1月30日晚间，上交易上市审核委员会2026年第3次审议会议公告显示，斯达半导（603290）公开发行15 亿可转债项目获得通过。 一、公司基本情况 斯达半导体股份有限公司（Wind代码：603290.SH）成立于2005年4月27日，总部位于浙江省嘉兴市南 湖区科兴路988号，2020年2月4日在上海证券交易所主板上市。公司专业从事以IGBT为主的半导体芯片 和模块的设计研发、生产及销售，产品涵盖IGBT、SiC、GaN、MCU芯片及模块，电压等级覆盖100V ～3300V，电流等级10A～3600A，广泛应用于新能源汽车、工业控制、光伏、储能、白色家电等领 域。公司注册资本2.39亿元，法定代表人及董事长为沈华。 二、报告期业绩 截至2025年前三季度，公司实现营业收入29.90亿元，同比增长23.82%；归母净利润为3.82亿元，同比 下降9.80%；扣非归母净利润同比下降11.58%。业绩增长主要由新能源汽车、AI服务器等高增长领域需 求驱动，但净利润承压源于研发费用大幅增加至3.44亿元，占营业收入比重达11.5%。2025年第三季度 单季营收达10.51亿元，环比增长显著，显示收入端持续回暖。公司 ...

Core Viewpoint - The company, Hongwei Technology, is expected to turn a profit in 2025, with projected net profits ranging from 14 million to 21 million yuan, marking a significant increase compared to the previous year [1] Group 1: Financial Projections - The estimated net profit attributable to the parent company for 2025 is projected to be between 14 million and 21 million yuan, an increase of 28.47 million to 35.47 million yuan year-on-year, representing a growth of 196.77% to 245.15% [1] - The projected net profit after deducting non-recurring gains and losses is expected to be between 8 million and 12 million yuan, reflecting an increase of 41.99 million to 45.99 million yuan year-on-year, which corresponds to a growth of 123.54% to 135.30% [1] Group 2: Industry Outlook - The power semiconductor industry is anticipated to recover in 2025, driven by increased global investment in intelligent computing and rising chip power consumption [1] - There is a growing demand for new power electronic devices in sectors such as renewable energy generation, industrial control, and AI server power supplies, which is expected to accelerate the iteration of these devices [1] - The company is strategically expanding its product offerings, including IGBT, MOSFET, FRD, SiC, and GaN, to meet market demands and enhance overall profitability [1] Group 3: Operational Strategy - The company is actively adjusting its business strategy in response to improving market conditions and is focusing on clearing long-term inventory, which is expected to significantly reduce asset impairment losses and positively impact net profits [2]

（记者 曾健辉） 每经头条（nbdtoutiao）——核电建设热潮下，设备厂忙到"飞起"！订单已排至2028年，员工三班倒， 产线24小时不停 每经AI快讯，宏微科技1月30日晚间发布业绩预告，预计2025年年度实现归属于母公司所有者的净利润 为1400万元~2100万元，较上年同期相比，将实现扭亏为盈，预计较上年同期增加2846.73万元~3546.73 万元，同比增加196.77%~245.15%。业绩变动主要原因是，主营业务的影响。2025年，公司所处的功率 半导体行业景气度回升。全球智算投资持续加码，芯片功耗攀升与机柜密度跃增驱动供电升级，新能源 发电、工业控制、AI服务器电源等领域对新型电力电子装置的需求加速迭代。公司把握市场机遇，持 续丰富IGBT、MOSFET、FRD及SiC、GaN产品组合，扩大业务外延，丰富客户结构，根据客户需求提 供定制化的功率器件解决方案，带动了整体盈利能力提升。 ...

