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聚辰股份(688123):汽车存储及SPD同比大增
HTSC· 2025-08-25 06:52
Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company achieved a revenue of 575 million RMB in 1H25, representing a year-over-year increase of 11.69%, and a net profit of 205 million RMB, up 43.50% year-over-year [1][2]. - In 2Q25, revenue reached 314 million RMB, reflecting a year-over-year growth of 17.32% and a quarter-over-quarter increase of 20.20% [1][2]. - The growth in automotive and industrial EEPROM, as well as DDR5 SPD shipments, has offset the negative impact from weak consumer electronics demand [2][3]. - The gross margin improved by 5.55 percentage points year-over-year in 2Q25, reaching 60.25% [2][3]. - The company expects continued growth in DDR5 SPD and automotive EEPROM/NOR Flash throughout the year, with the introduction of OIS voice coil motor driver chips into mainstream high-end smartphones contributing to additional revenue [1][4]. Summary by Sections 1H25 Review - The company experienced rapid growth in DDR5 SPD chips, automotive EEPROM chips, and high-performance industrial-grade chips, which mitigated the decline in traditional business performance due to fluctuations in consumer electronics demand [2]. - The overall expense ratio for 1H25 was stable at 26.43%, compared to 26.20% in the same period last year [2]. - R&D expenses increased by 24.96% year-over-year to 103 million RMB, focusing on new product development [2]. 2H25 Outlook - The business focus will remain on DDR5 SPD, automotive-grade, and industrial control EEPROM, which are expected to drive revenue growth [3]. - The report anticipates significant growth in automotive EEPROM shipments, aligning with the company's global market share in consumer electronics [3]. - Despite the expected high gross margin, ongoing price competition in traditional EEPROM and open-loop voice coil motor driver chip products may pose challenges [3]. Profit Forecast and Valuation - The report forecasts net profits of 471 million RMB, 648 million RMB, and 870 million RMB for 2025, 2026, and 2027, respectively [4]. - The target price is set at 104.70 RMB, based on a 35x PE for 2025 [4][8].