Core Viewpoint - The company has experienced rapid growth in its optical module business during the first three quarters, with a steady increase in market share among leading customers and the entry of new customers into volume production [2] Group 1: Business Performance - The optical module business has shown significant growth, with multiple high-value analog chip products achieving large-scale shipments [2] - The company has a high technical barrier and substantial value in its AFE products, which continue to gain market share among core customers [2] Group 2: Product Development - The company is transitioning its products from 400G to 800G and is also planning to develop higher-specification 1.6T products [2] - The expansion of high-value product lines is expected to become a new driver for the company's performance growth [2]

思瑞浦12月9日晚公告称，公司决定终止筹划以发行股份及/或支付现金的方式购买宁波奥拉半导体股份有限公司股权（简称"奥拉股份"）并募集配套资金 的重大资产重组事项。公司承诺1个月内不再筹划重大资产重组。公司股票及定向可转换公司债券均自12月10日（星期三）开市起复牌。 | 688536 118500 | 思瑞浦 思瑞定转 | A 股 复牌 可转债转股复 ਜਿੱ | | | 2025/12/9 2025/12/9 | 2025/12/10 2025/12/10 | | --- | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | 终止筹划重大资产重组 公告显示，公司经审慎研究相关各方意见，积极磋商和认真探讨后，认为目前实施重大资产重组的条件尚未完全成熟。为切实维护公司及全体股东利益， 经公司审慎研究，并与交易各方协商一致，决定终止筹划本次重大资产重组事项。 本次交易尚处于筹划阶段，交易相关方均未就具体方案签署正式协议，相关议案尚未提交公司董事会及股东会审议，重组事项尚未正式实施，交易双 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 重大资产重组，终止！明起复牌 思瑞浦12月9日晚公告称，公司决定终止筹划以发行股份及/或支付现金的方式购买宁波奥拉半导体股份 有限公司股权（简称"奥拉股份"）并募集配套资金的重大资产重组事项。公司承诺1个月内不再筹划重 大资产重组。公司股票及定向可转换公司债券均自12月10日（星期三）开市起复牌。 本次交易尚处于筹划阶段，交易相关方均未就具体方案签署正式协议，相关议案尚未提交公司董事会及 股东会审议，重组事项尚未正式实施，交易双方对终止本次重大资产重组无需承担任何违约责任。本次 终止筹划重大资产重组事项不会对公司业务开展、生产经营活动和财务状况造成不利影响，也不存在损 害公司及股东特别是中小股东利益的情形。未来公司将继续围绕既定的战略目标开展各项经营工作，在 合适的时机与条件下，与奥拉股份探讨各类业务合作机会，积极寻求发展机会。 11月25日，思瑞浦公告称，与Hong Kong Aura Investment Co． Limited、海南璞愿投资合伙企业（有限 合伙）、Ideal Kingdom Limited、宁波奥吉芯企业管理合伙企 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 思瑞浦12月9日晚公告称，公司决定终止筹划以发行股份及/或支付现金的方式购买宁波奥拉半导体股份 有限公司股权（简称"奥拉股份"）并募集配套资金的重大资产重组事项。公司承诺1个月内不再筹划重 大资产重组。公司股票及定向可转换公司债券均自12月10日（星期三）开市起复牌。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 688536 | 思瑞浦 | A 股 复牌 | | | 2025/12/9 | 2025/12/10 | | 118500 | 思瑞定转 | 可转债转股复 牌 | | | 2025/12/9 | 2025/12/10 | 终止筹划重大资产重组 公告显示，公司经审慎研究相关各方意见，积极磋商和认真探讨后，认为目前实施重大资产重组的条件 尚未完全成熟。为切实维护公司及全体股东利益，经公司审慎研究，并与交易各方协商一致，决定终止 筹划本次重大资产重组事项。 本次交易尚处于筹划阶段， ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company has achieved significant revenue growth across four major application markets, with a reported revenue of 1.531 billion yuan for the first three quarters, representing a year-on-year increase of 80.47%. The net profit attributable to the parent company reached 126 million yuan, an increase of 225 million yuan compared to the same period last year [4] - The automotive market has seen substantial growth due to increased product volume and a rise in scale revenue customers, particularly in key application areas such as three electric systems, body control, lidar, and lighting [4] - The company is focusing on high-value products in the optical module sector, with several analog chip products achieving large-scale shipments. New products for general and AI server markets are also being introduced [5] Financial Projections - Revenue projections for the company are estimated at 2.113 billion yuan for 2025, 2.838 billion yuan for 2026, and 3.489 billion yuan for 2027, with net profits expected to be 190 million yuan, 339 million yuan, and 480 million yuan respectively [6][8] - The company is expected to maintain a strong growth trajectory, with revenue growth rates of 73.22% in 2025, 34.34% in 2026, and 22.94% in 2027 [8]

Core Viewpoint - The company SiRuPu (688536.SH) has experienced rapid growth in its optical module business during the first three quarters, with a steady increase in market share among leading clients and the entry of new clients into volume production [1] Group 1: Business Performance - The optical module business has achieved significant growth in the first three quarters [1] - Several leading clients have seen a steady increase in their market share [1] - New clients have begun to enter the volume production phase [1] Group 2: Product Development - The company has successfully scaled the shipment of several high-value analog chip products in optical module applications [1] - AFE products have high technical barriers and significant value, with a continuous increase in market share among core clients [1] - The product line is expanding from 400G to 800G, with plans to develop higher specification 1.6T products, which are expected to drive new performance growth for the company [1]

Investment Rating - The report maintains a "Recommended" rating for the company [1][11]. Core Insights - The company achieved significant revenue growth, with a 87.33% year-on-year increase in revenue, reaching 949 million yuan in the first half of 2025, and turned a profit with a net profit of 66 million yuan [3][6]. - The company has established a comprehensive market presence in four key sectors: industrial, automotive, communication, and consumer electronics, benefiting from a recovery in downstream demand and successful integration with Chuangxin Micro [6][7]. - The sales revenue from signal chain chips was 643 million yuan, up 53.66% year-on-year, while power management chips saw a remarkable increase of 246.11%, reaching 306 million yuan [6]. Financial Performance Summary - The company reported a gross margin of 46.38% and a net margin of 6.92% for the first half of 2025, with a notable improvement in net profit margin by 19.87 percentage points year-on-year [6]. - The company’s operating expenses decreased significantly, with a total expense ratio of 40.96%, down 29.10 percentage points year-on-year [6]. - For the second quarter of 2025, the company achieved revenue of 527 million yuan, a 71.96% increase year-on-year, and a net profit of 50 million yuan, reflecting a 222.07% quarter-on-quarter growth [6]. Future Projections - The company’s projected net profits for 2025, 2026, and 2027 are 152 million yuan, 322 million yuan, and 507 million yuan respectively, with corresponding price-to-earnings ratios of 147.5X, 69.7X, and 44.3X based on the closing price on August 29 [7][9]. - The company is expected to continue benefiting from the large market potential in the analog integrated circuit sector in China, with a focus on semiconductor localization [7][9].