投资要点 投资建议： 我们预计公司2025/2026/2027 年营收分别为81.0/101.0/126.6亿元，归母净利润分别为-6.1/0.5/6.0 亿元， 维持"买入"评级。 风险提示： 市场复苏不及预期；竞争格局加剧风险；客户导入不及预期。 SiC MOSFET 装车量突破百万台，新一代产品性能达到全球领先水平。目前公司SiC MOSFET 芯片及模 组已全面覆盖650-3300V 碳化硅工艺平台，上半年公司6 英寸SiC MOSFET 新增项目定点超10 个，新增 了5 家进入量产阶段的汽车客户；国内首条8 英寸Si0 产线已实现批量量产。今年SiC MOSFET 总计装 车辆目前已超过100 万台，最新一代产品性能达到全球领先水平。 将AI 列为第四大核心市场，战略布局走出关键一步。公司可以提供从一级电源、二级电源，到三级电 源的一站式芯片系统代工解决方案，进一步提升数据中心端到端供电系统效率。从具体产品来看，用于 AI 服务器、数据中心等方向的数据传输芯片进入量产；第二代高效率数据中心专用电源管理芯片制造 平台发布，并获得关键客户导入；国内首个55nm BCD 集成DrMOS 芯片通过客户验证 ...

Core Insights - The company reported a revenue of 3.495 billion yuan for the first half of 2025, representing a year-on-year growth of 21.38% [1] - The main revenue reached 3.457 billion yuan, with a year-on-year increase of 24.93% [1] - The company achieved a net profit of 12 million yuan in the second quarter, marking its first positive quarterly profit [1] - The gross margin for the first half was 3.54%, an increase of 7.79 percentage points year-on-year [1] - Operating cash flow net amount was 981 million yuan, up 77.10% year-on-year [1] - EBITDA exceeded 1.1 billion yuan [1] Business Performance - The company’s operational efficiency improved, with significant growth in the new energy and AI sectors [2] - Revenue from the automotive sector grew by 23% year-on-year, while the industrial control sector saw a 35% increase [2] - R&D investment reached 964 million yuan, a growth of over 10% [2] - The company has established over 10 new projects for 6-inch SiC MOSFETs and has entered mass production with five new automotive clients [2] - The first domestic 8-inch SiC production line has achieved mass production, with key performance indicators leading the industry [2] AI Business Development - AI business contributed 6% to the company's revenue [4] - The company provides a comprehensive chip system foundry solution for AI infrastructure, covering power devices, driver ICs, and more [4] - The second-generation high-efficiency power management chip platform for data centers was launched, with key customer adoption [4] - The company has developed China's first 55nm BCD integrated DrMOS chip, which has completed customer validation [4] Product Innovations - The company has established a complete series of wind-solar-storage products and has formed close collaborations with leading industry clients [3] - The industrial frequency conversion module using self-developed micro-groove field cutoff technology has entered mass production [3] - The number of analog IC foundry products increased by 140%, with a 25% growth in customer numbers [3] Market Position - The company ranks third in the national installation volume of silicon carbide power modules and fourth in the installation volume of main drive power modules for new energy vehicles [2]