南芯科技-买入_市场份额扩张进展顺利

15 September 2025 Equity Research Report Southchip Semiconductor (688484 CH) Buy: Smooth progression in market share expansion Profitability to improve from 2H25e. Southchip's share price has been up 22% in the past two months as the market priced in analog demand recovery and the localisation trend, but underperformed Wind semiconductor index (up 29%), because the company registered a lower-than-expected 1H25 net profit of RMB123m (down 40% y-o-y) due to lower GPM brought by product mix change and higher R ...