南芯科技（688484.SH） 优于大市 证券研究报告 | 2025年08月28日 投资建议：公司不断拓展产品线和应用领域，维持"优于大市"评级 由于公司在加大研发投入，我们下调公司 2025-2027 年归母净利润至 3.13/4.31/5.60 亿元（前值为 3.78/4.85/5.76 亿元），对应 2025 年 8 月 27 日股价的 PE 分别为 66/48/37x，维持"优于大市"评级。 风险提示：新产品研发不及预期；客户验证不及预期；需求不及预期。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,780 | 2,567 | 3,342 | 4,018 | 4,643 | | (+/-%) | 36.9% | 44.2% | 30.2% | 20.2% | 15.6% | | 归母净利润(百万元) | 261 | 307 | 313 | 431 | 560 | | (+/-%) | 6.2% | 17.4% | 2.1% | 37.4% ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a steady revenue growth of 17.60% year-on-year, with total revenue reaching 1.47 billion yuan in the first half of 2025 [1] - The company has expanded its R&D team significantly, with R&D expenses increasing by 54.62% year-on-year, and the number of R&D personnel rising to 756, accounting for 68.35% of total employees [4] - The company is diversifying its product offerings, launching new products in high-end consumer electronics and automotive electronics, which are expected to enhance its market position [2][3] Financial Performance - In Q2 2025, the company reported revenue of 785 million yuan, a year-on-year increase of 21.08% and a quarter-on-quarter increase of 14.54% [2] - The net profit attributable to the parent company for Q2 2025 was 59 million yuan, reflecting a year-on-year decrease of 43.42% and a quarter-on-quarter decrease of 6.81% [2] - The company expects to achieve revenues of 3.34 billion, 4.30 billion, and 5.49 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 30%, 28.9%, and 27.7% [5][6] Product Development and Strategic Initiatives - The company has adjusted its fundraising project to focus on building a chip testing industrial park, which will enhance its testing capabilities for consumer, automotive, and industrial chips [3] - New core technologies developed include piezoelectric micro-pump drive technology and GaN drive control technology, among others, which are expected to strengthen the company's competitive edge [4] Market Position and Valuation - The current stock price corresponds to a price-to-earnings (P/E) ratio of 64.1 for 2025, 46.5 for 2026, and 32.0 for 2027 [5][6] - The company’s total market capitalization is approximately 20.83 billion yuan [7]

格隆汇8月8日丨芯朋微(688508.SH)在投资者互动平台表示，公司目前没有压电驱动芯片产品。 ...

格隆汇8月8日丨芯朋微(688508.SH)在投资者互动平台表示，公司目前没有压电驱动芯片产品。 ...