证 券 研 究 报 告 聚辰股份（688123）2025 年半年报点评 强推（维持） DDR5 SPD 拉货加速，汽车 EEPROM 空间 广阔 事项： ❖ 聚辰股份发布 2025 年半年度报告：公司 2025 年上半年实现营收 5.75 亿元 （YoY+11.69%），实现归母净利润 2.05 亿元（YoY+43.5%），实现扣非归母净 利润 1.77 亿元（YoY+22.47%）。单季度来看，公司 25Q2 实现营收 3.14 亿元 （YoY+17.32%，QoQ+20.20%），实现归母净利润 1.06 亿元（YoY+15.02%， QoQ+6.22%），实现扣非归母净利润 0.96 亿元（YoY+22.57%，QoQ+19.29%）。 评论： 资料来源：公司公告，华创证券预测 注：股价为 2025 年 8 月 22 日收盘价 公司研究 集成电路 2025 年 08 月 25 日 目标价：112.61 元 当前价：83.28 元 华创证券研究所 证券分析师：岳阳 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 [ReportFinancialIndex] 主要财务指标 ...

Group 1: Company Overview - Gu Ming (01364.HK) has a strong core competitiveness in delivering fresh fruits and milk to lower-tier cities with a two-day shelf life, benefiting from significant cost advantages [1][6] - The company has a leading quarterly repurchase rate supported by a robust supply chain and high-quality research and development [1][7] - The store count in the top eight key provinces accounts for nearly 80% under the regional densification strategy [1][7] Group 2: Industry Insights - The tea beverage industry is characterized by a long-term growth trajectory, with brands possessing comprehensive capabilities expected to dominate the market [6][7] - The head effect intensifies, leading to rapid expansion of second and third-tier brands, while local long-tail brands will follow suit [6] Group 3: Financial Projections - Gu Ming's projected revenues for 2025, 2026, and 2027 are 116 billion, 140 billion, and 169 billion respectively, with corresponding net profits of 21 billion, 26 billion, and 32 billion [8] - The company is expected to achieve a PE ratio of 26X, 21X, and 17X for the years 2025, 2026, and 2027, indicating strong growth potential [8] Group 4: Competitive Advantages - The company maximizes supply chain efficiency and offers products with a high quality-to-price ratio, which enhances customer loyalty and repurchase rates [7][8] - The regional densification strategy allows for a significant market share in key provinces, while the coffee segment is expected to increase per-store revenue [8] Group 5: Market Position - Ju Chen Co., Ltd. (688123.SH) is positioned as a global leader in EEPROM, with a strong foothold in the smartphone camera market and a growing presence in automotive-grade EEPROM products [11][12] - The company is expected to see revenue growth from its DDR5 SPD products, with projected revenues of 13.09 billion, 17.95 billion, and 24.03 billion for 2025, 2026, and 2027 respectively [11][12] Group 6: Industry Trends - The macroeconomic environment shows signs of stabilization, with CPI remaining flat and core CPI rebounding, indicating potential for price recovery in the second half of the year [15][17] - The electrical equipment sector, represented by Hua Ming Equipment (002270.SZ), is experiencing stable growth in core business and significant export growth, with projected net profits of 7.38 billion, 8.44 billion, and 9.43 billion for 2025, 2026, and 2027 [19][21]