公司研究 证 券 研 究 报 告 杰华特（688141）2025 年半年报点评 推荐（维持） 收入同环比增长，国产替代与内生外延共振 打开成长空间 当前价：34.50 元 事项： 评论： 集成电路 2025 年 08 月 28 日 华创证券研究所 证券分析师：岳阳 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 公司基本数据 | 总股本(万股) | 44,688.00 | | --- | --- | | 已上市流通股(万股) | 26,394.62 | | 总市值(亿元) | 154.17 | | 流通市值(亿元) | 91.06 | | 资产负债率(%) | 56.19 | | 每股净资产(元) | 4.10 | | 12 个月内最高/最低价 | 37.87/13.74 | 市场表现对比图(近 12 个月) 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 [ReportFinancialIndex] ❖ 2025 年 8 月 25 日，公司发布 2025 年半年度报告： ❖ 1）2025H1：公司实现营业收入 11.87 亿元，同比+58.20% ...

Core Viewpoint - Jiewater Microelectronics Co., Ltd. (stock code 688141.SZ) is planning to list on the Hong Kong Stock Exchange, despite facing a situation of increasing revenue but decreasing profits, with a total loss of 1.1 billion yuan over the past two years [1][9]. Company Overview - Founded in 2013, Jiewater operates as a virtual IDM (Integrated Device Manufacturer) specializing in analog integrated circuit design, providing a wide range of products for various applications [3][4]. - The company was listed on the Shanghai Stock Exchange on December 23, 2022, with an initial share price of 38.26 yuan, reaching a market capitalization of 22.675 billion yuan on the first day [3][4]. Financial Performance - Jiewater's revenue from 2022 to 2024 was 1.448 billion, 1.297 billion, and 1.679 billion yuan, respectively, with a compound annual growth rate of 7.69%. However, the net profit for the same period was -136 million, -533 million, and -611 million yuan, leading to a total loss of 1.1 billion yuan [9]. - The company experienced a significant decline in market capitalization, dropping by 40.7% from its peak of over 25 billion yuan in April 2024 to approximately 13.447 billion yuan by June 2025 [4][9]. Market Position - In 2024, Jiewater ranked eighth globally and fourth among Chinese companies in terms of revenue from power management integrated circuits [5]. - The company also ranked sixth globally and second in China for DC-DC integrated circuits, indicating a strong market presence despite recent financial struggles [6]. R&D and Investment - Jiewater has significantly increased its R&D expenditures, which were 305 million, 499 million, and 619 million yuan over the past three years, representing a high proportion of its revenue [9]. - The funds raised from the upcoming IPO will primarily be used for enhancing technology research and development, expanding product offerings, and strategic investments [15]. Shareholder Structure - Major shareholders include Zhou Xun Wei and Huang Bi Liang, who collectively hold approximately 40.94% of the company. Hubble Investment remains the largest institutional investor with a 3.03% stake, having not reduced its holdings since the company's listing [11][14]. - Intel's subsidiary has been reducing its stake in Jiewater, having decreased its holdings by 1.76% throughout 2024 [12].

Group 1 - The company reported a total operating revenue of 1,678.75 million yuan, representing a year-on-year increase of 29.46% [53] - The company experienced a net loss attributable to shareholders of 603.37 million yuan, with a net profit excluding non-recurring gains and losses of 643.75 million yuan [53] - The company will not distribute profits for the fiscal year 2024 due to negative retained earnings [3] Group 2 - The company operates primarily in the analog integrated circuit design sector, utilizing a virtual IDM model for chip design and manufacturing [5][19] - The company focuses on power management and signal chain products, providing innovative and efficient analog semiconductor solutions [5][6] - The company has developed a comprehensive product supply system in the power management analog chip sector, covering various applications including new energy, automotive electronics, and consumer electronics [5][42] Group 3 - The global semiconductor chip market is projected to grow from 2.49 trillion yuan in 2020 to 3.61 trillion yuan in 2024, with a compound annual growth rate (CAGR) of 9.7% [34] - The Chinese semiconductor chip market is expected to grow from 0.88 trillion yuan in 2020 to 1.45 trillion yuan in 2024, with a CAGR of 13.3% [35] - The analog chip market in China is forecasted to increase from 124.9 billion yuan in 2020 to 195.3 billion yuan in 2024, with a CAGR of 11.8% [36] Group 4 - The company has established a stable supply chain and customer base, collaborating with leading wafer manufacturers and entering the supply chains of major industry players [44] - The company is positioned to benefit from the growing demand for analog chips in various sectors, including AI, automotive electronics, and communication technologies [45][48][49] - The company aims to enhance its competitive edge through continuous technological innovation and market expansion, responding to the increasing demand for high-performance analog chips [51]