本报讯 （记者李昱丞）8月26日，深圳天德钰科技股份有限公司（以下简称"天德钰"）发布2025年半年 报。报告显示，公司今年上半年实现营业收入12.08亿元，同比增长43.35%；归母净利润达1.52亿元， 同比增长50.89%；扣非后归母净利润为1.46亿元，同比增幅达73.56%。 天德钰业绩的提升，主要得益于其在显示驱动芯片领域的深耕与创新。上半年，公司穿戴类、平板类显 示驱动芯片持续放量，高刷新率手机显示驱动芯片及电子价签驱动芯片市场需求旺盛。其中，电子价签 产品线凭借全球先发优势和窄边框GIP架构技术突破，实现营收快速增长，并成功拓展至手机背盖等创 新应用场景。此外，公司音圈马达驱动芯片产品已广泛应用于三星、OPPO、vivo等主流手机品牌，并 与多家模组厂建立长期合作关系。 上半年，天德钰研发投入达9905.14万元，同比增长25.77%，占营业收入比例的8.2%。公司持续加大在 智能移动终端显示驱动芯片、摄像头音圈马达驱动芯片、快充协议芯片及电子价签驱动芯片等领域的研 发力度。值得关注的是，天德钰率先量产可多次读写内存的四色电子纸驱动IC，全面布局智能零售与物 联网市场，为未来增长注入新动能。 ...

Summary of Key Points from the Conference Call of 聚辰股份 Company Overview - 聚辰股份 specializes in SPD chips and one-time programmable (PROM) chips, targeting both server and PC memory markets, with significant growth potential in DDR5 penetration in PCs [2][3][4] Core Business Insights - **SPD Chips**: - Currently, SPD chip penetration in server memory interfaces is nearly 90%, expected to peak next year [3] - The value of DDR5 SPD chips is 3-4 times that of DDR4, with a gross margin of nearly 80% [2][10] - Demand for SPD chips in PCs is anticipated to grow rapidly due to the rise of AI PCs [2][25] - **One-time PROM Chips**: - Initially used in mobile camera markets, now expanding into automotive applications, particularly in electric vehicles [2][3] - Despite short-term sales adjustments from major clients like BYD, long-term growth is expected due to the trend towards smart electric vehicles [2][3] Financial Performance - The company reported a significant net profit growth rate exceeding revenue growth, driven by high-margin products [5][7] - Current market capitalization is approximately 12 billion RMB, with a projected net profit of 440 million RMB for 2025, corresponding to a price-to-earnings ratio of about 20 times [4][23] Market Competition - In the one-time PROM market, 聚辰股份 faces competition from STMicroelectronics and Microchip, but aims to capture 1/3 of the market share [2][8] - The company has a competitive edge due to its technological advantages and the opportunity for domestic substitution [4][14] Growth Projections - The server market is expected to reach over 200 million units, while the PC market has a potential of at least 300 million units [6] - The one-time PROM market is estimated at 500 million USD, with 聚辰股份 targeting a market share of approximately 10 billion RMB [6][18] Risks and Catalysts - Overall industry growth is slow, but 聚辰股份 is positioned for rapid alpha growth [29] - Short-term catalysts include increased penetration of DDR5 in PCs and the ramp-up of automotive PROM products among domestic car manufacturers [30] Client Base - Major clients include BYD, NIO, Xpeng, Li Auto, Geely, SAIC, and international clients like Bosch and Continental [31] Additional Business Segments - 聚辰股份 is also involved in NOR Flash storage chips, which currently account for about 10% of total revenue, with efforts to diversify into high-end industrial applications [19] Conclusion - 聚辰股份 is well-positioned for growth in both SPD and one-time PROM markets, with strong financial performance and a competitive edge in the automotive sector, despite facing industry-wide challenges. The company's focus on high-margin products and expansion into new markets presents significant investment opportunities.

