Core Viewpoint - The company reported a revenue of 3.024 billion RMB for the first three quarters, representing a year-on-year growth of 12.7%, with Q3 revenue reaching 1.186 billion RMB, up 33.28% year-on-year, driven by sales in non-volatile storage chips, smart meter chips, and FPGA and other chip businesses [1] Revenue Summary - The revenue for Q3 was primarily boosted by non-volatile storage chips, smart meter chips, and FPGA and other chip sales, with year-on-year growth rates of 44%, 42%, and 34% respectively [2] - The revenue from security and identification chips in Q3 grew by 16% year-on-year [2] Profitability Summary - The overall gross margin for products in the first three quarters was 58.47%, an increase of 3.42 percentage points year-on-year, while Q3 gross margin reached 61.06%, up 8.91 percentage points, attributed to revenue growth and product structure optimization [1] - The net profit attributable to the parent company for the first three quarters was 330 million RMB, a decrease of 22.69% year-on-year, influenced by government subsidy verification, reduced VAT deductions, increased storage impairment provisions, and intangible asset impairment [1] - In Q3, the net profit attributable to the parent company was 137 million RMB, a significant increase of 72.69%, corresponding to a net profit margin of 12% [1] Business Segment Performance - The non-volatile memory business in Q3 generated revenue of 343 million RMB, a year-on-year increase of 44%, driven by demand recovery in the consumer electronics market due to national subsidy policies [2] - The smart meter chip business achieved revenue of 139 million RMB in Q3, growing by 42% year-on-year, with sales growth in smart water, gas, and heat meters, as well as industrial control [2] - The FPGA and other products generated revenue of 433 million RMB in Q3, reflecting a year-on-year growth of 34%, with high reliability products in demand [3] Market Outlook - The company is actively exploring consumer applications and partnerships, particularly in the security and identification chip sector, where it faces intense market competition but maintains a strong position in emerging fields [2] - The company anticipates continued price increases and improved profitability in the SLC NAND segment due to rising demand and prices for related products [2] - The company has adjusted its net profit forecasts for 2025-2027 to 530 million, 976 million, and 1.191 billion RMB respectively, reflecting a year-on-year growth rate of -7%, +84%, and +22% [3]

Group 1 - The article emphasizes the importance of the "15th Five-Year Plan" in guiding China's economic and industrial development, focusing on high-quality growth and capital market opportunities [4] - It highlights that the domestic economic policy is expected to continue supporting growth, maintaining it within a reasonable range, which will further solidify the foundation for a prosperous capital market [4] - The article outlines key development directions for various industries over the next five years, including traditional industries, consumption, emerging industries, and future industries, which will be focal points for the capital market [4] Group 2 - 麦捷科技 reported a revenue of 1.107 billion yuan in Q3 2025, representing an 18.75% year-on-year increase and a 9.04% quarter-on-quarter increase, while net profit was 96 million yuan, down 1.11% year-on-year but up 10.16% quarter-on-quarter [5] - 高通's FY2025 performance exceeded expectations, with a forecasted net profit of 11.5 billion USD for FY2026, reflecting a year-on-year growth of 108% [6] - 上海复旦 achieved a revenue of 3.024 billion yuan in the first three quarters of 2025, a 12.7% year-on-year increase, with Q3 revenue reaching 1.186 billion yuan, up 33.28% year-on-year, driven by sales of non-volatile storage chips and other products [7] - 金蝶国际 announced a comprehensive upgrade of its product system, launching a new AI product "小K," marking a significant step into the AI-native era for enterprise management [8] - 百胜中国 reported a revenue of 3.21 billion USD in Q3 2025, a 4% year-on-year increase, with adjusted net profit of 282 million USD, down 5% year-on-year, while same-store sales continued to grow [9]

