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]

Group 1 - Core viewpoint: ChipLink Integrated Circuit Manufacturing Co., Ltd. has shown a significant increase in stock price, rising by 5.02% to 7.53 CNY per share, with a trading volume of 533 million CNY and a market capitalization of 63.122 billion CNY as of February 9 [1] - Company overview: ChipLink, established on March 9, 2018, and listed on May 10, 2023, is located in Shaoxing, Zhejiang Province. The company specializes in wafer foundry and module packaging testing services in the MEMS and power device sectors, providing one-stop system OEM solutions [1] - Revenue composition: The main business revenue breakdown is as follows: integrated circuit wafer manufacturing foundry at 85.96%, module packaging at 9.24%, other supplementary services at 3.58%, and research and development services at 1.21% [1] Group 2 - Major shareholder activity: E Fund's ETF, the E Fund SSE STAR 50 ETF (588080), reduced its holdings by 23.2142 million shares in the third quarter, now holding 182 million shares, which represents 4.1% of the circulating shares. The estimated floating profit from this transaction is approximately 65.4172 million CNY [2] - Fund performance: The E Fund SSE STAR 50 ETF, established on September 28, 2020, has a current scale of 70.597 billion CNY. Year-to-date returns are 5.81%, ranking 1592 out of 5579 in its category, while the one-year return is 41.36%, ranking 1365 out of 4289 [2] - Fund manager details: The fund manager Lin Weibin has a tenure of 12 years and 344 days, with a total asset scale of 119.408 billion CNY and a best return of 84.18% during his tenure. Co-manager Cheng Xi has a tenure of 9 years and 281 days, managing assets of 236.954 billion CNY, with a best return of 131.04% [3]

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 ...

Core Insights - The global power semiconductor market is undergoing significant technological iteration and restructuring, driven by the increasing demand for automotive-grade power devices due to the penetration of electric vehicles [1][3] - Chipone Technology has entered the top three in the power device installation ranking for the period from January to November 2025, indicating strong market performance [1][3] Industry Overview - Power devices are critical components supporting the electrification and intelligent transformation of vehicles, with installation rankings reflecting a company's recognition in the downstream vehicle market and supply chain integration capabilities [3] - The ranking is based on the sales statistics of domestic new energy passenger vehicles, covering mainstream domestic passenger car brands and new energy models [3] Company Performance - Chipone Technology's entry into the top three signifies that its technology and products have achieved stable supply to several leading automotive companies, marking a significant breakthrough in the automotive-grade power device sector [3] - Currently, Chipone Technology's products cover over 70% of automotive chip types, with automotive-grade products applied to 90% of new energy vehicle manufacturers in China [3] - The company aims to continue focusing on technological innovation in the power semiconductor field and expand its global market share, contributing to the electrification and intelligent transformation of the automotive industry, as well as the upgrade of the domestic semiconductor industry [3]

Group 1 - Core viewpoint: ChipLink Integrated Circuit Manufacturing Co., Ltd. has seen a stock price increase of 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 capitalization of 67.481 billion CNY [1] - Company overview: Established on March 9, 2018, and listed on May 10, 2023, ChipLink specializes in wafer foundry and module packaging testing services in the MEMS and power device sectors, providing one-stop system foundry solutions [1] - Revenue composition: The main business revenue breakdown is as follows: integrated circuit wafer manufacturing foundry 85.96%, module packaging 9.24%, other (supplementary) 3.58%, and research and development services 1.21% [1] Group 2 - Major shareholder activity: E Fund's ETF, the E Fund SSE STAR 50 ETF (588080), reduced its holdings by 23.2142 million shares in the third quarter, now holding 182 million shares, which accounts for 4.1% of the circulating shares, with an estimated floating profit of approximately 79.9543 million CNY [2] - Fund performance: The E Fund SSE STAR 50 ETF was established on September 28, 2020, with a latest scale of 70.597 billion CNY, achieving a year-to-date return of 14.01% and a one-year return of 57.99%, ranking 537 out of 5548 and 817 out of 4285 respectively [2] - Fund manager details: The fund manager Lin Weibin has a tenure of 12 years and 331 days, with a total asset scale of 119.408 billion CNY, achieving a best return of 80.11% and a worst return of -22.14% during his tenure. Co-manager Cheng Xi has a tenure of 9 years and 268 days, with a total asset scale of 236.954 billion CNY, achieving a best return of 131.04% and a worst return of -67.89% [3]

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） ...

Core Viewpoint - ChipLink Integration (688469.SH) is expected to improve its profitability, with projected revenue of approximately 8.19 billion yuan in 2025, representing a year-on-year growth of 25.83%, while reducing net losses significantly [2][5]. Financial Performance - The company anticipates a net loss of about 577 million yuan in 2025, a reduction of 40.02% compared to the previous year [5]. - The expected net loss excluding non-recurring items is approximately 1.094 billion yuan, reflecting a year-on-year decrease of 22.41% [5]. - The gross margin is projected to reach 5.92% in 2025, an increase of approximately 4.89 percentage points year-on-year [2][8]. Operational Efficiency - ChipLink Integration has achieved operational improvements through mergers and acquisitions, enhancing management efficiency and reducing period expense ratios [5][6]. - The company has focused on optimizing management in areas such as decision-making, internal management, and sales management [5][6]. Market Position and Demand - The company maintains a high capacity utilization rate driven by market demand, domestic substitution, and policy support [2][7]. - ChipLink Integration has made significant strides in four key application areas: automotive, industrial control, consumer electronics, and AI, with notable market share in MEMS sensors and laser radar [7][8]. Strategic Development - In 2025, ChipLink Integration completed an asset restructuring worth 5.897 billion yuan, acquiring 72.33% of ChipLink Yuezhou, which has enhanced its management and operational capabilities [3][6]. - The company is transitioning from a focus on scale expansion to deepening technology, aiming to improve profitability through efficiency gains and higher-value product offerings [9].