长江商报消息 ●长江商报记者 汪静 登录新浪财经APP 搜索【信披】查看更多考评等级 "A+H"股热潮仍在持续，晶晨股份（688099.SH）也要赴港上市了。 9月5日晚间，晶晨股份发布公告，拟发行H股股票并在香港联合交易所主板挂牌上市。 晶晨股份表示，此次赴港上市是为"进一步提高公司的资本实力和综合竞争力，深入推进公司的国际化 战略"。截至目前，公司正与相关中介机构就本次发行的相关工作进行商讨，其他具体细节尚未最终确 定。 长江商报记者注意到，晶晨股份业务已覆盖全球主要经济区域。2025年上半年，公司境外营业收入 29.61亿元，占总营收的88.9%，境外毛利率38.49%，较境内毛利率23.25%，高出15.24个百分点。 2025年上半年，晶晨股份实现营业收入33.3亿元，同比增长10.42%；实现净利润4.97亿元，同比增长 37.12%。其中，2025年第二季度，公司出货量接近5千万颗，创单季度历史新高。 拟赴港上市 9月5日晚间，晶晨股份发布公告称，公司拟发行境外上市外资股（H股）股票并申请在香港联合交易所 主板挂牌上市，以进一步提高公司资本实力和综合竞争力，深入推进国际化战略。 晶晨股份表示，公 ...

证券研究报告·公司点评报告·半导体 晶晨股份（688099） 2025 年中报业绩点评：产品结构优化与规模 效应驱动盈利能力提升 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,371 | 5,926 | 7,310 | 8,832 | 10,391 | | 同比（%） | (3.14) | 10.34 | 23.34 | 20.83 | 17.65 | | 归母净利润（百万元） | 498.04 | 821.92 | 1,060.93 | 1,410.28 | 1,829.69 | | 同比（%） | (31.46) | 65.03 | 29.08 | 32.93 | 29.74 | | EPS-最新摊薄（元/股） | 1.18 | 1.95 | 2.52 | 3.35 | 4.35 | | P/E（现价&最新摊薄） | 60.93 | 36.92 | 28.60 | 21.52 | 16.58 | [Ta ...

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]