新品上量多点开花，产品销售规模稳步提升。2025 年上半年，公司新 产品上市后迅速在市场中站稳脚跟，销售规模持续扩大。智能家居市场 需求增长迅猛，端侧智能技术渗透率进一步提升，推动公司智能家居类 产品销量显著增长。在智能端侧算力芯片领域，公司已在 19 款商用芯 片中集成自研智能端侧算力单元，上半年出货量超过 900 万颗，远超 2024 年全年总量。W 系列产品上半年销量超 800 万颗，第二季度销量 突破 500 万颗，其中 Wi-Fi6 芯片在第二季度销量超过 150 万颗，环比 增长 120%以上，占比升至近 30%。公司 6nm 芯片自 2024 年下半年商 用后，销售加速，上半年累计销量超 400 万颗，全年有望达千万颗以 上。 [Table_Info1] 晶晨股份(688099) 电子 [Table_Title] 证券研究报告 / 公司点评报告 单季度营收创历史新高，端侧 AI 引领成长 事件： [Table_Summary] 2025 年上半年公司实现营业收入 33.30 亿元，同比增长 10.42%；归母 净利润 4.97 亿元，同比增长 37.12%。其中二季度实现营业收入 18.01 亿 ...

Core Viewpoint - The company achieved a revenue growth of 9.94% year-on-year in Q2, with a net profit attributable to shareholders increasing by 31.46% [3] Financial Performance - In the 2025 mid-year report, the company reported a revenue of 3.33 billion yuan (YoY +10.42%) and a net profit of 497 million yuan (+37.12%). In Q2 alone, revenue reached 1.80 billion yuan (YoY +9.94%, QoQ +17.72%) and net profit was 308 million yuan (YoY +31.46%, QoQ +63.90%) [4] - The company recognized share-based payment expenses of 17 million yuan in 1H25, with a net profit impact of 23 million yuan after considering related taxes. Excluding these expenses, the net profit for 1H25 would be 520 million yuan [4] Orders and Inventory Management - The company is actively increasing inventory in response to abundant orders, expecting further growth in Q3 year-on-year. The gross margin in Q2 reached 37.29%, up 1.06 percentage points from the previous quarter, indicating improved profitability [5] - Inventory increased by 466 million yuan to 1.85 billion yuan, and prepaid expenses rose by 602 million yuan to 621 million yuan, primarily due to increased inventory levels in anticipation of current and expected orders. The company expects continued growth in operating performance for Q3 and the entire year of 2025 [5] Product Performance - The company achieved a record high shipment of nearly 50 million units in Q2, driven by the launch of strategic new products. Specifically, sales of smart home products grew over 50% year-on-year in both 1H25 and Q2 [6] - The shipment of 19 types of edge chips exceeded 9 million units in 1H25, surpassing the total sales for the entire year of 2024. Wi-Fi chip sales in 1H25 exceeded 8 million units, with Q2 alone surpassing 5 million units, and Wi-Fi6 sales in Q2 grew over 120% compared to Q1 [6] - The sales of 6nm chips in Q2 exceeded 2.5 million units, with a cumulative shipment of over 4 million units in 1H25, maintaining an annual shipment expectation of over 10 million units [6] - New product developments include successful tape-out of Wi-Fi AP chips and ongoing development of high-precision electronic image correction and stabilization products [6]

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, driven by the demand for smart home products and advancements in intelligent chip technology [4][5]. Financial Performance - In the first half of 2025, the company achieved revenue of 3.33 billion yuan, a year-on-year increase of 10.42%, and a net profit attributable to shareholders of 497 million yuan, up 37.12% [4]. - For Q2 2025, the company reported revenue of 1.80 billion yuan, a year-on-year growth of 9.94% and a quarter-on-quarter increase of 17.72%. The net profit for Q2 was 308 million yuan, reflecting a year-on-year increase of 31.46% and a quarter-on-quarter growth of 63.90% [4]. Product Performance - The company's smart home product sales grew over 50% year-on-year in the first half of 2025, benefiting from the rapid growth in the smart home market and increased penetration of edge intelligent technology [5]. - The W series Wi-Fi 6 chips achieved sales of over 8 million units in the first half of 2025, with Q2 sales surpassing 5 million units. The sales of Wi-Fi 6 chips in Q2 exceeded 1.5 million units, surpassing the total sales for the entire year of 2024, with a quarter-on-quarter growth of over 120% [6]. - The company’s 6nm chips, which were commercially launched in the second half of 2024, saw accelerated sales, with Q2 2025 sales exceeding 2.5 million units, bringing total sales in the first half of 2025 to over 4 million units. The company expects to sell over 10 million units of 6nm chips in 2025 [7][8].