Core Insights - The company reported a total revenue of 3.455 billion yuan for the first half of 2025, representing a year-on-year growth of 20.58% [1] - Net profit attributable to shareholders reached 601 million yuan, up 41.55% year-on-year, while the net profit excluding non-recurring items was 559 million yuan, reflecting a 32.33% increase [1] - The second quarter saw record high revenue of 1.876 billion yuan, a 22.02% increase year-on-year, with net profit attributable to shareholders at 328 million yuan, up 34.40% [1] Revenue and Profit Growth - The company's Q2 revenue growth was driven by strong demand in automotive electronics, AI, and consumer electronics, supported by government subsidies [1] - The overseas business made significant progress, with the MCC Vietnam factory achieving full production capacity and a yield rate of over 99.5% for its first two packaged products [1] Product and Cost Management - The gross margin for the first half of 2025 was 33.79%, an increase of 4.16 percentage points year-on-year, attributed to product structure optimization and a higher proportion of high-value products [2] - The company maintained effective cost management, with sales, management, R&D, and financial expense ratios showing minor changes [2] SiC Business Development - The company’s investment in SiC chip manufacturing has led to significant advancements, with the introduction of third-generation SiC MOS products covering a wide voltage range [2] - The market share in the SiC MOS sector continues to grow, with applications in AI server power supplies, new energy vehicles, photovoltaics, charging stations, energy storage, and industrial power supplies [2] Future Projections - Revenue forecasts for 2025-2027 are 7.182 billion, 8.610 billion, and 10.557 billion yuan, with year-on-year growth rates of 19.04%, 19.88%, and 22.60% respectively [3] - Net profit projections for the same period are 1.249 billion, 1.550 billion, and 1.916 billion yuan, with growth rates of 24.57%, 24.13%, and 23.62% respectively [3] - The projected PE ratios for 2025-2027 are 28X, 23X, and 19X, maintaining a "buy" rating [3]

插播： 5月15日，"电动交通&数字能源SiC技术应用及供应链升级大会"活动将在上海举办， 三菱电机、Wolfspeed、三安半导体、天科合达、元山电子、大族半导体、香港大学、长飞先进、宏微科技、利普思、国基南方、芯长 征、合盛新材料等将出席本次会议，点击文章底部 "阅读原文" 即可报名参会。 近日，"行家说三代半"发现，士兰微、扬杰科技、晶盛机电皆公布了2024年财务报告，在碳化硅业务方面透露了诸多信息： | 士兰微： | | --- | | IGBT+SiC收入超22亿 | 4 月19日，士兰微公布了 2024年年度报告，其中透露： 报告期内，士兰微实现营业总收入112.21亿元，同比增长20.14%；归母净利润2.2亿元， 比 2023 年增加2.56亿元。 士兰微 自主研发的Ⅱ代 SiC-MOSFET 芯片生产的电动汽车主电机驱动模块在4家国内汽车厂家出货量累计达 5 万只，客户端反映良好，随着 6 吋 SiC 芯片 生产线产能释放，已实现大批量生产和交付。 碳化硅业务方面，士兰微主要透露以下进展： ● 2024年应用于汽车、光伏的 IGBT 和 SiC（模块、器件）的营业收入达到22.61亿元，较去 ...