Event
The company released a performance forecast, projecting that in 2025 it will achieve operating revenue of approximately 8.19 billion, up about 25.83% year-on-year, and net profit attributable to shareholders of approximately -0.577 billion, a year-on-year reduction in losses of about 0.385 billion.
Investment Highlights
The company is leveraging its four major product lines in concert to build a diversified growth model. Benefiting from rising market demand, accelerating domestic substitution, and favorable policy support, the company has maintained consistently high capacity utilization. Relying on continuous technological innovation and iteration, coupled with the steady expansion of its customer base and the deepening of collaborative partnerships, the company’s market competitiveness has steadily improved. Revenue from its four core application areas has grown rapidly, successfully establishing a diversified growth landscape characterized by leading revenue growth in the automotive sector, robust performance in industrial control and high‑end consumer markets, and continued, deep penetration in the AI applications domain.
Meanwhile, the company’s business layout is expanding from traditional wafer foundry to system solutions, and the business model value of its one-stop system foundry platform is gradually being realized. Revenue is expected to reach approximately 8.19 billion yuan in 2025, representing a year-on-year increase of about 25.83%.
Scale effects are becoming apparent, and the gross profit margin is maintaining a growth trend. As overall revenue scales up, scale effects are emerging, refined production operations are effectively improving, and fixed costs such as depreciation and amortization are gradually being diluted; coupled with the continuous optimization and upgrading of product mix, the company’s gross profit margin is expected to reach 5.92% in 2025, an increase of approximately 4.89 percentage points year-on-year, sustaining its growth trajectory; furthermore, the company has achieved optimized control over management efficiency, capital management, and sales management, resulting in a gradual decline in the period expense ratio. It is projected that net profit attributable to parent company in 2025 will be approximately -0.577 billion yuan, a year-on-year reduction in losses of about 0.385 billion yuan.
Investment Recommendation:
We expect the company’s revenue for 2025/2026/2027 to be 8.19/10.25/12.83 billion yuan, with net profits attributable to parent company of -5.8/0.6/6.3 billion yuan, and we maintain a “Buy” rating.
Risk Warning:
Market recovery falls short of expectations; intensifying competitive dynamics pose risks; customer adoption fails to meet projections.
