrial motors [2] Group 3 - Research and development expenses for the first half of the year amounted to 125.24 million yuan, accounting for 19.69% of the company's operating revenue [3] - The company has made key breakthroughs in several new technology areas, with new products aimed at emerging fields like renewable energy, robotics, and AI computing expected to drive significant growth in the next two years [3] - The company is transitioning its new product strategy from "Chipown AC-DC Inside" to providing a comprehensive "Power System Total Solution," enhancing the efficiency of new product promotion [3]

Core Viewpoint - Huayuan Securities issued a report on August 6, giving a "buy" rating to Xinjie Energy (605111.SH, latest price: 32.64 yuan) based on its focus on semiconductor chips and power devices, expansion into high-end application markets, and expected improvement in operational performance as inventory cycles end [2]. Group 1: Company Analysis - The company specializes in the research, design, and sales of MOSFETs, IGBTs, and other semiconductor chips and power devices [2]. - Xinjie Energy is actively expanding into high-end application markets, with its subsidiaries working collaboratively to enhance growth [2]. - The end of the inventory destocking cycle is anticipated to lead to a continuous recovery in operational performance [2]. Group 2: Market Opportunities - The company is expected to benefit from multiple applications, including automotive electronics and servers, which are gaining momentum [2].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its growth potential in the power semiconductor sector [5][54]. Core Views - The company has a strong foundation in power semiconductors and is expanding into high-end applications, which is expected to drive growth [5][54]. - The inventory destocking phase in the power semiconductor industry is coming to an end, leading to a recovery in operational performance [9][24]. - The company is actively developing products for various applications, including automotive electronics and AI servers, which are expected to contribute significantly to revenue growth [9][41]. Summary by Relevant Sections Market Performance - As of April 4, 2025, the closing price is 32.24 CNY, with a market capitalization of 13,390.32 million CNY [3]. Financial Forecast and Valuation - Revenue projections for 2025-2027 are 22.10 billion CNY, 26.91 billion CNY, and 32.30 billion CNY, with year-on-year growth rates of 21%, 22%, and 20% respectively [47][54]. - The company’s net profit is expected to reach 5.35 billion CNY, 6.58 billion CNY, and 7.98 billion CNY for the same period, with corresponding growth rates of 23.22%, 22.80%, and 21.34% [54]. - The price-to-earnings (P/E) ratios for 2025-2027 are projected to be 25, 20, and 17 respectively [54]. Business Overview - The company focuses on the research, design, and sales of power semiconductor chips and devices, including MOSFETs and IGBTs, and has established four major product platforms [6][13]. - The company has nearly 4,000 product models covering a voltage range of 12V to 1700V [13][40]. - The company is expanding its high-end application markets, with significant contributions from automotive electronics, industrial automation, and AI computing [9][41]. Operational Performance - The company reported a revenue of 4.49 billion CNY in Q1 2025, representing a year-on-year increase of 20.81% [24]. - The gross margin for 2024 is projected to be 36.42%, reflecting a year-on-year increase of 5.67 percentage points [35]. - The company has established advanced packaging and testing lines through its subsidiaries, enhancing its production capabilities [9][22]. Competitive Position - The company is positioned to benefit from the recovery of the power semiconductor industry, with a focus on expanding its product offerings and market reach [9][54]. - The company has formed strategic partnerships with leading packaging and testing firms to strengthen its supply chain [40].