央广网北京7月29日消息（记者 邹煦晨）近日，武汉新芯集成电路股份有限公司（下称"新芯股份"）的科创板IPO进程因财 务资料过期而中止，需补充更新后恢复审核。 作为国内领先的半导体特色工艺晶圆代工企业，新芯股份此番IPO计划募集资金48亿元，由国泰海通证券与华源证券保 荐。央广财经记者深入研究发现，该公司在报告期内虽然持续盈利，但来自关联方"公司二"的技术授权收入却构成了新芯 股份2023年全年及2024年前三季度净利润的主要来源，并且若剔除尚不确定的提成费因素，该收入对新芯股份2025年净利 润的贡献将出现"断崖"下降。 接受采访的多位业内人士指出，上述关联交易已构成重大影响，公司应做好风险提示。 净利润贡献将出现"断档" 招股书显示，新芯股份主要提供12英寸特色工艺晶圆代工服务，涵盖特色存储、数模混合及三维集成等领域的多种半导体 产品。公司在特色存储领域还经营自有品牌NOR Flash产品，并可为客户提供研发流片、技术授权、光掩膜版等配套服务。 2021年至2023年及2024年前三季度（以下简称"报告期"），新芯股份营业收入呈现连续增长态势，分别为31.38亿元、35.07 亿元、38.15亿元、31. ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 43.0 HKD [7][8]. Core Views - The company achieved Q1 2025 revenue of 541 million USD, reflecting a year-over-year increase of 17.6% and a quarter-over-quarter increase of 0.3%, primarily driven by increased wafer shipments [16][20]. - The gross margin for Q1 2025 was 9.2%, up 2.8 percentage points year-over-year but down 2.2 percentage points quarter-over-quarter due to depreciation from new production lines [16][20]. - For Q2 2025, the company guides revenue between 550-570 million USD, with a gross margin forecast of 7-9%, mainly impacted by depreciation [21]. Summary by Sections Revenue and Profitability - Q1 2025 revenue reached 541 million USD, with wafer shipments of 1.231 million pieces, a year-over-year increase of 20.0% [16][20]. - The company expects full-year revenue growth driven by sustained capacity utilization and an increase in 12-inch capacity [16][18]. Capacity and Production - The production capacity utilization rate was 102.7% in Q1 2025, with the second 12-inch production line expected to ramp up steadily [2][21]. - The company aims to shorten ramp-up time and increase shipment volumes to stabilize gross margins [2]. Pricing and ASP - The average selling price (ASP) in Q1 2025 decreased by 0.9% quarter-over-quarter, but the company anticipates stable pricing for the year, with potential increases in 12-inch prices [3][5]. - The company believes that 2024 will be the price low point, with opportunities for price increases if supply-demand conditions tighten [3]. Segment Performance - Q1 2025 revenue from analog and power management grew by 12% quarter-over-quarter, benefiting from increased demand for power management chips [4][26]. - The 12-inch wafer revenue reached 310 million USD in Q1 2025, a year-over-year increase of 40.8% [24]. Financial Forecast - The report maintains revenue forecasts for 2025, 2026, and 2027 at 2.168 billion USD, 2.453 billion USD, and 2.739 billion USD respectively, with net profit estimates of 52.31 million USD, 82.49 million USD, and 97.02 million USD [5][18][19]. - The target price of 43.0 HKD is based on a 1.5 times price-to-book ratio for 2025 [5][29].