Core Viewpoint - The Sci-Tech Chip ETF (588290) opened with a gain of 0.89% on August 27, 2023, indicating positive market sentiment towards the semiconductor sector [1] Group 1: ETF Performance - The Sci-Tech Chip ETF (588290) opened at 2.031 yuan, reflecting a 0.89% increase [1] - Since its establishment on September 30, 2022, the fund has achieved a return of 101.48% [1] - The fund's one-month return stands at 27.57% [1] Group 2: Major Holdings Performance - Key holdings include: - SMIC (中芯国际) up 1.26% [1] - Haiguang Information (海光信息) up 1.49% [1] - Cambricon (寒武纪) up 3.75% [1] - Lattice Technology (澜起科技) down 0.39% [1] - Zhongwei Company (中微公司) down 1.86% [1] - Chipone (芯原股份) down 1.11% [1] - Hushi Silicon Industry (沪硅产业) up 0.29% [1] - Hengxuan Technology (恒玄科技) up 2.25% [1] - Sitaiwei (思特威) up 0.17% [1] - Huahai Qingke (华海清科) down 0.77% [1] Group 3: Fund Management - The fund is managed by Huaan Fund Management Co., Ltd. [1] - The fund manager is Liu Xuanzai [1] - The performance benchmark for the fund is the Shanghai Stock Exchange Sci-Tech Board Chip Index [1]

Core Viewpoint - The company has demonstrated rapid revenue growth and improved gross margins in the first half of 2025, with significant advancements in its smartphone product matrix and supply chain reliability, maintaining a "buy" rating [1][2]. Revenue and Profitability - In H1 2025, the company's revenue reached 3.786 billion yuan, representing a year-over-year increase of 54%, with a gross margin of 23.2%, up by 2.0 percentage points. The net profit attributable to shareholders was 397 million yuan, a 165% increase year-over-year [2]. - In Q2 2025, revenue was 2.037 billion yuan, showing a quarter-over-quarter increase of 16% and a year-over-year increase of 26%. The gross margin was 23.5%, up by 0.7 percentage points quarter-over-quarter and 2.4 percentage points year-over-year. The net profit attributable to shareholders was 205 million yuan, increasing by 7% quarter-over-quarter and 51% year-over-year [2]. Smartphone Business Development - The smartphone business generated 1.755 billion yuan in H1 2025, reflecting a year-over-year growth of 40%. The company launched several new 50-megapixel products for high-end flagship and mid-range smartphones, significantly boosting revenue [3]. - The introduction of the domestically sourced 50-megapixel SC595XS product and the 50-megapixel SC532HS product has enhanced the company's product offerings, focusing on performance and cost advantages [3]. - The company also developed the Lofic HDR 2.0 technology, which integrates multiple frames in a single exposure, showcasing innovation in imaging technology [3]. Automotive and Security Business Growth - The automotive business revenue reached 482 million yuan in H1 2025, marking a year-over-year increase of 108%. The smart security segment generated 1.55 billion yuan, up by 59% year-over-year [4]. - The company has deepened collaborations with major automotive manufacturers, leading to increased project coverage and significant growth in new generation products for smart driving applications [4]. - In the smart security sector, the company has launched upgraded products with superior performance, maintaining a leading position in the global market [4]. Valuation - Given the expanding market opportunities in the smartphone sector and the rapid growth in automotive electronics and smart security businesses, the company's EPS estimates for 2025, 2026, and 2027 have been raised to 2.53, 3.68, and 4.91 yuan, respectively. As of August 25, 2025, the company's market capitalization was approximately 41.5 billion yuan, corresponding to PE ratios of 40.8, 28.1, and 21.0 for the respective years [5].

