半导体行业 2025 年 9 月 5 日 资料来源：东莞证券研究所，iFind 超配（维持） 半导体行业双周报（2025/08/22-2025/09/04） 行 业 半导体行业 Q2 业绩实现同比大幅增长 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 周 报 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn | | | 半导体行业指数近两周涨跌幅：截至2025年9月4日，半导体行业指数近两 周（2025/08/22-2025/09/04）累计上涨2.74%，跑赢沪深300指数0.94个百 分点；2025年以来申万半导体行业指数累计上涨15.12%，跑赢沪深300指数 8.02个百分点。 SAC 执业证书编号： 半导体行业（申万）指数走势 行业新闻与公司动态：（1）国务院 ...

Overview - The announcement details a capital increase and related party transaction involving the company's subsidiary, Hengqin Company, to support its operational development [1][2]. Capital Increase Details - Hengqin Company plans to increase its registered capital from RMB 100 million to RMB 133.5 million, with an additional capital of RMB 33.5 million [1][4]. - The total capital increase from all parties amounts to RMB 100.5 million, with Shanghai Chengxi Mosuo Enterprise Management Partnership contributing RMB 60.3 million and the company contributing RMB 40.2 million [1][5]. Related Party Transaction - The transaction is classified as a related party transaction due to the involvement of shareholders ALBERTI and XI YU, which are controlled by the company's executives [2][3]. - The transaction does not constitute a major asset restructuring as defined by regulations [1][4]. Financial Position of Hengqin Company - As of December 31, 2024, Hengqin Company had total assets of RMB 149.83 million and a net asset of -RMB 49.99 million. By March 31, 2025, total assets increased to RMB 192.83 million, with net assets at -RMB 88.20 million [2][6]. Shareholding Structure Post-Investment - After the capital increase, the company's shareholding in Hengqin will decrease from 51.00% to 48.24%, but it will still maintain control over the board [6][7]. Approval Process - The capital increase was approved by the company's board of directors and independent directors, ensuring compliance with legal and regulatory requirements [7][8].

Core Viewpoint - The company is experiencing significant growth in its interconnect chip sales, driven by the demand for DDR5 memory interface chips and high-performance interconnect chips, with a strong outlook for 2025 and beyond [2][4]. Group 1: Sales Performance - In Q1 2025, the company's interconnect chip sales revenue reached 1.139 billion yuan, marking a year-on-year increase of 63.92% and a quarter-on-quarter increase of 17.19% [2]. - The total order amount for interconnect chips expected to be delivered in Q2 2025 exceeds 1.29 billion yuan, indicating continued demand growth [2]. Group 2: Profitability - The gross margin for the interconnect chip product line in Q1 2025 was 64.50%, reflecting a year-on-year increase of 3.57 percentage points and a quarter-on-quarter increase of 1.08 percentage points [3]. Group 3: Long-term Strategy - The company aims to become a leading global interconnect chip design company over the next five to ten years, focusing on the interconnect chip sector and enhancing its product offerings through continuous R&D innovation [4][6]. - The company plans to expand its business in three key areas: memory interconnect, PCIe/CXL interconnect, and Ethernet/optical interconnect [4][5]. Group 4: Market Potential - The interconnect chip market is seen as a blue ocean with significant growth potential, driven by the increasing complexity of intelligent computing systems that require high bandwidth and low latency [6][7]. - The company has a strong technical foundation and has been involved in setting industry standards, which positions it well for future growth in the interconnect chip market [7]. Group 5: Product Development - In Q1 2025, the sales revenue from three high-performance interconnect chips (PCIe Retimer, MRCD/MDB, and CKD) totaled 135 million yuan, representing a year-on-year growth of 155% [8]. - The MRCD/MDB chip is expected to see increased adoption with the launch of supporting server CPUs, while the PCIe Retimer chip demand is anticipated to rise due to the growth of AI servers [9][10]. Group 6: Competitive Advantages - The company has successfully developed key technologies for PCIe Switch chips, leveraging its experience with PCIe Retimer chips and a strong customer base [11][12]. - The MXC chip is positioned as a leading product in the CXL space, with significant market potential as applications for memory pooling mature [13]. Group 7: Financial Performance - In Q1 2025, after excluding stock payment expenses, the company's net profit attributable to shareholders was approximately 602 million yuan, reflecting a year-on-year growth of 155.42% [14].