Core Viewpoint - The company reported significant growth in sales and profits for the first half of 2025, driven by strong demand for DDR5 SPD and high-reliability EEPROM products in automotive and industrial control sectors [1][2]. Business Performance Summary - The company achieved operating revenue of 575 million yuan, a year-on-year increase of 11.69% - Net profit attributable to shareholders reached 205 million yuan, reflecting a 43.50% year-on-year growth - Net profit excluding non-recurring gains and losses was 177 million yuan, also showing a significant increase [1][2]. Product Performance Summary - The sales and revenue of DDR5 SPD products saw substantial growth due to the increasing penetration of DDR5 memory modules and expanding demand in personal computers and servers - High-reliability EEPROM products experienced over 100% growth in sales and revenue, supported by the company's strong product quality and market responsiveness - The company successfully introduced optical image stabilization (OIS) voice coil motor driver chips into the market, enhancing the product structure and offsetting declines in other product lines [2]. R&D Investment Summary - The company invested 103 million yuan in R&D during the first half of the year, an increase of 21 million yuan year-on-year - R&D expenses in the second quarter reached 62 million yuan, representing a more than 50% quarter-on-quarter growth, marking the highest level in history [1].

重要内容提示： ● 报告期内，聚辰半导体股份有限公司（以下简称"公司"）DDR5 SPD 以 及应用于汽车电子、工业控制领域的高可靠性 EEPROM 产品销量同比实现快速 增长，带动 2025 年半年度营业收入、归属于上市公司股东的净利润、扣除非经 常性损益的净利润以及研发投入等主要经营数据均创历史同期新高。 ● 公司不存在影响本公告内容准确性的重大不确定因素。本公告所载经营数 据仅为初步核算数据，可能与公司 2025 年半年度报告中披露的数据存在差异， 具体数据以公司披露的 2025 年半年度报告为准，敬请广大投资者注意投资风险。 一、经营情况说明 进入 2025 年以来，公司各下游应用市场需求分化明显，不同产品的市场销 售情况存在较大差异。受益于近年来持续完善在存储芯片市场的布局，公司 DDR5 SPD 以及应用于汽车电子、工业控制领域的高可靠性 EEPROM 产品销量 较上年同期实现快速增长，带动公司综合毛利率较上年同期增加 5.55 个百分点， 成为公司收入规模扩张和盈利能力提升的重要驱动力。报告期内，公司实现营业 收入 5.75 亿元，归属于上市公司股东的净利润为 2.05 亿元，归属于上市公司股 ...

Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 17.91 CNY based on a 7.5x P/S ratio for 2025 [2][11]. Core Insights - The company is a leading domestic analog chip design firm, focusing on power management and signal chain chips, and has established a dual-driven model in consumer electronics and automotive electronics [5][15]. - The analog chip industry is approaching a turning point, with inventory destocking nearing completion, indicating a potential recovery in the market [5][46]. - The company has been actively expanding its business through acquisitions, including exclusive rights to Korean technology and stakes in other firms, enhancing its product offerings and market position [5][11]. Summary by Sections Company Overview - Founded in 2012, the company initially focused on power management chips and has since expanded into signal chain chips, establishing a dual-driven model in consumer and automotive electronics by 2021 [5][15]. - The company has a concentrated shareholding structure, with key management having extensive industry experience [30][34]. Industry Outlook - The analog chip industry has been in a downturn since Q4 2022, but signs of recovery are emerging as major players like Texas Instruments and Analog Devices report revenue growth [5][46][51]. - The domestic market for analog chips is expected to benefit from a shift towards local suppliers, with a projected self-sufficiency rate of only 16% in 2024 [5][46]. Business Strategy - The company is leveraging its core power management chip business while expanding into new product lines, including audio motor driver chips and other innovative solutions [5][8][10]. - Recent acquisitions, such as the stake in Zinitix and the planned acquisition of Chengxin Micro, are aimed at enhancing the company's product matrix and competitive edge [5][11][20]. Financial Projections - The company is projected to achieve revenues of 9.80 billion CNY in 2025, with a gradual increase to 15.88 billion CNY by 2027, alongside a return to profitability by 2026 [6][11]. - The financial outlook reflects a significant recovery from previous losses, with expectations of narrowing losses in the near term [6][36].