Core Insights - Deutsche Bank's report on the European technology hardware industry for 2026 identifies six major themes: memory shortages, AI squeezing mainstream components, accelerated penetration of optoelectronics, upgrades in advanced packaging, transformation of 800V power architecture, and the resurgence of edge AI growth [1] Memory Shortage and WFE Spending - The memory shortage has escalated from a component risk to a macro concern, with DRAM spot prices surging by 300-400% and NAND flash prices increasing by 200% over the past three months [2] - The contract prices are also rising rapidly, with expectations of a further 30-50% increase in DRAM and NAND contract prices in the first half of 2026 as channel inventories deplete [2] - This shortage is projected to persist until 2027, driving unexpected growth in wafer fabrication equipment (WFE) spending, particularly benefiting DRAM-related equipment companies [2] AI Spending and Component Pressure - The explosive growth in AI spending is intensifying supply constraints for key components, impacting low to mid-range smartphones and PCs [3] - Companies like Realme may need to raise smartphone prices by 20-30% due to rising memory costs, while Dell's COO noted unprecedented cost increases [3] - The automotive sector is less affected due to independent production lines, but network equipment manufacturers like Nokia and Ericsson may face component supply pressures [3] Optoelectronics and Data Centers - The demand for bandwidth in AI data centers is driving optoelectronics and photonics technologies to become core growth engines [4] - AI data centers are expected to transition to high-speed pluggable optical modules and linear pluggable optics (LPO) to achieve lower power consumption and latency [4] - Companies like Tower Semi plan to significantly increase silicon photonics production capacity, targeting $900 million in sales by 2026 [4] Testing and Advanced Packaging - The complexity of AI accelerators is increasing, making testing and advanced packaging critical growth points in the semiconductor supply chain [7] - TSMC plans to expand AI testing capacity at an 80% CAGR from 2022 to 2026, while OSATs are also ramping up production to alleviate capacity constraints [7] - The transition to 3D packaging is underway, with Apple planning to adopt TSMC's 3D packaging solution in high-end laptops by 2026 [7] 800V Power Architecture Transformation - NVIDIA is leading the shift from 48V to 800V power architecture in AI data centers, presenting opportunities for gallium nitride (GaN) devices [8] - The 800V architecture improves efficiency and reduces copper cable usage, with significant market potential for GaN and silicon carbide (SiC) technologies [8] - The AI processor power consumption is expected to rise from 7GW in 2023 to 70GW by 2030, creating a substantial market for power semiconductors [8] Edge AI Growth - Edge AI is anticipated to experience moderate growth in 2026, emerging as a significant new growth point in the technology hardware industry [10] - Applications in automotive ADAS, video surveillance, and industrial control are becoming core use cases for edge AI [10] - The market for edge AI devices is projected to reach $103 billion by 2030, with a CAGR of 21% from 2025 to 2030 [11]

Group 1 - The Hang Seng Index fell by 0.25%, down 63 points, closing at 25,872 points, while the Hang Seng Tech Index decreased by 0.20% [1] - The trading volume in the Hong Kong stock market reached HKD 81.6 billion in the morning session [1] - The non-ferrous metals sector showed strong performance, driven by rising expectations for interest rate cuts by the Federal Reserve, with Jiangxi Copper (00358) up over 5%, Minmetals Resources (01208) up 4%, and China Aluminum (02600) up 4.3% [1] - China General Nuclear Power Corporation (01164) saw a rise of over 7%, supported by a significant increase in uranium prices in the US stock market [1] - Reformed Energy (02570) surged over 9% ahead of a stock unlock event, focusing on hydrogen fuel cell systems [1] - InnoCare Pharma (02577) increased by over 6% after forming a strategic partnership with ON Semiconductor, with institutions optimistic about GaN technology for robotics [1] - Goldwind Technology (02208) rose over 6% as the industry enters a peak installation season, with expectations for significant growth in domestic wind power installations during the 14th Five-Year Plan [1] - Nanjing Panda Electronics (00553) increased by 6% as the 2025 Brain-Computer Interface Conference opened, marking a critical phase for domestic clinical transformation [1] - China Oriental Group (00581) rose 5% after investing approximately HKD 52 million to increase its stake in Jiangsu Shentong [1] - Shenzhou International (02313) fell over 4% as institutions downgraded the company's sales growth forecast for the second half of the year, with production increases expected to manifest next year [1] Group 2 - Moole Thread's related concept stocks experienced a decline, with Dazhong Public Utilities (01635) dropping over 7% [2] Group 3 - Innovent Biologics (01801) fell over 2% after completing a global strategic partnership with Takeda Pharmaceutical, raising approximately HKD 777 million through the issuance of 6.9138 million shares [3]