Core Viewpoint - The company reported a revenue of 3.024 billion RMB for the first three quarters, representing a year-on-year growth of 12.7%, with Q3 revenue reaching 1.186 billion RMB, up 33.28% year-on-year, driven by sales in non-volatile memory chips, smart meter chips, and FPGA and other chip businesses [4]. Revenue and Profit Summary - The revenue for Q3 was significantly boosted by non-volatile memory chips (up 44%), smart meter chips (up 42%), and FPGA and other chips (up 34%), while the security and identification chip revenue grew by 16% [4]. - The overall gross margin for the first three quarters was 58.47%, an increase of 3.42 percentage points year-on-year, with Q3 gross margin at 61.06%, up 8.91 percentage points, attributed to revenue growth and product structure optimization [4]. - The net profit attributable to the parent company for the first three quarters was 330 million RMB, a decline of 22.69%, influenced by government subsidy verification, reduced VAT deductions, increased storage impairment provisions, and intangible asset impairment [4]. Business Segment Performance - The security and identification chip business generated 239 million RMB in Q3, a 16% increase year-on-year, with growth in financial and social security card sales, despite intense market competition [5]. - The non-volatile memory business achieved 343 million RMB in Q3, a 44% year-on-year increase, driven by demand recovery in the consumer electronics market and new product launches [5]. - The smart meter chip business reported 139 million RMB in Q3, up 42% year-on-year, benefiting from sales growth in smart water, gas, and heat meters, as well as industrial control applications [5]. FPGA and High-Reliability Products - FPGA and other products generated 433 million RMB in Q3, reflecting a 34% year-on-year growth, with strong demand in high-reliability sectors leading to supply shortages for some products [6]. - The company has developed a range of FPGA products with self-owned intellectual property and has successfully launched PSoC products in mass production [6].

25Q3 营收和盈利同比增长明显，存储和高可靠领域需求向好 ——上海复旦（1385.HK）2025 年三季报业绩点评 要点 事件：公司前三季度实现营收 30.24 亿人民币，同比增长 12.7%；25Q3 实现 营收 11.86 亿人民币，同比增长 33.28%；Q3 营收增长主要系非挥发性存储 芯片、智能电表芯片和 FPGA 及其他芯片业务的销售带动，Q3 收入分别同比 增长 44%/42%/34%，而安全与识别芯片 Q3 营收同比增长 16%。利润端， 前三季度产品综合毛利率 58.47%，同比增长 3.42pct；25Q3 产品综合毛利 率 61.06%，同比增长 8.91pct，系营收增长叠加产品结构优化。前三季度归 母净利润 3.30 亿人民币，同比下降 22.69%，系受到政府补助专项验收和增 值税加计抵减额下降、存储跌价准备增加、无形资产计提减值等的影响。其中 25Q3 归母净利润 1.37 亿人民币，同比增长 72.69%，对应归母净利率 12%。 非挥发性存储器 Q3 营收回暖，公司积极开拓民品应用领域和合作：1）安全 与识别芯片业务 25Q3 实现收入 2.39 亿元，同比增长 16%。金 ...

Core Viewpoint - The report from Everbright Securities indicates that Shanghai Fudan (01385) is experiencing a recovery in high-reliability sectors and storage demand, while actively expanding into emerging fields such as automotive and industrial applications. However, due to intense market competition and the impact of asset impairment losses in 2025, the profit forecast for 2025-2027 has been adjusted downward for 2025 and 2026, while showing an increase for 2027 [1] Group 1: Financial Performance - In the first three quarters, the company achieved revenue of 3.024 billion RMB, representing a year-on-year growth of 12.7% [2] - In Q3 2025, the company reported revenue of 1.186 billion RMB, with a significant year-on-year increase of 33.28% [2] - The revenue growth in Q3 was primarily driven by sales of non-volatile storage chips, smart meter chips, and FPGA and other chip businesses, with respective year-on-year growth rates of 44%, 42%, and 34% [2] Group 2: Profitability Metrics - The overall gross profit margin for products in the first three quarters was 58.47%, an increase of 3.42 percentage points year-on-year [2] - In Q3 2025, the gross profit margin for products reached 61.06%, reflecting an increase of 8.91 percentage points, attributed to revenue growth and product structure optimization [2] - The net profit attributable to shareholders for the first three quarters was 330 million RMB, a decline of 22.69%, influenced by government subsidy inspections, reduced VAT deductions, increased storage impairment provisions, and intangible asset impairment [2] - In Q3 2025, the net profit attributable to shareholders was 137 million RMB, showing a year-on-year growth of 72.69%, with a corresponding net profit margin of 12% [2] Group 3: Future Outlook - The profit forecast for 2025-2027 has been adjusted to 530 million RMB, 976 million RMB, and 1.191 billion RMB, reflecting changes of -26.4%, -1.1%, and +7.2% respectively compared to previous predictions [1] - The expected year-on-year growth rates for net profit in 2025, 2026, and 2027 are -7%, +84%, and +22% respectively [1] - The current closing price is 39.5 HKD, corresponding to a forecasted P/E ratio of 56x for 2025 and 30x for 2026, with a maintained "buy" rating due to accelerated domestic substitution of FPGA chips and recovery in storage demand [1]

