据证券之星公开数据整理，近期美芯晟（688458）发布2025年中报。截至本报告期末，公司营业总收入 2.65亿元，同比上升36.83%，归母净利润500.68万元，同比上升131.25%。按单季度数据看，第二季度 营业总收入1.4亿元，同比上升41.27%，第二季度归母净利润133.57万元，同比上升148.45%。本报告期 美芯晟盈利能力上升，毛利率同比增幅51.53%，净利率同比增幅122.84%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率35.01%，同比增51.53%，净利率1.89%，同比增 122.84%，销售费用、管理费用、财务费用总计2960.56万元，三费占营收比11.17%，同比减17.45%，每 股净资产16.61元，同比减7.5%，每股经营性现金流-0.35元，同比减2690.18%，每股收益0.05元，同比 增133.33% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 1.94亿 | 2.65亿 | 36.83% | | 归母净利润(元) | -1602.07万 | 500 ...

美芯晟2025年上半年营业收入与净利润实现强劲增长，营收达2.65亿元，同比增长37%，毛利率同比优 化12个百分点，三费费率优化下降11个百分点，形成收入及毛利增速高于费用增速的良性态势，净利润 同比大幅扭亏并增长131%，持续释放盈利弹性。 公司战略布局"手机+汽车+机器人"三大平台，新品切入机器人领域批量出货，在智能手机、AI眼镜、 AI手表等不同AIoT应用终端上的多款光学方案应用也正在加速验证和推广中。持续的产品结构升级让 公司构建起"技术领先、产品高端、运营高效"的良性循环，借助新兴市场的增长机遇和国产替代的深化 浪潮，持续释放盈利弹性，为公司全年业绩筑牢增长基础。 费率优化的背后，是公司推进"高质量发展"的成果，也是规模效应的体现。公司持续改善管理流程，提 升运营效率、经营管理效率，管理费率下降1.52个百分点；不断优化销售组织架构，销售费率下降2.17 个百分点；维持高研发投入，同时大幅提升研发效率，研发费率同比下降7.15个百分点。 一方面，公司持续优化供应链管理，依托自主开发的BCD工艺及光学激光器件核心技术，深化与供应 链伙伴的协同，在提升产品良率的同时优化了制造成本。另一方面，随着产品 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6] Core Views - The company achieved a record high revenue of 1.524 billion yuan in the first half of 2025, representing a year-on-year growth of 79.49%. The net profit attributable to the parent company was -78 million yuan, with a year-on-year growth of 70.59% [1] - The automotive electronics sector continues to show high growth, with the company shipping 312 million automotive chips in the first half of 2025, bringing the cumulative shipment to over 980 million chips [2] - The product structure is becoming more balanced, with the three main product lines—sensors, signal chain products, and power management products—accounting for 27.11%, 38.45%, and 34.09% of total revenue, respectively [3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 807 million yuan, a quarter-on-quarter increase of 12.49% and a year-on-year increase of 65.83%. The gross margin was 35.97%, with a year-on-year change of 0.64 percentage points [1] - The company forecasts net profits attributable to the parent company of -94 million yuan, 138 million yuan, and 482 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 197 and 56 for 2026 and 2027 [4][5] Market Position and Product Development - The company has established a comprehensive automotive chip product layout, catering to various applications in new energy vehicles, including main drive inverter control and battery management systems [2] - New products are being mass-produced, including a differential Hall automotive-grade angle sensor chip and a new generation of digital isolators that meet automotive EMC standards [3]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved significant revenue growth, with a 79.49% year-on-year increase in revenue for the first half of 2025, reaching 1.524 billion yuan. The net loss narrowed significantly compared to the previous year, with a gross margin of 35.21% [1] - The company's revenue from the general energy sector remained stable at 52.57% of total revenue, while automotive electronics