证券研究报告 | 公司动态点评 2025 年 08 月 25 日 芯联集成（688469.SH） 25H1 营收同比快速增长，6 英寸 SiC MOSFET 新增多项目定点 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5,324 | 6,509 | 8,600 | 10,778 | 13,006 | | 增长率 yoy（%） | 15.6 | 22.2 | 32.1 | 25.3 | 20.7 | | 归母净利润（百万元） | -1,958 | -962 | -460 | 117 | 336 | | 增长率 yoy（%） | -79.9 | 50.9 | 52.2 | 125.5 | 186.3 | | ROE（%） | -18.6 | -11.3 | -5.7 | 1.4 | 3.9 | | EPS 最新摊薄（元） | -0.28 | -0.14 | -0.07 | 0.02 | 0.05 | | P/E（倍） | -20.6 | -41.9 | -8 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue of 3.495 billion yuan in the first half of 2025, representing a year-on-year growth of 21.38%, while the net profit attributable to shareholders was a loss of 170 million yuan, reducing losses by 63.82% [1] - The company has seen significant growth in its four main business areas: automotive, industrial control, consumer electronics, and AI-related applications, contributing to a steady increase in revenue [2] - The transition to a system-level foundry model has enhanced the company's growth potential, allowing it to provide comprehensive chip system services, which has led to a substantial increase in revenue from module packaging [3] - Continuous breakthroughs in product development and market expansion, particularly in the AI sector, have positioned the company favorably for future growth [4] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 1.762 billion yuan, a year-on-year increase of 15.39%, and achieved a net profit of 12 million yuan, marking a return to profitability [1] - The company expects revenues for 2025-2027 to be 8.411 billion yuan, 10.605 billion yuan, and 13.256 billion yuan, respectively, with corresponding net profits of -446.71 million yuan, 662.39 million yuan, and 1.33282 billion yuan [8] Business Segments - Revenue from automotive, industrial control, and consumer electronics grew by 23%, 35%, and 2% respectively in the first half of 2025, with AI-related applications contributing 196 million yuan, accounting for 6% of total revenue [2] - The module packaging business saw a revenue increase of 141%, with automotive power module revenue growing over 200% [3] Market Position and Strategy - The company has successfully transitioned to a system-level foundry model, enhancing its service offerings and market recognition, particularly in automotive and AI sectors [3] - The company is actively expanding its presence in emerging markets, with significant advancements in automotive and data center technologies [4]