Core Viewpoint - The report highlights the financial performance and operational developments of StarPower Semiconductor Ltd. for the first half of 2025, showcasing growth in revenue and strategic advancements in the semiconductor industry, particularly in power semiconductor devices. Company Overview and Financial Indicators - StarPower Semiconductor Ltd. specializes in the design, research, production, and sales of power semiconductor chips and modules, primarily IGBT and SiC [2][3] - The company reported a revenue of approximately 1.94 billion RMB, a 26.25% increase compared to the same period last year [6][7] - The net profit attributable to shareholders was approximately 275.45 million RMB, reflecting a slight increase of 0.26% year-on-year [6][7] - The total assets of the company reached approximately 10.39 billion RMB, a 7.73% increase from the previous year [6][7] Business and Industry Analysis - The main business focus is on power semiconductor devices, including IGBT, SiC MOSFET, and GaN HEMT, which are essential for energy-efficient and intelligent applications [3][4] - The global power semiconductor market is projected to grow from 50.3 billion USD in 2023 to 59.6 billion USD by 2027, with China being a significant market [5][6] - The company has established a strong presence in various sectors, including new energy vehicles, industrial control, and AI server power supplies, enhancing its market share [8][10] Operational Highlights - The company has expanded its product offerings and market reach, particularly in the new energy sector, with significant revenue growth in related industries [7][8] - StarPower has adopted a "Fabless + IDM" hybrid business model, allowing for efficient chip design and production while minimizing investment risks [14][15] - The company has made substantial investments in R&D, with a focus on high-end and customized products to meet market demands [12][14] Competitive Advantages - StarPower Semiconductor has developed a competitive edge through its technological expertise, rapid response to customer needs, and a strong focus on R&D [11][12] - The company has established strategic partnerships with major Tier 1 suppliers, enhancing its position in the global market [13][14] - The talent pool within the company, comprising experienced professionals in semiconductor technology, supports its ongoing innovation and development efforts [14]

投资要点： 华源证券股份有限公司葛星甫,孟爽近期对扬杰科技（300373）进行研究并发布了研究报告《2025H1净利润较 快增长，产品矩阵持续优化》，给予扬杰科技增持评级。 扬杰科技 19、16倍。公司不断完善产品矩阵，重点发力汽车电子板块，同时受益于行业企稳回升，维持"增持"评级。 风险提示：下游需求不及预期、产品价格波动、行业竞争加剧 证券之星数据中心根据近三年发布的研报数据计算，东北证券李玖研究员团队对该股研究较为深入，近三年 预测准确度均值为69.87%，其预测2025年度归属净利润为盈利10.96亿，根据现价换算的预测PE为27.03。 最新盈利预测明细如下： | 报告日期 | 机构简称 | 研究员 | 沂三年业绩 | | 研报数 | 覆盖时长 | 2025预测 | 2026预测 | 2027预测 | 目标价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 预测准确度 | | | | 净利润(元) | 净利润(元) | 净利润(元) | (元) | | 2025-07-22 | 浦银国际证券 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is expected to achieve a rapid growth in net profit for the first half of 2025, with a projected increase of 30%-50% year-on-year, driven by the continuous improvement of its product matrix and the favorable conditions in the semiconductor industry [7] - The company is focusing on high-value new product development, enhancing its competitive edge, and expanding its market presence through both organic growth and acquisitions [7] - The automotive electronics sector is anticipated to be a significant growth area, with the company developing SiC modules for electric vehicles and gaining traction with major Tier 1 suppliers [7] Financial Summary - Revenue projections for the company are as follows: - 2023: 5,410 million RMB - 2024: 6,033 million RMB (11.53% YoY growth) - 2025E: 7,061 million RMB (17.03% YoY growth) - 2026E: 8,402 million RMB (19.00% YoY growth) - 2027E: 9,794 million RMB (16.57% YoY growth) [6] - Net profit forecasts are: - 2023: 924 million RMB - 2024: 1,002 million RMB (8.50% YoY growth) - 2025E: 1,278 million RMB (27.51% YoY growth) - 2026E: 1,536 million RMB (20.20% YoY growth) - 2027E: 1,807 million RMB (17.62% YoY growth) [6] - Earnings per share (EPS) estimates are: - 2024: 1.84 RMB - 2025E: 2.35 RMB - 2026E: 2.83 RMB - 2027E: 3.33 RMB [6] Market Performance - As of July 25, 2025, the closing price of the company's stock is 54.61 RMB, with a total market capitalization of approximately 29,672.22 million RMB [3][4]

Investment Rating - The report maintains a "Recommended" rating for the company [2][6]. Core Insights - The company achieved a significant revenue increase of 35.05% year-on-year, reaching 2.845 billion yuan, while the net profit attributable to shareholders surged by 115.87% to 473 million yuan in 2024 [3][4]. - The strong performance is attributed to robust sales in two core product lines, with power semiconductor chip production and sales increasing by 43.93% and 63.10% respectively, leading to a revenue growth of 44.59% and a gross margin of 23.47% [4]. - The company is expanding its product structure with a new 6-inch wafer production line, which has reached a capacity of 50,000 pieces per month, enhancing its offerings in the power semiconductor sector [5]. - A subsidiary focused on high-end isolation chips has been established, aiming to tap into new growth areas in high-end manufacturing and domestic substitution, with expected sales of around 5 million yuan in 2025 [6]. Financial Performance Summary - The company reported a total revenue of 2,845 million yuan for 2024, with a year-on-year growth rate of 35.05% [12]. - The net profit attributable to shareholders for 2024 was 473 million yuan, reflecting a growth rate of 115.87% [12]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are expected to be 0.78 yuan, 1.02 yuan, and 1.35 yuan respectively [6][12].

近年来，在全球能源转型与智能化浪潮快速发展的当下，功率半导体行业正经历着前所未有的 变革与机遇。 随着"双碳"目标的持续推进、可再生能源的大规模应用、新能源汽车的爆发式增长以及工业自动 化 和 大 数 据 中 心 的 快 速 发 展 ， 对 高 效 、 低 功 耗 、 可 靠 的 功 率 半 导 体 需 求 愈 发 迫 切 。 碳 化 硅 （SiC）、IGBT、MOSFET等关键产品与技术领域成为推动各行业转型升级的核心动力，迎来广 阔的发展空间。 瑞能半导体全球营销高级总监Daniel Lee向笔者强调，瑞能半导体致力于持续深耕高性能半导体 解决方案，以创新驱动产业升级，为市场和客户积极赋能，助力制造业智能化升级与碳中和目标 实现。 瑞能半导体携创新成果亮相2025慕展 据瑞能半导体大中华区销售总监于中豪介绍，瑞能始终专注于研发行业领先、广泛且深入的功率 半导体产品组合，公司主要产品包括SiC器件，可控硅整流器和晶闸管，快恢复二极管，TVS、 ESD，以及IGBT和模块等功率产品，广泛应用于消费电子、工业制造、新能源及汽车等领域， 在诸多产品类型和市场中均保持领先身位。 在此背景下，作为全球功率半导体领域的 ...