8月20日，瑞能半导发布2025年半年度报告称，上半年，公司实现营业收入4.41亿元，同比增长17.8%；归属于挂牌公司股东的净利润为3032.48万元，同比 减少10.05%；扣除非经常性损益的净利润为2793.4万元，同比增长43.19%。 | | | | | 单位: 元 | | --- | --- | --- | --- | --- | | 盈利能力 | 本期 | 上年同期 | 增减比例% | | | 营业收入 | 440.995.785.34 | 374,150,152.68 | | 17.87% | | 毛利率% | 27. 77% | 31. 55% | - | | | 归属于挂牌公司股 | 30,324,755.63 | 33,713,557.72 | | -10.05% | | 东的净利润 | | | | | | 归属于挂牌公司股 | 27,934,024.98 | 19,570,448.36 | | 43.19% | | 东的扣除非经常性 | | | | | | 损益后的净利润 | | | | | | 加权平均净资产收 | 1. 92% | 2. 16% | | | | 益率%(依据归属于 ...

Core Viewpoint - The company reported a revenue increase in 2024 but a decline in net profit, while showing strong growth in Q1 2025, indicating a recovery in market demand and improved profitability in certain segments [1][2]. Financial Performance - In 2024, the company achieved a revenue of 16.106 billion yuan, a year-on-year increase of 14.61%, while the net profit attributable to shareholders was 253 million yuan, a decrease of 31.02% [1]. - For Q1 2025, the company reported a revenue of 4.312 billion yuan, a year-on-year increase of 21.23%, and a net profit of 212 million yuan, a significant increase of 78.46% [1]. Market Demand and Business Segments - The traditional LED market showed signs of recovery in 2024, with high-end product segments maintaining strong demand, leading to improved revenue and profit in the LED business [2]. - The integrated circuit segment benefited from a recovery in downstream demand driven by artificial intelligence and consumer electronics, with the global semiconductor market continuing to recover [2]. - The demand for silicon carbide (SiC) products is growing, particularly in sectors like new energy vehicles, photovoltaic storage, and AI, indicating a potential second growth curve for the company [3]. Product Development and Capacity Expansion - The company has established a monthly production capacity of 16,000 pieces for 6-inch silicon carbide substrates and is expanding its 8-inch silicon carbide production [3]. - The company has completed a full range of silicon carbide diode products and is actively supplying to key customers, indicating strong market positioning in the industrial-grade market [3]. Investment Outlook - The company is projected to achieve revenues of 20.97 billion yuan, 25.646 billion yuan, and 31.416 billion yuan from 2025 to 2027, with net profits of 1.638 billion yuan, 2.501 billion yuan, and 3.169 billion yuan respectively [4]. - A target price of 14.78 yuan is set based on a 45 times PE ratio for 2025, maintaining a "Buy-A" investment rating [4].