Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 74.7 CNY per share [2][7]. Core Views - The company has demonstrated high growth in its performance for the first half of 2025, with significant progress in new product development. The revenue for 2025H1 reached 636 million CNY, representing a year-on-year increase of 40.32%, while the net profit attributable to the parent company was 90 million CNY, up 106.02% year-on-year [7][8]. - The company is benefiting from a recovery in demand within the analog chip industry, following a prolonged inventory destocking phase. This recovery is supported by innovations in downstream applications, particularly in AI terminals, electric vehicles, and data centers [7][8]. - The company maintains a high level of R&D investment, with R&D expenses reaching 125 million CNY in 2025H1, accounting for 19.69% of revenue. This investment is yielding results in emerging fields such as industrial applications and AI computing [7][8]. Financial Summary - Total revenue projections for the company are as follows: 965 million CNY in 2024, 1,205 million CNY in 2025, 1,459 million CNY in 2026, and 1,759 million CNY in 2027, with corresponding year-on-year growth rates of 23.6%, 24.9%, 21.1%, and 20.6% respectively [3][8]. - The net profit attributable to the parent company is forecasted to be 111 million CNY in 2024, 164 million CNY in 2025, 224 million CNY in 2026, and 294 million CNY in 2027, with growth rates of 87.2%, 46.9%, 36.9%, and 31.4% respectively [3][8]. - The earnings per share (EPS) are projected to be 0.85 CNY in 2024, 1.25 CNY in 2025, 1.70 CNY in 2026, and 2.24 CNY in 2027 [3][8].

Fundraising Overview - The company raised a total of RMB 968,838,792.46 by issuing 17,904,986 shares at a price of RMB 54.11 per share, with a net amount of RMB 959,883,667.23 after deducting issuance costs [1][4] - As of June 30, 2025, the company has utilized RMB 374,779,675.63 of the raised funds, with a remaining balance of RMB 12,918,102.80 in the special account [1][4] Fund Management - The company has established six special accounts for managing the raised funds, ensuring compliance with relevant regulations and enhancing fund efficiency [1][4] - The total balance in the special accounts as of June 30, 2025, is RMB 12,918,102.80, which includes various deposits and interest income [1][4] Investment and Financial Products - The company has invested RMB 423,000,000.00 in financial products and RMB 170,000,000.00 in fixed-term deposits as part of its cash management strategy [5][6] - The company has generated interest income of RMB 111,783.69 and investment returns of RMB 556,539.74 from its financial products [5][6] Project Adjustments - The company has approved adjustments to the internal investment structure of several projects, including the "New Energy Vehicle High Voltage Power Supply and Electric Drive Power Chip R&D and Industrialization Project" [8] - The company has utilized self-owned funds and bills of exchange to cover project costs, with plans to replace these with raised funds later [8] Compliance and Reporting - The company has adhered to all relevant laws and regulations regarding the use and disclosure of raised funds, ensuring transparency and accuracy in its reporting [7][8] - There have been no violations in the use and disclosure of raised funds during the reporting period [7][8]

Core Viewpoint - The company has announced adjustments to the internal investment structure of its fundraising projects, focusing on R&D and industrialization in key technology areas [1] Group 1: Project Adjustments - The adjustments involve three main projects: "R&D and industrialization of high-voltage power supply and electric drive power chips for new energy vehicles," "R&D and industrialization of industrial-grade digital power management chips and supporting power chips," and "Suzhou R&D center project" [1] - For the new energy vehicle project, the investment in hardware, software, and IP acquisition has been reduced by 96 million yuan, while R&D expenses have increased by 96 million yuan [1] - The industrial-grade digital power management chip project has seen a reduction of 135 million yuan in hardware, software, and IP acquisition, with a corresponding increase of 135 million yuan in R&D expenses [1] - The Suzhou R&D center project has had a decrease of 26 million yuan in hardware, software, and IP acquisition, with R&D expenses increasing by 57 million yuan [1]