半导体 分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 公司持续高成长 ——恒玄科技(688608)24 年报及 25Q1 季报点评 证券研究报告-季报点评 买入(维持) 市场数据(2025-05-06) | 收盘价(元) | 437.59 | | --- | --- | | 一年内最高/最低(元) | 449.60/119.24 | | 沪深 300 指数 | 3,808.54 | | 市净率(倍) | 7.83 | | 流通市值(亿元) | 525.31 | | 基础数据(2025-03-31) | | | 每股净资产(元) | 55.86 | 资料来源：中原证券研究所，聚源 相关报告 《恒玄科技(688608)中报点评：智能手表类芯 片市场份额快速提升，新一代 6nm 芯片有望 逐步放量》 2024-08-29 联系人：李智 | | | 发布日期：2025 年 05 月 07 日 | 每股经营现金流(元) | 0.03 | | --- | --- | | 毛利率(%) | 38.47 | | 净资产收益率_摊薄(%) | 2.84 | ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 tsmc ，谢谢。 台积电表示，这项投资预计将在未来四年内创造4万个建筑岗位，数万个高薪、高科技岗位，并在 未来十年内为亚利桑那州不同地区带来超过2000亿美元的经济效益。 台积电亚利桑那工厂于 2020 年 5 月首次宣布计划投资在凤凰城建立一个大型半导体工厂。七个月 后，工厂获得了约 1,130 英亩的土地，并于 2021 年 4 月开始建造第一座晶圆厂。 2022年12月，时任总统乔·拜登访问了台积电园区，庆祝其半导体制造设备抵达亚利桑那州。台积 电还宣布将在亚利桑那州建设第二座先进晶圆厂。第三座晶圆厂的建设计划于2024年4月宣布。 台积电亚利桑那州分公司于 12 月根据《CHIPS 法案》获得了高达 66 亿美元的资金支持。 台积电将在美国生产 30% 的 2nm 及更先进芯片 台积电管理层在早前的财报电话会议上透露，该公司计划将其30%的N2（2纳米级）产量在美国生 产，并将其位于亚利桑那州凤凰城附近的Fab 21工厂打造成为一个独立的半导体制造集群。这家 全球最大的芯片代工厂还表示，有意加快建设新的Fab 21模块，以生产N3（3纳米 ...

Core Insights - The company reported a revenue of 1.53 billion yuan for Q1 2025, representing a year-on-year increase of 10.98%, and a net profit of 188 million yuan, up 47.53% year-on-year, with a gross margin of 36.23% [1] - The smart home and Wi-Fi 6 segments are expected to maintain high growth momentum in 2025, with smart home chip sales increasing over 50% year-on-year and Wi-Fi 6 chip shipments growing by 35% [2] - The company has made significant R&D investments, totaling 1.352 billion yuan in 2024 and 359 million yuan in Q1 2025, leading to a competitive advantage across multiple product lines [3] Financial Performance - Q1 2025 revenue reached 1.53 billion yuan, a 10.98% increase year-on-year [1] - Net profit for Q1 2025 was 188 million yuan, reflecting a 47.53% year-on-year growth [1] - Gross margin stood at 36.23% [1] Product Performance - Smart home chip sales surged over 50% year-on-year, with over 10 million units shipped in a single quarter [2] - Wi-Fi 6 chip shipments increased by 35%, with 25% of shipments being Wi-Fi 6 2*2 chips, a significant rise from 1.5% in Q1 2024 [2] - The S series chips captured the largest share in domestic operator tenders, while the T series saw a 30% increase in sales [3] R&D Investment - The company invested 1.352 billion yuan in R&D in 2024 and 359 million yuan in Q1 2025 [1][3] - The focus on R&D has led to advancements in various product lines, including the S905X5 series and 8K chips, with expectations of significant sales growth [3] Investment Outlook - The company is positioned to benefit from the AI industry trend, with projected revenues of 7.408 billion yuan, 9.26 billion yuan, and 10.741 billion yuan for 2025 to 2027, respectively [4] - Expected net profits for the same period are 1.019 billion yuan, 1.394 billion yuan, and 1.815 billion yuan [4] - A target price of 97.1 yuan is set, with a 40x PE ratio for 2025, maintaining a "Buy-A" investment rating [4]