Group 1 - The core viewpoint of the news is that Xi Di Wei is experiencing improvements in revenue and net profit due to increased customer demand, new business line revenue, and enhanced operational efficiency through cost control [1] - The company plans to enhance product value through iteration and new product development while optimizing cost structure to improve gross margin [1] - Research and development investment will remain at a reasonable level in 2025, with a focus on controlling sales and management expenses [1] Group 2 - Xi Di Wei has established collaborations in the smart wearable sector, primarily focusing on power management chips, with future potential in voice coil motor driver chips [1] - The acquisition of Chengxin Micro is under review, and it is expected to contribute significantly to financial performance from 2025 to 2027 [1] - In response to the slowing growth in smartphone shipments, the company is shifting towards diversification and differentiation by developing customized chip products [1]

Core Viewpoint - The company plans to increase its investment in its wholly-owned subsidiary, Halo Microelectronics (Hong Kong) Co., Limited, by USD 30 million to support the development of its smart visual perception business and meet the operational needs of its overseas subsidiaries [1][2]. Group 1: Investment Overview - The investment amount is USD 30 million, which is approximately RMB 215.97 million based on real-time exchange rates [2]. - After the investment, the total investment in Halo Microelectronics will increase from USD 90,001,300 to USD 120,001,300, maintaining a 100% ownership stake [2]. - The decision was approved by the company's board of directors on May 22, 2025, and does not require shareholder approval [2]. Group 2: Subsidiary Information - Halo Microelectronics (Hong Kong) Co., Limited is a limited liability company established on October 4, 2013, and is located in Hong Kong [3][4]. - The company specializes in logistics, procurement, and sales of integrated circuit analog chips [4]. - As of March 31, 2025, the total assets of Halo Microelectronics were RMB 96,535.87 million, with total liabilities of RMB 34,846.93 million and net assets of RMB 61,688.95 million [4]. Group 3: Financial Performance - For the fiscal year 2024, Halo Microelectronics reported a revenue of RMB 53,654.19 million and a net loss of RMB 9,449.41 million [4]. - In the first quarter of 2025, the company generated revenue of RMB 17,924.23 million with a net loss of RMB 998.46 million [4]. Group 4: Impact of Investment - The investment aims to enhance the capital strength of Halo Microelectronics and improve the operational capabilities and sustainable development of the company and its subsidiaries [5]. - The investment will not change the consolidation scope of the financial statements, as Halo Microelectronics remains a wholly-owned subsidiary [5]. - The investment is expected to have no significant adverse impact on the company's financial and operational status [5].

Group 1: Hangzhou Kelin - Hangzhou Kelin has developed a full range of products across all voltage levels in line with the digitalization trend of the power grid, positioning itself as an industry leader [1] - The company has successfully signed a procurement contract for perovskite components, achieving commercial application in MW-level scenarios with an efficiency of 21.1% [1] - Based on its sensor R&D experience, Hangzhou Kelin is advancing the development of six-dimensional force sensors, expecting to generate business revenue in the second half of this year [1] Group 2: Xidi Micro - Xidi Micro achieved total operating revenue of 54,551.06 million yuan in 2024, a year-on-year increase of 38.58%, with a gross profit of 16,966.56 million yuan, up 17.59% [2] - In Q1 2025, the company reported total operating revenue of 17,767.93 million yuan, a year-on-year increase of 44.56%, although it recorded a net loss of 2,726.48 million yuan, indicating a narrowing of losses [2] - The smart visual perception business, particularly the voice coil motor driver chips, has become a major growth driver, with a shipment value of 54,192.25 million yuan in 2024 [2] - The trade war has had no substantial impact on the company, which is expected to accelerate domestic chip substitution [2] - The company maintains a strong development momentum in consumer electronics and automotive electronics, with the value of automotive-grade chips reaching 40 to 50 USD per vehicle [2] - Xidi Micro's AI power supply chip products are in the debugging stage, with high market demand anticipated [2] - The management is optimistic about future performance, aiming for profitability and positive cash flow [2]

