证券研究报告 | 2025年09月10日 捷捷微电（300623.SZ） 优于大市 1H25 扣非归母净利润同比增长 46.57%，汽车电子加速布局 1H25 公司实现扣非归母净利润同比增长 46.57%。公司主要从事功率半导体 器件开发，主要产品包括晶闸管、防护器件、MOSFET 等产品。随着汽车电子 加速拓展，1H25 公司实现营收 16 亿元(YoY+26.77%)，扣非归母净利润 2.46 亿元(YoY+46.57%)；其中 2Q25 单季度公司实现营收 9.01 亿元(YoY+21.21%， QoQ+28.67%)，扣非归母净利润 1.36 亿元(YoY+15.22%，QoQ+23.98%)，部分 产品价格调整，毛利率 31.86%(YoY-8.08pct，QoQ-4.56pct)回落。 晶闸管保持稳健，MOSFET 与防护器件营收同比加速增长。公司以 IDM 模式为 主，随着产线稼动率提升产品毛利率显著修复。公司基本盘为晶闸管、防护 器件，主要在 5/6 寸产线生产，第二增长曲线 MOSFET 主要在子公司捷捷南 通 8 英寸线生产；目前 MOSFET 已成为第一大收入来源，1H25 收入 7.5 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company has shown steady revenue growth in 1H25, achieving revenue of 930 million yuan (YoY +6.44%) and a net profit of 235 million yuan (YoY +8.03%) [1] - The company is expanding its applications in emerging sectors such as automotive electronics, robotics, and AI computing servers, securing bulk orders from leading clients [2][4] - The company has a diversified product portfolio, with significant contributions from SGT MOSFET, Trench MOSFET, IGBT, and SJ MOSFET, indicating a robust market position [3] Summary by Sections Financial Performance - In 1H25, the company reported revenue of 930 million yuan, with a net profit of 235 million yuan, and a gross margin of 35.07% [1] - The second quarter of 2025 saw a revenue of 481 million yuan (YoY +4.21%, QoQ +7.04%) and a net profit of 127 million yuan (YoY +7.88%, QoQ +17.16%) [1] Application and Market Expansion - The automotive electronics segment has accelerated growth, accounting for 16% of total applications, with over 30 new automotive-grade MOSFET products launched and 85 million units shipped [2] - The robotics sector represents 7% of applications, with successful integration of products into robotic joint motor drive systems [2] - AI computing and communication applications also account for 7%, with products being sold in bulk to major server clients [2] Product Development - SGT MOSFET remains the main product line, generating 419 million yuan in revenue (45.21% of main business income) [3] - Trench MOSFET achieved revenue of 250 million yuan (26.95% of main business income), with a year-on-year sales growth of 5.7% [3] - IGBT products generated 132 million yuan in revenue (14.26% of main business income), benefiting from a recovering solar storage market [3] Future Outlook - The company is expected to achieve net profits of 503 million yuan, 636 million yuan, and 751 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 28, 22, and 18 [4] - The company is well-positioned to capitalize on growth opportunities in AI computing, automotive, and robotics sectors, along with its long-term overseas and IC product strategies [4]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company is acquiring 60% of Kobotai Intelligent Technology for 345 million yuan, increasing its stake from 20% to 80%, which is expected to enhance its position in the automotive electronics sector [4][6]. - The acquisition is seen as beneficial for minority shareholders, as it consolidates the company's capabilities in developing high-value automotive electronic products [6]. - The company has shown strong revenue growth, with Kobotai Intelligent Technology achieving 2.99 billion yuan in revenue from January to July 2025, a 68.03% increase compared to the entire year of 2024 [6]. Financial Summary - Projected total revenue for 2025 is 7,745 million yuan, with a year-on-year growth rate of 29.8% [5]. - The forecasted net profit for 2025 is 1,081 million yuan, reflecting a 39.9% increase compared to the previous year [5]. - The company’s earnings per share (EPS) is expected to reach 2.68 yuan in 2025, with a projected price-to-earnings (PE) ratio of 23 [5][6].

