Tiger Brokers

光大证券：上海复旦(01385)25Q3营收和盈利同比增长明显 维持“增持”评级

智通财经
Nov 06, 2025

智通财经APP获悉，光大证券发布研报称，上海复旦(01385)高可靠领域和存储需求恢复，且车规、工业等新兴领域积极拓展，但考虑到部分市场竞争激烈、叠加25年公司资产减值损失影响，调整25-27年归母净利润预测至5.30/9.76/11.91亿元(相比上次预测分别-26.4%/-1.1%/+7.2%)，对应同比增速分别为-7%/+84%/+22%。当前收盘价39.5港元，对应25/26年56x/30x预测P/E，考虑到FPGA芯片国产替代加速，存储器业务需求回暖，维持“增持”评级。

公司前三季度实现营收30.24亿人民币，同比增长12.7%;25Q3实现营收11.86亿人民币，同比增长33.28%;Q3营收增长主要系非挥发性存储芯片、智能电表芯片和FPGA及其他芯片业务的销售带动，Q3收入分别同比增长44%/42%/34%，而安全与识别芯片Q3营收同比增长16%。利润端，前三季度产品综合毛利率58.47%，同比增长3.42pct;25Q3产品综合毛利率61.06%，同比增长8.91pct，系营收增长叠加产品结构优化。前三季度归母净利润3.30亿人民币，同比下降22.69%，系受到政府补助专项验收和增值税加计抵减额下降、存储跌价准备增加、无形资产计提减值等的影响。其中25Q3归母净利润1.37亿人民币，同比增长72.69%，对应归母净利率12%。

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