证券研究报告 电子 | 半导体 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 26 日 证券分析师 葛星甫 SAC：S1350524120001 gexingfu@huayuanstock.com 联系人 熊宇翔 xiongyuxiang@huayuanstock.com | 基本数据 | | | 年 | 08 月 | 25 | 日 | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 103.25 | | | | 一 年 内 最 最 低 | 高 | / | | | | | | | （元） | | | | | | | | | 总市值（百万元） | | | | | 41,490.14 | | | | 流通市值（百万元） | | | | | 33,354.32 | | | | 总股本（百万股） | | | | | 401.84 | | | | 资产负债率（%） | | | | | 54.59 | | | | 每股净资产（元/股） | | | | | 11.49 | | | | 资料来源： ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company has shown rapid revenue growth in Q2 2025, with a significant increase in gross margin and a strong performance in both smartphone and automotive sectors [3][8] - The smartphone product matrix has been further enhanced, and supply chain reliability has improved, contributing to the company's growth [3][8] - The automotive business has experienced a year-on-year revenue increase of 108% in H1 2025, while the security sector continues to solidify its leading position [3][8] Financial Summary - Revenue for 2025 is projected to be RMB 8,883 million, reflecting a growth rate of 48.8% [7] - The company's net profit is expected to reach RMB 1,018 million in 2025, with a growth rate of 159.1% [7] - The estimated EPS for 2025 is RMB 2.53, with a significant upward adjustment of 18.2% from previous estimates [5][7] - The company's market capitalization is approximately RMB 41.49 billion, with corresponding PE ratios of 40.8, 28.1, and 21.0 for 2025, 2026, and 2027 respectively [5][7] Revenue Breakdown - In H1 2025, the company's revenue reached RMB 37.86 billion, a year-on-year increase of 54% [8] - The smartphone business generated RMB 17.55 billion in revenue, up 40% year-on-year [8] - The automotive business revenue was RMB 4.82 billion, reflecting a growth of 108% year-on-year [8] - The security business achieved revenue of RMB 15.50 billion, with a year-on-year increase of 59% [8]

Core Viewpoint - The Sci-Tech Chip ETF (588200) opened with a decline of 2.32%, indicating a bearish trend in the semiconductor sector [1] Group 1: ETF Performance - The Sci-Tech Chip ETF (588200) opened at 2.060 yuan, reflecting a drop of 2.32% [1] - Since its establishment on September 30, 2022, the fund has achieved a return of 110.41% [1] - The fund's performance over the past month has been a return of 29.88% [1] Group 2: Major Holdings - Key holdings in the ETF include: - SMIC (中芯国际) down 2.10% - Haiguang Information (海光信息) down 3.29% - Cambricon (寒武纪) down 5.41% - Lattice Technology (澜起科技) down 0.96% - Zhongwei Company (中微公司) down 0.93% - Chipone (芯原股份) down 5.01% - Hu Silicon Industry (沪硅产业) down 0.29% - Hengxuan Technology (恒玄科技) down 0.58% - SiTewave (思特威) down 0.49% - Huahai Qingke (华海清科) down 0.47% [1]

Financial Performance - The company reported a total operating revenue of 3.79 billion yuan for the first half of the year, representing a 54.11% increase compared to the same period last year [1][3] - The total profit reached 441.14 million yuan, marking a significant increase of 182.81% year-on-year [1][3] - The net profit attributable to shareholders was 396.86 million yuan, up 164.93% from the previous year [1][3] - The net profit after deducting non-recurring items was 395.70 million yuan, reflecting a 159.40% increase compared to the same period last year [1][3] Revenue Breakdown - Revenue from smartphone applications amounted to 1.75 billion yuan, a growth of 40.49%, accounting for 46.35% of total revenue [1] - Revenue from smart security solutions reached 1.55 billion yuan, increasing by 58.77%, which represents 40.93% of total revenue [1] - Revenue from automotive electronics was 481.64 million yuan, showing a remarkable growth of 107.97%, making up 12.72% of total revenue [1] Product Development - The company launched several domestically produced 50-megapixel CMOS image sensors for high-end flagship smartphones, enhancing its product lineup [2] - The SC595XS sensor features a high dynamic range of 110dB and offers low noise, high frame rate, and low power consumption, significantly improving video capture quality for flagship smartphones [2] - In the automotive electronics sector, the company deepened collaborations with major car manufacturers, leading to increased production volumes in smart driving applications [2]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index has risen by 2.84%, with significant gains in constituent stocks such as Dongxin Co. (up 10.68%) and Chipone Technology (up 10.37%) [1] - The Sci-Tech Chip ETF (588200) increased by 1.11%, reaching a peak increase of nearly 5% at the beginning of the trading session, and has accumulated a 17.12% increase over the past week [1][4] - The trading volume of the Sci-Tech Chip ETF reached 29.18 billion yuan with a turnover rate of 8.26%, ranking first among comparable funds [4] Group 2 - The latest scale of the Sci-Tech Chip ETF has reached 337.26 billion yuan, marking a new high since its inception and also ranking first among comparable funds [4] - The net value of the Sci-Tech Chip ETF has increased by 123.44% over the past year, placing it in the top 0.94% among index equity funds [4] - The top ten weighted stocks in the Sci-Tech Chip Index account for 57.59% of the index, with companies like Cambricon, SMIC, and Haiguang Information being the most significant contributors [5][7] Group 3 - The DeepSeek model has been updated to version 3.1, which now supports FP8 precision and domestic chips, potentially accelerating the development of the domestic computing power ecosystem [4] - Tencent's earnings report indicated a diversification in the supply chain for its inference chips, suggesting that domestic inference computing power chips may become a competitive advantage amid international supply chain fluctuations [4] - Huawei's Ascend chips are gradually expanding their applications in government and financial sectors, reflecting an increase in the market competitiveness of domestic chips [4]

