| | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,509 | 1,734 | 8,242 | 10,836 | 12,711 | | 同比增长率（%） | 22.3 | 28.1 | 26.6 | 31.5 | 17.3 | | 归母净利润（百万元） | -962 | -182 | -483 | 24 | 205 | | 同比增长率（%） | - | - | - | - | 742.2 | | 每股收益（元/股） | -0.14 | -0.03 | -0.07 | 0.00 | 0.03 | | 毛利率（%） | 1.0 | 3.7 | 8.8 | 16.9 | 19.7 | | ROE（%） | -7.8 | -1.5 | -3.9 | 0.2 | 1.6 | | 市盈率 | -35 | | -70 | 1,388 | 165 | | 注： "净资产收益率"是指摊薄后归属于母公司所有者的 ROE | | | | | | 2025 年 07 月 01 日 芯联集成 ...

Core Insights - The report highlights the steady development of China's medical device industry during the "14th Five-Year Plan" period, indicating a positive growth trajectory [6] - The report notes a new cycle of large-scale construction in the computing power industry, driven by intensified industrial policies and capital enthusiasm, with specific stocks mentioned [8] - The report discusses the focus on several listed companies, including their recent projects and financial activities, indicating potential investment opportunities [10] Industry Updates - The China Federation of Logistics and Purchasing released the "China Medical Device Supply Chain Development Report (2025)", emphasizing the ongoing growth of the medical device sector [6] - A conference on integrated data market construction was held in Shanghai, showcasing advancements in data circulation and transaction technologies [6] - The computing power industry is entering a new phase of large-scale development, with stocks like Xiechuang Data and Shenghong Technology highlighted as key players [8] Company Focus - Huazheng New Materials has achieved mass sales of aluminum-plastic film products in energy storage and small power battery sectors, and is validating products in solid-state battery applications [10] - Star Semiconductor plans to issue convertible bonds to raise up to 1.5 billion yuan for various manufacturing projects, including automotive-grade SiC MOSFET modules [10] - EVE Energy's subsidiary is set to invest up to 8.654 billion yuan in a new energy storage battery project in Malaysia [10] Market Review and Outlook - On June 30, the total trading volume in the two markets was 1,486.9 billion yuan, with 3,874 stocks rising and 1,042 falling, indicating a slight contraction in trading volume compared to the previous day [12] - The three major indices opened slightly higher and showed a small upward trend, with small-cap stocks leading the gains [12] - The report notes that the strongest performing sectors included military and gaming, while banking and securities sectors experienced declines, suggesting a shift in market sentiment [13]

Core Viewpoint - The MOSFET industry in China is experiencing significant growth driven by the demand from sectors such as consumer electronics, communication, industrial control, and automotive electronics, with a projected market size of 42.944 billion yuan in 2024, reflecting a year-on-year growth of 7.67% [1][11]. Industry Overview - MOSFET (Metal-Oxide-Semiconductor Field-Effect Transistor) is a semiconductor device that controls current using electric fields, consisting of a metal gate, an insulating oxide layer, and a semiconductor substrate [2]. - The industry has evolved through four main stages, from initial development before 2010 to the current phase of domestic substitution, where local manufacturers are increasingly producing high-end products [4][5]. Industry Development History - The industry has transitioned from a pioneering phase before 2010 to a period of local alliances from 2011 to 2013, followed by structural reforms from 2014 to 2016, and now to a phase of domestic substitution since 2017 [4][5]. Industry Supply Chain - The upstream of the MOSFET industry includes raw materials and production equipment, while the midstream focuses on manufacturing, and the downstream applications span automotive electronics, consumer electronics, industrial control, and communication devices [7]. Market Size - The demand for MOSFETs is rising due to the proliferation of 5G technology, the boom in the electric vehicle market, and increasing industrial automation [11]. - The performance of silicon-based MOSFETs is improving, and third-generation semiconductor devices like SiC MOSFETs are being commercialized, enhancing charging efficiency and range for electric vehicles [11]. Key Companies' Performance - The competitive landscape of the MOSFET industry is characterized by dominance from overseas giants like Infineon and ON Semiconductor, while domestic firms such as Huazhu Microelectronics, Silan Microelectronics, and New Clean Energy are emerging as leaders [13]. - Huazhu Microelectronics reported a revenue of 2.355 billion yuan in Q1 2025, a year-on-year increase of 11.29%, with a net profit of 83 million yuan, up 150.68% [14]. - Silan Microelectronics achieved a revenue of 11.221 billion yuan in 2024, reflecting a growth of 20.14%, with R&D investment reaching 1.084 billion yuan, up 22.93% [16]. Industry Development Trends - The market size of the MOSFET industry is expected to continue expanding, particularly in the electric vehicle sector, where demand for high-performance MOSFETs is increasing [18]. - Technological innovation is accelerating, with third-generation semiconductor materials like SiC and GaN gaining traction, promising higher efficiency and performance [19][20]. - The trend of domestic substitution is strengthening, with local companies improving their competitiveness and reducing reliance on foreign products, while also integrating the supply chain [21].

