证券研究报告 时代电气 (3898 HK/688187 CH) 港股通 1H25 轨交维修/半导体需求稳健向上 华泰研究 中报点评 2025 年 8 月 25 日│中国内地/中国香港 半导体 公司 1H25 实现营业收入 122.14 亿元（yoy+17.95%），其中轨道交通业务 收 入 69.11 亿 元 （ yoy+12.58% ） ， 新 兴 装 备 业 务 收 入 52.44 亿 元 （yoy+25.88%）。归母净利润 16.72 亿元（yoy+12.93%）。公司收入与利 润的增长主要得益于轨交检修、功率器件（特别是高压器件）以及新能源发 电板块需求增长。展望下半年，随着国铁大修和新增动车组招标需求高峰期 持续，以及公司在高压功率器件、新能源发电、深海装备领域逐步实现订单 突破，我们认为公司业绩将保持稳健增长。维持"买入"评级，给予 A/H 股目标价 63.58 元/49.30 港币。 | (港币/人民币) | 3898 HK 688187 CH | | | --- | --- | --- | | 目标价 | 49.30 | 63.58 | | 收盘价 (截至 8 月 22 日) | 39.08 ...

捷捷微电主营业务涵盖功率半导体芯片、器件及封测服务，产品广泛应用于消费电子、工业控制、汽车 电子、新能源等领域。报告期内，公司三大业务板块均实现稳健增长：功率半导体芯片收入4.92亿元， 同比增长23.28%；功率半导体器件收入10.74亿元，同比增长27.88%；功率器件封测收入1.16亿元，同 比大幅增长55.91%。 研发投入持续技术护城河稳固 作为国内功率半导体IDM模式的代表企业，捷捷微电始终坚持技术驱动。截至报告期末，公司累计获得 授权专利309项，其中发明专利105项，实用新型203项。2025年上半年新增授权专利28项，涵盖 MOSFET、IGBT、快恢复二极管、封装工艺等多个核心技术领域。 江苏捷捷微电（300623）子股份有限公司(股票代码：300623，以下简称"捷捷微电")于2025年8月19日 正式披露2025年半年度报告。报告显示，公司在上半年实现营业收入16.00亿元，同比增长26.77%；归 属于上市公司股东的净利润2.47亿元，同比增长15.35%；扣非净利润大幅增长46.57%，展现出强劲的经 营韧性和成长动能。 公司研发投入达1.04亿元，重点投向SGT MOS、SJ M ...

*ST华微（600360）8月15日晚公告，公司于2025年8月14日收到上海鹏盛、亚东投资发来的中国证券登 记结算有限责任公司出具的《证券过户登记确认书》，上海鹏盛将被司法标记的169.81万股股份解除司 法标记后，上海鹏盛与亚东投资之间协议转让股份完成了上海证券交易所合规性确认以及中国证券登记 结算有限责任公司股份过户登记手续。 截至公告披露日，亚东投资已根据《股份转让协议》的约定将15.56亿元支付至*ST华微指定账户，用于 归还上海鹏盛及其关联方对公司的占用资金及利息，款项支付与前期披露的协议约定安排一致。 *ST华微主要从事功率半导体器件的设计研发、芯片制造、封装测试、销售等业务，公司具备国内领先 的制造能力，拥有4英寸至8英寸等多条功率半导体晶圆生产线。报告期内，芯片加工能力每年400万 片，封装资源每年24亿支，模块每年6000万块。公司产品种类基本覆盖了功率半导体器件的全部范围， 广泛应用于新能源汽车、光伏、变频、工业控制、消费类电子等领域。 *ST华微于2025年2月12日收到吉林证监局下发的《关于对吉林华微电子股份有限公司、上海鹏盛科技 实业有限公司采取责令改正措施的决定》，要求公司在6个 ...

Group 1 - The stock price of Taiji Co., Ltd. closed at 44.21 yuan on August 14, 2025, down by 1.58 yuan, a decrease of 3.45% from the previous trading day [1] - The opening price for the day was 45.80 yuan, with a high of 48.00 yuan and a low of 44.20 yuan, and the trading volume reached 455,600 hands with a total transaction value of 2.093 billion yuan [1] - Taiji Co., Ltd. specializes in the research, production, and sales of power semiconductor devices, which are widely used in industrial control, new energy, and consumer electronics [1] Group 2 - On the morning of August 14, Taiji Co., Ltd. experienced a rapid rebound, with an increase of over 2% within 5 minutes, but subsequently fell back [1] - The net outflow of main funds on that day was 137 million yuan, with a cumulative net outflow of 377 million yuan over the past five days [1]

