公司1H25 实现营收12.46 亿元（yoy：+35.35%），归母净利润2.61 亿元（yoy：+72.29%），扣非归母 净利润2.39 亿元（yoy：+64.22%）。其中2Q25 实现营收6.88 亿元（yoy：+29.02%，qoq：+23.28%）， 归母净利润1.68 亿元（yoy：+71.45%，qoq：+78.82%）。2Q25 AIoT 需求保持较高景气度，3D 打印 机、AI 玩具、医疗设备等新市场营收贡献逐步提升，推动营收环比实现较快增长。受经营规模增长带 来的成本优化，公司2Q25 毛利率同环比提升至46.69%（yoy：+2.58pct，qoq：+3.3pct），净利率提升 至24.52%（yoy：+5.98pct，qoq：+7.59pct）。公司基于原有生态优势，围绕"处理+连接"战略进一步拓 展至高速数传&透传以及高性能SoC 市场，打开长期成长空间，维持"增持"评级。 公司处理及连接产品矩阵不断完善，并积极维护活跃的社群资源，通过软硬件一体化方式服务多元化的 AI 端侧需求。考虑规模效应带来的成本优化，我们上调25/26/27 综合毛利率预测至 44.94%/43.10%/ ...

Investment Rating - The report maintains an "Accumulate" rating for the company [6][4]. Core Views - The company achieved a revenue of 1.246 billion RMB in 1H25, representing a year-over-year growth of 35.35%, with a net profit of 261 million RMB, up 72.29% year-over-year [1][2]. - The demand for AIoT remains strong, contributing to revenue growth from new markets such as 3D printing, AI toys, and medical devices [1][3]. - The company is expanding its product offerings in high-performance SoC and high-speed data transmission markets, leveraging its existing ecosystem advantages [1][4]. Summary by Sections Financial Performance - In 2Q25, the company reported a revenue of 688 million RMB, a year-over-year increase of 29.02% and a quarter-over-quarter increase of 23.28% [1]. - The gross margin improved to 46.69%, up 2.58 percentage points year-over-year, while the net margin increased to 24.52%, up 5.98 percentage points year-over-year [1][2]. Product Development - The company is actively investing in the development of Wi-Fi 7 and multi-core RISC-V technologies, with R&D expenses reaching 268 million RMB in 1H25, a year-over-year increase of 22.66% [2]. - The first Wi-Fi 6E wireless communication chip is expected to enter mass production in the second half of 2025, marking a significant advancement in the high-performance wireless communication chip sector [3]. Profit Forecast and Valuation - The report revises the gross margin forecasts for 2025, 2026, and 2027 to 44.94%, 43.10%, and 41.98%, respectively, and raises the net profit estimates for the same years to 556 million RMB, 718 million RMB, and 970 million RMB [4][10]. - The target price is set at 237.10 RMB, reflecting a 55x PE ratio for 2026, with the previous target price being 173.7 RMB [4][7].