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！ 来源：证券之星 近日，区域百货零售龙头友阿股份（002277.SZ）披露2025年业绩预告，公司预计归母净利润为亏损 3.72亿元至亏损2.5亿元；预计归母扣非净利润为亏损3.98亿元至亏损2.76亿元，业绩预亏主要源于两方 面：一是传统百货零售行业面临结构性调整压力，公司主业持续承压；二是报告期内对地产相关资产及 信用减值损失进行大额计提，进一步压缩了盈利空间。 与此同时，市场正密切关注友阿股份另一项重大动向——跨界收购半导体功率器件芯片设计厂商尚阳 通。此举旨在构建"零售+半导体"双主业格局，以培育新的增长曲线。然而，该交易因未采用收益法评 估，交易对方未作出任何业绩承诺。这意味着，尚阳通未来的业绩波动与经营风险将全部由上市公司及 其股东承担。若标的公司未来业绩不及预期，不仅难以成为新的利润增长点，还可能因商誉减值等问题 反向拖累上市公司业绩。 01． 二十亿地产库存何以引发巨亏？ 计提减值是导致友阿股份2025年业绩预亏的主要因素之一。 作为华南区零售龙头，百货零售是友阿股份当前核心业务，但其在房地产开发销售方面也曾有所布局。 公 ...

Core Viewpoint - The power semiconductor industry in China is experiencing rapid growth and transformation, driven by domestic substitution and government support, particularly in the context of the booming electric vehicle market. Companies like Weizhao Semiconductor are positioning themselves as leaders in this evolving landscape by pursuing public listings and expanding their product offerings in high-value segments [1][2]. Group 1: Industry Trends - The power semiconductor sector has entered a phase of domestic substitution since 2018, with significant demand from the electric vehicle market driving local manufacturers to accelerate their entry into the industry [1]. - The rise of third-generation semiconductor technologies, such as silicon carbide (SiC) and gallium nitride (GaN), is pushing the Chinese power semiconductor industry towards more efficient applications [1]. - The industry is witnessing a shift from traditional products like diodes and thyristors to high-value products, facilitated by the successful listings of several local power semiconductor companies [1]. Group 2: Company Overview - Weizhao Semiconductor, established in December 2012, has undergone significant capital expansion since its delisting from the New Third Board in April 2020, completing six rounds of financing within two and a half years, leading to a valuation increase from 450 million RMB to 2.888 billion RMB [2][3]. - The company has a diverse shareholder structure, including industry capital from companies like OPPO and Intel Asia Pacific, as well as state-owned capital, indicating strong confidence in its future development [5]. - Weizhao Semiconductor has developed a comprehensive product matrix that includes both low and high voltage power semiconductor devices, with applications in consumer electronics, automotive electronics, and industrial power supplies [5][6]. Group 3: Financial Performance - Weizhao Semiconductor has shown steady revenue growth, with projected revenues of 575 million RMB in 2023 and 624 million RMB in 2024, alongside net profits of 13.977 million RMB and 19.353 million RMB respectively [7]. - The company's revenue growth is significantly driven by the rapid increase in WLCSP product sales, which accounted for 42% of total revenue in the first three quarters of 2025, up from 28% in 2023 [7][8]. - The overall gross margin improved from 15.9% to 23.8% due to the rising contribution of high-margin WLCSP products [7]. Group 4: Competitive Landscape - The Chinese power semiconductor market is still dominated by foreign manufacturers, with a projected domestic market penetration rate of only 35.6% by 2024, indicating substantial room for growth [9]. - Weizhao Semiconductor ranks sixth among domestic non-IDM suppliers in terms of market share, holding only 0.5% of the market, highlighting the intense competition within the industry [9][10]. - The company faces competition from both international giants like Infineon and domestic players such as Huazhu Micro and Silan Micro, particularly in the mid-to-low voltage MOSFET market [10]. Group 5: Challenges and Risks - Weizhao Semiconductor's R&D spending is relatively low, accounting for only 6.6% to 7.6% of total revenue, which may hinder its ability to maintain a competitive edge as technology evolves [11]. - The company has yet to establish a strong presence in the high-voltage power semiconductor market, with high-voltage products contributing less than 2% to total revenue as of the first three quarters of 2025 [11].