revenue accounted for 34.04%, with a total shipment of 3.12 billion units [2] - The company launched numerous new products in the first half of 2025, enhancing its product structure across various sensor categories and signal chain products [3] Financial Forecast - The company is projected to achieve revenues of 3.051 billion yuan, 3.838 billion yuan, and 4.742 billion yuan for the years 2025, 2026, and 2027, respectively. The expected net profits for the same years are -0.24 billion yuan, 0.96 billion yuan, and 3.01 billion yuan [4][6]

点击 关注我们 报告发布日期：2025年8月21日 报告名称:《纳芯微（688052.SH）-二季度收入创季度新高，已连续八个季度环增》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/ 李书颖 S0980522100003/ 连欣然S0980525080004 完整报告请扫描下方二维码 核心观点 上半年收入同比增长79%，2Q25收入创季度新高 公司2025上半年收入同比增长79.49%至15.24亿元，实现归母净利润-0.78亿元（YoY +70.59%），扣非归母净 利润-1.06亿元（YoY +63.11%），毛利率提高1.3pct至35.21%，研发费用同比增长13.18%至3.61亿元，研发费 率下降13.9pct至23.71%。其中2Q25营收8.07亿元(YoY +65.83%，QoQ +12.49%)，环比连续八个季度增长，续 创季度新高；归母净利润-2667万元，环比亏损收窄；毛利率为35.97%(YoY +0.6pct，QoQ +1. ...

证券研究报告 | 2025年08月21日 纳芯微（688052.SH） 优于大市 二季度收入创季度新高，已连续八个季度环增 上半年收入同比增长 79%，2Q25 收入创季度新高。公司 2025 上半年收入同 比增长 79.49%至 15.24 亿元，实现归母净利润-0.78 亿元（YoY +70.59%）， 扣非归母净利润-1.06 亿元（YoY +63.11%），毛利率提高 1.3pct 至 35.21%， 研发费用同比增长 13.18%至 3.61 亿元，研发费率下降 13.9pct 至 23.71%。 其中 2Q25 营收 8.07 亿元(YoY +65.83%，QoQ +12.49%)，环比连续八个季度 增长，续创季度新高；归母净利润-2667 万元，环比亏损收窄；毛利率为 35.97%(YoY +0.6pct，QoQ +1.6pct)。 传感器产品收入因并表同比增长约 350%，下游应用领域占比相对稳定。分 产品线看，2025 上半年公司信号链产品收入 5.86 亿元(YoY +28.79%)，占比 38.45%，毛利率同比下降2.5pct至35.79%；电源管理产品收入5.19亿元(YoY +73 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 21 年 月 日 纳芯微（688052.SH） 25Q2 营收创新高，汽车电子新品持续迭代 公司发布 2025 半年报，25H1 实现营收 15.2 亿元，同比增长 79.5%；实 现归母净利润-0.8 亿元，扣非归母净利润-1.1 亿元。单季度来看，25Q2 营 收为 8.1 亿元，同比增长 65.8%，环比增长 12.5%；归母净利润为-0.3 亿 元，同环比均实现减亏。25Q2 营收创新高，主要系汽车电子需求持续增 长，泛能源行业复苏以及麦歌恩并表。 汽车电子新品持续迭代，泛能源全面复苏。分应用领域来看，25H1 汽车 电子营收占比 34.04%，汽车电子领域出货量达 3.12 亿颗，凭借汽车芯片 的全面布局深度受益新能源车行业的电动化和智能化，接口、高低 SerDes 边开关、电机驱动、高集成度的 SoC 产品等新品不断迭代。泛能源占比 52.57%，工控客户库存基本恢复正常，光伏受益于反内卷政策和抢装潮等 逐步复苏，AI 服务器拉动电源模块客户需求，工业机器人带动磁角度编码 器等产品的需求增长。消费电子占比 13.38%，公司针 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-08 2024-11 2025-01 2025-03 2025-06 2025-08 6% 19% 32% 45% 58% 71% 84% 97% 110% 123% 艾为电子 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 94.30 | | --- | --- | | 总股本/流通股本（亿股）2.33 | / 1.36 | | 总市值/流通市值（亿元）220 | / 128 | | 52 周内最高/最低价 | 94.30 / 39.73 | | 资产负债率(%) | 22.9% | | 市盈率 | 85.73 | | 第一大股东 | 孙洪军 | 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 艾为电子(688798) 微泵液冷驱动新品发布，开辟新增长 l 事件 公司发布2025年半年报，上半年公司实现营业收入1 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [8] Core Views - The company achieved a record high revenue in Q2 2025, with a revenue of 8.07 billion yuan, representing a quarter-on-quarter increase of 12.49% [2][9] - The company is positioned as a leader in domestic automotive-grade analog chips, with a comprehensive product matrix that includes signal chains, power management, and sensors [3] - The average selling price (ASP) of mass-produced products is expected to increase from approximately 1300 yuan to 1500 yuan by the end of 2025 [3] Financial