证券日报网讯12月4日，晶合集成在互动平台回答投资者提问时表示，公司55nm中高阶及堆叠式CIS已 实现量产，对营收的提升具有积极贡献。40nm高压OLED显示驱动芯片也已实现量产，28nm逻辑芯片 持续流片，具体产品进展及相关情况敬请关注公司公告。 ...

Core Insights - The company maintains a high capacity utilization rate, actively expanding both domestic and international markets, resulting in stable revenue growth and a significant increase in net profit [1][2] Financial Performance - In the first three quarters of 2025, the company achieved revenue of 8.13 billion yuan, a year-on-year increase of 19.99% - In Q3 2025, revenue reached 2.93 billion yuan, up 23.30% year-on-year - The net profit attributable to shareholders in Q3 2025 was 218 million yuan, a substantial increase of 137.18%, primarily due to increased sales and the transfer of photomask-related technology, which generated 152 million yuan in revenue - The non-recurring net profit attributable to shareholders in Q3 2025 was 24 million yuan, down 71.68% year-on-year, mainly due to increased R&D investment and higher management costs, with management and R&D expenses of 108 million and 384 million yuan, respectively, reflecting year-on-year growth of 31.76% and 20.91% [1] Product Structure Optimization - In H1 2025, the revenue proportions by process node were 10.38% for 55nm, 43.14% for 90nm, 26.74% for 110nm, and 19.67% for 150nm, with the 55nm revenue share continuing to rise - The revenue share for 55nm and below increased from 0.4% in 2022 to 10.4% in H1 2025 - In H1 2025, the revenue proportions by application product were 60.61% for DDIC, 20.51% for CIS, 12.07% for PMIC, 2.14% for MCU, and 4.09% for Logic, indicating ongoing product structure optimization - The company has achieved full-process production of 55nm stack-type CIS chips and small-batch production of 55nm logic chips, with mass production of 40nm high-voltage OLED display driver chips and ongoing wafer production for 28nm logic chips - Future plans include further miniaturization and performance enhancement of chips based on the 28nm logic chip platform, aiming to establish a self-developed 22nm technology platform to capture market opportunities [2] Investment Outlook - The company is projected to achieve revenues of 11.1 billion yuan, 12.6 billion yuan, and 14.3 billion yuan in 2025, 2026, and 2027, respectively, with net profits attributable to shareholders of 820 million yuan, 1.14 billion yuan, and 1.43 billion yuan for the same years - The investment rating is maintained at "Buy" [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [5][13]. Core Insights - The company has a high capacity utilization rate, actively expanding both domestic and international markets, leading to a steady increase in revenue. For the first three quarters of 2025, the company achieved a revenue of 8.13 billion yuan, a year-on-year increase of 19.99%. In Q3 2025, revenue reached 2.93 billion yuan, up 23.30% year-on-year [3][4]. - The company's net profit attributable to shareholders for Q3 2025 was 218 million yuan, a significant increase of 137.18%, primarily due to increased sales and the transfer of photomask-related technology, which generated 152 million yuan in revenue [3]. - The product structure is continuously optimized, with the revenue share of 55nm and below increasing from 0.4% in 2022 to 10.4% in H1 2025. The company has achieved full-process production of 55nm stack CIS chips and is actively developing 90nm PMICs [4]. Financial Projections - The company is projected to achieve revenues of 11.1 billion yuan, 12.6 billion yuan, and 14.3 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 820 million yuan, 1.14 billion yuan, and 1.43 billion yuan for the same years [5][9]. - The report indicates a growth rate of 27.69% for 2024, followed by 19.96% in 2025, and a gradual decline to 13.37% by 2027 [9][12]. Key Financial Metrics - The company’s earnings per share (EPS) is projected to increase from 0.27 yuan in 2024 to 0.71 yuan in 2027, reflecting a strong growth trajectory [9][12]. - The price-to-earnings (P/E) ratio is expected to decrease from 121.87 in 2024 to 45.55 by 2027, indicating improving valuation as earnings grow [9][12]. Market Position - The company is positioned within a unique industrial ecosystem in Hefei, benefiting from the local government's "chip-screen-car integration" initiative, which supports its strategic development and customer-oriented approach [4].

