Company Overview - Lian Microelectronics, established on March 19, 2002, is located in Hangzhou Economic and Technological Development Zone, specializing in semiconductor silicon wafers, power devices, and compound semiconductor RF chips [2] - The company's revenue composition includes semiconductor silicon wafers (61.62%), power device chips (27.89%), compound semiconductor RF chips (9.55%), and other (0.93%) [2] - As of June 30, 2025, the number of shareholders increased by 2.70% to 75,300, with an average of 8,911 circulating shares per person, a decrease of 2.63% [2] Stock Performance - As of September 5, Lian Microelectronics' stock price increased by 2.02% to 24.75 CNY per share, with a trading volume of 129 million CNY and a turnover rate of 0.78%, resulting in a total market capitalization of 16.616 billion CNY [1] - Year-to-date, the stock price has decreased by 0.08%, with a 7.16% drop over the last five trading days, a 0.16% increase over the last 20 days, and an 11.09% increase over the last 60 days [2] Financial Performance - For the first half of 2025, Lian Microelectronics reported a revenue of 1.666 billion CNY, representing a year-on-year growth of 14.18%, while the net profit attributable to shareholders was -127 million CNY, a decrease of 90.00% year-on-year [2] - The company has distributed a total of 637 million CNY in dividends since its A-share listing, with 342 million CNY distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, the eighth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 8.4344 million shares, an increase of 279,200 shares from the previous period [3] - The ninth largest circulating shareholder is Southern CSI 500 ETF, holding 7.9461 million shares, an increase of 1.1353 million shares from the previous period [3]

9月4日，立昂微盘中下跌2.02%，截至10:34，报24.80元/股，成交1.47亿元，换手率0.87%，总市值 166.50亿元。 资金流向方面，主力资金净流出1010.45万元，特大单买入0.00元，占比0.00%，卖出496.28万元，占比 3.37%；大单买入2638.42万元，占比17.93%，卖出3152.59万元，占比21.42%。 立昂微今年以来股价涨0.12%，近5个交易日跌9.02%，近20日跌3.20%，近60日涨8.96%。 今年以来立昂微已经1次登上龙虎榜，最近一次登上龙虎榜为4月22日。 资料显示，杭州立昂微电子股份有限公司位于浙江省杭州经济技术开发区20号大街199号，成立日期 2002年3月19日，上市日期2020年9月11日，公司主营业务涉及半导体硅片、半导体功率器件、化合物半 导体射频芯片。主营业务收入构成为：半导体硅片61.62%，半导体功率器件芯片27.89%，化合物半导 体射频芯片9.55%，其他(补充)0.93%。 立昂微所属申万行业为：电子-半导体-半导体材料。所属概念板块包括：卫星导航、氮化镓、中盘、第 三代半导体、汽车电子等。 分红方面，立昂微A股上市后累计 ...

据证券之星公开数据整理，近期立昂微（605358）发布2025年中报。根据财报显示，立昂微增收不增 利。截至本报告期末，公司营业总收入16.66亿元，同比上升14.18%，归母净利润-1.27亿元，同比下降 90.0%。按单季度数据看，第二季度营业总收入8.45亿元，同比上升8.41%，第二季度归母净利 润-4598.94万元，同比下降1141.26%。 本次财报公布的各项数据指标表现一般。其中，毛利率11.14%，同比减10.02%，净利率-9.08%，同比 减10.94%，销售费用、管理费用、财务费用总计2.13亿元，三费占营收比12.8%，同比增9.0%，每股净 资产10.41元，同比减6.91%，每股经营性现金流0.51元，同比减35.26%，每股收益-0.19元，同比减 90.0% 建议关注公司应收账款状况（年报归母净利润为负） 分析师工具显示：证券研究员普遍预期2025年业绩在4950.0万元，每股收益均值在0.07元。 证券之星价投圈财报分析工具显示： 业务评价：去年的净利率为-12.85%，算上全部成本后，公司产品或服务的附加值不高。从历史年报数 据统计来看，公司上市以来中位数ROIC为7.2 ...

格隆汇7月31日丨立昂微(605358.SH)在投资者互动平台表示，立昂东芯VCSEL产品目前订单饱满，公司 正积极进行产能、工艺的调试调配以满足客户的需求。公司规划至2025年底，杭州基地、海宁基地 VCSEL产品产能合计达到2000片/月，目前不存在技术、设备方面的障碍。除VCSEL产品外，公司化合 物半导体射频芯片的其他产品可根据产品订单调配产能，具体出货结构请以公司信息披露为准。 ...

