证券研究报告 裕太微 (688515 CH) 看好公司车规产品加速起量 2025 年 11 月 04 日│中国内地 | 华泰研究 | | 更新报告 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | | 2025 年 04 日│中国内地 | 11 月 | | 目标价(人民币): | 140.50 | | 公司前三季度实现收入 | | 3.88 亿元（yoy：+45.70%），归母净利润为-1.28 | 谢春生 SAC No. S0570519080006 | 研究员 xiechunsheng@htsc.com | 公司前三季度实现收入 3.88 亿元（yoy：+45.70%），归母净利润为-1.28 亿元（同比减亏 0.12 亿元）。其中，3Q25 公司实现收入 1.66 亿元（yoy： +48.87%，qoq：+17.78%），归母净利润为-0.23 亿元（同比减亏 0.08 亿 元，环比减亏 0.20 亿元），扣非归母净利润为-0.28 亿元（同比减亏 0.17 亿元，环比减亏 0.21 亿元）。受益于下游市场需求呈现良好复苏态势，同 时公司 2.5G P ...

裕太微成立于2017年1月25日，于2023年2月10日在上海证券交易所上市，注册地址位于江苏省苏州市，办 公地址位于江苏省苏州市和上海市。公司是国内高速有线通信芯片龙头企业，专注研发设计，产品覆盖多 领域，客户包含众多知名品牌。 裕太微主要从事高速有线通信芯片的研发、设计和销售，所属申万行业为电子 - 半导体 - 模拟芯片设计， 涉及华为概念、车联网（车路云）、交换机核聚变、超导概念、核电等概念板块。 经营业绩：营收行业30/34，净利润30/34 2025年三季度，裕太微营业收入3.88亿元，行业排名30/34，行业第一名汇顶科技35.21亿元，第二名翱捷科 技28.8亿元，行业平均数为11.35亿元，中位数为6.08亿元。主营业务构成中，芯片商品销售收入2.21亿元 占比99.44%。当期净利润 -1.28亿元，行业排名同样为30/34，行业第一名汇顶科技6.77亿元，第二名圣邦 股份3.32亿元，行业平均数为2965.8万元，中位数为1012.57万元。 资产负债率低于同业平均，毛利率高于同业平均 偿债能力方面，2025年三季度裕太微资产负债率为9.50%，去年同期为6.88%，低于行业平均的16.9 ...

Core Viewpoint - The company has shown significant revenue growth in 1H25, driven by new product launches and industry recovery, despite reporting a net loss [1][2][3] Financial Performance - In 1H25, the company achieved revenue of 222 million yuan, a year-on-year increase of 43.41%, while the net profit attributable to shareholders was a loss of 104 million yuan, reducing losses by 4 million yuan compared to the previous year [1] - In Q2 2025, revenue reached 141 million yuan, reflecting a year-on-year growth of 71.39% and a quarter-on-quarter increase of 73.74% [1] - The gross margin improved to 43.98% in Q2 2025, with a quarter-on-quarter increase of 3.24 percentage points [1][2] Product Development - The company has successfully launched several new products, including 2.5G PHY chips, which generated revenue of 73 million yuan, a year-on-year increase of 88.34% [2] - The company plans to continue introducing new products in 2023 and 2024, contributing to a significant revenue increase from these new offerings [2] - The automotive-grade chip segment has seen rapid growth, with revenue from automotive PHY chips reaching 14 million yuan, a year-on-year increase of 215.48% [2] Market Outlook - For 2025, the company expects continued revenue growth driven by the demand for industrial-grade products and the launch of new products [3] - The company anticipates that revenue from 2.5G PHY chips will reach new highs, with plans to introduce single-port 10G PHY chip samples by the end of 2025 [3] Investment Recommendation - The target price is set at 140.50 yuan, maintaining a "buy" rating based on projected revenues of 562 million yuan, 830 million yuan, and 1.215 billion yuan for 2025, 2026, and 2027 respectively [4] - The company is valued at 20 times the 2025 price-to-sales ratio, reflecting its growth potential as a rare domestic PHY chip supplier [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 126.50 RMB [4][8]. Core Views - The company achieved a revenue of 396.23 million RMB in 2024, representing a year-over-year increase of 44.86%, but reported a net loss attributable to shareholders of 201.68 million RMB, a decrease of 34.36% year-over-year [2][4]. - The growth in revenue is attributed to the release of new products such as the 2.5G PHY and multi-port switch chips, alongside a recovery in demand from the industrial-grade market [2][3]. - The company is expected to continue its rapid growth in 2025, driven by various consumer stimulus policies and the ongoing recovery in the industrial-grade market [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 396.23 million RMB, with a significant increase in industrial-grade revenue by 108.89% to 225 million RMB, and commercial-grade revenue up by 61.72% to 164 million RMB [2][6]. - The gross margin for Q1 2025 was 40.74%, slightly down from the previous year, primarily due to increased competition in the industrial-grade product market [2][3]. Product Development - The company is expanding its product lines, including the launch of a 24-port switch chip series and the introduction of automotive Ethernet switch chips, which are expected to contribute to revenue in 2025 [3][4]. - The 2.5G PHY chip is projected to maintain rapid growth, with the introduction of a four-port version expected to open up larger market opportunities [3][4]. Market Outlook - The report anticipates that the company's revenue will reach 562.10 million RMB in 2025, with continued growth expected in subsequent years [4][6]. - The company is positioned as a rare supplier of PHY chips in China, with a resilient demand in the industrial-grade market and potential revenue elasticity from new product launches [4][6].