Core Viewpoint - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy, accelerate overseas business development, and improve its competitive edge and brand image [2] Financial Performance - In 2023 and 2024, the company achieved revenues of 7.244 billion and 9.249 billion yuan, respectively, with a year-on-year growth of 27.69% in 2024 [3] - Net profits for the same years were approximately 119 million and 482 million yuan, reflecting a significant year-on-year growth of 304.65% in 2024 [3] - For the first half of the year, the company reported operating revenue of 519.85 million yuan, an increase of 18.21% year-on-year, and a net profit of 231.99 million yuan, up 19.07% year-on-year [4] Business Segmentation - The main business revenue for the first half of the year was 512.98 million yuan, with revenue contributions from process nodes as follows: 55nm (10.38%), 90nm (43.14%), 110nm (26.74%), and 150nm (19.67%) [4] - From an application product perspective, the revenue contributions were: DDIC (60.61%), CIS (20.51%), PMIC (12.07%), MCU (2.14%), and Logic (4.09%) [4] Research and Development - The company invested 694.82 million yuan in R&D in the first half of the year, a 13.13% increase year-on-year, accounting for 13.37% of total revenue [5] - The company has made significant progress in R&D, achieving mass production of new products such as 40nm high-voltage OLED display driver chips and 28nm logic chips [5] Shareholder Changes - In July, the company announced that Huakin Technology would acquire approximately 120 million shares, representing 6% of the total share capital, at a price of 19.88 yuan per share, totaling around 2.4 billion yuan [5][6] - Following the transaction, Huakin Technology will become the fourth largest shareholder, committing to hold the shares for at least 36 months [6][7] Strategic Intent - Huakin Technology expressed confidence in the company's future and aims to deepen resource integration and explore collaboration opportunities in various projects to enhance overall competitiveness [7] - The partnership is expected to facilitate the company's products entering the supply chain of high-performance computing and smart terminal sectors [7]

Core Viewpoint - The global semiconductor market is recovering, leading to a significant improvement in the profitability of Jinghe Integrated [2][5] Financial Performance - Jinghe Integrated expects to achieve operating revenue of 5.07 billion to 5.32 billion yuan in the first half of 2025, representing a year-on-year growth of 15.29% to 20.97% [2] - The company anticipates a net profit of 260 million to 390 million yuan, with a year-on-year increase of 39.04% to 108.55% [2][5] - In 2024, Jinghe Integrated reported operating revenue of 9.249 billion yuan, a year-on-year increase of 27.69%, and a net profit of 533 million yuan, up 151.78% [5] Market and Capacity Utilization - The increase in performance is attributed to the recovery of industry conditions, increased product sales, and high capacity utilization rates [3][5] - Jinghe Integrated's production line load reached 110% in June 2024, with order volumes exceeding current capacity [5] Research and Development - The company has placed a strong emphasis on R&D, with R&D expenses increasing from 397 million yuan in 2021 to 1.284 billion yuan in 2024, totaling 3.596 billion yuan over four years [6] - Jinghe Integrated has obtained 218 new patent authorizations since the beginning of 2025, a 17.84% increase compared to the same period last year [3][6] - The company focuses on technological breakthroughs and product diversification, with ongoing developments in various chip technologies [5][6] Strategic Focus - Future R&D plans will concentrate on core products such as DDIC and CIS, while also addressing emerging markets like automotive chips and AR/VR applications [6] - The company aims to strengthen collaborations with strategic clients and expand into high-end product development [6]

Macro Dynamics - The State Administration for Market Regulation has released the first national standard for campus meal service management, aimed at enhancing food safety regulations in schools, covering aspects from recipe management to emergency handling [1] - The People's Bank of China and other regulatory bodies have issued implementation details for cross-border asset management pilot projects in Hainan Free Trade Port, facilitating foreign investment in local financial products [2] - In June, China's total electricity consumption reached 867 billion kWh, a year-on-year increase of 5.4%, with significant growth in residential electricity usage [3] - China's express delivery volume has maintained its position as the world's largest for 11 consecutive years, with over 500 million packages collected daily [4] - The National Space Administration has implemented a lifelong accountability system for quality responsibilities in commercial space projects to enhance oversight [5] Financial Institutions - The National Association of Financial Market Institutional Investors has initiated a self-regulatory investigation into Guangfa Bank for potential price manipulation in its bond issuance process [6] Market Data - On July 21, A-shares saw collective gains, with the Shanghai Composite Index rising by 0.72% and the Shenzhen Component Index by 0.86%, with a total market turnover of approximately 1.699 trillion yuan [8] - The Hong Kong stock market closed with the Hang Seng Index up by 0.68%, led by gains in construction and cement stocks [9] Company Dynamics - Good Products has reported a court case involving a share transfer dispute with a claim amount of 996 million yuan, which may affect the control transfer of its major shareholder [10] - JD.com has announced its entry into the field of embodied intelligence, focusing on technological innovation and applications in supply chain scenarios [11] - Jinghe Integrated is expecting a net profit increase of 39% to 109% year-on-year for the first half of 2025, driven by industry recovery and increased product sales [12]

Group 1 - The company expects to achieve operating revenue between 5,070 million and 5,320 million yuan for the first half of 2025, representing a year-on-year increase of 67.22 million to 92.22 million yuan, or a growth rate of 15.29% to 20.97% [1][2] - The net profit attributable to the parent company is projected to be between 260 million yuan and 108.55% [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between 157 million and 235 million yuan, reflecting an increase of 62.33 million to 140.33 million yuan, or a growth rate of 65.83% to 148.22% compared to the same period last year [1][2] Group 2 - The company attributes the performance increase to high utilization rates, which have positively impacted operating revenue and product gross margins [2] - The company continues to strengthen its position in the market, with CIS becoming the second major product line, while other products also show improved competitiveness [2] - The company has achieved mass production of 40nm high-voltage OLED display driver chips and 55nm full-process stacked CIS chips, with ongoing development of 28nm OLED display driver chips and 28nm logic chips expected to enter risk mass production by the end of the year [2]