证券研究报告 裕太微 (688515 CH) 2Q25：2.5G PHY/车规产品加速放量 2025 年 9 月 02 日│中国内地 半导体 1H25 公司实现营收 2.22 亿元（yoy：+43.41%），归母净利润-1.04 亿元（同 比减亏 0.04 亿元），扣非净利润-1.16 亿元（同比减亏 0.08 亿元）。其中， 2Q25 实现营收 1.41 亿元（yoy：+71.39%，qoq：+73.74%），归母净利 润-0.43 亿元（同比减亏 0.11 亿元，环比减亏 0.17 亿元），扣非归母净利 润为-0.49 亿元（同比减亏 0.11 亿元，环比减亏 0.17 亿元）。受益于行业 周期性复苏、自主化政策持续支持，以及公司多款新产品逐步起量，2Q25 公司营收同环比实现较高增长；同时，产品结构优化推动毛利率环比改善至 43.98%（yoy：-0.41pct，qoq：+3.24cpt）。公司持续丰富产品品类，2.5G PHY 芯片、多口交换芯片、千兆网卡芯片等次新品/新品已陆续放量，后续 车载以太网交换芯片、车载高速视频传输芯片、车载网关芯片等车载产品亦 将带来持续增长动能，维持"买入"评级。 1H ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [5]. Core Views - The company's profitability is under pressure, primarily due to declining product prices and a challenging market environment. However, there is anticipation for a cyclical recovery in the industry and expansion of the company's new production capacity [9][11]. - The company reported a slight increase in revenue for 2024, reaching 26,692 million yuan, a year-on-year growth of 0.41%. However, the net profit attributable to the parent company fell by 33.64% to 1,740 million yuan [1][2]. - The company is actively adjusting its production capacity structure and has made progress in key investment projects, which is expected to enhance operational efficiency and reduce costs [10][11]. Financial Performance Summary - **Revenue and Profitability**: - 2024 revenue is projected at 26,692 million yuan, with a growth rate of 0.4%. The net profit is expected to decline to 1,740 million yuan, a decrease of 33.6% [1]. - The net profit margin for 2024 is 6.38%, down 3.34 percentage points from the previous year [2]. - **Cash Flow**: - The net cash flow from operating activities for 2024 is reported at 4,517 million yuan, a significant increase of 671.63% year-on-year [3]. - **Cost Structure**: - Financial expenses increased by 57.12% year-on-year, primarily due to higher borrowing costs. Selling expenses rose by 34.05%, and management expenses increased by 10.10% [2]. Market and Product Insights - The average prices for the company's main products, including industrial silicon and silicone rubber, have shown a downward trend, with industrial silicon prices decreasing by 16.36% year-on-year [4]. - The company is expected to benefit from a slight recovery in industrial silicon export prices in 2025 due to easing U.S. tariffs, although overall pricing pressure is anticipated to remain [4][9]. Future Projections - Revenue projections for 2025-2027 are 27,888 million yuan, 31,217 million yuan, and 33,447 million yuan, respectively, with corresponding net profits of 1,785 million yuan, 2,741 million yuan, and 3,371 million yuan [11]. - The report highlights the company's ongoing efforts to extend its downstream industrial chain and improve production efficiency, which are expected to enhance its financial performance in the future [11].