国盛证券研报指出，中科创达2025H1实现营业收入32.99亿元，较上年增长37.44%。公司归属于上市公 司股东的净利润1.58亿元，较上年增长51.84%。智能物联网业务高速成长，印证端侧AI持续景气产业趋 势。混合AI方式适用于几乎所有生成式AI应用和终端领域，公司正在围绕创新产品赛道，将既有的产 品、技术、开发等要素和端侧智能结合，推动端侧智能成为全场景智能终端发展的核心底座。多年来公 司以卡位和生态优势，不断拓展与产业链中领先的芯片、操作系统、云厂商等长期紧密合作。此外，公 司持续大力开拓全球市场，形成全新收入源泉。维持"买入"评级。 ...

Core Viewpoint - Meixinsheng Technology (Beijing) Co., Ltd. reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, driven by high-value product offerings and advancements in AI and robotics applications [1][2][4]. Group 1: Financial Performance - The company achieved a revenue of 265 million yuan, representing a year-on-year increase of 36.83% [1] - The net profit attributable to shareholders reached 5.0068 million yuan, showing a substantial year-on-year growth of 131.25% [1] - The overall gross margin improved to 35.01%, an increase of 11.9 percentage points compared to the previous year, indicating strong profitability recovery [1][3]. Group 2: Product and Market Development - The company has optimized its product mix, focusing resources on high-margin products, which has led to significant revenue contributions from high-value product lines [2] - The optical sensor business grew by 246.65% year-on-year, while the wireless charging product line increased by 61.34%, together contributing 183 million yuan, accounting for 69.17% of total revenue [2]. - The company has made substantial progress in emerging markets, particularly in AI and robotics, with product shipments exceeding ten million yuan and successful entry into major supply chains [4]. Group 3: Technological Advancements - Meixinsheng has developed core technologies such as PD/SPAD optical technology and BCD integrated technology, establishing a complete technical chain from process development to optical packaging [3]. - This full industry chain layout allows the company to better control costs and ensure delivery, supporting the continuous improvement of gross margins [3]. Group 4: Strategic Management and Future Outlook - The company has optimized operational processes, leading to a reduction in the combined proportion of R&D, sales, and management expenses by 10.85 percentage points year-on-year [5]. - A share buyback plan has been implemented, with a total of 42.6899 million yuan used, reflecting confidence in future growth [5]. - The company is expected to continue investing in robotics and AI/VR sectors, expanding its Sensor for AI product line, which will lay the foundation for future high-value growth [5].

点击招商研究小程序查看PDF报告原文 龙迅股份主营高清视频桥接及处理芯片和高速信号传输芯片，产品应用于PC及周边、显示器及商显、 视频会议系统、AR/VR等领域，未来大力布局汽车、HPC等领域。龙迅股份发布2025年中报，结合公 告信息，点评如下： 25H1营收增速部分受到产能问题限制影响，Q2新品带动毛利率环比提升。 1）25H1：营收2.5亿元，同 比+11.4%，公司H1营收增速部分受到产能问题限制，归母净利润0.72亿元，同比+15.2%，上半年股份 支付费用为663万元，毛利率54.88%，同比微增，净利率29%，同比+1pct；2） 25Q2 ：营收1.38亿元， 同比+17.4%/环比+26.6%，归母净利润0.43亿元，同比+38.3%/环比+50.9%，毛利率55.2%，环比 +0.8pct，毛利率环比提升主要系新产品利润情况相对较好，净利率31.2%，同比+4.7pcts/环比+5pcts。 Serdes新业务领域拓展顺利，AI端侧、超算、数据中心等领域新品研发中。 公司车载Serdes芯片目前处 于全面推广阶段，已进入eBike、摄影云台、无人机等新业务领域，H1新增2个产品通过AEC- ...

