据证券之星公开数据整理，近期美芯晟（688458）发布2025年中报。截至本报告期末，公司营业总收入 2.65亿元，同比上升36.83%，归母净利润500.68万元，同比上升131.25%。按单季度数据看，第二季度 营业总收入1.4亿元，同比上升41.27%，第二季度归母净利润133.57万元，同比上升148.45%。本报告期 美芯晟盈利能力上升，毛利率同比增幅51.53%，净利率同比增幅122.84%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率35.01%，同比增51.53%，净利率1.89%，同比增 122.84%，销售费用、管理费用、财务费用总计2960.56万元，三费占营收比11.17%，同比减17.45%，每 股净资产16.61元，同比减7.5%，每股经营性现金流-0.35元，同比减2690.18%，每股收益0.05元，同比 增133.33% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 1.94亿 | 2.65亿 | 36.83% | | 归母净利润(元) | -1602.07万 | 500 ...

1H2025 收入稳健增长，新兴业务驱动扭亏为盈 美芯晟(688458) 投资评级:增持(维持) | 基本数据 | 2025-08-26 | | --- | --- | | 收盘价(元) | 47.45 | | 流通股本(亿股) | 0.85 | | 每股净资产(元) | 16.61 | | 总股本(亿股) | 1.12 | 最近 12 月市场表现 -7% 19% 45% 71% 98% 124% 美芯晟 沪深300 上证指数 半导体 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 王矗 SAC 证书编号：S0160524090001 wangchu01@ctsec.com 相关报告 1. 《无线充电领军，光感驱动增长 》 2025-05-29 证券研究报告 半导体 / 公司点评 / 2025.08.26 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | ...

美芯晟2025年上半年营业收入与净利润实现强劲增长，营收达2.65亿元，同比增长37%，毛利率同比优 化12个百分点，三费费率优化下降11个百分点，形成收入及毛利增速高于费用增速的良性态势，净利润 同比大幅扭亏并增长131%，持续释放盈利弹性。 公司战略布局"手机+汽车+机器人"三大平台，新品切入机器人领域批量出货，在智能手机、AI眼镜、 AI手表等不同AIoT应用终端上的多款光学方案应用也正在加速验证和推广中。持续的产品结构升级让 公司构建起"技术领先、产品高端、运营高效"的良性循环，借助新兴市场的增长机遇和国产替代的深化 浪潮，持续释放盈利弹性，为公司全年业绩筑牢增长基础。 费率优化的背后，是公司推进"高质量发展"的成果，也是规模效应的体现。公司持续改善管理流程，提 升运营效率、经营管理效率，管理费率下降1.52个百分点；不断优化销售组织架构，销售费率下降2.17 个百分点；维持高研发投入，同时大幅提升研发效率，研发费率同比下降7.15个百分点。 一方面，公司持续优化供应链管理，依托自主开发的BCD工艺及光学激光器件核心技术，深化与供应 链伙伴的协同，在提升产品良率的同时优化了制造成本。另一方面，随着产品 ...

Core Viewpoint - The legal opinion letter confirms that Guangdong Meixin Technology Co., Ltd. is qualified to implement the 2025 Restricted Stock Incentive Plan, which aims to attract and retain talent while aligning the interests of shareholders, the company, and the core team [4][38]. Group 1: Company Overview - Guangdong Meixin Technology Co., Ltd. is a publicly listed company with a registered capital of 44.26 million yuan, primarily engaged in the research, production, and sales of electronic transformers, inductors, converters, filters, magnetic components, and wireless charging products [8][9]. - The company is headquartered in Dongguan, Guangdong Province, and has been in operation since September 12, 2003 [8]. Group 2: Incentive Plan Details - The 2025 Restricted Stock Incentive Plan aims to establish a long-term incentive mechanism to motivate the core team and ensure the achievement of the company's strategic and operational goals [10][38]. - The plan will grant a total of 1 million restricted stocks, accounting for 2.26% of the company's total share capital of 44.26 million shares, with 800,000 shares allocated for the initial grant and 200,000 shares reserved [16][18]. Group 3: Eligibility and Compliance - The incentive plan's eligible participants include directors, senior management, middle management, core technical personnel, and other employees deemed suitable for incentives, excluding independent directors and major shareholders [12][17]. - The plan complies with relevant laws and regulations, including the Company Law, Securities Law, and the Management Measures for Equity Incentives of Listed Companies [4][10][38]. Group 4: Granting and Vesting Conditions - The granting price for the restricted stocks is set at 30.63 yuan per share, which is not lower than the higher of 50% of the average trading price on the day before the announcement [23][30]. - The vesting schedule includes three phases, with 40% vesting after 24 months, 30% after 36 months, and the final 30% after 48 months, contingent on meeting performance targets [19][28]. Group 5: Performance Targets - The performance assessment for the initial grant will be based on revenue and net profit growth rates over the years 2025 to 2027, with specific targets set for each year [26][29]. - If the performance targets are not met, the company will repurchase the unvested restricted stocks at the grant price plus interest [30][38]. Group 6: Legal and Procedural Compliance - The company has completed necessary internal procedures for the incentive plan, including board approval and public disclosure requirements, and will submit the plan for shareholder approval [34][38]. - The plan ensures that no financial assistance is provided to the incentive participants, maintaining compliance with legal standards [36][38].