格隆汇7月31日丨立昂微(605358.SH)在投资者互动平台表示，立昂东芯VCSEL产品目前订单饱满，公司 正积极进行产能、工艺的调试调配以满足客户的需求。公司规划至2025年底，杭州基地、海宁基地 VCSEL产品产能合计达到2000片/月，目前不存在技术、设备方面的障碍。除VCSEL产品外，公司化合 物半导体射频芯片的其他产品可根据产品订单调配产能，具体出货结构请以公司信息披露为准。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [9][15]. Core Insights - The company has a robust order backlog for epitaxial wafers, with a projected revenue of 2.239 billion yuan from semiconductor wafers in 2024, representing a year-on-year growth of 24.91% [3]. - The sales volume of 6-inch wafers is expected to reach 15.1278 million pieces in 2024, a year-on-year increase of 53.68%, while 12-inch wafer sales are projected to grow by 121.23% [3]. - The company is leveraging its integrated supply chain advantages in the semiconductor power device sector, with a focus on expanding the sales of trench products and stabilizing the sales of FRD products [4]. - The revenue from compound semiconductor RF chips is expected to reach 295 million yuan in 2024, a significant year-on-year increase of 115.08% [5]. - The company is strategically positioning itself in emerging markets such as low-orbit satellites and AI terminals, enhancing its product offerings and market presence [5]. Financial Projections - The company is projected to achieve revenues of 4.006 billion yuan in 2025, 5.017 billion yuan in 2026, and 6.009 billion yuan in 2027, with corresponding net profits of 30 million yuan, 202.6 million yuan, and 401.83 million yuan respectively [9][11]. - The EBITDA is expected to grow significantly, reaching 1.3457 billion yuan in 2025 and 2.06054 billion yuan in 2027 [11][12]. - The company anticipates a gross margin improvement, with the gross profit margin projected to increase from 8.7% in 2024 to 20.2% in 2027 [14].

Core Viewpoint - The company expects to achieve a revenue of approximately 1.666 billion yuan for the first half of 2025, reflecting a year-on-year growth of 14.20%, despite a significant increase in net loss [1][2] Financial Performance - Estimated operating revenue is about 1.652 billion yuan, with a year-on-year increase of 14.14% [1] - Expected net profit attributable to shareholders is around -121 million yuan, representing a year-on-year loss increase of 80.98% [1] - The net profit after excluding non-recurring gains and losses is projected to be approximately -120 million yuan, indicating a year-on-year loss increase of 188.52% [1] - EBITDA reached 471 million yuan, showing a year-on-year growth of 16.94%, indicating some profitability in core operations [1] Business Segment Performance - The semiconductor silicon wafer business showed strong performance, with 6-inch silicon wafer sales reaching 9.2786 million pieces, a year-on-year increase of 38.72% [1] - Sales of 12-inch silicon wafers were 811,500 pieces, reflecting a year-on-year growth of 99.14% and a quarter-on-quarter increase of 16.68% [1] - Sales of semiconductor power device chips were 942,000 pieces, up 4.48% year-on-year [1] - Sales of compound semiconductor RF chips decreased by 22.36% year-on-year to 13,700 pieces, primarily due to a strategic adjustment to reduce low-margin product sales [1] - Despite the decline in RF chip sales, the average selling price increased by 18.96% year-on-year, indicating successful product structure optimization [1] Reasons for Increased Losses - The company cited three main reasons for the expanded losses: an increase in depreciation and amortization costs by approximately 73.7 million yuan due to production expansion, a provision for inventory impairment of about 96 million yuan, and a profit reduction of approximately 17.86 million yuan from the acquisition of a 53.32% stake in a joint venture [2] - A non-recurring gain from the fair value change of listed company stocks improved by approximately 24.35 million yuan, partially alleviating the performance pressure [2] Industry Outlook - Industry analysts noted that the company is in a critical phase of capacity expansion, facing short-term pressures from increased depreciation costs and inventory impairment [2] - The rapid growth of high-end products like 12-inch silicon wafers lays a solid foundation for future development [2] - As the semiconductor industry gradually recovers and the company continues to optimize its product structure, future profitability is expected to improve [2] - However, intensified industry competition and slower-than-expected capacity digestion may continue to impact the company's performance, warranting investor attention [2]

Core Viewpoint - The company, Hangzhou Lian Microelectronics Co., Ltd., anticipates a significant net loss for the first half of 2025, with projected revenues showing a modest increase compared to the previous year [1][3]. Financial Performance Summary - The company expects to achieve approximately 1,666 million yuan in revenue for the first half of 2025, representing a year-on-year growth of about 14.20% [1]. - The projected net loss attributable to shareholders is around -121 million yuan, indicating an increase in losses of approximately 80.98% year-on-year [1]. - The net profit after deducting non-recurring losses is expected to be -120 million yuan, which reflects a year-on-year increase in losses of about 188.52% [1]. Sales and Production Data - The company reported a total sales volume of 9.2786 million 6-inch equivalent semiconductor wafers, marking a year-on-year increase of 38.72% and a quarter-on-quarter increase of 9.95% [2]. - The sales volume of 12-inch wafers was 811,500 units, equivalent to 3.2459 million 6-inch wafers, showing a year-on-year growth of 99.14% and a quarter-on-quarter growth of 16.68% [2]. - Sales of semiconductor power device chips reached 942,000 units, reflecting a year-on-year increase of 4.48% and a quarter-on-quarter increase of 2.12% [2]. - The sales volume of compound semiconductor RF chips decreased to 13,700 units, a decline of 22.36% year-on-year and 38.69% quarter-on-quarter, attributed to a strategic shift in product sales [2]. Cost and Loss Analysis - The primary reasons for the expected decline in net profit include increased depreciation and amortization costs of approximately 73.7 million yuan due to ongoing expansion projects, and a provision for inventory impairment of about 96 million yuan [3]. - Non-operating losses attributable to shareholders decreased by approximately 24.35 million yuan, mainly due to reduced fair value losses from stock price fluctuations [3].