龙迅股份(688486):业绩稳健增长,高速传输与车规级芯片拓展加速-2025年中报业绩点评

<p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp; &nbsp; #核心观点：1、25H1营收2.47亿元，同比增长11.35%；归母净利润0.72亿元，同比增长15.16%。2、25Q2单季营收1.38亿元，同比增长17.42%，环比增长26.56%；销售净利率31.18%，同比增长4.72个百分点，环比增长5.03个百分点。3、研发投入同比增长22.87%，占营收比重23.1%。4、成功研发应用于商显和安防领域的多输入混合信号切换芯片，最高单通道速率12Gbps。5、升级应用于端侧AI领域的低功耗视频桥接芯片，性能提升且功耗降低。6、在DP2.1、USB、PCIe、SATA等协议研发上取得进展，部分项目进入流片阶段。7、车载SerDes芯片组处于市场推广阶段，并拓展至eBike、摄像云台、无人机等领域。8、新增一个产品通过ASPICE level2认证，新增2个产品通过AEC-Q100 Grade2认证；累计11颗桥接芯片通过AEC-Q100测试认证。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;#盈利预测与评级：预计2025-2027年营业收入分别为6.94亿元、9.91亿元、13.78亿元；预计归母净利润分别为2.1亿元、3.0亿元、4.4亿元。维持“买入”评级。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;#风险提示：研发失败风险，存货减值风险，政策变化波动风险。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;本报告摘要不保证其100%准确性，如有疑问，请阅读正文文件。</p><p><br/></p>