Investment Rating - The investment rating for the company is "Buy" and is maintained [2][7] Core Insights - The company is expected to achieve a revenue of approximately 81.90 billion yuan in 2025, representing a year-on-year growth of about 25.83%. The net profit attributable to the parent company is projected to be around -5.77 billion yuan, indicating a reduction in losses by approximately 3.85 billion yuan [5][6] - The company has established a diversified growth pattern with four major product lines, driven by market demand upgrades, accelerated domestic substitution, and policy benefits. The utilization rate of production capacity remains high, and the company is enhancing its market competitiveness through continuous technological innovation and deepening customer relationships [6] - The gross profit margin is expected to reach 5.92% in 2025, an increase of approximately 4.89 percentage points year-on-year, supported by scale effects and operational efficiency improvements [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 81.90 billion yuan, 102.50 billion yuan, and 128.30 billion yuan, respectively. The net profit attributable to the parent company is expected to be -5.8 billion yuan, 0.6 billion yuan, and 6.3 billion yuan for the same years [7][9] - The company is expected to show significant improvement in profitability, with a projected net profit margin turning positive by 2026 [9][12] Relative Valuation - The company operates in the semiconductor industry, focusing on MEMS, IGBT, MOSFET, and other integrated circuits, providing one-stop chip system foundry solutions for various sectors including automotive and industrial control. It is recognized as a leading domestic foundry for automotive-grade IGBT/SiC chips and modules [10][11] - The average price-to-book (P/B) ratio for comparable companies is 4.83x, while the company's projected P/B ratio for 2026 is 3.51x, indicating potential undervaluation [11]

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company is expected to achieve a revenue of approximately 81.90 billion yuan in 2025, representing a year-on-year growth of about 25.83%. The net profit attributable to the parent company is projected to be around -5.77 billion yuan, indicating a reduction in losses by approximately 3.85 billion yuan [5][6] - The company has established a diversified growth pattern with four major product lines, benefiting from market demand upgrades, accelerated domestic substitution, and policy incentives. The utilization rate of production capacity remains high, and the company is expanding its customer base and deepening cooperation [6] - The gross profit margin is expected to reach 5.92% in 2025, an increase of approximately 4.89 percentage points year-on-year, driven by scale effects and operational efficiency improvements [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 81.90 billion yuan, 102.50 billion yuan, and 128.30 billion yuan, respectively. The net profit attributable to the parent company is expected to be -5.8 billion yuan, 0.6 billion yuan, and 6.3 billion yuan for the same years [7][9] - The company is expected to show significant improvement in profitability, with a projected net profit margin turning positive by 2026 [9][12] Relative Valuation - The company operates in the semiconductor industry, focusing on MEMS, IGBT, MOSFET, and analog ICs, providing one-stop chip system foundry solutions for various sectors including automotive and industrial control. It is a leading domestic foundry for automotive-grade IGBT/SiC chips and modules [10][11] - The average price-to-book (P/B) ratio for comparable companies is 4.83x, while the company's projected P/B ratio is 3.72x for 2026, indicating potential undervaluation [11]

从英飞凌业绩看 AI 对功率的挤占情况 20260205 摘要 AI 驱动英飞凌电源芯片业务显著增长，尤其在碳化硅技术和 800 伏 NV 白皮书发布后，对电源芯片需求增加明显，MOSFET 细分板块受益于 AI 高景气度，交货周期和稼动率表现良好。 英飞凌第一季度收入同比增长 7%至 36 亿欧元，考虑汇率影响实际增长 14%。汽车业务增长 4%，电源类业务增长 16%，工业部门增长 19%，物联网部门下降 7%。 预计未来几个季度，海外复苏和 AI 叠加需求将驱动功率板块供需改善并 持续涨价，关键在于海外相关产品稼动率和景气度，若表现良好将推动 板块超预期发展。 英飞凌预计 2026 年 AI 相关收入将达 15 亿欧元，并可能上修。2027 年规划实现 25 亿欧元，主要受限于产能建设需求，目前产能是 AI 收入 增长的最大制约。 英飞凌在 AI 电源芯片领域积极布局，尤其在 800 伏直流数据中心和固 态变压器（SSC）方面，与 SolarEdge 等合作进行技术积累。DR MOS 产品用于 GPU 供电，每个 GPU 需约 30 颗，核心组件 MOSFET 需求大 增。 Q&A 英飞凌在功率芯片市场 ...

据悉，本轮融资资金将主要用于碳化硅功率半导体全产业链技术布局，加速抢占新兴领域全球市场。 长飞先进成立于2018年1月，公司专注于碳化硅功率半导体产品的研发及制造，拥有从外延生长、器件 与模块设计、晶圆制造到模块封测的全产业链能力。公司具备6英寸产线设备和配套系统，产品包括 SiCSBD、MOSFET等系列，应用于新能源汽车、光伏、储能、充电桩、电力电网等领域。 公开资料显示，长飞先进董事长是庄丹。庄丹于1970年出生，拥有博士学历，曾担任长飞光纤的财务总 监，如今是长飞光纤的执行董事兼总裁。 瑞财经 王敏 2月6日，安徽长飞先进半导体股份有限公司（以下简称"长飞先进"）官微宣布正式完成超 10亿元A+轮股权融资，本轮融资由江城基金、长江产业集团领投，光谷金控、奇瑞旗下芯车智联基金 等机构参投。 庄丹他主导了长飞先进在第三代半导体领域的战略布局与发展，推动公司成为国内碳化硅功率半导体领 域的领先企业。 东方财富数据显示，2022年至2024年，庄丹从长飞光纤领取薪酬均超500万元，分别为514.8万元、584.7 万元、563.5万元，三年合计1663万元。 ...

