持续高强度研发投入，构筑全链路技术壁垒。公司持续保持高强度研发投入，1H2025 研发费用达2.82 亿元，同比+54.62%。研发费用率同比提升4.60pcts 至19.21%，为长期发展提供强劲动能。截至 1H2025，公司研发人员增至756 人，占总人数68.35%。 投资建议： 我们预计公司2025/2026/2027 年公司收入为32.78/41.51/50.07 亿元，归母净利润为 3.62/5.46/7.08 亿元，对应PE 分别为57.6/38.2/29.5 倍。维持"增持"评级。 风险提示：行业需求不及预期；新产品研发不及预期；行业竞争加剧。 事件：公司公布1H2025 业绩。1H2025 公司实现营业收入14.70 亿元，同比+17.60%；实现归母净利润 1.23 亿元，同比-40.21%；实现扣非归母净利润0.97 亿元，同比-52.70%。 2Q2025 营收延续增长，盈利能力同比有所下滑。单季度来看，2Q2025公司实现收入7.85 亿元，同比 +21.08%，环比+14.54%；实现归母净利润0.59 亿元，同环比有所下滑。业绩变动主要原因系：1）业务 规模稳健扩张，消费电子市场 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 1.47 billion yuan in 1H2025, representing a year-on-year increase of 17.60%, while the net profit attributable to shareholders decreased by 40.21% to 123 million yuan [7] - The company continues to expand its product matrix across various sectors, including consumer electronics, automotive, and industrial applications, with significant new product launches [7] - High R&D investment remains a focus, with R&D expenses reaching 282 million yuan in 1H2025, a year-on-year increase of 54.62%, indicating a commitment to building technological barriers [7] Financial Performance Summary - Revenue projections for the company are as follows: 3.28 billion yuan in 2025, 4.15 billion yuan in 2026, and 5.01 billion yuan in 2027, with corresponding net profits of 362 million yuan, 546 million yuan, and 708 million yuan respectively [6][7] - The company’s revenue growth rates are projected at 27.7% for 2025, 26.6% for 2026, and 20.6% for 2027 [6] - The company’s earnings per share (EPS) are expected to be 0.85 yuan in 2025, 1.28 yuan in 2026, and 1.66 yuan in 2027 [6] Market Performance - The company has shown a market performance of 94% over the last 12 months, outperforming the Shanghai Composite Index and the semiconductor sector [4]