作为半导体产业的重要分支，功率半导体器件自2018年以来亦全面进入了国产替代阶段，特别是在政府产业政策支持下，新能源汽车市场的爆发催生了对电 控系统的旺盛需求，这推动了本土功率半导体器件厂商加速切入新能源产业链。 与此同时，以碳化硅(SiC)、氮化镓(GaN)为代表的第三代半导体技术的快速兴起，推动中国功率半导体产业向更高效能的应用领域迈进。且随着多家本土功 率半导体器件企业成功上市，行业加速向高端产品转型升级，实现了从二极管、晶闸管等传统产品向高附加值领域的跨越发展。 而在这股功率器件企业上市的热潮中，便包括了致力于成为全球领导者的深圳市威兆半导体股份有限公司(以下简称"威兆半导体")。智通财经APP获悉，自 2020年从新三板摘牌后，经过近五年的准备与沉淀，威兆半导体已于1月12日向港交所主板递交上市申请，广发证券为其保荐人，正式开启了赴港上市新征 程。 两年半6次融资，知名产业资本及国资站台 发展历史可追溯至2012年12月4日的威兆半导体已在功率器件领域深耕超十年之久，而在2020年4月17日从新三板摘牌后，威兆半导体便为寻求重新上市而加 速了资本化进程，这也让公司的估值迅速膨胀。 Fab-lite经 ...

Company Overview - Weizhao Semiconductor is a leading Chinese provider of power semiconductor devices, focusing on the research, design, and sales of high-performance power semiconductor devices, particularly WLCSP products, known for their compact size, excellent heat dissipation, and impact resistance [2] - The company operates under a unique "fab-lite" model, combining the flexibility of outsourced standardized manufacturing with internal manufacturing capabilities, allowing for supply chain flexibility and strict cost and quality control [2] - Weizhao Semiconductor differentiates itself by maintaining advanced packaging capabilities, particularly in WLCSP technology, enabling cost optimization and performance enhancement, unlike traditional foundry companies that outsource all packaging processes [2] - The company selectively retains control over specific high-value wafer manufacturing processes, balancing light asset flexibility with direct control over critical wafer manufacturing processes [2] Product Structure - The company's medium and low voltage products include Trench MOSFET and SGT MOSFET, widely used in consumer electronics, automotive electronics, motor drives, and industrial power supplies [3] - The WLCSP products are critical components for lithium battery protection applications in smartphones, tablets, and wearable devices due to their small size, high heat dissipation, and strong impact resistance [3] - High voltage products include IGBT, SJ MOSFET, and Planar MOSFET, designed to meet the demands for high voltage, high power density, and reliable performance in harsh environments, applicable in automotive electronics, motor drives, and new energy sectors [3] Financial Data - Revenue for the fiscal years 2023, 2024, and the nine months ending September 30, 2025, is approximately RMB 575 million, RMB 624 million, and RMB 615 million respectively [4] - The net profit for the same periods is approximately RMB 13.98 million, RMB 19.35 million, and RMB 40.25 million [5] - Gross profit margins for the fiscal years 2023, 2024, and the nine months ending September 30, 2025, are 15.2%, 17.4%, and 23.8% respectively [7] Industry Overview - The Chinese power semiconductor device market is projected to grow from RMB 79.1 billion in 2020 to RMB 105.5 billion in 2024, with a compound annual growth rate (CAGR) of 7.5% [8] - By 2029, the market size is expected to reach RMB 169 billion, with a CAGR of 9.9% [8] - The medium and low voltage power semiconductor devices are expected to maintain a stable market position, with a market size of RMB 46.6 billion in 2024 and projected to reach RMB 69 billion by 2029, reflecting a CAGR of 8.1% [8] Market Segmentation - The consumer electronics sector is anticipated to generate RMB 14.7 billion in sales revenue in 2024, with a CAGR of 5.3% from 2024 to 2029 [10] - The automotive sector is expected to achieve RMB 38.8 billion in sales revenue in 2024, with a CAGR of 10.8% during the same period [10] - The industrial sector is projected to generate RMB 37.8 billion in sales revenue in 2024, with a CAGR of 8.4% from 2024 to 2029 [10] - Emerging fields such as AI servers, smart grids, and embodied intelligent robots are expected to drive strong demand for power semiconductor devices, with a projected CAGR of 29.2% from 2024 to 2029 [10] MOSFET Market - The MOSFET power semiconductor device segment is the largest and fastest-growing subfield, with market size increasing from RMB 34.6 billion in 2020 to RMB 46.7 billion in 2024, reflecting a CAGR of 7.8% [12] - By 2029, the market size for MOSFET power semiconductor devices is expected to reach RMB 81.8 billion, with a CAGR of 11.9% from 2024 to 2029 [12]