Core Viewpoint - The company plans to issue convertible bonds to optimize its capital structure and enhance market competitiveness, aiming to raise up to RMB 1.5 billion for projects including automotive-grade SiC MOSFET module manufacturing and working capital [1][4]. Group 1: Company Overview - Founded in April 2005, the company is a leader in the domestic power semiconductor industry, ranking fifth globally in the IGBT module market and first in China [2]. - The company primarily engages in the design, research and development, production, and sales of power semiconductor chips and modules, with applications in new energy, electric vehicles, industrial control, and home appliances [2]. Group 2: Business Expansion and Production Capacity - The company has accelerated its expansion in recent years, focusing on automotive-grade power semiconductors and third-generation semiconductor materials [3]. - In 2021, the company raised RMB 3.5 billion for the research and industrialization of high-voltage specialty process power chips and SiC chips [3]. - A SiC chip research and industrialization project was launched in Jiaxing, Zhejiang Province in 2023, with an expected annual production capacity of 720,000 power chips [3]. Group 3: Financial Performance - In 2024, the company provided power modules for over 3 million electric vehicles, maintaining its position as the largest domestic EV power module supplier [4]. - The company's revenue from the new energy sector in 2024 was RMB 2.009 billion, accounting for 59.25% of total revenue, despite a year-on-year decline of 6.83% [5]. - The revenue from the electric vehicle sector grew by 26.72%, highlighting its strong performance [5]. - The company experienced a significant decline in overall revenue and net profit in 2024, with total revenue of RMB 3.391 billion, down 7.44%, and net profit dropping 44.24% to RMB 508 million [6]. - In Q1 2025, the company reported revenue of RMB 919 million, a year-on-year increase of 14.22%, but net profit decreased by 36.22% to RMB 104 million due to increased R&D expenses [7].

星标 ★ IPO日报 精彩文章第一时间推送 在全球汽车电动化浪潮和"双碳"战略的双重驱动下，功率半导体市场空间广阔。 近期，国内功率半导体领域的领军企业斯达半导体股份有限公司（603290.SH，下称"斯达半导"）发布公告称，拟向不特定对象发行总额不超过 15亿元的可转换公司债券。 根据发行预案，本次可转债募集资金将主要用于四个方向，其中三大产业化项目聚焦新能源汽车核心器件。 其中，车规级SiC MOSFET模块制造项目占据最大比重，拟投入6亿元募集资金。 碳化硅（SiC）器件因其高电压、高频率和高效率特性，已成为新能源汽车主驱系统控制模块中的关键核心器件。该项目将通过产线建设和工艺优 化，扩大公司SiC模块产能，提升产品良率和车规认证能力。 IPM（智能功率模块）模块制造项目瞄准新能源汽车空调、电动压缩机等高频中压场景。IPM集成了IGBT/MOSFET功率芯片与驱动电路，是变频技 术的核心元件。随着"双碳"战略推进，变频白色家电市场持续扩张，2024年国内IPM模块需求已达4.4亿颗，同比增长20.8%。 车规级GaN模块产业化项目则着眼于下一代半导体技术布局。氮化镓（GaN）器件具备更高开关频率、更低损 ...

斯达半导体股份有限公司 向不特定对象发行可转换公司债券募集资金使用可行性分析报告 证券代码：603290 证券简称：斯达半导 斯达半导体股份有限公司 向不特定对象发行可转换公司债券 募集资金使用可行性分析报告 二〇二五年六月 斯达半导体股份有限公司 向不特定对象发行可转换公司债券募 集资金使用可行性分析报告 目 录 斯达半导体股份有限公司 向不特定对象发行可转换公司债券募集资金使 用可行性分析报告 一、本次向不特定对象发行可转换公司债券对公司经营管理的影响 ....... 12 二、本次向不特定对象发行可转换公司债券对公司财务状况的影响 ....... 12 斯达半导体股份有限公司 向不特定对象发行可转换公司债券募集资金使用可行性分析报告 释义 除非另有说明，以下简称在本报告中之含义如下： 斯达半导、公司、发行人、 指 斯达半导体股份有限公司 上市公司 斯达微电子 指 公司全资子公司嘉兴斯达微电子有限公司 发行、本次发行、本次向不 斯达半导体股份有限公司本次向不特定对象发行可转 指 特定对象发行可转债 换公司债券的行为 斯达半导体股份有限公司向不特定对象发行可转换公 本报告 指 司债券募集资金使用可行性分析报 ...

