Special Application IC (ASIC) design service operators invented the second quarter of the French Conference last week. US Foreign Investment issued the latest report stating that although the second quarter revenue was not as expected, the company still maintained its annual double-digit growth estimate. Even if it does not rely on crypto customers, it will be confident that the continued growth of next year will be achieved. Foreign Investment reiterated its target price of RMB 1,480 and the purchase grade, and expects EPS from 2025 to 2027 to be RMB 31.6, RMB 37.6 and RMB 46 respectively. Yuan.
Creative merger in the second quarter of 2025 was RMB 6.104 billion, a quarterly decrease of 13% and a year-on-year decrease of 9%; among which, NRE was RMB 1.932 billion, a quarterly increase of 47%, but a year-on-year decrease of 32%; Turnkey was RMB 4.024 billion, a quarterly decrease of 29%, but a year-on-year increase of 5%. Creative pointed out that this decline in acceptance was mainly affected by Turnkey's quarterly reduction and was limited by export controls. Therefore, packaging testing needs to be adjusted to Taiwan's sealing test factory, resulting in delays in shipments, but the annual shipping targets remain unchanged.
As for gross profit margin was 33.3%, a quarterly increase of 5.2 percentage points and an annual increase of 2.7 percentage points, mainly due to the increase in NRE revenue share this quarter; the operating rate of profit was 15.4%, a quarterly decrease of 0.2 percentage points and an annual increase of 0.1 percentage points; the net interest rate was 12.8%, a quarterly decrease of 0.9 percentage points and an annual decrease of 0.7 percentage points; the earnings per share (EPS) was RMB 5.84.
Looking forward to the whole year, the creative expectation that the 2025 investment will increase the double digits annually, including NRE's annual percentage reduction in the percentage of single digits, Turnkey's annual percentage increase in double digits, gross profit margin annually decreases by percentage, and yield annually decreases by percentage.
Creative President Dai Shangyi pointed out that 2024 to 2025 is also a year of sharp changes in creative dramas. Before, China and the United States each accounted for one-third of creative revenue. However, starting this year, the proportion of US-China revenue has changed, with China falling below 20%, and the United States rose to 50%, and may even exceed 60%.
Regarding cryptocurrency, Dai Shangyi pointed out that based on the estimates given by customers, the number of American customers will continue to be in the first half of next year, and another Japanese customer will be added.
The US foreign information pointed out that the proportion of CSP currently accounts for 25%, and it is expected to further expand next year. Three projects will enter volume production in the second half of the year, mainly focusing on NRE collection.
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