丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨晶晨股份（688099.SH） [Table_Title] WiFi6、6nm 及携带自研算力芯片销量增长显著 报告要点 [Table_Summary] 2025 年前三季度，公司实现营收 50.71 亿元、同比+9.29%，实现归母净利润 6.98 亿元、同比 17.51%。2025Q3，公司实现收入 17.41 亿元、同比+7.20%、环比-3.33%，实现归母净利润 2.01 亿元、同比-13.14%、环比-34.76%。存储缺货涨价致客户产品延迟提货，三季度业绩短期 承压；但因该部分订单确定性较高，预计后续季度有望逐步释放。 分析师及联系人 [Table_Author] 杨洋 张梦杰 SAC：S0490517070012 SAC：S0490523120002 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 晶晨股份（688099.SH） cjzqdt11111 [Table_Title2] WiFi6、6nm 及携带自研算力 ...

证 券 研 究 报 告 晶晨股份（688099）2025 年三季报点评 强推（维持） 前三季度收入创新高，6nm 产品快速放量 事项： ❖ 公司发布2025年三季报：公司2025年三季度实现营收17.41亿元（YoY+7.20%， QoQ-3.33%），实现归母净利润 2.01 亿元（YoY-13.14%，QoQ-34.76%），实现 扣非后归母净利润 1.73 亿元（YoY-19.31%，QoQ-39.96%）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,926 | 7,471 | 9,201 | 10,261 | | 同比增速(%) | 10.3% | 26.1% | 23.2% | 11.5% | | 归母净利润(百万) | 822 | 1,039 | 1,398 | 1,817 | | 同比增速(%) | 65.0% | 26.4% | 34.5% | 30.0% | | 每股盈利(元) | 1.95 | 2. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In the first half of 2025, the company achieved revenue of 3.33 billion yuan, a year-on-year increase of 10.42%, and a net profit attributable to shareholders of 497 million yuan, a year-on-year increase of 25.93% [2][6]. - In the second quarter of 2025, the company reported revenue of 1.80 billion yuan, a year-on-year increase of 9.94% and a quarter-on-quarter increase of 17.72%, with a net profit of 308 million yuan, a year-on-year increase of 31.46% and a quarter-on-quarter increase of 63.90% [2][6]. - The growth in sales of WiFi6 and 6nm chips significantly contributed to the company's performance, with the second quarter's results exceeding expectations [2][11]. Summary by Sections Financial Performance - The company’s revenue for the first half of 2025 was 3.33 billion yuan, with a net profit of 497 million yuan, reflecting strong growth in new product sales [2][11]. - In Q2 2025, the company achieved a revenue of 1.80 billion yuan and a net profit of 308 million yuan, with a gross margin of 37.29%, showing continuous improvement [11]. Product Sales and Market Expansion - The sales of WiFi6 and 6nm chips have seen significant growth, with smart home product sales increasing by over 50% year-on-year in the first half of 2025 [11]. - The company has launched 19 commercial chips with self-developed edge computing capabilities, with over 9 million units shipped in the first half of 2025, surpassing the total shipments for 2024 [11]. - The W series chips saw sales exceeding 8 million units in the first half of 2025, with Q2 sales breaking 5 million units, including over 1.5 million units of WiFi6 chips [11]. Future Outlook - The company is expected to maintain growth driven by diverse product lines, continuous expansion into overseas markets, and increasing demand in sectors like automotive and AIoT [11]. - Projected net profits for 2025-2027 are estimated at 1.10 billion, 1.44 billion, and 1.79 billion yuan respectively, supporting the "Buy" rating [11].

[熊猫] 尊湃剽窃华为芯片核心技术的案子终于有了了结，7月28日上海人民第三法院对张琨等14人做出了判决。 果然尊湃通讯刚一成立，就引来了无数的追捧，A轮融资轻轻松松的斩获了3亿元人民币，公司估值在眨眼间蹿升至15亿，势头可以说是非常猛了，但是这 份光环背后，资本的审慎确是睁一眼闭一只眼。 这件事也再次证明了，董明珠在4月22日格力电器临时股东大会上的那句话是没有问题的，当时她的这句话引起了网上很大的争议，不过也说明了国产芯片 的监管需要加强。 董明珠说了什么？这中间到底发生了什么？ 本文陈述所有内容皆有可靠信息来源赘述在文章结尾 完全"复制粘贴" 一位前华为海思的技术总监，头顶美国留学与高通经验的光环，2011年张琨在华为毅然离职，转身就创立了尊湃通讯，当时他几乎就是资本市场上最耀眼的 金字招牌，资本们是不会放过这么完美的投资标的。 可复制这一切只需要一个U盘，短短10分钟就把其他人的心血给毁了，尊湃就是走上了这条不归路，这简直是为"快资本"的极度渴求量身定制，这样一来既 有极致的效率，也助长了投机的妄想。 事后有投资方承认，他们只顾冲着张琨去了，但是没有深究张琨代码的真正源头究竟藏着多少影子，这条所谓的" ...