策略研究 | 证券研究报告 — 总量周报 2025 年 8 月 25 日 策略周报 聚焦科技核心资产 成长龙头崛起，中周期主线加速验证。 相关研究报告 《策略点评报告》20250822 《7 月外汇市场分析报告》20250822 《2025 年二季度货币政策执行报告点评》 20250819 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐沛东 (8621)20328702 peidong.xu@bocichina.com 证券投资咨询业务证书编号：S1300518020001 证券分析师：郭晓希 (8610)66229019 xiaoxi.guo@bocichina.com 证券投资咨询业务证书编号：S1300521110001 证券分析师：徐亚 (8621)20328506 ya.xu@bocichina.com 证券投资咨询业务证书编号：S1300521070003 证券分析师：高天然 tianran.gao@bocichina. ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a half-year performance that met expectations, with a revenue of 410 million yuan, representing a year-on-year growth of 7.73%, and a net profit attributable to shareholders of 89 million yuan, up 44.06% year-on-year [7] - The company is focusing on advancements in AI edge technology, with significant growth in its smart driving and IoT device segments, which saw a revenue increase of 49.10% [7] - The company is expected to achieve revenues of 1.013 billion yuan, 1.272 billion yuan, and 1.630 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 231 million yuan, 302 million yuan, and 392 million yuan [7] Financial Performance Summary - For the year 2023, the company is projected to have a revenue of 670 million yuan, with a growth rate of 26.1% [6] - The net profit for 2023 is expected to be 88 million yuan, with a growth rate of 53.0% [6] - The company's gross margin for the first half of 2025 was reported at 88.37%, while the net margin was 21.58% [7] - The company’s earnings per share (EPS) is projected to be 0.22 yuan for 2023, increasing to 0.98 yuan by 2027 [6] - The price-to-earnings (PE) ratio is expected to decrease from 186.5 in 2023 to 53.1 in 2027, indicating improving valuation over time [6] Business Segment Performance - The smartphone business generated 339 million yuan in revenue, growing 2.23% year-on-year, with a gross margin of 91.30% [7] - The smart driving and other IoT device business achieved 65 million yuan in revenue, marking a 49.10% increase year-on-year, although its gross margin decreased to 71.95% [7]

Core Viewpoint - The company has demonstrated resilience in a complex external environment by focusing on technological innovation, leading to improved operational efficiency and profitability in the second quarter of 2025 [1][3]. Financial Performance - For the first half of 2025, the company achieved a net profit attributable to shareholders of 4.3179 million yuan, a year-on-year reduction in losses of 16.92%. In the second quarter, net profit increased by 132.88% quarter-on-quarter, reaching 4.3179 million yuan, and 9.3039 million yuan after excluding share-based payment expenses, reflecting a significant quarter-on-quarter growth of 377.44% [1][2]. - The comprehensive gross margin has improved for four consecutive quarters, reaching nearly 30% in the second quarter of 2025 [1]. Product and Market Development - The company is actively responding to the demand in emerging markets such as AI edge computing, home appliances, and robotics, leading to rapid growth in core product lines. Revenue from key products like motor drive control, DC-DC, linear regulators, and LED backlight drivers increased by 64.57% year-on-year, contributing to a nearly 30% quarter-on-quarter revenue growth in the second quarter [1][2]. - New product sales in the home appliance sector grew over 104% year-on-year, while fast charging business revenue exceeded 44 million yuan, marking a nearly 13% increase. Revenue from LED backlight driver chips rose by 40.31%, and motor drive control chips reached 15.6087 million yuan, up over 245% year-on-year [2]. Research and Development - The company maintained high R&D investment, with R&D expenses reaching 71.8466 million yuan in the first half of 2025, accounting for 25.42% of operating revenue. The R&D team expanded to 261 personnel, representing over 69% of the total workforce [2]. - The company continues to launch high-performance new products in areas such as AC-DC, DC-DC, battery management chips, signal chain products, isolation series, and MCUs, gradually forming system-level chip solutions across various application scenarios [2]. Operational Efficiency - The company is enhancing cost control and quality improvement in the supply chain by optimizing upstream and downstream collaboration mechanisms and strengthening process control in key areas, significantly improving overall operational efficiency [2]. - The combination of product structure upgrades and market price strategy adjustments has led to a steady increase in gross margin and the release of profit elasticity [2]. Strategic Focus - The company's operational focus remains on "cost reduction, efficiency enhancement, and structural optimization," despite challenges in traditional product lines. The proactive layout in growth sectors such as AI consumer electronics, smart terminals, and industrial automation is laying a foundation for steady performance recovery in the future [3].

Summary of the Conference Call for Aojie Technology Industry Overview - Aojie Technology holds a leading position in the cellular IoT module market, with a market share of nearly 50% for Cat 1 products, benefiting from an expanded product matrix and increased downstream applications, alongside industry growth trends [2][6] - The Chinese baseband chip market is approximately $20 billion, accounting for 30% of the global market, indicating high elasticity [11] Company Insights - The core team of Aojie Technology has extensive experience in high-tech industries, with Chairman Dai Baojia being a founder of Ridi Technology, and team members from Marvel, providing a solid foundation for technological innovation and business expansion [2][8] - Aojie Technology has made significant advancements in baseband and customized chip sectors, particularly with the 3D stacked cloud chip project, showcasing the capabilities of Chinese engineers [3][4] Product Development and Market Position - Aojie Technology's product offerings in the IoT market include Cat 1, Cat 4, and Cat M modules, with Cat 1 accounting for 47% of global IoT module shipments [5] - The company has successfully introduced its 4G quad-core mobile chip to the Latin American market and plans to showcase its octa-core smart chip SR8,666X at MWC2025, with expectations of achieving a brand breakthrough in Q3 [11][12] Competitive Landscape - In the Cater four market, Qualcomm and Aojie are the main competitors, with Qualcomm dominating overseas markets while Aojie focuses on China and developing markets, gradually achieving domestic substitution [9] - Aojie Technology's competitive edge in the cellular IoT module market is supported by a broad product matrix, large-scale production capabilities, and cost advantages [6] Future Expectations - The company anticipates significant progress in its mobile baseband chip sector, with expectations of achieving a brand breakthrough in Q3 and further advancements in Q4 or early next year [12] - Aojie Technology's ASIC capabilities are crucial for the domestic computing power industry, with a strong emphasis on customized solutions [15] Technological Innovations - The 3D DRAM stacking technology is highlighted as a key path in the AI era, offering advantages such as high bandwidth, low power consumption, and flexibility, which are essential for meeting the demands of cloud computing [17] - Aojie Technology is leveraging its expertise in 3D DRAM technology to create compliant solutions that align with the procurement needs of domestic CSP manufacturers, indicating a broad market potential [17] Conclusion - Aojie Technology is well-positioned in the rapidly evolving IoT and mobile chip markets, with a strong focus on innovation, competitive advantages, and a clear growth trajectory, making it an attractive investment opportunity [12][18]

