Investment Rating - The investment rating for the company is "Accumulate" (首次) [5] Core Views - The company demonstrates steady growth in operating performance and has a rich product line through both organic and external expansion [5] - The company has expanded its product matrix and strengthened its technological capabilities, particularly in the consumer electronics and automotive electronics sectors [6] - The company has increased its R&D investment, which has led to a temporary decline in net profit but is expected to yield long-term benefits [6] Financial Performance Summary - In H1 2025, the company achieved revenue of 1.47 billion yuan, a year-on-year increase of 17.60%, while the net profit attributable to the parent company was 123 million yuan, a year-on-year decrease of 40.21% [6] - For Q2 2025, the company reported revenue of 785 million yuan, a year-on-year increase of 21.08% and a quarter-on-quarter increase of 14.54%, with a net profit of 59 million yuan, down 43.44% year-on-year and 6.81% quarter-on-quarter [6] - The company’s revenue forecast for 2023 to 2027 is projected to grow from 1.78 billion yuan in 2023 to 5.15 billion yuan in 2027, with corresponding growth rates of 36.87%, 44.19%, 28.62%, 25.90%, and 23.89% [5][7] - The net profit attributable to the parent company is expected to increase from 261 million yuan in 2023 to 683 million yuan in 2027, with growth rates of 6.16%, 17.43%, 3.33%, 45.41%, and 48.18% [5][7] Product Development and Market Position - The company has launched several new products in the consumer electronics sector, including piezoelectric drive chips and high-integration mobile power SoC, filling domestic technology gaps [6] - In the automotive electronics sector, the company has introduced automotive-grade high-speed CAN/CAN FD transceivers and new automotive-grade buck-boost converters [6] - The acquisition of 100% equity in Zhuhai Shengsheng Micro has enhanced the company's MCU chip design and development capabilities, solidifying its position in the embedded systems market [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][29]. Core Views - The company achieved a revenue of 1.47 billion yuan in the first half of 2025, representing a year-on-year growth of 17.6%. The second quarter of 2025 saw revenue reach 785 million yuan, marking a year-on-year increase of 21.08% and a quarter-on-quarter increase of 14.54% [1]. - The company has completed the acquisition of Zhuhai Shengsheng Microelectronics, enhancing its embedded processor capabilities and allowing for better integration of MCU chip design and development technologies [3]. - The company is expanding its product line with new offerings in high-end consumer electronics and automotive electronics, including piezoelectric drive chips and high-speed CAN/CAN FD transceivers [2]. Financial Summary - The company reported a net profit attributable to shareholders of 123 million yuan for the first half of 2025, a decrease of 40.21% year-on-year. The gross margin decreased by 4.3 percentage points to 36.97% [1]. - The revenue forecast for the company is as follows: 1.78 billion yuan in 2023, 2.57 billion yuan in 2024, and 3.34 billion yuan in 2025, with respective growth rates of 36.9%, 44.2%, and 30.2% [4]. - The projected net profit attributable to shareholders is 313 million yuan for 2025, with a corresponding PE ratio of 66x based on the stock price as of August 27, 2025 [3][4].