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company achieved a record high shipment volume in the second quarter, with strong order backlog and positive inventory management [1][2]. - Revenue for the second quarter increased by 9.94% year-on-year, while net profit attributable to shareholders grew by 31.46% [1]. - The company is expected to see further growth in the third quarter of 2025, driven by robust demand for smart home and Wi-Fi products [2][3]. Financial Performance - In the first half of 2025, the company reported revenue of 3.33 billion yuan, a year-on-year increase of 10.42%, and a net profit of 497 million yuan, up 37.12% [1]. - The gross margin for the second quarter reached 37.29%, reflecting a quarter-on-quarter improvement of 1.06 percentage points [2]. - The company’s inventory increased by 466 million yuan to 1.853 billion yuan, and prepaid expenses rose by 602 million yuan to 621 million yuan, indicating proactive inventory management in response to order expectations [2]. Product Performance - The company shipped nearly 50 million units in the second quarter, marking a historical high, with smart home and Wi-Fi products showing significant growth [3]. - In the first half of 2025, sales of smart home products increased by over 50% year-on-year, and the company’s 19 edge AI chips shipped over 9 million units [3]. - Wi-Fi chip sales exceeded 8 million units in the first half of 2025, with over 5 million units shipped in the second quarter alone, indicating strong market demand [3]. Earnings Forecast - The company maintains its earnings forecast, projecting revenues of 7.391 billion yuan, 8.936 billion yuan, and 10.725 billion yuan for 2025, 2026, and 2027 respectively [4][5]. - Net profit is expected to reach 1.035 billion yuan, 1.331 billion yuan, and 1.755 billion yuan for the same years, reflecting a steady growth trajectory [5].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Insights - The company reported a revenue of 3.33 billion yuan for H1 2025, representing a year-on-year growth of 10.42%, and a net profit attributable to shareholders of 497 million yuan, up 37.12% year-on-year [1]. - The second quarter of 2025 saw revenue reach 1.80 billion yuan, a 9.94% increase year-on-year and a 17.72% increase quarter-on-quarter, with net profit of 308 million yuan, reflecting a 31.46% year-on-year growth and a 63.91% quarter-on-quarter growth [1][2]. - The company is experiencing strong demand driven by smart technology, with significant growth in both revenue and shipment volumes, particularly in the smart home chip segment, which saw over 50% year-on-year sales growth in Q2 2025 [2][3]. - The company continues to invest heavily in R&D, with 735 million yuan allocated in H1 2025, an increase of 61 million yuan year-on-year, focusing on high-quality development and maintaining a strong competitive edge [2][3]. Financial Performance Summary - The company expects to achieve net profits of 1.06 billion yuan, 1.48 billion yuan, and 1.84 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 31, 22, and 18 [4][5]. - Revenue projections for 2025, 2026, and 2027 are 7.44 billion yuan, 9.09 billion yuan, and 10.81 billion yuan, with growth rates of 25.6%, 22.1%, and 19.0% respectively [5][10]. - The gross margin for H1 2025 was reported at 36.80%, an increase of 1.43 percentage points year-on-year [2].

