炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 市场复苏不及预期；产品价格不及预期；费用端控制不及预期。 公司上半年实现营业收入9.07亿元，同比增长1.19%，归母净利润0.41亿元，同比下降70.05%，扣非归母净利润0.27亿元，同比下降82.40%。其中，存储系列芯片营业收入6.73亿元，同比 EEPROM产品，公司在巩固手机摄像头等优势领域份额的基础上，抓住运动相机、电话手表等摄像头相关的新型需求市场的兴起，以及1.2V低电压产品跟随主控更新换代的机会、持续夯实在摄像 微控制器产品，M0产品不断拓宽产品线，持续发挥低功耗产品特性，比如公司研发的超低功耗型M0+MCU产品，该系列产品支持48MHz主频，深度休眠模式下功耗低至0.7μA，目前该产品已经量 模拟产品，凭借公司EEPROM产品线的协同发力，公司Driver产品线目前在开环等二合一市场已经获取了一定的市场份额，导入了众多品牌手机客户，形成对存储器产品线和微控制器产品线的有 投资建议 我们预计公司2025-2027年归母净利润为2.3、3.5、4.3亿元(前次报告预测为3.2、4.0、4.7亿元)，对应EPS为1.55 ...

点击招商研究小程序查看PDF报告原文 事件： 德州仪器于7月23日发布2025年第二季度财报，25Q2公司营收44.48亿美元，同比+16.4%/环比+9.3%，净利润12.95亿美元，同比+14.9%/环 比+9.8%，指引工业市场持续复苏，综合财报及电话会议信息，总结要点如下： 评论： 1、25Q2营收及EPS均超指引中值，库存周转天数环比下降。 25Q2公司营收44.48亿美元，同比+16.4%/环比+9.3%，超指引中值（41.7-45.3亿美元）；毛利率57.89%，同比+0.04pct/环比+1.05pct；净 利润12.95亿美元，同比+14.9%/环比+9.8%。EPS为1.41美元，超指引中值（1.21-1.47美元）。25Q2库存为48亿美元，环比增加1.25亿美 元，DOI 231天/环比-9天。 2、模拟及嵌入式同环比均实现增长，大部分终端呈现复苏态势。 1）分产品类型： 25Q2模拟产品收入为34.52亿美元，同比+17.9%/环比+7.5%；嵌入式处理业务部门收入6.79亿美元，同比+10.4%/环比 +4.9%；其他业务部门收入3.17亿美元，同比+13.6%/环比+49.5%。 ...

Financial Data and Key Metrics Changes - The company is guiding for growth in the current quarter and believes the upcycle has momentum [9] - Non-GAAP gross margin target is set at 65% and operating margin target at 40% [8] - Current OpEx guidance is approximately $356 million on a non-GAAP basis, which is considered the low point [24] Business Line Data and Key Metrics Changes - The company combined its 8-bit and 32-bit microcontroller divisions to address a product gap [6] - The Aerospace and Defense (A&D) segment has grown from about 11% to 18% of revenue, indicating strong performance [33] - The introduction of a 64-bit microcontroller is aimed at applications in industrial control and medical sectors [40] Market Data and Key Metrics Changes - Inventory levels are being corrected, with a noted difference of $103 million between distribution sell-through and sell-in last quarter [26] - Distributors had an average of 33 days of inventory, which is expected to decrease further [27] - The company does not see significant variation in inventory correction across different end markets [30] Company Strategy and Development Direction - The company is focused on improving customer relationships and has moved away from non-cancelable, non-reschedulable orders [8] - A new long-term business model has been unveiled, emphasizing a focus on customer engagement and market alignment [8] - The company is exploring attractive secular growth opportunities, particularly in connectivity and FPGA markets [32] Management's Comments on Operating Environment and Future Outlook - Management believes they have seen the bottom of the cycle and are optimistic about future growth [9] - There is a focus on rational conversations with customers to avoid overreactions in the current uncertain environment [50] - The company is seeing an increase in bookings activity, indicating a positive outlook for the future [52] Other Important Information - The company has closed its Fab two manufacturing facility to improve inventory management and margins [5] - Management has indicated that they are not pursuing a 300mm fab due to the diverse product portfolio [15] - The company has a proactive approach to managing potential tariff impacts by ensuring visibility in manufacturing locations [55] Q&A Session Summary Question: Are there any more changes needed in the manufacturing network? - The closure of Fab two was strategic, and there is ample room for expansion in other facilities [13] Question: What is the status of customer relationships? - About 90% of previously damaged relationships have been repaired through direct engagement [19] Question: How should OpEx be viewed going forward? - OpEx cuts are complete, and as revenue grows, OpEx as a percentage of sales is expected to decrease [25] Question: How far is the company from shipping to end demand? - The company expects the difference between sell-through and sell-in to converge over the fiscal year [26] Question: What is the outlook for the Aerospace and Defense business? - The A&D segment continues to grow and is a significant focus for the company [33] Question: How is the company positioned regarding tariffs and manufacturing? - The company has a low percentage of revenue built in China and is cross-qualifying products to mitigate risks [57] Question: What is the path to improving gross margins? - The company expects inventory reserve charges to decrease as inventory levels fall and revenue increases [67] Question: Is Microchip considering further acquisitions? - Small acquisitions are still on the table, but the focus is primarily on subscale opportunities [70]

