Silan Microelectronics has posted 2025 revenue of RMB13.05bn(+16.32%YoY),attributable net profit of RMB399mn(+81.27%YoY),and recurring net profit of RMB372mn(+47.82%YoY).For 4Q25,revenue reached RMB3.34bn(+9.19%YoY,-1.14%QoQ),with attributable net profit at RMB49.49mn(-74.09%YoY,-41.28%QoQ).The full-year attributable net profit fell short of our RMB500mn estimate,due to:1)inventory destocking in the NEV sector during 4Q following purchase tax halving policies,dampening demand for certain power products;and 2)upstream raw material cost pressure compressing gross margin(4Q25 gross margin:16.66%,-1.93pp YoY,-1.35pp QoQ).Notably,Silan recorded robust 2025 revenue growth in IPM modules and automotive IGBT/SiC products.We are confident that Silan,an IDM-driven platform player,will continue diversifying its product portfolio to expand revenue growth.We expect gradual margin recovery during the industry’s moderate upturn.Maintain OVERWEIGHT with atarget price of RMB33.13.
2025:4Q margin pressure from rising materials cost
By segment,1)Discrete devices:Revenue reached RMB6.38bn(+17.3%YoY),driven by market share gains in NEV/PV applications.IGBT and SiC products for the solar/auto sector rose 43%YoY to RMB3.27bn.Segment gross margin dipped to 12.22%(-1.04pp YoY),under the weight of persistent industry competition.2)Integrated circuits:Revenue grew 19.9%YoY to RMB4.92bn,with IPM module revenue up~25.3%YoY,an indication of continued strong momentum.Meanwhile,MEMS/PMIC products showed gradual recovery.Segment margin improved to 31.58%(+0.87pp YoY).3)LEDs:Revenue declined 0.4%YoY to RMB765mn amid weak demand,with margin contracting 4.61pp to 1.91%.Company-level depreciation rose to RMB1.25bn in 2025(vs RMB1.09bn in 2024).Going forward,Silan plans to advance 8-inch SiC capacity expansion at Silan Jihong and 12-inch high-end analog chip investments at Silan Jihua/Jike.
2026 outlook:Sector recovery to drive margin restoration
1)IPM/MEMS momentum:In 2025,IPM module/MEMS sensor revenue reached RMB3.65/0.28bn(+25/12%YoY),with domestic white goods makers’IPM adoption up~47%YoY.Management is guiding for sustained 20-30%IPM shipment growth.The commercial rollout of smartphone six-axis IMUs(2025 shipments up 1.8x YoY)could emerge as akey IC growth driver,in our view.2)Capacity expansion:The company is enhancing 12-inch analog IC and IGBT chip output,scaling 6-inch SiC power device production,and achieving 8-inch SiC pilot-line readiness,which we believe will make its third-gen semiconductor products competitive.3)Pricing action:We see the 10%across-the-board product price hike effective 1March partially offsetting material cost pressure.We anticipate gradual gross margin improvement during the power semiconductor recovery cycle.
Earnings forecasts and valuation
We expect robust revenue growth from product portfolio expansion and sustained profitability improvement through advanced process technologies.This should help the company to navigate industry cycles.We forecast 2026/2027/2028 revenue of RMB15.06/17.41/19.90bn.Given slower-than-we-expected gross margin recovery for 2025,we trim our 2026/2027 gross margin forecast to 20.7/21.9%(vs our previous forecast of 22.1/23.8%)and introduce our 2028 forecast of 22.6%.Hence,we project 2026/2027/2028 attributable net profit of RMB794/1,036/1,310mn(7/14%below our prior 2026/2027 forecast of RMB0.85/1.2bn).We apply a4.3x 2026E PB to the company,a 20%premium to peers’3.6x average on Wind consensus,narrower than our prior premium rate to account for margin pressure and heavy capex requirements for 12-inch analog/8-inch SiC lines.Based on our 2026E BVPS forecast of RMB7.67,we lower our target price to RMB33.13(from RMB36.63 previously based on 4.5x 2026E PB).Maintain OVERWEIGHT.