Core Viewpoint - The company plans to issue convertible bonds totaling no more than 1.5 billion yuan to unspecified investors, which will be convertible into the company's A-shares and listed on the Shanghai Stock Exchange [1] Fundraising Purpose - The raised funds will be used for the manufacturing projects of automotive-grade SiC MOSFET modules, IPM modules, and the industrialization of automotive-grade GaN modules, as well as to supplement working capital [1] Approval and Regulatory Process - The final issuance plan will be determined based on market conditions and the company's specific situation, requiring approval from the shareholders' meeting and registration with the Shanghai Stock Exchange and the China Securities Regulatory Commission [1]

士兰微（600460.SH） 优于大市 全球份额稳步提升，碳化硅上车加速推进 证券研究报告 | 2025年06月27日 2024 年公司功率半导体份额全球第六（占 3.3%），国内第一。公司为成熟 制程垂直一体化制造的半导体制造企业，主要业务包含分立器件、集成电路 及 LED 板块。2024 年公司产品出货量持续增加，营收 112.21 亿元 (YoY+20.14%)，扣非归母净利润 2.52 亿元(YoY+327.34%)。进入 1Q25 公司 保持稳健增长，实现营收 30 亿元(YoY+21.7%，QoQ-1.89%)，随着产品结构 优化与规模效应显现，1Q25 毛利率环比回升至 21.31%(YoY-0.79ct，QoQ +2.72pct)，扣非归母净利润 1.45 亿元(YoY+8.96%，QoQ+29.99%)。 集成电路板块 24 年同比增长 29%，优势产品 IPM 模块加速渗透。集成电路 板块 24 年营收 41.05 亿元（YoY+31.21%），毛利率 30.70%（YoY+1.23pct）。 其中，优势产品 IPM 模块营收达 29.11 亿元（YoY+47%），在白电领域出货 量超 1 ...

长江商报奔腾新闻记者杨蝶 芯联集成(688469.SH)大手笔收购再有新进展。 6月23日晚间，芯联集成发布公告称，公司拟发行股份及支付现金购买芯联越州72.33%股权项目，获上 海证券交易所并购重组审核委员会审核通过。后续尚需取得中国证监会同意注册的决定后方可实施。 长江商报奔腾新闻记者注意到，此次收购始于一年前，2024年6月，芯联集成公告，拟通过发行股份及 支付现金的方式向绍兴滨海新区芯兴股权投资基金合伙企业(有限合伙)、深圳市远致一号私募股权投资 基金合伙企业(有限合伙)等15名交易对方购买其合计持有的芯联越州72.33%股权。2024年末，芯联集成 宣布，上述交易价格达58.97亿元。 此前，芯联集成直接持有芯联越州27.67%的股权，并与其一致行动人合计可实际支配芯联越州股东会 表决权的51.67%。在本次收购完成之后，芯联越州将成为芯联集成的全资子公司，芯联越州股东权益 将100%纳入芯联集成合并范围。 资料显示，芯联越州主要从事功率器件等领域的晶圆代工业务，而芯联集成是全球领先的集成电路晶圆 代工企业之一，车规级芯片营收占公司整体营收的50%以上，其中由此次交易标的公司芯联越州生产的 车规级S ...

二、请说明公司及下属公司的经营范围及实际业务是否涉及《外商投资准入特别管理措施（负面清单） （2024年版）》限制或禁止领域。 三、请说明本次发行上市的具体方案，包括未行使及行使超额配售权情况下发行的股份数量、占发行后 总股本比例、预计募集资金量、列表说明发行前后股权结构的变化情况。 智通财经APP获悉，6月20日，中国证监会公示《境外发行上市备案补充材料要求(2025年6月13日— 2025年6月19日)》，证监会国际司共对7家企业出具补充材料要求。其中要求尚鼎芯补充说明本次发行 上市的具体方案、公司股权激励计划的设立背景、价格公允性、章程或协议约定情况、规范运行情况等 事项。据悉，4月3日，尚鼎芯递表港交所主板，金联资本为其独家保荐人。 证监会请尚鼎芯补充说明以下事项，请律师核查并出具明确的法律意见： 一、请说明公司提交境外发行上市备案申请前12个月内新增股东所涉股权转让的定价依据、定价差异原 因及其合理性。 招股书显示，尚鼎芯是一家无晶圆厂功率半导体供货商，专门从事定制化功率器件产品的开发及供应。 公司为客户量身定制技术应用解决方案，提供定制的功率器件，用于安装在终端用户最终使用的电气设 备及电气产品的 ...