Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company achieved significant growth in both revenue and net profit in 2Q25, with revenue reaching 1.016 billion yuan (YoY +39.55%, QoQ +10.57%) and net profit at 172 million yuan (YoY +53.15%, QoQ +65.61%) [1] - The company's new energy business saw a year-on-year revenue increase of 52.82% in 1H25, driven by strong demand in the automotive and photovoltaic sectors [2] - The company is advancing in silicon carbide (SiC), gallium nitride (GaN), and microcontroller unit (MCU) technologies, which are expected to open new growth opportunities [3] Summary by Sections Financial Performance - In 1H25, the company's revenue from the new energy sector was 1.213 billion yuan, with the electric vehicle segment growing by 25.80% year-on-year [2] - The company reported a gross margin of 29.16% in 2Q25, reflecting a slight decrease from the previous year [1] Product Development - The company has successfully launched multiple production models for its automotive-grade SiC modules and is ramping up its 6-inch SiC production line [3] - The automotive-grade GaN driver modules are expected to enter the vehicle application phase by 2026 [3] Market Outlook - The company is well-positioned for growth in overseas markets and has adjusted its expense ratio slightly, projecting net profits of 620 million yuan, 743 million yuan, and 899 million yuan for 2025-2027 [3] - The company maintains a favorable outlook on its diversified product line and market expansion strategies [3]

Group 1 - The company Jiangsu Macmic Science & Technology Co., Ltd. issued convertible bonds totaling 4.3 million units at a price of 100 RMB per unit, raising a total of 430 million RMB, with a net amount of 423.2769 million RMB after deducting issuance costs [1][10][17] - The bonds have a maturity of six years, with an annual interest rate starting at 0.50% in the first year and increasing to 3.00% in the sixth year, with a redemption price of 115.00 RMB [1][10][11] - The initial conversion price for the bonds is set at 62.45 RMB per share, subject to adjustments based on various corporate actions [2][3][4] Group 2 - The company reported a net loss of 22.941 million RMB for the year 2024, a significant decrease compared to a profit of 114.209 million RMB in 2023, attributed to reduced customer procurement plans and pressure on product pricing [10][13] - Total assets increased by 4.52% to 2.601 billion RMB, while total liabilities rose by 13.20% to 1.524 billion RMB, resulting in a decrease in equity by 5.71% [11][12] - The company has no credit enhancement measures in place for the bonds, and the credit rating for the issuer and the bonds is rated A with a stable outlook [10][19] Group 3 - The funds raised from the bond issuance will be used for the development of automotive-grade power semiconductor discrete devices [10][14] - The company has established a special account for the management and use of the raised funds, ensuring compliance with regulatory requirements [10][19] - The company has maintained its obligations regarding interest payments, with the first interest payment made on July 25, 2024, at the agreed rate [10][11][12]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company reported a 14% year-on-year revenue growth in Q1 2025, driven by the expansion of silicon carbide (SiC), Intelligent Power Modules (IPM), and Microcontroller Units (MCU) [1]. - In 2024, the company's revenue from the new energy sector was 2.009 billion yuan, a decrease of 6.83% year-on-year, while revenue from the new energy vehicle sector grew by 26.72% [2]. - The company is expected to benefit from the introduction of new products and the recovery of the photovoltaic market, with a projected net profit of 5.56 billion yuan in 2025 [4]. Summary by Sections Financial Performance - In 2024, the company's revenue was 3.391 billion yuan, down 7.4% year-on-year, with a net profit of 508 million yuan, a decrease of 44.2% [5]. - For Q1 2025, the company achieved a revenue of 919 million yuan, a year-on-year increase of 14.22%, and a net profit of 104 million yuan, down 36.22% year-on-year [1]. Product and Market Development - The company is expanding its product lines, including the seventh-generation micro-groove technology IGBT modules, which are expected to see increased demand in the automotive sector [2]. - The acquisition of Meikan Semiconductor is anticipated to enhance the company's market share in the white goods sector [3]. Future Projections - The company forecasts net profits of 5.56 billion yuan, 7.19 billion yuan, and 8.00 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 35, 27, and 24 [4]. - The company is expected to maintain a focus on overseas market expansion and leverage its first-mover advantage in silicon carbide technology [4].