Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved significant revenue growth, with a 79.49% year-on-year increase in revenue for the first half of 2025, reaching 1.524 billion yuan. The net loss narrowed significantly compared to the previous year, with a gross margin of 35.21% [1] - The company's revenue from the general energy sector remained stable at 52.57% of total revenue, while automotive electronics revenue accounted for 34.04%, with a total shipment of 3.12 billion units [2] - The company launched numerous new products in the first half of 2025, enhancing its product structure across various sensor categories and signal chain products [3] Financial Forecast - The company is projected to achieve revenues of 3.051 billion yuan, 3.838 billion yuan, and 4.742 billion yuan for the years 2025, 2026, and 2027, respectively. The expected net profits for the same years are -0.24 billion yuan, 0.96 billion yuan, and 3.01 billion yuan [4][6]

投资要点 业绩高速增长，盈利能力持续改善 2025 年上半年，公司新产品层出不穷。传感器方面，磁传感器拓展产品矩阵，首代VHS 3D 线性霍尔芯 片流片，第三代微功耗霍尔开关全国产供应链落地，首颗ASIL - C 汽车级角度传感器推出，磁性角度编 码器研发顺利；压力传感器小尺寸NSPAD1N 绝压系列量产；温湿度传感器车载与工业批量出货，带保 护膜湿度传感器规模出货，下一代超小高精度系列推进中。信号链方面，隔离产品不断迭代，新一代数 字隔离器降本且EMI 达汽车级最高，多款新品覆盖多场景；接口方向发布多款芯片，SerDes 芯片实现 全国产化产业链、速率6.4Gbps 用于车载；电源管理方面，非隔离的激光雷达及AI 服务器GaN 驱动实 现量产；音频功放4通道75W 完成验证。 投资建议 我们预计公司 2025-2027 年分别实现收入 30.51/38.38/47.42 亿元，实现归母净利润分别为 -0.24/0.96/3.01 亿元，维持"买入"评级。 风险提示 产品开发不及预期；市场竞争加剧；市场需求不及预期。 2025 年上半年公司实现营业收入15.24 亿元，同比增长79.49%；实现归母净利润-0 ...