金吾财讯 | 中金公司发研报指，瑞芯微公告预计2025年半年度实现营业收入约20.5亿元，同比增长约64%；预计2025年半年度实现归母净利润5.2-5.4亿元，同比增长185%-195%。乐鑫科技预告2025年半年度实现营业收入为12.2到12.5亿元，同比增加33%到36%；预计归母净利润为2.5-2.7亿元，同比增加65%到78%。泰凌微2025年半年度业绩预告营业收入预计为5.03亿元，同比增长37%；归母净利润预计为9,900万元，同比增长267%。从SoC公司半年报预告中可以发现：1)行业需求高景气，老应用出货量快速增长(智能家居、智慧工业、汽车智能化等)，新应用开始萌芽(AI玩具、音乐教育、智慧农业、机器人等)。2)龙头公司不断迭代新产品、拓展产品能力圈，获得高于行业增速。3)利润受益于经营杠杆的作用，净利率大多呈现上升趋势。该机构看好以上三个趋势有望在2H25得以延续。该机构看好SoC芯片持续受益于端侧AI硬件新一轮创新周期，建议关注模型端、应用端催化。
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