12月31日，汇顶科技涨0.57%，成交额3.01亿元。两融数据显示，当日汇顶科技获融资买入额2675.06万 元，融资偿还4316.41万元，融资净买入-1641.36万元。截至12月31日，汇顶科技融资融券余额合计 12.64亿元。 融资方面，汇顶科技当日融资买入2675.06万元。当前融资余额12.52亿元，占流通市值的3.41%，融资 余额低于近一年30%分位水平，处于低位。 机构持仓方面，截止2025年9月30日，汇顶科技十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1042.97万股，相比上期增加360.49万股。南方中证500ETF（510500）位居第七大流通股 东，持股403.58万股，相比上期减少8.40万股。金鹰科技创新股票A（001167）位居第九大流通股东， 持股249.99万股，为新进股东。国联安中证全指半导体产品与设备ETF联接A（007300）退出十大流通 股东之列。 责任编辑：小浪快报 资料显示，深圳市汇顶科技股份有限公司位于广东省深圳市福田区梅康路1号汇顶科技总部大厦26楼， 成立日期2002年5月31日，上市日期2016年10月17日，公司主营业务涉及驱动 ...

Core Viewpoint - 汇顶科技's stock price has shown fluctuations, with a recent decline of 2.00% and a total market capitalization of 38.023 billion yuan, indicating a mixed performance in the market [1] Financial Performance - For the period from January to September 2025, 汇顶科技 achieved a revenue of 3.521 billion yuan, representing a year-on-year growth of 9.25%, while the net profit attributable to shareholders increased by 50.99% to 677 million yuan [2] - Since its A-share listing, 汇顶科技 has distributed a total of 1.683 billion yuan in dividends, with 333 million yuan distributed over the past three years [3] Shareholder Structure - As of October 20, 2025, 汇顶科技 had 75,200 shareholders, a slight decrease of 0.09% from the previous period, with an average of 6,174 circulating shares per shareholder, which increased by 0.09% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 10.4297 million shares, an increase of 3.6049 million shares from the previous period [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 65.66 CNY, based on a projected PE of 67 times for 2025 [2][4]. Core Views - The company experienced a revenue decline in 2024, with total revenue of 2.591 billion CNY, down 27.36% year-on-year, and a net profit attributable to the parent company of 485 million CNY, down 20.06% [8]. - Despite the revenue drop, the company's gross margin improved to 38.59%, up 6.31 percentage points, indicating enhanced profitability [8]. - The company is focusing on expanding into new fields, particularly in military and civilian applications, positioning itself as a leader in T/R components and benefiting from advancements in military information technology [8]. Financial Summary - **Revenue Forecasts**: - 2023: 3,567 million CNY - 2024: 2,591 million CNY (down 27.4%) - 2025: 3,352 million CNY (up 29.4%) - 2026: 4,321 million CNY (up 28.9%) - 2027: 5,386 million CNY (up 24.6%) [3] - **Net Profit Forecasts**: - 2023: 606 million CNY - 2024: 485 million CNY (down 20.1%) - 2025: 584 million CNY (up 20.6%) - 2026: 769 million CNY (up 31.6%) - 2027: 962 million CNY (up 25.1%) [3] - **Key Financial Ratios**: - Gross Margin: - 2023: 32.3% - 2024: 38.6% - 2025: 34.7% - 2026: 32.9% - 2027: 31.6% [3] - Net Margin: - 2023: 17.0% - 2024: 18.7% - 2025: 17.4% - 2026: 17.8% - 2027: 17.9% [3] - **Earnings Per Share**: - 2023: 1.02 CNY - 2024: 0.81 CNY - 2025: 0.98 CNY - 2026: 1.29 CNY - 2027: 1.61 CNY [3]