Group 1 - The core viewpoint of the news highlights the strong rise of domestic AI industry chain investments, particularly through the Huabao Sci-Tech AI ETF (589520), which saw a price increase of 1.22% and a trading volume of 55.24 million yuan, a significant 82% increase compared to the previous period [1] - The ETF has reached a new high in trading volume since its listing, indicating a potential buying signal as it frequently trades at a premium, closing with a premium rate of 0.22% [1] - Key constituent stocks of the ETF include Jingchen Co., which surged over 8%, and other companies like Lexin Technology and Youkede also saw gains, reflecting a positive trend in the semiconductor sector [1][6] Group 2 - In terms of capital flow, the electronics and computer sectors received significant net inflows of 17.23 billion yuan and 10.40 billion yuan, respectively, ranking first and fifth among 31 primary industries [3] - The electronics and computer sectors are the top two heavy-weight industries in the Huabao Sci-Tech AI ETF, accounting for 51% and 36.7% of the index weight as of August 13 [3] - The semiconductor cycle is currently in an upward trend, driven by strong AI demand, with both cloud AI and terminal AI applications expected to accelerate, benefiting domestic semiconductor manufacturers [8] Group 3 - As of August 12, five of the 30 constituent stocks of the Huabao Sci-Tech AI ETF have reported mid-year earnings, all showing year-on-year revenue growth, with Aobi Zhongguang leading at a 104% increase [6][8] - Jingchen Co. reported a revenue of 3.33 billion yuan for the first half of 2025, a 10.42% increase year-on-year, and a net profit of 497 million yuan, reflecting a 37.12% growth [6][8] - The ETF's constituent stocks are strategically positioned across four key segments: application software, terminal applications, terminal chips, and cloud chips, indicating a balanced approach to capitalize on the AI integration trend [9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company achieved record high quarterly shipment volume and revenue in the first half of 2025, with revenue reaching 3.33 billion yuan, a year-on-year increase of 10.42%, and a net profit of 497 million yuan, up 37.12% year-on-year [4][5] - The company has launched 19 commercial chips featuring self-developed intelligent edge computing units, with over 9 million units shipped in the first half of the year [6] - The company is expected to continue launching new products in the second half of the year, which will contribute to revenue growth in the coming years [6] Financial Summary - The latest closing price of the company's stock is 72.06 yuan, with a total market capitalization of 30.3 billion yuan [3] - The company reported a gross margin of 36.8% in the first half of 2025, an increase of 1.43 percentage points year-on-year [5] - Revenue projections for 2025, 2026, and 2027 are 7.45 billion yuan, 9.07 billion yuan, and 10.58 billion yuan respectively, with net profits of 1.09 billion yuan, 1.40 billion yuan, and 1.76 billion yuan [7][9]

Core Insights - The company reported a strong performance in H1 2025, achieving revenue of 3.33 billion yuan, a year-on-year increase of 10.42%, and a net profit of 497 million yuan, up 37.12% year-on-year [2] - In Q2 2025, the company reached a record quarterly revenue of 1.80 billion yuan, representing a 9.94% year-on-year growth and a 17.72% quarter-on-quarter increase [2] - The total assets of the company as of mid-2025 were approximately 7.90 billion yuan, reflecting a 7.2% year-on-year growth [2] Product Performance - The smart home product line saw sales growth exceeding 50% in both H1 and Q2 2025, driven by increasing market demand [3] - The company shipped over 900,000 chips with self-developed intelligent edge computing units in H1 2025, surpassing the total sales for the entire year of 2024 [3] - The W series products achieved sales of over 800,000 units in H1 2025, with Q2 sales exceeding 500,000 units, including over 1.5 million Wi-Fi 6 chips, which is more than the total sales for 2024 [3][4] R&D and Future Outlook - The company invested 735 million yuan in R&D in H1 2025, an increase of 61 million yuan compared to the same period last year [4] - The company anticipates continued growth in Q3 2025 and for the entire year, supported by the successful launch of strategic new products [5] - The company plans to maintain high-intensity R&D investments and market expansion efforts in key areas such as intelligent edge, high-speed connectivity, and smart automotive [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In 2024, the company achieved a revenue of 5.926 billion yuan, representing a year-on-year increase of 10.34%. The net profit attributable to shareholders was 822 million yuan, up 65.03% year-on-year, while the net profit excluding non-recurring items reached 746 million yuan, reflecting a 93.97% increase year-on-year [2][6][12]. - The fourth quarter of 2024 saw a revenue of 1.286 billion yuan, which was a decrease of 15.00% year-on-year and a 20.79% decline quarter-on-quarter. The net profit attributable to shareholders for Q4 was 228 million yuan, up 23.79% year-on-year but down 1.52% quarter-on-quarter [2][12]. - The company emphasizes research and development, with R&D expenses amounting to 1.353 billion yuan in 2024, a 5.46% increase year-on-year, representing 22.83% of total revenue [12]. Summary by Sections Financial Performance - The company reported a total revenue of 5.926 billion yuan for 2024, with a gross profit of 2.166 billion yuan, yielding a gross margin of 37% [16]. - The projected net profits for 2025, 2026, and 2027 are estimated to be 1.129 billion yuan, 1.460 billion yuan, and 1.779 billion yuan respectively [16]. Product Development - The company has successfully launched new products, including 6nm chips, which are expected to achieve sales of over 10 million units in 2025. The 8K chips have captured all domestic market shares and received orders from top international operators [12]. - The Wi-Fi 6 2*2 chips sold over 1.5 million units in 2024, with expectations for accelerated growth in 2025 [12]. Market Expansion - The S series products continue to gain market share in domestic operator tenders, while the T series chips have seen over 30% year-on-year sales growth, with further international market expansion anticipated [12]. - The company is diversifying its product lines and expanding into automotive and AIoT sectors, which are expected to drive long-term growth [12].