力积电（6770）今日举行法说会，经营阶段公布去年第4季财报中，也正式道出出售铜锣厂原因：设备 折旧包袱沉重。 售厂给美光后，换来后毛利提升及纳入美光后段高频宽记忆体（HBM）合作名单。 力积电今日法说会由总经理朱宪国主持并公布去年第4季财报。力积电去年第4季营收受惠DRAM平均销 售单价上扬及美元升值，达到125亿元，毛利率顺利转正为6%，但扣除铜锣厂，则为17%，这也说明铜 锣厂产能利用率低及增列折旧摊提 ，是拖累营运的元凶。力积电去年单季仍亏损6.5亿元，但前去年第3 季亏损27.3亿元，亏损明显收敛。 逻辑代工部分则因将铜锣厂售予美光后压缩总产能，自1月起调涨12吋代工价格；8吋厂部分AI伺服器 与边缘运算带动功率元件需求如MOSFET客户需求不减反增，二月起产能已无法完全满足客户需求。再 加上公司考虑将部份竹南厂8吋无尘室改装为12吋先进封装机台所用，8吋总产能可能因此限缩而导致产 能吃紧，公司8吋晶圆代工价格计划自3月起开始调升。未来GaN及矽电容会是另一波成长动能。 至于法人关注出售铜锣厂给美光后，公司将秉持不裁员、不中断营运的目标的原则，陆续转回新竹厂 区。美光已预付HBM后段晶圆制造（PWF ...

*风险提示：股市有风险，入市需谨慎 公司方面，据证券时报表示， 捷捷微电：公司主要从事功率半导体器件开发，主要产品包括晶闸管、防护器件、MOSFET等产品，受 益行业涨价。 斯达半导：公司是国产IGBT先行者，积极拓展至AI服务器、飞行器等新兴领域。 *免责声明：文章内容仅供参考，不构成投资建议 据证券时报报道，2月5日，英飞凌向客户发布通知称，受AI数据中心部署带动，其功率开关与集成电 路产品需求大涨、出现缺货。为扩产需大幅追加晶圆厂投资，叠加原材料与基建成本持续上涨，内部增 效已无法覆盖压力，故对相关产品调价，幅度已控至最低。新规于4月1日生效，当日起新订单及后续发 货的未交付订单均执行新价。 AI数据中心建设需求激增，直接推升英飞凌功率开关（低压MOSFET等）及集成电路产品订单，形成强 势的行业周期性上行。在AI服务器等重载应用的带动下，功率半导体和相关模拟/电源管理芯片需求出 现"非线性抬升"，用量与规格要求同步提升。AI导致的算力和存力扩张传导至"电力"，推动AI相关功率 分立器件（如MOSFET）订单大量涌入，同时英飞凌产能向AI领域倾斜，进一步挤压了传统行业（如电 信、汽车）同类产品供应。与此 ...

Key Takeaways Vishay Intertechnology shares fell 4.2% after Q4 EPS came in at a penny, missing estimates.VSH posted $800.9M in Q4 revenues, beating estimates as most segments logged year-over-year growth.Vishay Intertechnology guided Q1 revenues of $800M-$830M, with gross margin seen near 19.9%.Vishay Intertechnology, Inc. (VSH) shares fell 4.2% on Wednesday after the company reported lower-than-expected bottom-line results for the fourth quarter of 2025. VSH reported fourth-quarter earnings of a penny per ...

沪市首份年报出炉。 2月2日晚间，科创板企业芯导科技（688230.SH）发布2025年年报。报告期内，公司实现营业收入3.94 亿元，实现两连增；归母净利润为1.06亿元，同比微降4.91%；扣非净利润为6888.64万元，同比增长 17.54%，创出近四年新高。 芯导科技是一家功率半导体研发与销售企业。公司表示，功率器件产品销量增加，其中生态链产品与核 心业务形成强力协同使得销量同步增长，SGTMOS进一步壮大了产品阵容，并逐步实现批量出货，在 前述因素驱动下，公司主营业务收入实现增长。 同一天，芯导科技披露重大资产重组报告书（草案），公司拟以发行可转换公司债券及支付现金的形式 购买上海吉瞬科技有限公司（简称"吉瞬科技"）100%股权、上海瞬雷科技有限公司（简称"瞬雷科 技"）17.15%股权，从而直接及间接持有瞬雷科技100%股权，交易总对价为4.03亿元。 芯导科技表示，将借助标的公司的技术积累和客户资源，强化在功率半导体领域的核心竞争力，为股东 创造更大价值。 盈利1.06亿拟分红5056.8万 公开资料显示，芯导科技成立于2009年，主营业务为功率半导体的研发与销售，产品应用领域主要以消 费类电子 ...

Group 1 - The company has changed its auditing firm to Tianjian Accounting Firm for the 2025 fiscal year, with the decision approved during the board meeting on July 25, 2025, and the first extraordinary shareholders' meeting on August 12, 2025 [1][2][3] - The new signing auditors are Chen Zhenwei and Weng Jincheng, while the new project quality reviewer is Li Zongwei, replacing the previous personnel due to internal adjustments at Tianjian [1][2][3][6] Group 2 - The company forecasts a net profit attributable to shareholders of the parent company for 2025 to be between 14 million and 21 million yuan, marking a turnaround from a loss in the previous year, with an increase of 28.47 million to 35.47 million yuan, representing a year-on-year growth of 196.77% to 245.15% [11][13] - The expected net profit after deducting non-recurring gains and losses is projected to be between 8 million and 12 million yuan, an increase of 41.99 million to 45.99 million yuan compared to the previous year, reflecting a year-on-year increase of 123.54% to 135.30% [11][13] - The improvement in performance is attributed to the recovery in the power semiconductor industry, increased demand for new power electronic devices, and the company's strategic adjustments in product offerings [15][16]

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]