汽车电子：公司 SerDes 产品进展顺利，汽车电子业务持续成长。1）车载 SerDes：综 合中国汽车工业协会、CINNO Research 等数据进行测算，我们预计 2025 年中国大陆车 载 SerDes 市场规模达到 10.88 亿美元，对应单车 SerDes 价值量 44.35 美元/辆。目前 车载 SerDes 市场被 ADI、TI 等国外厂商垄断，国内除慷智等少部分公司外产品均未产 生大规模营收。公司 SerDes 产品进展顺利，截至 25H1 车载 SerDes 芯片组进入全面市 场推广阶段，其中电动两轮车仪表盘、工业焊接 3D 摄像机等领域已逐步量产，有望于 25 年批量出货并于未来持续放量；此外公司已将 SerDes 芯片组拓展进入 eBike、摄像 云台、无人机等新领域，未来有望持续取得突破。2）汽车桥接芯片：24 年以来公司桥 接类的芯片在车载抬头显示和车载信息娱乐等系统的市场份额明显提升，25H1 公司持续 推进汽车体系建设和产品认证工作，截至 25H1 末共有 11 颗桥接类的芯片通过了 AEC-Q100 测试认证，其中 5 颗产品通过 Grade 2 认证，目前公司的桥接芯片在智 ...

Core Viewpoint - The company reported a slight increase in revenue for Q1 2025, but a decrease in net profit, primarily due to rising expenses. The company is also investing in a new R&D base to enhance its operational environment [1][2]. Revenue and Profit Summary - In Q1 2025, the company achieved revenue of 1.09 billion, a year-on-year increase of 4.52%. However, the net profit attributable to shareholders was 0.29 billion, reflecting a year-on-year decrease of 8.06%. The non-recurring net profit was 0.21 billion, down 8.93% year-on-year. The gross profit margin was 54.43%, up 0.32 percentage points year-on-year [1][2]. Expense Analysis - The company has been increasing its R&D investment, with R&D expenses in Q1 2025 amounting to 0.28 billion, a year-on-year increase of 23.24%, resulting in an R&D expense ratio of 25.31%. Additionally, sales, management, and financial expenses for the quarter were 11.28%, up 2.19 percentage points year-on-year [2]. Market Opportunities - The company is poised to benefit from the growing demand for automotive SerDes chips, with the market in mainland China expected to reach 1.088 billion by 2025. The average value per vehicle for SerDes is projected to be 44.35. Currently, the market is dominated by foreign manufacturers, with limited domestic competition [3]. - The company’s automotive bridge chip business is also expanding, with significant market share growth in head-up displays and in-car entertainment systems. By the end of Q3 2024, revenue from automotive electronics accounted for approximately 20% of total revenue [3]. Future Projections - Revenue projections for the company from 2025 to 2027 are estimated at 7.05 billion, 11.19 billion, and 14.50 billion, respectively. Net profit attributable to shareholders is projected to be 2.09 billion, 3.48 billion, and 4.34 billion for the same period. The company is well-positioned in the domestic market for video bridge chips and is actively expanding in the automotive sector [4].