Core Viewpoint - The company reported strong revenue growth driven by its new energy business, with expectations for continued high growth in the second half of the year [1][2]. Financial Performance - For H1 2025, the company achieved revenue of 1.936 billion, a year-on-year increase of 26.25%, and a net profit of 275 million, with a slight increase of 0.26% [1]. - In Q2 2025, revenue reached 1.016 billion, reflecting a year-on-year growth of 39.55% and a quarter-on-quarter increase of 10.57%. Net profit for the quarter was 172 million, showing a year-on-year increase of 53.15% and a quarter-on-quarter increase of 65.61% [1]. - The gross margin and net margin for H1 were 29.74% and 14.42%, respectively, while for Q2, they were 29.16% and 17.14% [1]. Business Segments - The new energy sector was the main driver of H1 performance, generating revenue of 1.213 billion, a year-on-year increase of 52.82%. The company's electric vehicle business benefited from a 40% increase in domestic sales, leading to a 25.80% revenue growth [2]. - The wind and solar storage business saw revenue growth exceeding 200% due to a 99.3% increase in photovoltaic installations [2]. - The industrial control business is expected to remain under pressure due to a decline in PMI [2]. Future Outlook - The company anticipates continued high growth in the second half of the year, projecting revenue of approximately 2.4 billion, a year-on-year increase of nearly 30% [2]. - The company’s gross margin is expected to remain at similar levels to Q2, with an annual gross margin forecast of 29.5%, a decline of 2.1 percentage points compared to 2024 [2]. - The net margin is expected to stabilize around 15% for the year, with an estimated annual net profit of 643 million [3]. Valuation - The projected net profits for 2025 and 2026 are 643 million and 784 million, respectively, corresponding to price-to-earnings ratios of 40x and 33x, leading to a recommendation of "accumulate" [4].

斯达半导体股份有限公司 2024 年年度股东大会会议资料 斯达半导体股份有限公司 会议资料 二零二五年五月二十八日 斯达半导体股份有限公 司 2024 年年度股东大会会议资料 目 录 议案七： 关于董事、监事 2024 年度薪酬考核情况与 2025 年度薪酬计划的议案 议案八： 关于预计 2025 年度日常关联交易及对 2024 年度日常关联交易予以确 议案十三： 关于本公司 2025 年度对全资子公司及控股子公司提供担保的议案 议案十四： 关于变更公司注册资本、修订《公司章程》并办理工商变更登记的 斯达半导体股份有限公司 2024 年年度股东大会会议资料 斯达半导体股份有限公司 为维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证公司 2024 年年度股东大会的顺利进行，斯达半导体股份有限公司（以下简称"公司"）根据《中 华人民共和国公司法》、 《中华人民共和国证券法》、 《上市公司股东大会规则》以及《斯 达半导体股份有限公司章程》的相关规定，特制定如下会议须知，请出席股东大会的全 体人员严格遵守。 一、股东大会设大会秘书处，具体负责大会的组织工作和处理相关事宜。 二、已经登记确认参加本次股东大 ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the AR industry, including Tianyue Advanced, Goer, Lante Optics, and Crystal Optoelectronics [4][5]. Core Insights - The report highlights the significance of Silicon Carbide (SiC) in the development of AR glasses, emphasizing its advantages such as improved display quality, reduced weight, and enhanced heat dissipation [1][2][3]. - The collaboration among companies like Longqi, XREAL, Kunyou Optoelectronics, and Jing Sheng Machinery in the AR glasses sector is noted, indicating a strategic move towards innovation and market expansion [1]. - The report discusses the ongoing advancements in SiC technology, including the reduction of material and processing costs, which are crucial for the mass production of AR glasses [2][3]. Summary by Sections Industry Developments - SiC-based SRG waveguides are identified as a revolutionary innovation, offering high refractive index (2.6-2.7), wide field of view (FOV), and full-color integration, significantly enhancing the immersive experience of AR glasses [1]. - The report mentions that traditional high-refractive index glass provides a maximum full-color FOV of less than 40°, while SiC allows for over 80° [1]. - The report also notes that SiC waveguides can effectively mitigate environmental light diffraction, reducing visual artifacts like "rainbow patterns" [1]. Cost and Production Efficiency - The report indicates that the current challenge in adopting SiC for AR waveguides lies in the material and processing costs, but advancements in production lines for 8-inch SiC substrates are expected to lower costs further [2]. - It is mentioned that a 6-inch wafer can produce 2 pairs of glasses, an 8-inch wafer can yield 3-4 pairs, and a 12-inch wafer can produce 8-12 pairs [2]. Key Companies and Investment Suggestions - The report suggests focusing on companies involved in the assembly and production of SiC materials, including Goer, Tianyue Advanced, and Lante Optics, as well as Crystal Optoelectronics [3].