6月25日，*ST华微、控股股东上海鹏盛科技实业有限公司(简称"上海鹏盛")与吉林省亚东国有资本投资 有限公司(简称"亚东投资")、公司及全资子公司吉林麦吉柯半导体有限公司(简称"麦吉柯")共同签署 《股份转让协议》，上海鹏盛拟将其持有的上市公司2.14亿股股份(占公司总股本的22.32%)转让给亚东 投资，转让价款优先用于偿还上海鹏盛及其关联方占用公司资金余额(扣减上海鹏盛2023年度、2024年 度分红款)及利息共计15.56亿元，相关款项将直接支付至公司指定收款账户。 *ST华微（600360）8月12日晚间公告，公司在责令改正规定期限(2025年8月12日)届满前未完成改正， 公司股票将自2025年8月13日开市起停牌，预计停牌时间不超过2个月。 8月12日，*ST华微呈现涨停走势。截至全天收盘时止，*ST华微报收于9元，上涨0.43元，涨幅为 5.02%。 *ST华微主要从事功率半导体器件的设计研发、芯片制造、封装测试、销售等业务，公司具备国内领先 的制造能力，拥有4英寸至8英寸等多条功率半导体晶圆生产线。报告期内，芯片加工能力每年400万 片，封装资源每年24亿支，模块每年6000万块。公司产品种 ...

Core Viewpoint - Zongyi Co., Ltd. plans to invest 220 million RMB in Jilai Microelectronics to acquire a 45.28% stake, gaining control over the company’s voting rights, which will exceed 50% after the transaction [1] Group 1: Company Overview - Zongyi Co., Ltd. operates in information technology, new energy, and equity investment, focusing on chip design, mobile gaming, and IT services [1] - Jilai Microelectronics specializes in the research, production, and sales of power semiconductor chips and devices, with a vertically integrated operation model [1] Group 2: Market Position and Clients - Jilai Microelectronics has established a competitive product quality and service system, serving notable clients in various sectors, including Midea and Xiaomi in consumer electronics, Zhejiang Chint Electric and Shanghai Liyang Electric in industrial applications, and BYD in automotive electronics [2] Group 3: Financial Performance and Projections - As of July 31, 2024, Jilai Microelectronics has an order backlog of 59.065 million RMB, which is projected to increase to 69.6929 million RMB by July 31, 2025, reflecting an approximate 18% growth [2] - The company anticipates revenue between 115 million RMB and 125 million RMB for the first half of 2025, with a year-on-year change of -3.32% to 5.08% [2] Group 4: Performance Commitments - Jilai Microelectronics has committed to achieving net profits of 26 million RMB, 33 million RMB, 41 million RMB, and 50 million RMB for the years 2025 to 2028, with a cumulative commitment of no less than 150 million RMB [3] Group 5: Strategic Implications - The acquisition will enhance Zongyi Co., Ltd.'s capabilities in the power semiconductor sector, aligning with the trend of domestic substitution and providing a foundation for future expansion into broader integrated circuit design, manufacturing, and testing [3]

Core Viewpoint - Jiangsu Zongyi Co., Ltd. is planning a significant asset acquisition to enhance its position in the power semiconductor industry, which is expected to provide long-term growth and strategic advantages in the integrated circuit sector [7][10][44]. Group 1: Transaction Overview - The company intends to increase its stake in Jiangsu Jilai Microelectronics Co., Ltd. by investing 220 million RMB, acquiring 4,323,349.4 shares, which will represent 45.2807% of the total shares post-investment [9][47]. - The transaction is classified as a major asset restructuring, meeting the criteria set by the restructuring management measures, with revenue indicators exceeding 50% [10][58]. - The acquisition will be funded entirely through the company's own or legally raised funds [51]. Group 2: Impact on Business Operations - The acquisition will allow the company to enter the power semiconductor chip and device manufacturing sector, optimizing and extending its industrial chain [13][60]. - The target company possesses multiple wafer production lines and has established a vertical integration system covering chip design, wafer manufacturing, and packaging testing [60][44]. - This strategic move aligns with the national trend of domestic substitution in the semiconductor industry, enhancing the company's competitiveness in the power semiconductor field [14][60]. Group 3: Financial Implications - The transaction is expected to improve the company's revenue and profitability, thereby enhancing overall financial performance and risk resistance [15][62]. - The projected net profits for the target company during the commitment period are set at 26 million RMB for 2025, 33 million RMB for 2026, 41 million RMB for 2027, and 50 million RMB for 2028, indicating a strong growth trajectory [34][55]. - The company has committed to measures to prevent dilution of immediate returns, ensuring that any potential impacts on earnings per share are addressed [28][30]. Group 4: Regulatory and Approval Process - The transaction requires approval from the company's shareholders and must comply with relevant regulatory procedures [18][20]. - The controlling shareholder and management have expressed support for the transaction, emphasizing its alignment with legal and regulatory requirements [20][19]. - The company will ensure strict adherence to information disclosure obligations throughout the transaction process [21][22].