Group 1 - The core viewpoint of the news is that Zhaoyi Innovation Technology Group Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange, aiming to raise funds for R&D, strategic investments, and global marketing network development [1] Group 2 - Zhaoyi Innovation, established in 2005 and headquartered in Beijing, operates in over 20 countries and regions, positioning itself as a leading fabless chip supplier with a focus on memory, microcontrollers, sensors, and analog products [3] - The company holds the second-largest market share in the global SPI NOR Flash market, with cumulative shipments exceeding 27 billion units, and ranks first among global fabless Flash suppliers [3] - Financial data shows that Zhaoyi Innovation achieved a revenue of 7.356 billion yuan in 2024, a year-on-year increase of 27.69%, and a net profit of 1.103 billion yuan, a staggering year-on-year growth of 584.21% [3] - In the first quarter of 2025, the company continued its growth trend with a revenue of 1.909 billion yuan and a net profit of 235 million yuan, representing year-on-year increases of 17.32% and 14.57%, respectively, with a stable gross margin of 37.44% [3] - In response to increasing global competition in the semiconductor industry, Zhaoyi Innovation aims to utilize the Hong Kong market to enhance its international capital access and strengthen its overseas market penetration [3] - The H-share issuance is intended to deepen the company's global strategic layout, accelerate overseas business expansion, and enhance its international brand image and core competitiveness [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued guidelines to encourage listed companies to establish long-term incentive mechanisms, emphasizing the alignment of interests between management, employees, and the company to enhance value creation [1] Group 1: Company Overview - Puran Co., Ltd. specializes in the design and sales of non-volatile memory chips, including NOR Flash and EEPROM, as well as microcontroller chips and analog products [2] - The company went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board in August 2021, raising a net amount of 1.246 billion yuan from the issuance of 9.0572 million shares at a price of 148.90 yuan per share [2] Group 2: Equity Incentive Plans - Puran has implemented four equity incentive plans since its listing, with the first plan proposed just two months after the IPO, indicating a proactive approach to incentivizing employees [3][4] - The 2021 incentive plan aimed to grant 350,000 restricted stocks at a price of 44.67 yuan per share, significantly lower than the average trading price prior to the announcement [3] - The performance targets for the 2021 plan were not met in the first two assessment periods, with revenues of 9.25 billion yuan and 11.27 billion yuan in 2022 and 2023, respectively, falling short of the required targets [3][4] Group 3: Performance and Targets - The 2022 incentive plan also set ambitious revenue targets, with the company achieving 11.27 billion yuan in 2023, which did not meet the first target but was close to the trigger value for the second [4] - The 2024 plan set a target of 18.04 billion yuan for 2024, which was achieved, resulting in a 100% vesting rate for that period [6] - The 2025 plan has set even higher targets, with required revenue growth rates of 70% and 120% for the first two assessment periods [7] Group 4: Shareholder Actions - Major shareholders and executives have been actively reducing their holdings, with significant amounts of shares sold shortly after the expiration of lock-up periods [9][11] - The total shares sold by major shareholders amounted to approximately 2.8027 million shares, generating around 390 million yuan, while another major shareholder completely exited their position, realizing about 584 million yuan [12]