Group 1 - The company Shenzhen Huaqiang (000062.SZ) is providing electronic components for the digital key of the car brand AITO [1]

Core Viewpoint - The semiconductor equipment industry is expected to enter a golden development period, driven by advancements in technology and increasing demand for high-end manufacturing equipment [8][9]. Company Developments - Shenzhen Xinkailai Technology Co., Ltd. (referred to as "Xinkailai") showcased its series of semiconductor equipment products at the CSEAC 2025, including advanced detection and etching equipment [1]. - Xinkailai has rapidly developed domestic high-end manufacturing equipment, with significant growth in orders expected for advanced process semiconductor equipment in the coming year [2][3]. - The company has recently completed a financing round with a pre-investment valuation of 65 billion yuan, up from a post-investment valuation of 50 billion yuan in the previous round [2]. Market Trends - The global semiconductor equipment market size grew from nearly $60 billion in 2019 to over $106 billion in 2023, with projections to reach $124 billion by 2025. The Chinese market is expected to grow from $13.5 billion in 2019 to over $41 billion by 2025 [9]. - The semiconductor equipment industry is experiencing a surge in demand due to advancements in generative AI, 5G, and automotive electronics, necessitating equipment precision at the atomic level [8]. Financial Performance - Semiconductor equipment companies are projected to maintain a revenue growth rate exceeding 25% from 2021 to 2024, with net profit growth expected to exceed 20% [11]. - Specific companies like Zhongke Feicai and Zhichun Technology are forecasted to see net profit increases of over 100% in 2025 [12]. Industry Collaborations - Companies such as Zhichun Technology, Zhengfan Technology, and Luwei Optoelectronics are increasingly collaborating with Xinkailai, indicating a growing ecosystem around the company [5][6]. - Luwei Optoelectronics has developed high-precision IC mask technology to meet the needs of equipment manufacturers like Xinkailai [5].

作为一家专注于高端IP产品和企业级IC技术平台研发的芯片企业，中茵微电子主要面向人工智能、高性 能计算、5G通信、汽车电子等领域，为客户提供高端IP解决方案、先进制程ASIC设计服务、 Chiplet&SoC技术解决方案，以及先进封装设计和流片量产保障等端到端一站式芯片技术服务。截至目 前，企业已完成多款芯片量产出货，累计实现超15亿元销售收入。 2024年6月，《芯粒互联接口规范》获批作为国家标准项目正式立项。同年，国家标准化管理委员会 将"芯粒互联接口"列入集成电路领域标准稳链重点项目。在全国集成电路标准化技术委员会 (SAC/TC599)的指导下，中关村高性能芯片互联技术联盟、中国电子技术标准化研究院、清华大学、海 思半导体、中茵微电子等国内十余家产业链骨干企业、高校和科研院所，经过多轮深入研讨和征求意 见，最终推动了国家标准的正式发布。据了解，本次发布的系列标准规定了芯粒间互联的分层架构，以 及各层的功能要求和层间接口要求，旨在对芯粒间点对点互联的数据传输处理机制进行统一，实现高效 互联互通。 本报讯(吴晓倩杨长松)近日，由浦口经开区企业中茵微电子参与编制的《芯粒互联接口规范》系列5项 推荐性国家标准 ...

