Core Viewpoint - The news highlights the significant changes in Gree Electric's leadership and its ambitious venture into the semiconductor industry, particularly under the leadership of Dong Mingzhu, who has faced both praise and criticism for her bold decisions in this high-tech field [1][4][6]. Group 1: Leadership Changes - Dong Mingzhu has stepped down from her position at Gree Semiconductor, sparking discussions about the company's future direction in chip manufacturing [1]. - Li Shaobin has been appointed as the new legal representative and chairman of Gree Semiconductor, bringing a strong engineering background to the role [3]. Group 2: Semiconductor Business Performance - Gree Electric's semiconductor business reported revenues of 15 billion yuan in 2024, marking a 50% year-on-year increase, with a net profit of 3.5 billion yuan, up 75% [2]. - The semiconductor division has become the second-largest profit source for Gree Electric, following air conditioning, contributing 10.9% to the total net profit [2]. Group 3: Challenges and Future Prospects - The semiconductor industry is characterized by long investment cycles and high entry barriers, which have led to skepticism about Gree's ability to achieve immediate economic benefits from its chip initiatives [6][8]. - Despite the challenges, Gree has made substantial investments in R&D, establishing advanced laboratories and collaborating with universities and research institutions, indicating a commitment to long-term growth in this sector [6][8].

25 年展望：SiC 放量+全球化突破，高端化战略深化上车展望2025 年，公司聚焦：1）车规级功率模 块：目前行业降价幅度收敛，公司与长安汽车合作的重庆180 万片车规级模块产线开始封顶，海外客户 项目持续导入。2）光伏储能 ：新一代基于第七代微沟槽 Trench Field Stop 技术的 IGBT 模块在光伏、 储能领域有望实现批量销售。3）家电行业，公司获得美垦半导体（深耕白电行业十年的企业）80%股 权，打造一站式智能功率解决方案。同时公司持续在IPM 和工业、汽车等高规格MCU 方面积极投入， 打造平台型半导体公司。 目标价88.97 元，维持"买入"评级 由于下游竞争持续激烈，我们下调25/26 年营业收入预测9/12%至40.78/48.51 亿元，新增27 年收入预测 56.84 亿元。由于公司持续加大研发投入以及折旧规模增加，我们下调公司25/26 年归母净利润预测 24/22%至6.2/8.1 亿元，新增27 年预测10.4 亿元。我们给予公司25 年34.4XPE（基于可比公司Wind 一致 预期均值），目标价88.97 元（前值108.45 元，基于25 年32XPE，由于半导体行 ...

证券研究报告 斯达半导 (603290 CH) 24 年利润承压，蓄力打造平台型企业 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 半导体 | 24 年公司营收 33.91 亿元（yoy-7.44%），归母净利 5.08 亿元（yoy-44.24%）， 低于我们预期的 6.3 亿元。1Q25 实现营收 9.19 亿元（yoy+14.22%， qoq-5.84%），归母净利 1.04 亿元（yoy-36.22%，qoq22.94%）。24 全年营 收下降主要受到下游新能源汽车降价和光伏行业去库存的负面影响；同时新 产线落成带来的折旧压力以及新业务研发投入增加使得公司利润层面进一 步承压。2025 年公司计划持续优化产品结构，提升车规级 IGBT 模块和碳 化硅（SiC）模块出货量，同时积极在 IPM、MCU 等新业务领域积极布局。 关注公司 2025 年产品结构以及海外市场持续拓展情况，维持"买入"评级， 目标价 88.97 元。 2024&1Q25 回顾：工业、光伏去库存，叠加折旧/研发增长导致净利润承压 ...