8月26日晚，中巨芯发布2025年上半年报告称，上半年，公司实现营业总收入5.67亿元，同比增长20.4%；归属于上市公司股东 的净利润813.77万元，同比下降64.57%；扣除非经常性损益的净利润为96.92万元，同比下降92.24%。其中，第二季度实现归属 于上市公司股东的净利润环比扭亏为盈。 | | | | 早征: 兀 中: 人民巾 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年 | | | (1-6月) | | 同期增减(%) | | 营业收入 | 566.566.646.39 | 470,569,562.96 | 20.40 | | 利润息额 | 5.478.923.39 | 27.547.167.54 | -80.11 | | 归属于上市公司股东的净利润 | 8.137.661.54 | 22.966.908.51 | -64.57 | | 归属于上市公司股东的扣除非经常性 损益的净利润 | 969 199 85 | 12.484.176.92 | -92.24 | | 经营活动产生的现金流量净额 | 77.122.969 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [3][7]. Core Views - The company achieved a total revenue of 567 million yuan in the first half of 2025, representing a year-on-year increase of 20.40%. However, the net profit attributable to shareholders decreased by 64.57% year-on-year to 8.14 million yuan due to market conditions and increased competition [1][7]. - The electronic wet chemical segment generated revenue of 434.15 million yuan, up 25.57% year-on-year, while the electronic specialty gases and precursors segment saw revenue of 120.42 million yuan, a 10.49% increase year-on-year [7]. - The company is focusing on R&D, with R&D expenses amounting to 40.60 million yuan, which is 7.17% of total revenue, reflecting a 38.70% increase year-on-year [7]. - The company is expected to achieve revenues of 1.29 billion yuan, 1.62 billion yuan, and 1.95 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 26%, 25%, and 20% [7][8]. Financial Data and Valuation - The company’s total revenue is projected to grow from 894 million yuan in 2023 to 1.95 billion yuan in 2027, with corresponding year-on-year growth rates of 12%, 15%, 26%, 25%, and 20% [2][10]. - The net profit attributable to shareholders is expected to increase from 14 million yuan in 2023 to 24 million yuan in 2027, with growth rates of 30%, -27%, 21%, 53%, and 31% respectively [8][11]. - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 1100.2, 718.1, and 548.1 respectively, indicating a valuation above the industry average [7][11]. Stock Performance - The company's stock has shown a 14% absolute performance over the past month, a -1% performance over six months, and a 58% performance over the past year [5].