证券研究报告 | 公司动态点评 2025 年 08 月 25 日 芯联集成（688469.SH） 25H1 营收同比快速增长，6 英寸 SiC MOSFET 新增多项目定点 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5,324 | 6,509 | 8,600 | 10,778 | 13,006 | | 增长率 yoy（%） | 15.6 | 22.2 | 32.1 | 25.3 | 20.7 | | 归母净利润（百万元） | -1,958 | -962 | -460 | 117 | 336 | | 增长率 yoy（%） | -79.9 | 50.9 | 52.2 | 125.5 | 186.3 | | ROE（%） | -18.6 | -11.3 | -5.7 | 1.4 | 3.9 | | EPS 最新摊薄（元） | -0.28 | -0.14 | -0.07 | 0.02 | 0.05 | | P/E（倍） | -20.6 | -41.9 | -8 ...

Core Insights - The company reported a revenue of 3.495 billion yuan for the first half of 2025, representing a year-on-year growth of 21.38% [1] - The net profit attributable to shareholders improved to -170 million yuan, a reduction in losses by 63.82% year-on-year, with a positive net profit of 12 million yuan in Q2 [1] - The company aims to become a leading one-stop chip system foundry globally, focusing on power control, power drive, and sensor signal chain chips for automotive, industrial control, high-end consumer, and AI sectors [1] Financial Performance - Revenue for the first half of 2025 reached 3.495 billion yuan, up 21.38% year-on-year [1] - The company achieved a net profit of 12 million yuan in Q2, marking its first positive quarterly net profit [1] - The net loss for the first half was reduced to 170 million yuan, a 63.82% improvement compared to the previous year [1] Business Segments - The automotive sector saw a revenue increase of 23% year-on-year, while the industrial control sector grew by 35% [1] - AI business contributed 6% to the overall revenue, indicating its growing importance in the company's portfolio [1][4] - The company has established a complete series of wind-solar-storage products in the new power system sector and has formed close collaborations with leading industry clients [3] R&D and Innovation - The company maintained a high R&D investment of 964 million yuan in the first half, reflecting a growth of over 10% [1][2] - The company has developed over 10 new projects for 6-inch SiC MOSFETs and has entered mass production with five new automotive clients [2] - The company’s 4500V IGBT has been successfully mass-produced and is capable of stable operation in high-voltage grid environments [3] AI and Advanced Technologies - The AI business is focused on infrastructure and terminal applications, contributing 6% to revenue in the first half of 2025 [4] - The company launched a second-generation high-efficiency power management chip platform for data centers, achieving large-scale production [4] - The company has developed China's first 55nm BCD integrated DrMOS chip, which has completed customer validation and is gradually ramping up production [4]