Group 1 - The core strategy of the company is the "1+2+X" approach, focusing on smartphones while expanding into tablets, smart wearables, and emerging sectors like AIPC and AI glasses [1] - The company has over 20 years of experience in the intelligent terminal ODM industry, evolving from feature phone IDH to a comprehensive ODM model [1] - The company aims for an average annual revenue growth of approximately 10% and a net profit growth of about 20% from 2025 to 2028 [1] Group 2 - AI is driving innovation in the intelligent terminal sector, with AI smartphones and AIPC serving as key platforms for human-computer interaction [2] - The ODM industry is seeing an increase in market share for leading companies, with a focus on cost control and a more diverse range of products [2] - The gross margin of the ODM industry is significantly affected by fluctuations in upstream raw material prices, with a recovery expected starting from Q4 2024 [2] Group 3 - The company is set to become the largest mobile ODM manufacturer globally by 2024, with a significant recovery in gross margins expected [3] - The company has established a strong position in the AI glasses market, with over 2 million units shipped to major clients by 2024 [3] - The company is expanding its presence in the automotive electronics sector, producing smart control screens and wireless charging products for both domestic and international clients [3]

Group 1: Company Operations - The company has launched a new production base for sub-frame in Ningguo, Anhui, and is expanding its factory in Liuzhou, Guangxi for the same purpose [2] - The company has established a research and development center in Hungary and is jointly investing in production bases in Mexico and Morocco with Huawai Technology [2] Group 2: Financial Impact - The sales revenue from exports to the United States is not significant, thus the impact of tariff fluctuations on the company is minimal [2] Group 3: Regulatory Involvement - The company participated in the formulation of the national mandatory standard for "Technical Requirements and Test Methods for Emergency Braking Systems of Light-duty Vehicles" [2] Group 4: Product Lines - The company has a motorcycle ABS business, although it constitutes a small portion of its overall operations [3] - The company has developed wireless charging products applicable in passenger vehicles, low-speed unmanned vehicles, industrial mobile robots, and service robots [3] - The company supplies sub-frame products to ZunJie Automotive [3] Group 5: Future Development Focus - The company aims to focus on automotive electronic control system products, promoting aluminum alloy lightweighting, aluminum alloy fixed calipers, and the marketization of automotive intelligent driving projects to ensure steady growth [3]

Core Viewpoint - The company is experiencing significant growth in its optical sensor and wireless charging product lines, driven by strategic partnerships and product innovations, leading to improved financial performance and market positioning [1][2][3] Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 125 million yuan, representing a year-on-year increase of 32.18%, and net profit turned positive [1] - The company has initiated a third phase of share buybacks, utilizing over 41.27 million yuan of excess funds as of April 17, 2025 [1] Group 2: Product Development and Market Strategy - The optical sensor product line is expected to grow rapidly due to increased shipments and new customer integrations, contributing significantly to market share [2] - The wireless charging business is anticipated to expand into lower-tier markets with cost optimizations, while the company is accelerating the development of high-integration, high-efficiency wired fast charging products to create a business loop [2] - The company is focusing on optimizing smart lighting and high power factor products in the mature analog power market, with a specific emphasis on high-value automotive lighting products [2] Group 3: Competitive Advantages and Innovations - The company has established a competitive optical sensor product ecosystem through independent R&D and vertical integration across the supply chain [3] - Innovations in PD/SPAD processes have significantly enhanced device sensitivity, and breakthroughs in advanced manufacturing processes have been achieved [3] - The company has developed competitive coating solutions and established a complete domestic supply chain for VCSEL core devices, ensuring robust production capabilities from R&D to mass production [3]

