25 年前三季度业绩承压，Q3 亏损环比大幅收窄，符合市场预期2025 年前三季度公司营收27.69 亿元， 同比下降17.8%；归母净利润-1.71亿元，同比下降140.1%。扣非归母净利润-2.05 亿元，同比下降 149.5%；业绩承压主要系新产线投产初期成本较高所致。 单季度25Q3 营收10.65 亿元，环比增长12.4%；归母净利润-0.23 亿元；扣非归母净利润-0.54 亿元，亏 损环比收窄44.4%。毛利率23.37%，环比-3.58pct，净利率-2.22%，环比+8.45pct，扣非净利率-5.07%， 环比+5.16pct。 Q3 净利润亏损环比大幅收窄，主要系资产减值损失收入比环比下降3.34pct。 我们看好公司作为国内射频前端领域领先企业的长期价值。公司通过自建产线深入Fab-Lite 模式， 在高 端射频模组领域构筑核心壁垒。预计公司2026~2027 年归母净利润分别为2.57/6.11 亿元，对应PE 为 144/60 倍，给予"增持"评级。 风险提示：经济增速放缓和行业发展波动的风险;市场竞争及利润空间缩小的风险;国际政治形势发生变 化的风险;供应链交付风险等 得益于公司 ...

Group 1: Financial Performance - In 1H2025, the company achieved operating revenue of 1.704 billion yuan, a year-on-year decrease of 25.42% [1] - The net profit attributable to the parent company was -147 million yuan, a year-on-year decline of 141.59% [1] - The non-recurring net profit attributable to the parent company was -151 million yuan, a year-on-year decrease of 142.77% [1] - In 2Q2025, the company reported operating revenue of 948 million yuan, a year-on-year decrease of 13.43% but a quarter-on-quarter increase of 25.43% [1] - The net profit attributable to the parent company in 2Q2025 was -101 million yuan, with the loss margin expanding quarter-on-quarter [1] - The gross profit margin for 1H2025 declined to 28.75% due to high wafer costs and increased depreciation [1] Group 2: Business Model and Product Development - The company is deepening its Fab-Lite operating model, with the revenue share of RF front-end modules increasing from 36.34% in the previous year to 44.35% [2] - The company has successfully validated its first domestically supplied L-PAMiD product and has entered the mass production and delivery phase [2] - The WiFi 7 module has achieved large-scale production and stable shipments, while automotive-grade UWB chips have entered mass production [2] - The 6-inch filter production line has achieved mass production of duplexers and quadplexers, with integrated self-produced filters being successfully introduced to multiple brand customers [2] - The 12-inch production line has rapidly increased capacity to 5,000 wafers per month and has entered a stable production phase with high product yield [2] - As production volume increases and operational efficiency improves, the high-cost issues due to low capacity utilization are expected to gradually ease, leading to a stabilization and recovery of product gross margins [2] Group 3: Future Projections - The company projects revenues of 4.22 billion yuan, 5.21 billion yuan, and 5.86 billion yuan for the years 2025, 2026, and 2027, respectively [3] - The net profits attributable to the parent company are expected to be -58 million yuan, 405 million yuan, and 743 million yuan for the years 2025, 2026, and 2027, respectively [3] - Corresponding PE ratios for 2026 and 2027 are projected to be 111.92 and 61.03 times, respectively [3]

Core Viewpoint - ChipMight Semiconductor Technology (Hangzhou) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, highlighting its position as a leading player in the power semiconductor industry, despite facing significant financial challenges and high customer concentration risks [1][2]. Group 1: Company Overview - ChipMight specializes in the research and sales of power management ICs and power devices, utilizing a Fab-Lite business model [1]. - The company ranks third in the global smartphone PMIC market with a market share of 3.6%, fifth in the global display PMIC market with a 6.9% share, and second in the global OLED display PMIC market with a 12.7% share [1]. Group 2: Financial Performance - From 2022 to 2024, the company's revenue is projected to decline from 1.688 billion to 1.574 billion yuan, with cumulative losses exceeding 1.3 billion yuan over three years [1]. - The gross margin has decreased from 37.4% to 29.4%, indicating increased industry competition and rising cost pressures [1]. Group 3: Risks and Challenges - The company faces high customer concentration, with the top five customers contributing over 75% of revenue for three consecutive years, and the largest customer accounting for over 60% [2]. - ChipMight's reliance on external foundries for its Fab-Lite model results in over 60% of procurement coming from the top five suppliers, which poses risks to its production capacity and delivery capabilities [2].