格隆汇12月4日｜华安证券研报指出，圣邦股份2025年第三季度归母净利润1.4亿元，同比增加34%，环 比增加1%；业绩稳健增长韧性凸显，拟发H股加速国际布局。公司持续推出高性能模拟芯片，如24位 高精度ADC、60nA超低功耗DC/DC转换器等，现有产品涵盖34大类5900余款，满足广泛市场需求，同 时多款车规级芯片已实现量产，不断增强进口替代能力和市场竞争力。为进一步满足业务发展需求，公 司已于2025年9月28日向香港联交所递交了发行H股并上市的申请。此举有望拓宽融资渠道，提升国际 影响力，为公司在全球模拟芯片市场的竞争中提供强有力的资本支持。维持"买入"评级。 ...

Core Insights - The report from Huazhong Securities indicates that Shengbang Co., Ltd. achieved a net profit attributable to shareholders of 200 million yuan in the first half of the year, representing a year-on-year increase of 12% [1] - In Q2, the net profit attributable to shareholders was 100 million yuan, showing a year-on-year increase of 14% and a quarter-on-quarter increase of 136% [1] Financial Performance - The signal chain product business performed exceptionally well, generating approximately 700 million yuan in revenue for the first half of 2025, a year-on-year growth of 29%, driven mainly by a recovery in demand in the general industrial sector [1] - Power management revenue reached approximately 1.1 billion yuan, reflecting a year-on-year increase of 8%, primarily due to relative weakness in consumer segments [1] - The company's gross margin for the first half of the year was 50%, a decrease of 2 percentage points year-on-year, attributed to the company's proactive choice to expand revenue scale while continuously developing mid-to-high-end product lines [1] Product Development and Market Position - The company continues to launch high-performance analog chips, such as 24-bit high-precision ADCs and 60nA ultra-low power DC/DC converters, with core technical indicators reaching internationally leading levels [1] - The product portfolio includes 34 major categories and over 5,900 models, catering to a wide market demand, with several automotive-grade chips already in mass production, enhancing import substitution capabilities and market competitiveness [1] Valuation - The latest closing price corresponds to price-to-earnings ratios of 86x, 59x, and 45x, maintaining a "buy" rating [1]