Group 1 - The core viewpoint of the report is that Shunluo Electronics (002138.SZ) is rated as a "buy" due to its strong performance in emerging markets and breakthroughs in data center business, particularly in AI services [2] - The company achieved record high revenue and profit in the first half of 2025, indicating robust growth in its operations [2] - The growth in AI server and AI edge computing services is highlighted as a significant driver for the company's future performance [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company achieved record-high revenue and profit in the first half of 2025, with revenue of 3.224 billion yuan, a year-on-year increase of 19.80%, and a net profit attributable to shareholders of 486 million yuan, up 32.03% year-on-year [3]. - The company is experiencing significant growth in emerging markets, particularly in automotive electronics and data center businesses, with notable increases in revenue across various business lines [4]. - Profit forecasts for 2025-2027 show a strong growth trajectory, with net profits expected to reach 1.107 billion yuan in 2025, reflecting a year-on-year growth of 33.07% [5]. Performance Summary - In the first half of 2025, the company reported revenue of 3.224 billion yuan, with a net profit of 486 million yuan, marking historical highs for both metrics [3]. - The second quarter of 2025 saw revenue of 1.763 billion yuan, a year-on-year increase of 23.12%, and a net profit of 253 million yuan, up 27.74% year-on-year [3]. - The company's gross margin for the first half of 2025 was 36.68%, slightly down from the previous year, but with expectations for gradual improvement as production capacity utilization increases [4]. Business Analysis - The automotive business is experiencing rapid growth due to increased R&D investment and production capacity expansion, particularly in battery management systems and related products [4]. - The data center business is emerging as a strategic market, with significant order growth driven by AI server and edge AI applications [4]. - Traditional consumer electronics are also expanding, with new product introductions expected to drive further revenue growth [4]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 1.107 billion yuan, 1.422 billion yuan, and 1.826 billion yuan, respectively, with corresponding P/E ratios of 20.78, 16.17, and 12.60 [5][10].

Core Viewpoint - The recent mid-year earnings reports from Hong Kong-listed companies indicate significant growth in sectors such as innovative pharmaceuticals, education, and finance, with many companies reporting substantial year-on-year increases in performance [1][2][3]. Group 1: Company Performance Highlights - Over 60 Hong Kong-listed companies have released mid-year earnings, with notable performers including Hong Kong Broadband and Yuhua Education, both of which reported earnings that doubled year-on-year [2][5]. - Hong Kong Broadband achieved a remarkable profit increase of 6911.73%, with a net profit of HKD 108 million for the six months ending February 28, 2025, attributed to improved operational efficiency and reduced financing costs [6]. - Yuhua Education reported revenue of approximately CNY 1.278 billion, a 7.2% increase, with adjusted net profit rising by 108.7% to CNY 435 million, driven by increased enrollment and optimized cost management [7]. - WuXi AppTec's revenue for the first half of 2025 reached CNY 20.799 billion, a 20.6% increase, with net profit soaring by 95.5% to CNY 8.287 billion [8]. - IMAX China reported a revenue increase of 31.66% to USD 57.802 million, with net profit rising by 88.9% to USD 23.893 million, driven by increased content solutions and technology services revenue [10]. Group 2: Sector Trends and Outlook - According to CITIC Securities, the overall revenue growth rate of the Hang Seng Index is expected to significantly increase compared to the previous year, with healthcare, information technology, and consumer discretionary sectors leading the growth [3][24]. - Despite a general slowdown in profit growth, certain sectors such as retail, semiconductors, education, diversified finance, and gaming are expected to see continued upward revisions in profit growth forecasts [24][25]. - The pharmaceutical sector is benefiting from a favorable external environment, while the consumer electronics industry is recovering, particularly with the rapid deployment of AI-related technologies [25].