Core Viewpoint - The report highlights the increasing energy consumption and power demands of data centers, driven by advancements in technology and the growing reliance on AI, necessitating innovations in power supply architecture such as Solid State Transformers (SST) [1][2][3][6] Energy Consumption and Power Demand - According to IEA, global data center electricity demand is projected to reach 415 TWh in 2024, accounting for approximately 1.5% of total global electricity consumption [2] - The CAGR for IT energy consumption in AIDC from 2022 to 2027 is estimated at 44.8% [2] - NVIDIA's rack power is experiencing exponential growth, with each generation of GPU typically increasing thermal design power by 20%, leading to rising power requirements for individual servers [2][3] Concentrated Distribution and Cost Implications - Data centers exhibit a concentrated distribution pattern, with significant electricity demand in these areas and a rapid increase in the number of large-scale data centers [2] - Electricity costs represent over 50% of the total operational costs of data centers, making it a critical factor in their financial sustainability [2] Innovation in Power Supply Architecture - The rise in energy consumption and power demands is driving innovations in power supply architecture, particularly through the use of new power devices and medium-high frequency transformers, enabling efficient and highly integrated SST systems [3] - SiC and GaN are identified as key materials for enhancing the efficiency and power density of SST systems, with major manufacturers like STMicroelectronics and ON Semiconductor benefiting from this trend [3][5] Market Potential and Growth Projections - IEA data indicates that the global data center installed capacity is expected to increase by approximately 14 GW in 2024, with projections of reaching 32 GW by 2027, leading to a growing demand for SST systems valued at around 11.5 billion yuan by 2027 [4] - The construction of data centers, driven by AI development, is anticipated to significantly boost the demand for SST solutions [5] Investment Recommendations - Companies involved in the production of SiC and GaN power devices, such as STMicroelectronics and ON Semiconductor, are expected to benefit from the increasing adoption of these technologies [5] - Key materials for high-frequency transformers, including amorphous alloys and nanocrystalline cores, are crucial for reducing size and power consumption, with companies like TBEA and Keli Electric positioned to gain from this trend [5] - The report recommends focusing on companies like Sungrow Power Supply and others listed for potential investment opportunities in the SST market [5]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $10.1 million, at the midpoint of guidance, reflecting a sequential decline due to adverse impacts from China tariff risks and pricing pressure in the mobile business [22][24] - Gross margin improved slightly to 38.7% from 38.5% in Q2 2025, primarily due to a favorable change in end-market mix [22] - Operating expenses decreased sequentially from $16.1 million to $15.4 million, aligning with cost reduction targets [23] - Loss from operations increased to $11.5 million from $10.6 million in Q2 2025, as cost reductions did not fully offset revenue decline [23] Business Line Data and Key Metrics Changes - The mobile business represented the majority of revenue in Q3 but is expected to decline below 50% in Q4 as the company pivots to high-power markets [28][29] - The focus will shift towards AI data centers, performance computing, and grid infrastructure, which are anticipated to drive future growth [29][37] Market Data and Key Metrics Changes - The overall market for electrification is accelerating, with increasing power demand driven by AI data centers and energy grid transformations [7][8] - The total market size Navitas is addressing has increased significantly, opening immense opportunities for high-power players [8][10] Company Strategy and Development Direction - The company is undergoing a transformation termed "Navitas 2.0," focusing on high-power markets and moving away from consumer and mobile segments [6][19] - Key strategic actions include resource realignment towards high-power platforms, accelerating product roadmaps, and restructuring go-to-market strategies [12][13] - The company aims to enhance operational efficiency and financial discipline, prioritizing high-margin programs [16][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that Q4 2025 will mark the bottom for revenue, with expectations for gradual growth in 2026 as the focus shifts to high-power markets [24][36] - The AI data center market is expected to contribute materially to profits starting in 2027, with significant growth anticipated in performance computing and energy infrastructure [17][49] Other Important Information - Cash and cash equivalents at the end of Q3 2025 were $151 million, with no debt, providing a strong liquidity position [24][51] - The company is committed to transparent updates on its progress during the transition to ensure accountability [17][20] Q&A Session Summary Question: What is the expected transition timeline for the mobile market? - Mobile represented the majority of business in Q3 but is expected to decline below 50% in Q4, with growth coming from AI data centers and performance computing [28][29] Question: How does the company plan to engage with power supply companies in the AI data center market? - The company engages both with end users and power supply customers, focusing more on OEMs and hyperscalers as they drive architectural changes [30][31] Question: What differentiates Navitas from competitors in the high-voltage market? - The combination of high-voltage SiC and GaN technologies, along with a strong track record and speed of execution, serves as key differentiators [32][34] Question: What gives management confidence that Q4 is the bottom for revenue? - The proactive decision to walk away from lower-margin mobile revenue allows the company to concentrate on long-term growth in high-power markets [36] Question: What is the expected growth trajectory for data centers in 2026? - Growth in data centers is expected to be gradual in 2026, with significant acceleration anticipated in 2027 as new architectures are adopted [48][49] Question: How is the company positioned to meet future demand in high-power markets? - The company has a healthy cash position and is ramping partnerships with foundries to ensure capacity meets demand [51][60]

