网通车载两开花 核心产品稳占市场份额 裕太微表示，为更快推进网通和车载应用领域的拓展，公司于2024年成立了单独的网通事业部和车载事 业部。 其中，网通事业部主要由网通以太网物理层芯片、网通以太网交换机芯片、网通以太网网卡芯片组成， 覆盖所有除车载业务以外的其他所有的行业和应用领域。网通事业部的 2.5G 以太网物理层芯片在国内 运营商市场的 FTTR 和 XPON 产品领域，凭借卓越的性能和稳定的品质，2.5G 以太网物理层芯片产品 取得较高的市场份额。而在千兆以太网物理层芯片市场，广泛应用于国内显示屏、服务器以及机顶盒市 场，稳固地占据着国产千兆以太网物理层芯片市场份额的领先地位。百兆以太网物理层芯片产品在国内 工业伺服、机器人以及工业控制市场展现了强大的竞争力。通过 2.5G、千兆、百兆等多速率传输能 力，并结合 MII/RGMII/SGMII/QSGMII/高速 SerDes 等多种端口形态，可灵活适配运营商网络、工业控 制、数据中心及消费电子等领域的多样化应用需求。 而车载事业部专注于车载高速有线通信芯片的产品战略和规格制定、研发设计、市场推广和销售。面向 车载以太网和车载串行解串芯片的需求增长迅猛 ...

Core Insights - The company reported significant revenue growth in the second quarter of 2025, achieving revenue of 140.79 million yuan, which represents a year-on-year increase of 71.39% and a quarter-on-quarter increase of 73.74% [1] - Research and development expenses accounted for 70.06% of the company's operating income during the reporting period [1] - The net profit attributable to shareholders was -104.21 million yuan, and the net profit after deducting non-recurring gains and losses was -115.64 million yuan [1] - The growth in revenue is attributed to the ongoing expansion of the semiconductor market and the increasing sales of new products, such as the 2.5G Ethernet physical layer chips [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1][5] Core Views - The market is experiencing a recovery, with increased demand from downstream customers as the semiconductor industry cycle comes to an end. The company's revenue is gradually recovering to a high growth trend due to the continuous release of various chips, including 2.5G Ethernet physical layer chips and automotive chips [2] - The automotive Ethernet chip market in China is expected to see explosive growth, with the market size for automotive PHY chips projected to exceed 12 billion yuan by 2025. The urgency for domestic alternatives is increasing as overseas manufacturers dominate the market [3] - The company is entering its third round of R&D investment, with a significant focus on enhancing its product line, including 2.5G series networking products and automotive Ethernet chips, which are expected to contribute to revenue growth from 2024 to 2026 [4] Financial Projections - The projected revenues for the company are 582 million yuan in 2025, 805 million yuan in 2026, and 1.107 billion yuan in 2027, with net profits expected to improve from a loss of 191.8 million yuan in 2025 to a profit of 9 million yuan in 2027 [5][9] - The company’s R&D expenses are projected to be 2.94 billion yuan in 2024, accounting for 74.1% of revenue, and are expected to continue to be a significant portion of revenue in the following years [4][9] Market Performance - The stock has shown a performance increase of 66% from June 2024 to June 2025, indicating positive market sentiment [8]