Core Viewpoint - The article analyzes the investment potential of Zhaoyi Innovation, highlighting its recent stock price performance and the need for careful evaluation of its valuation, fundamentals, and market trends [1]. Valuation Screening - Zhaoyi Innovation's current price-to-earnings (P/E) ratio is 91.26, which is above the industry average. The estimated net profit for 2025 ranges from 1.452 billion to 1.774 billion yuan, suggesting a reasonable market value between 64 billion and 80 billion yuan, corresponding to a stock price of approximately 134 to 168 yuan. The current price of 158 yuan is near the upper limit of this range, indicating limited short-term safety margin [3]. - For medium to long-term investors, a phased investment strategy is recommended rather than chasing high prices [3]. Fundamental Screening - Zhaoyi Innovation is a leading player in both storage and MCU (Microcontroller Unit) sectors, holding the second-largest global market share in NOR Flash and the top position in MCU in China. The company is expected to see significant growth in 2024, with projected revenue of 7.356 billion yuan (up 27.69% year-on-year) and net profit of 1.103 billion yuan (up 584.21% year-on-year). In the first half of 2025, revenue is expected to reach 4.15 billion yuan, reflecting a 15% year-on-year increase [4]. - The company's financial health is strong, with excellent profitability, growth potential, and debt repayment capacity. Key growth drivers include: 1. Storage chips benefiting from increased storage capacity demands in AI terminals and a favorable market for niche DRAM due to the exit of major overseas manufacturers. 2. MCU leadership with over 700 products, actively expanding into automotive-grade and AI MCUs, already supplying major companies like BYD and Tesla [5]. 3. Entry into power management chips through the acquisition of Suzhou Saixin, creating synergies with existing operations [6]. Market Trend Screening - Zhaoyi Innovation is positioned at the intersection of three significant market trends: 1. AI edge computing, with rising demand for storage and computing chips in AI devices such as AI phones and AI glasses, making the company a key beneficiary. 2. Automotive electronics, where the trend towards electrification and intelligence in vehicles is driving demand for automotive-grade MCUs and storage chips, potentially increasing the company's revenue share [8]. 3. Domestic substitution, with accelerated localization of the semiconductor supply chain supported by policy and external pressures, allowing the company to continue benefiting as a market leader [9]. Technical Analysis and Strategy - The stock price of Zhaoyi Innovation is currently fluctuating between 150 and 160 yuan, with attention needed on whether it can break through the 160 yuan resistance level and the support around 145 yuan [10]. - Suggested investment strategies include: - Gradual accumulation below 145 yuan, with increased investment if the price approaches 130 yuan [11]. - Initial investment should not exceed 30% of the total planned investment, reserving funds for further purchases during price corrections [12]. - Short-term stop-loss set at 140 yuan, with a wider stop-loss for long-term investors at 120 yuan; target price range is 168-180 yuan [13]. - Key indicators to monitor include inventory turnover days, DRAM gross margin changes, and orders for automotive-grade MCUs [14].

Core Viewpoint - New Asia Electronics has shown significant stock performance with a year-to-date increase of 67.12%, despite recent declines in the last five and twenty trading days [1][2]. Company Overview - New Asia Electronics, established on April 7, 1987, and listed on January 6, 2021, is located in Wenzhou, Zhejiang Province. The company specializes in the research, manufacturing, and sales of fine electronic wires [1]. - The company's revenue composition includes: 38.13% from consumer electronics and industrial control wires, 31.86% from communication cables and data wires, 20.72% from new energy series cables and components, 6.28% from automotive cables, and 3.01% from other sources [1]. Financial Performance - For the first half of 2025, New Asia Electronics reported a revenue of 1.945 billion yuan, representing a year-on-year growth of 19.57%. The net profit attributable to shareholders was 99.166 million yuan, up 31.83% year-on-year [2]. - The company has distributed a total of 317 million yuan in dividends since its A-share listing, with 140 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, New Asia Electronics had 48,400 shareholders, an increase of 32.85% from the previous period. The average number of circulating shares per person was 6,482, a decrease of 24.73% [2]. - Among the top ten circulating shareholders, the "Zhaoshang Quantitative Selected Stock Initiation A" fund is the ninth largest shareholder, holding 1.3146 million shares as a new investor [3].