Industry Insights - The Ministry of Industry and Information Technology has issued an action plan for improving the quality and safety of communication construction projects from 2025 to 2027, focusing on six key areas including system improvement, quality enhancement, safety management, standard supply acceleration, digital management enhancement, and environmental optimization [1] - The rise of AI presents significant development opportunities for the communication industry, increasing demands on communication capabilities and injecting new growth momentum into the sector [1] Technology Developments - The training of AIGC large models relies heavily on computing card clusters, which in turn drives the demand for ultra-high-speed optical communication, leading to significant advancements in related technologies such as SerDes, silicon photonics, optical chips, and coherent optics [2] - As the scale of model parameters continues to grow, computing card clusters are evolving from thousands to tens of thousands and even hundreds of thousands, necessitating the interconnection of multiple geographically distributed data centers [2] Company Updates - Suobede is involved in mobile intelligent terminal antennas, precision mold design and manufacturing, wireless charging products, sensor molds, and intelligent detection equipment [3] - Runjian Co. is expanding its computing power business through its Wuxiang Cloud Valley data center and has successfully won a contract for the largest single intelligent computing center project for a global operator [3] - Xinwei Communication is accelerating the coverage of new businesses such as high-performance precision connectors and UWB modules, while enhancing its market share in electronic business through its established product advantages [3]

Summary of Key Points from Conference Call Records Industry Overview - **Humanoid Robotics**: Huawei and UBTECH signed a comprehensive cooperation agreement to promote humanoid robots, focusing on technology development, application scenarios, and industrial systems. This partnership aims to transition humanoid robots from laboratory settings to industrial and household applications, enhancing efficiency and scalability [1][2]. - **Consumer Electronics**: In March, China's smartphone shipments reached 22.765 million units, a year-on-year increase of 6.5%. 5G smartphones accounted for 85.3% of total shipments, indicating a strong market trend towards high-performance devices [3]. Core Insights and Arguments - **Humanoid Robotics Growth**: Analysts predict significant acceleration in the humanoid robotics industry, with expectations for mass production by 2025. The combination of data accumulation, model iteration, and decreasing hardware costs is anticipated to drive widespread adoption in industrial and home settings [1]. - **Consumer Electronics Market Dynamics**: The consumer electronics sector is experiencing a high-end domestic wave, with a focus on cost-effectiveness. The industry is currently valued in the lower-middle range historically, suggesting potential for upward movement in performance and valuation [3]. Additional Important Content - **Collaborations in Robotics**: Yijiahe and Huawei Cloud Computing signed a cooperation agreement to explore advancements in embodied intelligence, with Yijiahe already developing various robotic forms [2]. - **Market Activity**: On May 12, the market saw significant trading volume, with the robotics sector being particularly active, indicating investor interest and potential growth in this area [7][8]. - **Company Performance**: Companies like Dingyang Technology and Victory Precision are key players in the consumer electronics supply chain, providing precision modules to major clients such as Apple and Huawei [3]. Conclusion The humanoid robotics and consumer electronics industries are poised for substantial growth, driven by strategic partnerships and market trends favoring high-performance products. Investors should monitor these sectors for potential opportunities as they evolve.

Core Viewpoint - The company has entered a phase of large-scale delivery for its DToF chips in collaboration with leading robotic vacuum manufacturers, while also experiencing significant revenue growth in wireless charging products due to customer expansion and technological upgrades [2] Group 1: Product Development and Market Position - The optical sensor product line is expected to grow rapidly and contribute significantly to market share as existing products are shipped and new customers are onboarded [2] - The wireless charging business is anticipated to expand into lower-tier markets with cost optimization, while the company accelerates the development of high-integration, high-efficiency wired fast charging products to create a business loop between wireless and wired charging, enhancing competitive advantages and user retention [2] - The company plans to focus on high-value products in the automotive lighting market, including front and rear lights, surround lights, and ambient lights, while continuing to optimize smart lighting and high power factor products [2] Group 2: Financial Performance - In Q1, the company achieved revenue of 125 million yuan, a year-on-year increase of 32.18%, and turned a profit with a net profit of 3.67 million yuan, compared to a loss of 13.26 million yuan the previous year, marking an increase of 16.94 million yuan [2] - The growth in net profit is attributed to four main factors: significant revenue growth in optical sensors and wireless charging products, enhanced gross margin from high-margin products, deep collaboration with upstream supply chains leading to cost optimization, and continuous customer expansion resulting in steady revenue growth [2]