Investment Rating - The report maintains a "Recommended" investment rating for the company [1][9][13] Core Views - The company achieved significant growth in H1 2025, with revenue reaching 253 million yuan, a year-on-year increase of 84.34%, and a net profit attributable to shareholders of 154 million yuan, up 173.37% year-on-year [4][8] - The company's gross margin improved to 86.54%, an increase of 5.36 percentage points, and the net profit margin rose to 60.96%, a substantial increase of 19.85 percentage points [8] - The growth is attributed to several factors, including leading product performance, successful customer onboarding for mass production, and an increase in trial and sample requests from potential clients [8][9] Financial Performance Summary - Revenue projections for 2025-2027 are adjusted to 355 million yuan (previously 304 million yuan), 512 million yuan (previously 419 million yuan), and 731 million yuan (previously 569 million yuan) respectively [9] - The company’s earnings per share (EPS) are projected to be 0.89 yuan in 2025, 1.28 yuan in 2026, and 1.82 yuan in 2027 [11] - The price-to-earnings (P/E) ratios are expected to be 89.9X for 2025, 62.3X for 2026, and 43.7X for 2027, indicating a strong growth potential [9][11] Research and Development - The company emphasizes technology research and development, with R&D expenses amounting to 58.1 million yuan in H1 2025, representing 22.95% of revenue [8] - Ongoing projects include enhancements to existing products and the development of new types of sensors, such as pressure sensors and high-performance MEMS IMUs for automotive applications [8][9] Market Position and Future Outlook - The company’s MEMS inertial sensors are noted for their superior performance, with the main product, the gyroscope, showing rapid growth [9] - The company has a robust order backlog and significant growth potential, supported by its competitive product offerings and market demand [9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 92.29 CNY [7][5]. Core Insights - The company demonstrated high growth in the first half of 2025, achieving revenue of 253 million CNY (up 84.34% year-on-year) and a net profit of 154 million CNY (up 173.37 year-on-year), with a net profit margin of 60.96% [1][2]. - The company is expanding its customer base and order scale, with significant orders expected to be fulfilled in the second half of 2025 [2][3]. - The product matrix is becoming more comprehensive, with new products expected to be launched, including a cost-effective six-axis IMU chip for the civilian market in 2026 [3][4]. - The company has granted stock incentives to employees, reflecting confidence in future growth, with performance targets set for revenue and net profit growth over the next three years [4][5]. Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 165 million CNY (up 43.83% year-on-year) and a net profit of 110 million CNY (up 89.40% year-on-year) [2]. - The company has adjusted its revenue and net profit forecasts for 2025, 2026, and 2027 upwards by 7%, 11%, and 14% respectively, anticipating revenues of 720 million CNY, 1.05 billion CNY, and 1.43 billion CNY [5][11]. Product Development - The company is focusing on high-performance MEMS inertial devices, which are being adopted across various high-end industrial applications, including commercial aerospace and intelligent driving [1][3]. - The product offerings are expanding to include FM resonant accelerometers and pressure sensors, with batch shipments already underway [3]. Stock Incentives - The company plans to grant 3.2 million restricted shares, representing 0.8% of total equity, to 129 employees, with performance targets set for significant revenue and profit growth over the next three years [4]. Valuation - The target price has been adjusted to 92.29 CNY, reflecting a 20% premium over comparable companies' valuations, based on a projected PE ratio of 90X for 2025 [5][11].

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：688582 公司简称：芯动联科 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到http://www.sse.com.cn/网站仔细阅读半年度报告全文。 1.3本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.4公司全体董事出席董事会会议。 1.5本半年度报告未经审计。 1.6董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2025年中期利润分配预案为：公司拟以实施权益分派股权登记日的总股本为基数向全体股东每10股 派发现金红利人民币1.56元（含税）。截至2025年6月30日，公司总股本 400,715,660股，以此计算拟派 发现金红利总额为人民币62,511,642.96元（含税）。 公司2025年中期利润分配预案已经公司第二届董事会第十二次会议及第二届监事会第九次会议审议通 过，尚需提交公司股东大会审议。 1.7是否存在公司治理特殊安排等 ...