Core Insights - In July 2025, China's PCB industry export scale continued to grow, reaching a monthly high since 2024, with an export value of 17.103 billion yuan, a month-on-month increase of 10% and a year-on-year increase of 34, indicating a sustained high prosperity in the printed circuit board industry driven by the accelerated construction of the AI computing power industry chain [1][2]. Industry Performance - The export value of multilayer boards (four layers and above) maintained a high growth rate in July 2025, with the export value for four layers and below at 6.422 billion yuan, a month-on-month increase of 6% and a year-on-year increase of 10, showing a recovery in low-layer board export momentum [3]. - The export value for multilayer boards (four layers and above) was 10.681 billion yuan, with a month-on-month increase of 12% and a year-on-year increase of 54, indicating strong growth momentum in multilayer board shipments [3]. - The average export value per multilayer PCB in July 2025 was 20.40 yuan, a year-on-year increase of 29% and a month-on-month increase of 7, while the average export value for four layers and below was 1.30 yuan, a year-on-year decrease of 19% but a month-on-month recovery of 26 [3]. Trade Partners - In July 2025, the export scale of China's PCB industry to Asian trade partners grew significantly, with the top partners being Hong Kong, Vietnam, Taiwan, Thailand, South Korea, Malaysia, Mexico, the United States, India, Germany, and Japan, with a combined export value accounting for 72.27% [4]. - For four layers and below, Hong Kong ranked first in export value at 2.429 billion yuan, a year-on-year increase of 1.3, while Vietnam ranked second with an export value of 936 million yuan, a year-on-year increase of 50.53 [4]. - For multilayer boards, the largest export growth was seen with Vietnam, Thailand, and Taiwan, with exports to Taiwan reaching 2.261 billion yuan (year-on-year increase of 202.38), to Vietnam at 2.154 billion yuan (year-on-year increase of 97.49), and to Thailand at 718 million yuan (year-on-year increase of 119.25) [4]. Investment Outlook - The ongoing AI wave and the burgeoning demand for computing power are expected to sustain growth in AI servers and high-speed switches, leading to strong demand for AI PCBs, particularly in the high multilayer board and HDI markets [5]. - The rapid development of emerging fields such as robotics and automotive electronics is anticipated to further drive PCB demand, suggesting a focus on high-quality leading companies in the domestic PCB industry [5].

Core Viewpoint - The PCB industry in China is experiencing significant growth driven by the AI computing power industry chain, with July 2025 exports reaching 171.03 billion yuan, a 10% month-on-month increase and a 34% year-on-year increase, marking a new monthly high since 2024 [1] Group 1: Export Performance - In July 2025, the export value of four-layer and below PCBs was 64.22 billion yuan, with a 6% month-on-month increase and a 10% year-on-year increase, indicating a recovery in low-layer board export momentum [2] - The export value of four-layer and above PCBs was 106.81 billion yuan, with a 12% month-on-month increase and a substantial 54% year-on-year increase, showing strong growth momentum for multi-layer boards [2] - The average export value per unit for four-layer and above PCBs was 20.40 yuan, reflecting a 29% year-on-year increase and a 7% month-on-month increase, while the average export value for four-layer and below PCBs was 1.30 yuan, showing a 19% year-on-year decline but a 26% month-on-month recovery [2] Group 2: Trade Partners and Regional Performance - In July 2025, the PCB industry in China saw strong export growth to Asian trade partners, with the top five partners being Hong Kong, Vietnam, Taiwan, Thailand, and South Korea, accounting for 72.27% of total exports [3] - The leading trade partner for four-layer and below PCBs was Hong Kong, with an export value of 24.29 billion yuan, a year-on-year increase of 1.3%, while Vietnam ranked second with an export value of 9.36 billion yuan, a significant year-on-year increase of 50.53% [3] - For four-layer and above PCBs, Vietnam, Thailand, and Taiwan showed substantial export growth, with exports to Taiwan reaching 22.61 billion yuan (up 202.38% year-on-year), to Vietnam at 21.54 billion yuan (up 97.49% year-on-year), and to Thailand at 7.18 billion yuan (up 119.25% year-on-year) [3]