Risks:Slower end-demand recovery than we expect,sluggish 12-inch capacity ramp-up,intense pricing competition.

　　士兰微发布年报，2025年实现营收130.52亿元（yoy+16.32%），归母净利3.99亿元（yoy+81.27%），扣非净利3.72亿元（yoy+47.82%），其中Q4实现营收33.39亿元（yoy+9.19%，qoq-1.14%），归母净利4948.55万元（yoy-74.09%，qoq-41.28%），全年归母净利润低于我们预期的5.0亿元，主要系Q4新能源汽车领域受到购置税减半影响进入去库存周期影响部分功率产品需求，同时上游原材料涨价导致公司毛利率有所影响，4Q25公司实现毛利率16.66%（yoy-1.93pct，qoq-1.35pct）。公司IPM模块和汽车领域IGBT/SiC产品2025年实现收入高增，我们看好公司作为半导体领域平台型企业，继续发挥其IDM优势不断通过多品类产品实现稳健增长；并在行业上行温和复苏周期中逐步改善毛利率。给予目标价至33.13元，维持“增持”评级。
　　25年回顾：营收利润稳健增长，4Q单季毛利率受原材料涨价影响
　　1）分立器件业务2025年实现收入63.79亿元（yoy+17.3%），受益于公司在新能源汽车、光伏等领域份额不断提升，运用在光伏/汽车领域IGBT/SiC收入同比提升43%至32.73亿元；分立器件业务毛利率12.22%（yoy-1.04pct），反映行业竞争依旧激烈；（2）集成电路业务实现收入49.24亿元（yoy+19.9%），其中IPM模块收入同比增长约25.3%，延续高景气；MEMS及PMIC等产品逐步恢复增长；集成电路业务毛利率31.58%（yoy+0.87pct）（3）发光二极管业务实现收入7.65亿元（yoy-0.4%），整体需求仍萎靡，毛利率同比下降4.61pct至1.91%。25年公司折旧提升至12.5亿元（24年为10.9亿元），公司后续计划稳步推进士兰集宏8吋SiC、以及士兰集华、士兰集科等12吋高端模拟芯片投入。
　　26年展望：行业温和复苏有望助力公司盈利能力修复
　　1）2025年公司IPM模块/MEMS传感器营收36.48/2.80亿元，同比+25%/+12%，国内多家白电厂商采用公司IPM模块使用量同比增长约47%，公司预计未来IPM模块业务出货量有望保持20-30%增速；此外公司运用在手机端六轴IMU开始批量出货（25年出货量增约1.8倍），有望成为未来集成电路业务重要增长点。2）公司着力于提高12英寸模拟集成电路芯片和IGBT芯片生产能力，6英寸SiC功率器件芯片生产线持续上量，8英寸SiC实现通线，有望在第三代半导体方向体现公司产品竞争力；3）3/1公司宣布对各条产品线涨价10%，我们认为有望缓解原材料成本压力，看好公司在功率复苏周期中逐步实现毛利率提升。
　　盈利预测与估值
　　我们认为公司的营业收入随着其产品线的完善快速增长，同时通过新的产品工艺持续改善自身盈利能力，有望助力公司穿越周期。我们预期26/27/28E收入预测150.6/174.1/199.0亿元，由于25年毛利率复苏不及预期，我们略微下调26/27年毛利率预测至20.7/21.9%并新增28年预测22.6%（26/27年前值22.1/23.8%），因此我们预期26/27/28年归母净利润7.9/10.4/13.1亿元（较26/27年前值8.5/12.0亿元下调7/14%）。基于26年每股净资产7.67元预期，我们给予公司4.3x2026EPB，较可比公司平均的3.6x溢价20%（下调溢价率，主要考虑公司毛利率压力以及在12吋模拟和8吋SiC产线未来的资产投入规划较大），下调目标价至33.13元（前值：36.63元，基于2026年4.5XPB），维持“增持”评级。
　　风险提示：终端需求复苏不及预期，12吋产能爬坡慢，产品价格竞争激烈。