格隆汇8月26日｜有投资者在互动平台向芯朋微提问：公司开发的电源芯片是否应用于算力服务器中？ 公司开发的芯片是否可以降低应用产品的热量产生？ 芯朋微回应称，公司的高耐压高可靠AC-DC产品在大多数工业客户取得大面积突破和量产，其中包括 服务器客户。同时，公司推出的适用于服务器和通信设备的12/20相数字控制器及70A DrMOS套片、 48V输入数模混合高集成电源芯片系列、超大电流EFUSE芯片等产品已陆续进入试产和量产。公司开发 的部分电源和驱动芯片应用于散热系统。 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 74.7 CNY per share [2][7]. Core Views - The company has demonstrated high growth in its performance for the first half of 2025, with significant progress in new product development. The revenue for 2025H1 reached 636 million CNY, representing a year-on-year increase of 40.32%, while the net profit attributable to the parent company was 90 million CNY, up 106.02% year-on-year [7][8]. - The company is benefiting from a recovery in demand within the analog chip industry, following a prolonged inventory destocking phase. This recovery is supported by innovations in downstream applications, particularly in AI terminals, electric vehicles, and data centers [7][8]. - The company maintains a high level of R&D investment, with R&D expenses reaching 125 million CNY in 2025H1, accounting for 19.69% of revenue. This investment is yielding results in emerging fields such as industrial applications and AI computing [7][8]. Financial Summary - Total revenue projections for the company are as follows: 965 million CNY in 2024, 1,205 million CNY in 2025, 1,459 million CNY in 2026, and 1,759 million CNY in 2027, with corresponding year-on-year growth rates of 23.6%, 24.9%, 21.1%, and 20.6% respectively [3][8]. - The net profit attributable to the parent company is forecasted to be 111 million CNY in 2024, 164 million CNY in 2025, 224 million CNY in 2026, and 294 million CNY in 2027, with growth rates of 87.2%, 46.9%, 36.9%, and 31.4% respectively [3][8]. - The earnings per share (EPS) are projected to be 0.85 CNY in 2024, 1.25 CNY in 2025, 1.70 CNY in 2026, and 2.24 CNY in 2027 [3][8].