中芯国际近日公布了其2025年上半年的财务报告，数据显示公司业绩显著增长。在报告期间，公司的营业收入实现了23.1%的同比增长，达到了323.48亿 元；归母净利润更是大增39.8%，达到23.01亿元。 中芯国际，作为集成电路晶圆代工领域的佼佼者，其业绩的增长主要得益于市场需求的强劲以及公司有效的供应链管理。据公告，2025年上半年，全球半 导体产业链活跃，公司积极配合客户，确保了产品的及时出货，这一情况预计将持续到第三季度。 报告指出，中芯国际上半年的毛利达到70.87亿元，同比增长高达94%，毛利率也提升了8个百分点，达到了21.9%。这一显著的毛利增长，是推动公司整 体利润上升的主要因素。 从业务领域来看，中芯国际的消费电子业务收入依旧占据主导地位，占比达到40.8%，较2024年上半年的33.4%有所上升。与此同时，汽车电子领域也呈 现出积极的反弹趋势，晶圆代工需求更多地回流到了本土。 尽管在研发投入上，中芯国际2025年上半年的投入为23.75亿元，同比下降了9.4%，占营业收入的比例也减少了2.7个百分点，降至7.3%，但公司在技术创 新和产业升级上的步伐并未放缓。公告中提到，全球领先企业都在加 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7] Core Views - The company is expected to benefit from continuous channel inventory replenishment, with Q3 revenue guidance indicating a 5% to 7% quarter-on-quarter increase, with a midpoint of approximately $2.342 billion [4][35] - The company is positioned as a leading domestic wafer manufacturer, with advanced mature process technology, and is anticipated to see revenue growth driven by increased localization demand [6][41] Financial Summary - **Revenue Forecasts**: - 2023A: ¥45,250 million - 2024A: ¥57,796 million - 2025E: ¥65,991 million - 2026E: ¥76,048 million - 2027E: ¥86,672 million - **Year-on-Year Growth Rates**: - 2023A: -8.6% - 2024A: 27.7% - 2025E: 14.2% - 2026E: 15.2% - 2027E: 14.0% [1] - **Net Profit Forecasts**: - 2023A: ¥4,823 million - 2024A: ¥3,699 million - 2025E: ¥5,235 million - 2026E: ¥6,026 million - 2027E: ¥7,033 million - **Year-on-Year Growth Rates**: - 2023A: -60.3% - 2024A: -23.3% - 2025E: 41.5% - 2026E: 15.1% - 2027E: 16.7% [1] Q2 Performance Highlights - Q2 revenue was $2.209 billion, a quarter-on-quarter decrease of 1.7%, which was better than the initial guidance of a 4% to 6% decline, primarily due to channel inventory replenishment driven by policy impacts [2][12] - Gross margin for Q2 was 20.4%, which was better than the guidance of 18% to 20%, despite a quarter-on-quarter decline of 2.1 percentage points [2][13] - The company saw a 4.3% increase in wafer shipments in Q2, with an average selling price (ASP) declining by 6.3% due to an increase in the proportion of 8-inch wafer revenue [16][20] Q3 Guidance - The company expects Q3 revenue to increase by 5% to 7% quarter-on-quarter, with a midpoint of $2.342 billion, driven by continued channel inventory replenishment [4][35] - The gross margin guidance for Q3 is set at 18% to 20%, with a midpoint of 19%, reflecting a quarter-on-quarter decline of 1.4 percentage points [36] Market Demand and Segmentation - The automotive sector's revenue contribution is targeted to increase from approximately 5%-6% to 10% in the first phase, driven by rising demand for automotive chips [5][37] - The company is experiencing significant demand growth in network-related products, storage controllers, and mobile devices, benefiting from increased localization and higher silicon content in low-end mobile phones [5][37] Capital Expenditure - The company plans to maintain its capital expenditure for 2025 at a level comparable to 2024, with an expected annual increase of 50,000 pieces per month in capacity [38][40]

Core Viewpoint - ChipLink Integration (688469.SH) is progressing with a significant acquisition of 72.33% equity in ChipLink Yuezhou, aiming to enhance its operational capacity and market position in the semiconductor industry [1][3]. Group 1: Acquisition Details - The acquisition involves issuing shares and cash to purchase 72.33% equity from 15 parties, with a total transaction price of 5.897 billion yuan [1]. - Following the acquisition, ChipLink Yuezhou will become a wholly-owned subsidiary, fully consolidating its shareholder equity into ChipLink Integration [1]. Group 2: Business Operations - ChipLink Yuezhou specializes in wafer foundry services for power devices, while ChipLink Integration is a leading global integrated circuit wafer foundry, with over 50% of its revenue from automotive-grade chips [2]. - ChipLink Yuezhou's SiC MOSFET shipments for automotive applications have ranked first in China for the past two years [2]. Group 3: Financial Performance - ChipLink Yuezhou's revenue surged from 13.7 million yuan in 2022 to 1.56 billion yuan in 2023, marking a growth of 1038% [3]. - ChipLink Integration's revenue has consistently increased from 270 million yuan in 2019 to 6.509 billion yuan in Q1 2025, with an overall growth exceeding 23 times over five years [3]. - Both companies are currently unprofitable, with ChipLink Yuezhou reporting net losses of 700 million yuan in 2022 and 1.116 billion yuan in 2023, while ChipLink Integration's cumulative net losses reached 7.564 billion yuan from 2019 to Q1 2025 [3]. Group 4: Research and Development - ChipLink Integration has invested heavily in R&D, with expenditures of 839 million yuan, 1.529 billion yuan, and 1.842 billion yuan from 2022 to 2024, totaling 4.21 billion yuan over three years [4]. - The R&D expense ratio has remained high at approximately 18.22% to 28.72% during the same period, indicating a strong commitment to innovation despite short-term profitability challenges [4].