Core Insights - The company reported a revenue of 2.99 billion yuan for Q1-Q3 2025, representing a year-over-year increase of 23.82%, while the net profit attributable to the parent company was 382 million yuan, down 9.80% year-over-year [1] - In Q3 2025, the company achieved a revenue of 1.05 billion yuan, showing a year-over-year increase of 19.58% and a quarter-over-quarter increase of 3.70%, with a net profit of 106 million yuan, down 28.39% year-over-year and 38.05% quarter-over-quarter [1][2] - The strong demand in the new energy vehicle and photovoltaic energy storage markets is driving steady revenue growth for the company [1] Revenue and Profitability - The company's gross margin for Q3 2025 was 24.54%, a decline of 7.46 percentage points year-over-year and 4.62 percentage points quarter-over-quarter [2] - Increased R&D investment has further compressed profit margins, with R&D expenses rising by 37.79 million yuan year-over-year and 22.66 million yuan quarter-over-quarter in Q3 2025 [2] Market Outlook - The sales of new energy vehicles in China reached 4.26 million units in Q3 2025, reflecting a year-over-year and quarter-over-quarter increase of 26.18% and 10.34%, respectively, with expectations for further growth in Q4 2025 [1] - The photovoltaic energy storage sector is showing a strong recovery after a destocking cycle in 2024, which is expected to boost the company's related power product shipments [1] - The company forecasts annual revenue of 4.11 billion yuan for 2025, an increase of 21.35% year-over-year [1][2] Future Projections - Revenue projections for 2025 and 2026 are 4.11 billion yuan and 4.92 billion yuan, respectively, with net profits attributable to the parent company expected to be 521 million yuan and 664 million yuan, corresponding to P/E ratios of 53 and 42 times [2]

Core Insights - The company reported a double-digit year-on-year revenue growth in Q3 2025, but net profit declined due to increased R&D expenses [2][5] - The focus on next-generation semiconductor chips and advanced packaging technology aims to capture opportunities in emerging fields such as AI server power and data centers [2][5] Financial Performance - In Q3 2025, the company achieved a revenue of 1.054 billion yuan, a 19.58% increase compared to the same period last year [3] - The net profit attributable to shareholders was 106.39 million yuan, a decrease of 28.39% year-on-year [3][4] - The cumulative revenue from January to September 2025 reached 2.989 billion yuan, reflecting a 23.82% year-on-year growth [3] Profitability Metrics - The basic and diluted earnings per share for Q3 2025 were both 0.44 yuan, down 29.03% from the previous year [4] - The weighted average return on equity was 1.55%, a decrease of 0.73 percentage points compared to the same period last year [4] R&D Investment - R&D expenses increased significantly, with a rise of 37.78 million yuan in Q3 and a total increase of 116 million yuan from January to September 2025 [5] - The R&D focus includes next-generation IGBT, fast recovery diodes, SiCMOSFET, GaN, MCU, and driver ICs, as well as advanced packaging technologies [5] Cash Flow and Assets - The net cash flow from operating activities for January to September 2025 was 383 million yuan, down 41.33% year-on-year [5] - As of September 30, 2025, total assets were 10.606 billion yuan, a 9.96% increase from the end of the previous year [5]

Core Viewpoint - Hongwei Technology (宏微科技) has signed a procurement contract with a leading domestic electric vehicle manufacturer to supply SiC MOSFET devices, indicating recognition of its R&D capabilities and product quality, which is expected to positively impact its business performance [1] Group 1: Company Developments - Hongwei Technology's subsidiary, Changzhou Xindongneng Semiconductor Co., Ltd., has been confirmed as a supplier for SiC MOSFET devices after receiving a notice of designation from the electric vehicle manufacturer in August [1] - The procurement contract is a framework agreement and does not constitute a substantial order; specific transaction details will be defined in future orders [1] - The company focuses on the design, R&D, production, and sales of power semiconductor chips, modules, and devices, with applications in electric vehicles, renewable energy, industrial control, and consumer electronics [1] Group 2: Market Trends - The power semiconductor market is experiencing structural growth, with significant differentiation in demand across various application fields; the electric vehicle, photovoltaic, and energy storage sectors are driving industry growth [2] - There is an accelerated expansion of production capacity in the third-generation semiconductor sector, particularly for SiC and GaN, while some mid-to-low-end product areas are facing oversupply and increased competition [2] Group 3: Strategic Initiatives - Hongwei Technology adheres to a "one body, two wings" strategy, focusing on solidifying its silicon-based IGBT core business while expanding into SiC and GaN markets [2] - The company has achieved small-scale shipments of certain SiC products and is recognized by leading customers for its self-developed modules, with plans to accelerate product validation and delivery [2] - A five-year strategic cooperation memorandum has been signed with Huahong Hongli to deepen collaboration in IGBT and FRD core product areas, enhancing the competitiveness of its "light asset+" model [3]