Group 1: Xi Di Wei - Xi Di Wei achieved total revenue of 545.51 million yuan in 2024, a year-on-year increase of 38.58%, with a gross profit of 169.67 million yuan, up 17.59% [1] - In Q1 2025, the company reported total revenue of 177.68 million yuan, a year-on-year increase of 44.56%, but a net loss of 27.26 million yuan, indicating a narrowing of losses [1] - The company's smart visual perception business, particularly the voice coil motor driver chips, is a major growth driver, with expected shipment value reaching 541.92 million yuan in 2024 [1] Group 2: Bo Si Software - Bo Si Software is actively embracing AI, developing a vertical scene strategy with diverse AI products, including medical collaboration tools and digital procurement solutions [2] - The company achieved total revenue of 2.14 billion yuan in 2024, a year-on-year increase of 4.79%, while net profit decreased by 7.44% [2] - Bo Si Software has made progress in electronic voucher business in medical and administrative sectors, promoting in over 20 regions [2] Group 3: Jia Man Apparel - Jia Man Apparel plans to adopt a cooperative model for adult shoes after the expiration of the Hush Puppies authorization, focusing on classic casual styles for men's and women's clothing [3] - The design and sales teams consist of company veterans and external hires, with positive feedback from franchisees regarding the 2025 autumn/winter product designs [3] - The company maintains a relatively stable dividend ratio and does not rule out increasing the dividend ratio in the future [3] Group 4: Hong Jing Optoelectronics - Hong Jing Optoelectronics reported high growth in panoramic/sports camera business and new ventures in Q1 2025, although gross margins declined due to high costs of new camera module chips [4] - The smart automotive business serves major clients like Desay SV and Baolong Technology, with end customers including Chery, Geely, and Xpeng [4] - The company aims to implement a "3+N" product strategy to expand into AI hardware and machine vision fields [4]

Group 1 - The core viewpoint of the article highlights the recent research conducted by Tianyidao Investment on the listed company Xidiwei, showcasing its financial performance and growth prospects [1] - Xidiwei is projected to achieve total revenue of 545.51 million yuan in 2024, representing a year-on-year growth of 38.58%, with a gross profit of 169.67 million yuan, up 17.59% [1] - In Q1 2025, Xidiwei reported total revenue of 177.68 million yuan, a year-on-year increase of 44.56%, although it recorded a net loss of 27.26 million yuan, indicating a narrowing of losses [1] - The company's smart visual perception business, particularly the voice coil motor driver chips, is identified as a key growth driver, with a shipment value expected to reach 541.92 million yuan in 2024 [1] - The trade war has had no substantial impact on the company, which is expected to accelerate the domestic substitution of chips [1] - Despite a slight decline in revenue in Q1 2025 due to the Spring Festival holiday, the company remains optimistic about future quarters [1] - Xidiwei's overall gross margin stands at 30%, with potential for improvement [1] - Both consumer electronics and automotive electronics sectors are showing strong growth, with the value of automotive-grade chips per vehicle estimated at 40 to 50 USD [1] - AI computing power supply chip products are currently in the debugging phase, with high market demand [1] - The company maintains a stable partnership with Xiaomi Group, offering a diverse range of products [1] - Xidiwei is actively seeking quality target companies and promoting collaborations, with management expressing confidence in achieving profitability and positive cash flow in the future [1] Group 2 - Tianyidao Investment is a well-established private equity firm with a registered capital of 10 million yuan, recognized as one of the first to obtain private placement qualifications and has a management scale exceeding 5 billion yuan [2] - The firm employs a multi-strategy approach, integrating artificial intelligence, quantitative stock selection, and programmatic trading strategies, and has successfully navigated multiple market cycles [2] - Tianyidao Investment has received various awards from authoritative institutions and media, establishing a strong reputation in the industry [2]