Core Viewpoint - Alpha and Omega Semiconductor (AOS) has agreed to sell 20.3% of its joint venture in Chongqing, China for $150 million in cash, with the transaction expected to complete by the end of 2025. This move is aimed at reinvesting in talent, tools, and intellectual property to expand its product portfolio while maintaining its manufacturing capabilities and protecting proprietary technology [3][4]. Group 1: Company Overview - AOS, founded in 2000 and headquartered in Silicon Valley, is a semiconductor company involved in the design, wafer manufacturing, and packaging/testing of power semiconductor devices. It has R&D centers in the U.S., Taiwan, and Shanghai, with production bases in the U.S., Shanghai, and Chongqing [4][5]. - The Chongqing facility, established in April 2016, is the first 12-inch power semiconductor chip manufacturing and packaging/testing base in China and the second globally. The total investment for this project was $1 billion [4][5]. Group 2: Joint Venture and Production Capacity - The Chongqing joint venture, which AOS holds a 39.2% stake in, has a monthly production capacity of approximately 10,000 12-inch wafers and nearly 400 million power devices for packaging and testing. Future plans include increasing the capacity to 50,000 wafers and 1.25 billion devices per month within 3-5 years [6][7]. - The facility has developed advanced manufacturing and packaging/testing technologies for power semiconductor products, including MOSFETs and IGBTs, which are widely used in consumer, industrial, and automotive applications [5][6]. Group 3: Regulatory Issues - AOS has agreed to pay $4.25 million to settle allegations of violating export regulations by shipping goods to Huawei without authorization in 2019. This settlement concludes a five-year investigation by the U.S. government, which did not result in any criminal charges [8][9]. - The company has emphasized its commitment to compliance with regulatory requirements and has strengthened its processes to ensure ongoing adherence to export control regulations [9][10].

Core Viewpoint - The transfer of control of *ST Huamei (SH600360) to a state-owned enterprise, Jilin Yadong Investment Co., is a significant move to alleviate the company's delisting risk and promote the development of the semiconductor industry in Jilin Province [2][4][5]. Group 1: Company Overview - *ST Huamei, facing delisting risks, announced a share transfer agreement on June 25, where its controlling shareholder, Shanghai Pengsheng, will transfer 214 million shares (22.32% of total shares) to Jilin Yadong Investment [2][4]. - The transaction aims to resolve the financial issues caused by the non-operational fund occupation by Shanghai Pengsheng, which amounted to 1.491 billion yuan, leading to the company's delisting risk warning [5][6]. Group 2: Financial Implications - The proceeds from the share transfer will primarily be used to repay the occupied funds and interest totaling 1.556 billion yuan [4]. - The company has a deadline of approximately 40 days to complete the share transfer process and resolve the fund occupation issue to avoid delisting by August 12, 2025 [6]. Group 3: Strategic Importance - The acquisition by Jilin Yadong Investment, a state-owned entity, is seen as a crucial step for local government intervention in supporting the semiconductor sector, with *ST Huamei being a key player in Northeast China's semiconductor industry [5][7]. - The new controlling shareholder plans to leverage state resources to enhance the company's operational quality and market competitiveness, particularly in power semiconductor devices and new energy sectors [7].

Core Viewpoint - The change of control in *ST Huamei from Shanghai Pengsheng to Jilin Yadong State Capital Investment aims to resolve financial issues and promote the high-quality development of the semiconductor industry in Jilin Province [1][2]. Group 1: Shareholder Change and Financial Implications - The controlling shareholder, Shanghai Pengsheng, will transfer 214 million shares (22.32% of total shares) to Jilin Yadong, with the transfer price primarily used to repay 1.556 billion yuan of occupied funds and interest [1]. - The transaction is expected to resolve the issue of 1.491 billion yuan of non-operational fund occupation by Shanghai Pengsheng and its affiliates, as mandated by the China Securities Regulatory Commission [2]. Group 2: Strategic Importance and Industry Impact - The strategic takeover by state capital is seen as beneficial for creating a sustainable development foundation for the company and addressing historical financial issues caused by the previous controlling shareholder [2]. - The transaction aligns with the broader goal of stabilizing the domestic semiconductor industry and is expected to inject new vitality into the sector by diversifying development paths [2][3]. Group 3: Company Operations and Future Focus - *ST Huamei specializes in power semiconductor devices and is one of the few domestic companies adopting the IDM model, focusing on full industry chain project construction and product innovation [3]. - The company plans to enhance its chip manufacturing capabilities and establish production bases centered on strategic emerging fields such as automotive electronics and renewable energy [3]. Group 4: Governance and Operational Mechanism - Post-transaction, *ST Huamei will become a mixed-ownership listed company with relative state capital control, aiming to establish a market-oriented governance structure and operational mechanism [3][4]. - Jilin Yadong has committed to maintaining the flexibility and dynamism of the company's market operations while ensuring compliance and stimulating innovation [4].