中邮证券研报指出，芯联集成预计2025年实现营业收入约为81.90亿元，同比增长约25.83%，归母净利 润约-5.77亿元，同比减亏约3.85亿元。四大产品线齐发力，构建多元增长格局。同时，公司业务布局从 传统晶圆代工向系统解决方案延伸，一站式系统代工平台的商业模式价值效能正逐步释放。随着整体营 收规模扩大，规模效应显现，生产精细化运营有效提升，折旧摊销等固定成本逐步摊薄；叠加产品结构 的不断优化和升级，2025年公司毛利率预计达到5.92%，同比提升约4.89个百分点，持续保持增长态 势；此外，公司在管理效率、资金管理、销售管理等方面实现了管控优化，期间费用率逐步降低。维 持"买入"评级。 ...

事件 公司发布业绩预告，预计2025 年实现营业收入约为81.90 亿元，同比增长约25.83%，归母净利润约-5.77 亿元，同比减亏约3.85 亿元。 投资要点 四大产品线齐发力，构建多元增长格局。在市场需求升级、国产替代提速与政策红利加持的多重利好 下，公司产能利用率持续保持高位；依托技术的持续创新迭代，叠加客户版图的稳步拓展与合作深度的 不断深化，公司市场竞争力实现稳步提升，四大核心应用领域收入实现快速增长，成功构筑起车载领域 收入领航增长、工业控制与高端消费领域收入稳健发力、AI 应用领域持续深度渗透的多元增长格局。 同时，公司业务布局从传统晶圆代工向系统解决方案延伸，一站式系统代工平台的商业模式价值效能正 逐步释放，预计2025 年实现营业收入约为81.90 亿元，同比增长约25.83%。 市场复苏不及预期；竞争格局加剧风险；客户导入不及预期。 投资建议： 我们预计公司2025/2026/2027 年营收分别为81.9/102.5/128.3亿元，归母净利润分别为-5.8/0.6/6.3 亿元， 维持"买入"评级。 风险提示： 规模效应显现，毛利率保持增长态势。随着整体营收规模扩大，规模效应显现， ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][7] Core Insights - The company is expected to achieve a revenue of approximately 81.90 billion yuan in 2025, representing a year-on-year growth of about 25.83%. The net profit attributable to the parent company is projected to be around -5.77 billion yuan, indicating a reduction in losses by approximately 3.85 billion yuan [5][6] - The company has established a diversified growth pattern with four major product lines, driven by market demand upgrades, accelerated domestic substitution, and policy benefits. The utilization rate of production capacity remains high, and the company is enhancing its market competitiveness through continuous technological innovation and deepening customer relationships [6] - The gross profit margin is expected to reach 5.92% in 2025, an increase of approximately 4.89 percentage points year-on-year, supported by scale effects and operational efficiency improvements [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 81.90 billion yuan, 102.50 billion yuan, and 128.30 billion yuan, respectively. The net profit attributable to the parent company is expected to be -5.8 billion yuan, 0.6 billion yuan, and 6.3 billion yuan for the same years [7][9] - The company is expected to show significant improvement in profitability, with a projected net profit margin turning positive by 2026 [9][12] Relative Valuation - The company operates in the semiconductor industry, focusing on MEMS, IGBT, MOSFET, and other integrated circuits, providing one-stop chip system foundry solutions for various sectors including automotive and industrial control. It is recognized as a leading domestic foundry for automotive-grade IGBT/SiC chips and modules [10][11] - The average price-to-book (P/B) ratio for comparable companies is 4.83x, while the company's projected P/B ratio for 2026 is 3.51x, indicating potential undervaluation [11]