Company Overview - Weizhao Semiconductor is a leading Chinese provider of power semiconductor devices, focusing on the research, design, and sales of high-performance power semiconductor devices, particularly WLCSP products, known for their advanced packaging technology, compact size, excellent heat dissipation, and impact resistance [2] - The company operates under a unique "fab-lite" model, strategically combining the flexibility of outsourced standardized manufacturing with internal manufacturing capabilities, allowing for supply chain flexibility and strict cost and quality control [2] - Weizhao Semiconductor differentiates itself from traditional foundry and IDM companies by maintaining advanced packaging capabilities, particularly in WLCSP technology, enabling cost optimization and performance enhancement [2] Product Structure - The company's medium and low voltage products mainly include Trench MOSFET and SGT MOSFET, widely used in consumer electronics, automotive electronics, motor drives, and industrial power supplies [3] - The WLCSP products are critical components for lithium battery protection applications in smartphones, tablets, and wearable devices due to their small size, high heat dissipation, and strong impact resistance [3] - High voltage products include IGBT, SJ MOSFET, and Planar MOSFET, designed to meet the demands for high voltage, high power density, and reliability in harsh environments, widely applied in automotive electronics, motor drives, and new energy applications [3] Financial Data - The company's revenue for the fiscal years 2023, 2024, and the nine months ending September 30, 2025, is approximately RMB 575 million, RMB 624 million, and RMB 615 million, respectively [4] - The annual/profit for the same periods is approximately RMB 13.98 million, RMB 19.35 million, and RMB 40.25 million [5] - The gross profit margin for the fiscal years 2023, 2024, and the nine months ending September 30, 2025, is 15.2%, 17.4%, and 23.8%, respectively [7] Industry Overview - The Chinese power semiconductor device market is projected to grow from RMB 79.1 billion in 2020 to RMB 105.5 billion in 2024, with a compound annual growth rate (CAGR) of 7.5% [8] - By 2029, the market size is expected to reach RMB 169 billion, with a CAGR of 9.9% [8] - The medium and low voltage power semiconductor devices are expected to maintain a stable market position, with a market size of RMB 46.6 billion in 2024 and projected to reach RMB 69 billion by 2029, reflecting a CAGR of 8.1% [8] Market Segmentation - The consumer electronics sector is expected to generate RMB 14.7 billion in sales revenue in 2024, with a projected CAGR of 5.3% from 2024 to 2029 [10] - The automotive sector is anticipated to achieve RMB 38.8 billion in sales revenue in 2024, with a CAGR of 10.8% during the same period [10] - The industrial sector is projected to reach RMB 37.8 billion in sales revenue in 2024, with a CAGR of 8.4% from 2024 to 2029 [10] - Emerging fields such as AI servers, smart grids, and embodied intelligent robots are expected to drive strong demand for power semiconductor devices, with a projected CAGR of 29.2% from 2024 to 2029 [10] MOSFET Market - MOSFET power semiconductor devices are the largest segment in the market, growing from RMB 34.6 billion in 2020 to RMB 46.7 billion in 2024, with a CAGR of 7.8% [12] - The market size for MOSFET power semiconductor devices is expected to reach RMB 81.8 billion by 2029, with a CAGR of 11.9% from 2024 to 2029 [12]

Core Viewpoint - The company, Tianshui Huatian Technology Co., Ltd., is planning to acquire Huayi Microelectronics Co., Ltd. through a share issuance and cash payment, which constitutes a related party transaction but does not qualify as a major asset restructuring [1] Group 1: Acquisition Details - The acquisition target, Huayi Microelectronics, is recognized as a leading domestic semiconductor company specializing in high-performance power devices, including research, design, packaging, testing, and sales [1] - Huayi Microelectronics employs a "design + packaging and testing" dual-driven business strategy, integrating device design with packaging and testing for collaborative development [1] Group 2: Financial Performance - Huayi Microelectronics reported revenues of 847 million, 1.16 billion, and 1.157 billion for the years 2020 to 2022, with net profits of 41.63 million, 88.13 million, and a loss of 43.21 million respectively [2] - The company's R&D investment was 33.73 million, 45.70 million, and 58.12 million from 2020 to 2022, with R&D expenditure as a percentage of revenue at 3.98%, 3.94%, and 5.03%, indicating a slight increase in 2022 [2] - In 2022, Huayi Microelectronics experienced a slight decline in revenue and a significant net loss, with a larger loss when excluding non-recurring items [2]