Summary - Revenue projections for the company are as follows: - 2023A: 1,311 million yuan - 2024A: 1,960 million yuan - 2025E: 3,154 million yuan - 2026E: 3,715 million yuan - 2027E: 4,652 million yuan - Year-on-year growth rates for revenue are projected to be: - 2023A: -21.5% - 2024A: 49.5% - 2025E: 60.9% - 2026E: 17.8% - 2027E: 25.2% [1] - The net profit attributable to the parent company is projected as follows: - 2023A: -305 million yuan - 2024A: -403 million yuan - 2025E: -27 million yuan - 2026E: 137 million yuan - 2027E: 369 million yuan - Year-on-year growth rates for net profit are projected to be: - 2023A: -221.9% - 2024A: -31.9% - 2025E: 93.3% - 2026E: 608.1% - 2027E: 169.1% [1][3] Product Performance - The company's three main products saw revenue growth in Q2 2025: - Signal chain: 3.05 billion yuan (38% of total revenue), year-on-year increase of 18% - Power management: 2.68 billion yuan (33% of total revenue), year-on-year increase of 53% - Sensors: 2.29 billion yuan (28% of total revenue), year-on-year increase of 328% [2][3]

Core Viewpoint - The recent financial report of Shengjing Micro (603375) shows a modest increase in revenue and a significant rise in net profit, indicating overall positive performance despite some challenges in cash management and receivables [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 235 million yuan, a year-on-year increase of 2.4% [1]. - Net profit attributable to shareholders was 14.38 million yuan, up 57.66% year-on-year [1]. - The second quarter revenue was 147 million yuan, reflecting a 4.38% increase compared to the same period last year [1]. - The net profit for the second quarter was 10.21 million yuan, showing a decline of 10.49% year-on-year [1]. Key Financial Metrics - Gross margin stood at 34.58%, down 5.15% year-on-year [1]. - Net margin improved significantly to 6.6%, an increase of 228.81% year-on-year [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 33.25 million yuan, accounting for 14.16% of revenue, a decrease of 11.18% year-on-year [1]. - Earnings per share (EPS) increased to 0.14 yuan, a rise of 55.56% year-on-year [1]. Cash Flow and Receivables - Operating cash flow per share was 0.5 yuan, up 230.03% year-on-year [1]. - Accounts receivable reached 407 million yuan, a 6.12% increase, with accounts receivable to net profit ratio at 1775.89% [1][4]. Changes in Financial Items - Cash and cash equivalents decreased by 37.60% due to cash management and investment activities [3]. - Short-term borrowings surged by 1200.35% as the subsidiary secured new bank loans for operational funding [3]. - Other payables increased significantly by 1545.82%, attributed to accrued dividends and customer deposits [3]. Business Evaluation - The company's return on invested capital (ROIC) was 0.74%, indicating weak capital returns [4]. - Historical data shows a median ROIC of 29.61% since the company went public, with only one year of losses [4]. - The business model relies heavily on research and marketing efforts, necessitating further investigation into these drivers [4].