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company is expected to achieve a revenue of approximately 81.90 billion yuan in 2025, representing a year-on-year growth of about 25.83%. The net profit attributable to the parent company is projected to be around -5.77 billion yuan, indicating a reduction in losses by approximately 3.85 billion yuan [5][6] - The company has established a diversified growth pattern with four major product lines, benefiting from market demand upgrades, accelerated domestic substitution, and policy incentives. The utilization rate of production capacity remains high, and the company is expanding its customer base and deepening cooperation [6] - The gross profit margin is expected to reach 5.92% in 2025, an increase of approximately 4.89 percentage points year-on-year, driven by scale effects and operational efficiency improvements [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 81.90 billion yuan, 102.50 billion yuan, and 128.30 billion yuan, respectively. The net profit attributable to the parent company is expected to be -5.8 billion yuan, 0.6 billion yuan, and 6.3 billion yuan for the same years [7][9] - The company is expected to show significant improvement in profitability, with a projected net profit margin turning positive by 2026 [9][12] Relative Valuation - The company operates in the semiconductor industry, focusing on MEMS, IGBT, MOSFET, and analog ICs, providing one-stop chip system foundry solutions for various sectors including automotive and industrial control. It is a leading domestic foundry for automotive-grade IGBT/SiC chips and modules [10][11] - The average price-to-book (P/B) ratio for comparable companies is 4.83x, while the company's projected P/B ratio is 3.72x for 2026, indicating potential undervaluation [11]

2月9日，芯联集成涨5.02%，截至发稿，报7.53元/股，成交5.33亿元，换手率1.62%，总市值631.22亿 元。 资料显示，芯联集成电路制造股份有限公司位于浙江省绍兴市越城区皋埠街道临江路518号，成立日期 2018年3月9日，上市日期2023年5月10日，公司主营业务涉及MEMS和功率器件等领域的晶圆代工及模 组封测业务,为客户提供一站式系统代工解决方案。主营业务收入构成为：集成电路晶圆制造代工 85.96%，模组封装9.24%，其他(补充)3.58%，研发服务1.21%。 责任编辑：小浪快报 易方达上证科创板50ETF（588080）基金经理为林伟斌、成曦。 截至发稿，林伟斌累计任职时间12年344天，现任基金资产总规模1194.08亿元，任职期间最佳基金回报 84.18%， 任职期间最差基金回报-22.14%。 成曦累计任职时间9年281天，现任基金资产总规模2369.54亿元，任职期间最佳基金回报131.04%， 任 职期间最差基金回报-67.89%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如 ...

从芯联集成十大流通股东角度 数据显示，易方达基金旗下1只基金位居芯联集成十大流通股东。易方达上证科创板50ETF（588080） 三季度减持2321.42万股，持有股数1.82亿股，占流通股的比例为4.1%。根据测算，今日浮亏损失约 6905.14万元。连续3天下跌期间浮亏损失1.33亿元。 易方达上证科创板50ETF（588080）成立日期2020年9月28日，最新规模705.97亿。今年以来收益 12.29%，同类排名593/5580；近一年收益58.82%，同类排名823/4286；成立以来收益8.87%。 2月2日，芯联集成跌5.01%，截至发稿，报7.21元/股，成交12.60亿元，换手率3.86%，总市值604.39亿 元。芯联集成股价已经连续3天下跌，区间累计跌幅8.77%。 资料显示，芯联集成电路制造股份有限公司位于浙江省绍兴市越城区皋埠街道临江路518号，成立日期 2018年3月9日，上市日期2023年5月10日，公司主营业务涉及MEMS和功率器件等领域的晶圆代工及模 组封测业务,为客户提供一站式系统代工解决方案。主营业务收入构成为：集成电路晶圆制造代工 85.96%，模组封装9.24%，其 ...

当前，全球功率半导体市场正处在技术迭代与格局重构的关键阶段，新能源汽车的持续渗透带动车规级功率器件需求出现激增。日前，盖世汽车正式 发布2025年1-11月功率器件装机量市场排行榜，芯联集成凭借强劲的市场表现跻身榜单前三甲。 目前，芯联集成的技术产品可覆盖超过70%的汽车芯片种类，车规产品已应用于中国90%的新能源车企。未来，芯联集成将持续深耕功率半导体领 域，聚焦技术创新，进一步拓展全球市场份额，为汽车产业电动化、智能化转型，以及国产半导体产业升级贡献核心力量。 作为支撑汽车电动化、智能化转型的核心元器件，功率器件的装机量排名直接反映出企业在下游整车市场的认可度，以及供应链整合能力。本次榜单 基于国内新能源乘用车终端销量统计，覆盖国内主流乘用车品牌及新能源车型。芯联集成此次跻身前三，意味着公司的技术与产品已实现对多家头部车企 的稳定配套，在车规级功率器件赛道完成规模化突破。 ...