点击招商研究小程序查看PDF报告原文 事件： 德州仪器于4月23日发布2025年第一季度财报，25Q1公司营收40.69亿美元，同比+11.1%/环比+1.5%，净利润11.79亿美元，同比+6.7%/环 比-2.2%，工业市场广泛复苏，指引25Q2不受近期关税政策扰动，综合财报及电话会议信息，总结要点如下： 评论： 1、25Q1营收略超指引上限，EPS超指引预期。 25Q1公司营收40.69亿美元，同比+11.1%/环比+1.5%，略超指引上限（37.4-40.6亿美元）；毛利率56.84%，同比-0.4pct/环比-0.9pct；净 利润11.79亿美元，同比+6.7%/环比-2.2%。EPS为1.28美元，超指引预期（0.94-1.16美元）。25Q1库存为47亿美元，环比增加1.6亿美元，库 存周转天数为240天，环比减少1天。 2、25Q1模拟同环比均实现增长，工业市场广泛复苏。 1）分产品类型： 25Q1模拟产品收入为32.1亿美元，同比+13.2%/环比+1.1%；嵌入式处理业务部门收入6.47亿美元，同比-0.8%/环比+5. 5%；其他业务部门收入2.12亿美元，同比+22.5%/环比-3. ...

Core Viewpoint - Texas Instruments reported Q1 2025 revenue of $4.069 billion, a year-over-year increase of 11.1% and a quarter-over-quarter increase of 1.5%, indicating a broad recovery in the industrial market and guidance for Q2 2025 unaffected by recent tariff policies [1][2][3] Financial Performance - Q1 2025 revenue slightly exceeded guidance upper limit, with earnings per share (EPS) of $1.28, surpassing the expected range of $0.94 to $1.16 [1][2] - Gross margin was 56.84%, down 0.4 percentage points year-over-year and 0.9 percentage points quarter-over-quarter, while net profit was $1.179 billion, up 6.7% year-over-year but down 2.2% quarter-over-quarter [1][8] - Inventory increased to $4.7 billion, with inventory turnover days decreasing to 240 days, down by 1 day [1][8] Product and Market Segmentation - Revenue from analog products was $3.21 billion, up 13.2% year-over-year and 1.1% quarter-over-quarter; embedded processing revenue was $647 million, down 0.8% year-over-year but up 5.5% quarter-over-quarter; other business segments generated $212 million, up 22.5% year-over-year but down 3.6% quarter-over-quarter [2][3] - The industrial market showed broad recovery after seven consecutive quarters of decline, with a high single-digit quarter-over-quarter growth; automotive market growth was low single-digit, while personal electronics saw a seasonal decline of approximately 15% [2][3][7] Q2 2025 Guidance - Q2 2025 revenue guidance is set at a midpoint of $4.35 billion, representing a year-over-year increase of 13.8% and a quarter-over-quarter increase of 6.9%; EPS guidance is $1.34, up 9.8% year-over-year and 4.7% quarter-over-quarter [2][10] - The company expects capacity utilization and gross margin to increase quarter-over-quarter, with a projected effective tax rate of 12%-13% [2][10] Supply Chain and Market Strategy - The semiconductor cycle is believed to have bottomed out, with customer inventories at low levels, prompting some customers to replenish stock in response to uncertain policy environments [3][9] - In the Chinese market, which accounted for 20% of Q1 2025 revenue, the company plans to localize some supply chains to enhance reliability and reduce costs [3][9][19] Cash Flow and Shareholder Returns - Q1 2025 operating cash flow was $849 million, with a total of $6.2 billion returned to shareholders over the past 12 months through dividends and stock buybacks [8][23] - The company has a cash and short-term investment balance of $5 billion and has repaid $750 million in debt, maintaining a total debt balance of $12.95 billion [8][23]