斯达半导_碳化硅（SiC）、绝缘栅双极型晶体管（IGBT）在汽车、家电和光伏领域持续增长；2025 年第二季度净利润超预期；中性评级

28 August 2025 | 5:34PM HKT StarPower (603290.SS): SiC/ IGBT on Automotive, Home appliance and PV continues to ramp up; 2Q25 NI beat; Neutral Starpower's 2Q25 net income rose +53% YoY/ +66% QoQ to Rmb172mn, above GSe/ Bloomberg consensus. GM came in slightly lower at 29.2%, vs. 30.4% last quarter, reflecting the ongoing pricing pressures in the automotive markets. In 3Q25, we expect revenues to sustain 41% YoY growth (vs. +40% YoY in 2Q25), and gross margin to come in slightly higher at 30.4% (vs. 29.2% in ...