Core Insights - The company reported a total revenue of 3.786 billion yuan for the first half of 2025, marking an increase of 1.33 billion yuan compared to the same period last year, achieving a year-on-year growth of 54.11% [1] - The net profit attributable to shareholders reached 397 million yuan, an increase of 247 million yuan year-on-year, reflecting a significant growth of 164.93% [1] - The company experienced a negative cash flow from operating activities amounting to -1.711 billion yuan [1] Financial Performance - The latest asset-liability ratio stands at 54.59% [1] - The gross profit margin is reported at 23.16%, which is an increase of 0.37 percentage points from the previous quarter and an increase of 2.03 percentage points year-on-year [1] - The return on equity (ROE) is 8.60%, up by 4.75 percentage points compared to the same period last year [1] - The diluted earnings per share (EPS) is 0.99 yuan, an increase of 0.62 yuan year-on-year, representing a growth of 167.57% [1] - The total asset turnover ratio is 0.42 times, an increase of 0.06 times year-on-year, reflecting a growth of 15.13% [1] - The inventory turnover ratio is 0.79 times, which is an increase of 0.06 times year-on-year, showing an 8.45% growth [1] Shareholder Structure - The number of shareholders is reported at 13,200, with the top ten shareholders holding a total of 196 million shares, accounting for 48.70% of the total share capital [2] - The largest shareholder is Xu Chen, holding 13.6 million shares [2] - Other significant shareholders include Huaxin Investment Management Co., Ltd. and Xia Yaowu, holding 6.70 million and 5.96 million shares respectively [2]

Group 1 - The core viewpoint of the article highlights the performance of the Sci-Tech Chip 50 ETF (588750), which opened with a gain of 2.68% at 1.420 yuan [1] - The major holdings of the ETF include companies such as SMIC, which rose by 1.95%, and Haiguang Information, which increased by 5.34% [1] - The ETF's performance benchmark is the Shanghai Stock Exchange Sci-Tech Board Chip Index, managed by Huatai-PineBridge Fund Management Co., Ltd., with a return of 35.59% since its inception on December 18, 2024, and a return of 32.19% over the past month [1] Group 2 - Notable stock performances within the ETF include Cambrian's increase of 6.26%, and Chipone's rise of 5.53% [1] - Other companies in the ETF such as Lattice Technology and Huahai Qingshi also showed positive movements, with increases of 3.79% and 1.92% respectively [1] - The overall trend indicates a strong performance in the semiconductor sector, particularly among the ETF's key holdings [1]

Group 1 - The core viewpoint of the article highlights the performance of the Sci-Tech Chip ETF (588290), which opened with a gain of 1.43% at 2.051 yuan [1] - The top holdings of the Sci-Tech Chip ETF include companies such as SMIC, which rose by 1.95%, and Haiguang Information, which increased by 5.34% [1] - The fund's performance benchmark is the Shanghai Stock Exchange Sci-Tech Board Chip Index, managed by Huaan Fund Management Co., with a return of 98.32% since its inception on September 30, 2022, and a return of 32.13% over the past month [1]