Group 1 - The core viewpoint of the article is the acquisition of NXP's MEMS sensor business by STMicroelectronics for up to $950 million, which is expected to enhance ST's capabilities in automotive safety applications and contribute significantly to its gross and operating margins [1][2][3]. Group 2 - The acquisition targets NXP's MEMS sensor business, which focuses on passive (airbag) and active (vehicle dynamics) safety sensors, as well as monitoring sensors like TPMS and engine management, generating approximately $300 million in sales in 2024 [2]. - STMicroelectronics aims to strengthen its intellectual property, technology, product offerings, and R&D team through this acquisition, enhancing its position in the automotive, industrial, and consumer applications sectors [2][3]. - NXP's decision to sell the MEMS sensor business aligns with its long-term strategic direction, as stated by its VP, indicating that the product line fits better within STMicroelectronics' portfolio and strategic roadmap [3]. Group 3 - The article also highlights an upcoming business exploration event in Germany from September 4 to September 14, focusing on two major global exhibitions: IFA and IAA, aimed at understanding the latest trends and demands in the European electronics industry [1][4][11]. - The event will include deep discussions and networking opportunities with industry professionals, enhancing participants' international perspectives and investment insights [8][13].

Core Viewpoint - STMicroelectronics reported a loss in Q2 for the first time in over a decade, primarily due to restructuring and impairment costs amounting to $190 million, leading to a significant stock price drop of 16.6% [2][3] Financial Performance - The company experienced an operating loss of $133 million in Q2, which was below analyst expectations of a profit of $56.2 million [2] - Revenue for Q2 increased to $2.76 billion from $2.52 billion in the previous quarter, surpassing expectations [3] - The company anticipates Q3 revenue to reach $3.17 billion, exceeding analyst forecasts of $3 billion [3] Market Position and Strategy - STMicroelectronics heavily relies on in-house manufacturing, accounting for approximately 80% of sales, which poses challenges during market slowdowns [2] - The company has initiated a cost-cutting plan aimed at saving hundreds of millions by restructuring its manufacturing facilities, including a workforce reduction of 5,000 employees by 2027 [4] Acquisition Plans - STMicroelectronics plans to acquire NXP's MEMS sensor business for up to $950 million, enhancing its position in the sensor market [6][7] - The acquisition is expected to generate approximately $300 million in revenue in 2024 and improve profit margins significantly [7] - The deal will be financed through existing cash and is expected to close in the first half of 2026, pending regulatory approvals [7]

解科创板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 安徽芯动联科微系统股份有限公司 Anhui XDLK Microsystem Corporation Limited （安徽省蚌埠市财院路 10 号） 首次公开发行股票并在科创板上市 招股说明书 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、 业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了 保荐人（主承销商） 安徽芯动联科微系统股份有限公司 招股说明书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或者保证。任何与 之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 （北京市朝阳区安立路 66 号 4 号楼） 目 录 | 声明 | | --- | | 本次发行概况 ...

本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科 创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资 者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本公司所披 露的风险因素，审慎作出投资决定。 安徽芯动联科微系统股份有限公司 Anhui XDLK Microsystem Corporation Limited （安徽省蚌埠市财院路 10 号） 首次公开发行股票并在科创板上市 招股意向书 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 安徽芯动联科微系统股份有限公司 招股意向书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或者保证。任何与 之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 安徽 ...

本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板 公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解科创板市场的投资风险及本公司所披露的 风险因素，审慎作出投资决定。 安徽芯动联科微系统股份有限公司 Anhui XDLK Microsystem Corporation Limited （安徽省蚌埠市财院路 10 号） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） 安徽芯动联科微系统股份有限公司 招股说明书（注册稿） 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或者保证。任何与 之相反的声明均属虚假不实陈述。 （注册稿） 本公司的发行上市申请尚需经上海证券交易所和中国证监会履行相应程序。 本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当 以正式公告的招股说明书全文作为作出投资决定的依据。 （北京市朝阳区安立路 66 号 4 号楼） 根据《证券法》 ...

险。科创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本公司 所披露的风险因素，审慎作出投资决定。 安徽芯动联科微系统股份有限公司 Anhui XDLK Microsystem Corporation Limited （安徽省蚌埠市财院路 10 号） 招股说明书 （上会稿） 本公司的发行上市申请尚需经上海证券交易所和中国证监会履行相应程序。 本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当 以正式公告的招股说明书全文作为作出投资决定的依据。 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 北方本次股票发行后拟在科创板市场上市，该市场具有较高的投资风 首次公开发行股票并在科创板上市 安徽芯动联科微系统股份有限公司 招股说明书（上会稿） 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或者保证。任何与 之相反的声明均属虚假不实陈述。 根据《证券 ...