Core Viewpoint - The report from Everbright Securities indicates a recovery in demand for high-reliability and storage sectors for Shanghai Fudan (01385), while also highlighting the company's expansion into emerging fields such as automotive and industrial applications. However, due to intense market competition and asset impairment losses, profit forecasts for 2025-2027 have been adjusted downward for 2025 and 2026, while showing an increase for 2027. The current stock price suggests a "buy" rating based on the anticipated recovery in memory business and accelerated domestic substitution of FPGA chips [1][2]. Financial Performance - For the first three quarters, the company achieved revenue of 3.024 billion RMB, representing a year-on-year growth of 12.7%. In Q3 2025, revenue reached 1.186 billion RMB, with a significant year-on-year increase of 33.28%. The growth in Q3 revenue was primarily driven by sales of non-volatile memory chips, smart meter chips, and FPGA and other chip businesses, with respective year-on-year growth rates of 44%, 42%, and 34% [2]. - The overall gross profit margin for the first three quarters was 58.47%, an increase of 3.42 percentage points year-on-year. In Q3 2025, the gross profit margin was 61.06%, up by 8.91 percentage points, attributed to revenue growth and product mix optimization [2]. - The net profit attributable to shareholders for the first three quarters was 330 million RMB, a decline of 22.69%, influenced by government subsidy verification, a decrease in VAT deductions, increased provisions for storage price declines, and impairment of intangible assets. In Q3 2025, the net profit attributable to shareholders was 137 million RMB, reflecting a year-on-year increase of 72.69%, with a corresponding net profit margin of 12% [2]. Market Outlook - The report emphasizes the ongoing recovery in the storage business and the acceleration of domestic substitution for FPGA chips, which are expected to positively impact the company's future performance. The adjusted profit forecasts reflect a cautious outlook due to competitive pressures and asset impairment issues, but the long-term growth potential remains strong [1].

Investment Rating - The report maintains an "Accumulate" rating for Shanghai Fudan (1385.HK) [5] Core Views - The demand for smart meter chips and non-volatile storage business is recovering, but some product lines are facing price pressure due to intense market competition [2][3] - In 2024, the company achieved revenue of 3.590 billion RMB, a year-on-year increase of 1.53%, with a significant growth of 44.9% in smart meter chip revenue [1][2] - The overall gross profit margin for 2024 was 55.95%, a decrease of 5.26 percentage points year-on-year, primarily due to price reductions in certain products and adverse effects from product mix adjustments [1] Summary by Sections Revenue and Profitability - In 2024, the company reported a net profit of 573 million RMB, a decline of 20.42% year-on-year, resulting in a net profit margin of 16% [1][4] - The revenue from the non-volatile storage chip business increased by 5.94% year-on-year to 1.136 billion RMB, driven by a recovery in demand from certain end markets [2][4] Product Performance - The smart meter chip business generated revenue of 397 million RMB in 2024, up 44.9% year-on-year, supported by a recovery in the smart meter market and increased shipments in white goods and automotive sectors [2][3] - The security and identification chip business saw a revenue decline of 8.31% year-on-year, totaling 791 million RMB, due to intense competition in traditional markets [2] Future Outlook - The report anticipates that the smart meter chip business and non-volatile storage revenue will continue to benefit from upcoming government subsidy policies and increased demand in consumer electronics [2][3] - The company is actively exploring new application areas such as automotive, industrial, and IoT to mitigate the impact of price pressures and competition [2][3]