1月27日，芯联集成涨5.78%，截至发稿，报8.05元/股，成交17.57亿元，换手率5.10%，总市值674.81亿 元。 资料显示，芯联集成电路制造股份有限公司位于浙江省绍兴市越城区皋埠街道临江路518号，成立日期 2018年3月9日，上市日期2023年5月10日，公司主营业务涉及MEMS和功率器件等领域的晶圆代工及模 组封测业务,为客户提供一站式系统代工解决方案。主营业务收入构成为：集成电路晶圆制造代工 85.96%，模组封装9.24%，其他(补充)3.58%，研发服务1.21%。 从芯联集成十大流通股东角度 数据显示，易方达基金旗下1只基金位居芯联集成十大流通股东。易方达上证科创板50ETF（588080） 三季度减持2321.42万股，持有股数1.82亿股，占流通股的比例为4.1%。根据测算，今日浮盈赚取约 7995.43万元。 易方达上证科创板50ETF（588080）成立日期2020年9月28日，最新规模705.97亿。今年以来收益 14.01%，同类排名537/5548；近一年收益57.99%，同类排名817/4285；成立以来收益10.54%。 易方达上证科创板50ETF（588080）基 ...

Group 1 - The core viewpoint of the news is the performance and financial metrics of ChipLink Integrated Circuit Manufacturing Co., Ltd., highlighting its stock price increase and market capitalization [1] - As of January 27, ChipLink's stock rose by 5.78%, reaching 8.05 CNY per share, with a trading volume of 1.757 billion CNY and a turnover rate of 5.10%, resulting in a total market value of 67.481 billion CNY [1] - The company, established on March 9, 2018, and listed on May 10, 2023, specializes in wafer foundry and module packaging testing services in the MEMS and power device sectors, with its main business revenue composition being 85.96% from integrated circuit wafer manufacturing, 9.24% from module packaging, 3.58% from other services, and 1.21% from R&D services [1] Group 2 - From the perspective of major shareholders, Huaxia Fund's ETF, Huaxia SSE STAR 50 ETF (588000), reduced its holdings by 88.3006 million shares in the third quarter, now holding 178 million shares, which accounts for 4.01% of the circulating shares, with an estimated floating profit of approximately 7.8115 million CNY [2] - The Huaxia SSE STAR 50 ETF was established on September 28, 2020, with a current scale of 76.022 billion CNY, yielding 14% this year and ranking 538 out of 5548 in its category, while achieving a 56.83% return over the past year, ranking 878 out of 4285 [2] - The fund manager of Huaxia SSE STAR 50 ETF is Rong Ying, who has a tenure of 10 years and 86 days, managing assets totaling 143.279 billion CNY, with the best fund return during the tenure being 169.4% and the worst being -7.58% [2][4] Group 3 - Huaxia Fund's Huaxia CSI 500 ETF Linked A (001052) is a major holding in ChipLink, with 4 shares held as of the fourth quarter, making it the top holding, and an estimated floating profit of approximately 1.76 CNY [3] - The Huaxia CSI 500 ETF Linked A was established on May 5, 2015, with a current scale of 1.926 billion CNY, yielding 13.25% this year and ranking 700 out of 5548 in its category, while achieving a 50.33% return over the past year, ranking 1318 out of 4285 [3]

1月22日公司发布2025年业绩预告，预计实现净利润-5.77亿元，同比同比增长40.02%。（数据宝） 两融数据显示，该股最新（1月23日）两融余额为13.11亿元，其中，融资余额为12.98亿元，近10日增加 2148.41万元，环比增长1.68%。 公司发布的三季报数据显示，前三季度公司共实现营业收入54.22亿元，同比增长19.23%，实现净利 润-4.63亿元，同比增长32.32%，基本每股收益为-0.0700元。 芯联集成-U股价创出历史新高，截至9:32，该股上涨8.51%，股价报7.78元，成交量3987.13万股，成交 金额3.04亿元，换手率0.90%，该股最新A股总市值达652.17亿元，该股A股流通市值344.64亿元。 证券时报·数据宝统计显示，芯联集成-U所属的电子行业，目前整体涨幅为0.21%，行业内，目前股价上 涨的有212只，涨幅居前的有芯原股份、富满微、康希通信等，涨幅分别为9.68%、9.48%、8.64%。股 价下跌的有270只，跌幅居前的有至纯科技、珂玛科技、信维通信等，跌幅分别为9.96%、6.21%、 5.17%。 （文章来源：证券时报网） ...