Breaking Through the Cycle! Semiconductor Earnings Go Global with a Double Boost as 16 High-Quality Stocks That Were “Misjudged” Are Exposed

If you’re trading stocks, just look at the Jin Qilin analyst research reports—authoritative, professional, timely, comprehensive—helping you uncover high-potential theme opportunities!

Recently, a new round of price hikes has hit key semiconductor components such as global memory chips and MCUs, directly feeding into consumer end-market demand. Coupled with a surge in AI computing power needs and multiple factors such as geopolitical issues, the semiconductor industry’s business sentiment is expected to continue rebounding.

Semiconductor Industry

Revenue and net profit accelerate growth

According to Securities Times · DataBao statistics, as of now, relevant data on net profit for A-share semiconductor industry companies in 2025 (including forecasts; for forecasts, the lower limit is used, and the same applies below) have basically been fully disclosed (only a small number of companies have not yet disclosed annual reports or performance forecasts).

Overall, among 165 companies that disclosed net profit, 115 reported profits in 2025; the proportion of profitable companies is close to seven-tenths, slightly above the level in 2024.

Looking back historically, in 2024 semiconductor companies’ revenue grew year over year by 21.44%, up more than 20 percentage points from the prior year; net profit grew year over year by 15.42%, up nearly 66 percentage points from the prior year. In 2025, year-over-year revenue growth (comparable basis) was nearly 24%, and net profit growth was 29.09%; both revenue and net profit growth rates continued to rise compared with the prior year.

With listed companies’ performance continuing to improve, it is a snapshot of the semiconductor industry’s transition from a slump to recovery. After the sluggish periods in 2022 and 2023, since 2024 the semiconductor industry has seen a strong rebound, and in 2025 growth has accelerated even further.

According to a report by Gelonghui, the “barometer” of the semiconductor industry—at the SEMICON exhibition in 2026—sent a clear signal: AI-driven memory capacity expansions, increased volume of advanced logic process nodes, and a surge in demand for advanced packaging; these three major lines of demand together will drive the semiconductor equipment industry into a high-growth turning point.

Meanwhile, domestic equipment has been making rapid breakthroughs in etching, thin films, cleaning, and other areas. It is also stepping up efforts in metrology, photoresist coating/developing, ion implantation, and other steps. Top-tier platform enterprises continue to refine their deployments, and 2026–2027 will be a key stage for a major increase in domestic substitution rates.

Meanwhile, at the above exhibition, several leading companies unveiled major technologies. Micro-nano Corp. released four new products covering key processes for silicon-based and compound semiconductor manufacturing, further enriching the company’s product lineup and system-level solution capabilities in etching equipment, thin-film deposition equipment, and core intelligent components. Hua e Qingke showcased a full series of advanced semiconductor equipment and integrated process solutions, including in the ion implantation area where domestic substitution rates are relatively lower, where the company also brought a high-current ion implanter, iPUMA-LE.

Nearly 50 companies in 2025

Net profit hits a new high since 2019

From the perspective of individual companies, 46 semiconductor companies in 2025 recorded net profits at the highest level since 2019, while 14 companies saw net profits exceed 1 billion yuan. Among them, Hygon Information, GigaDevice? , Micro-nano Corp., and Cambricon all exceeded 2 billion yuan.

Hygon Information’s 2025 net profit reached 2.542 billion yuan, up 31.66% year over year; the lower limit of the year-over-year growth rate for its net profit in Q1 this year reached 22.56%.

Dongwu Securities said that Hygon Information has two major leading domestic products: CPU and DCU. For CPU, as the industry’s indigenous innovation in computing platform systems advances steadily, the company’s CPU product revenue is expected to grow steadily. For DCU, with the release of AI computing power demand and the acceleration of the domestic substitution trend, domestic AI chip vendors are facing a historic opportunity. The company’s DCU product performance ecosystem ranks in the first-tier group; new products are constantly iterating, and sustained high-growth performance growth validates industry momentum and business sentiment.

GigaDevice? ’s 2025 net profit increased by more than 58% year over year. The main beneficiaries are the AI industry trend and strong demand in the industry. The company’s shipment volume of interconnect-type chips increased significantly, driving a substantial year-over-year increase in the company’s operating performance for 2025 compared with the same period of the previous year.

Cambricon achieved profitability for the first time since listing. In 2025 its net profit was 2.059 billion yuan. The company said that during the reporting period, benefiting from the ongoing rise in computing power demand in the artificial intelligence industry, it continued to expand the market by leveraging its outstanding product competitiveness and actively promoted the implementation of AI application scenarios.

Worth noting is that among the above 14 companies, seven saw their net profit впервые first exceed 1 billion yuan; besides Cambricon, others include Saiwei Electronics, Shenzhen? , Changchuan Technology (rights protection), Tongfu Microelectronics, and so on.

Semiconductor companies accelerate going global

In recent years, the global semiconductor supply chain has experienced severe fluctuations, moving from the initial chip shortage wave to the later inventory adjustment period and market recovery. Against this backdrop, China’s “chips” are accelerating the pace of self-reliant, controllable development. Relevant products have gradually earned recognition from global customers, demonstrating strong resilience and vitality.

According to customs data, in the first two months of this year, China’s exports of integrated circuits (chips) reached $43.3 billion, surging 72.6% year over year. This growth rate far exceeds China’s overall export growth rate of 21.8% in the same period, and it also set a historical new high in recent years.

Meanwhile, A-share semiconductor industry companies are also accelerating their push to go global. According to Securities Times · DataBao statistics, among 59 semiconductor companies that have already disclosed overseas business revenue, their total overseas business revenue in 2025 exceeded 101.8 billion yuan, up nearly 23% year over year; this is an increase of more than 6 percentage points compared with the previous year. Overseas business revenue as a proportion of revenue exceeded 34% in 2025, basically flat compared with the previous year.

Of these 59 companies, the proportion of companies whose overseas business revenue grew year over year in 2025 is close to eight-tenths. 18 companies’ overseas business revenue exceeded 1 billion yuan, and all of them increased compared with the previous year. Demingli, SmartVis? -W, Awei? Storage, and GigaDevice? ’s overseas business revenue growth in 2025 all exceeded 50%.

Demingli’s 2025 overseas business revenue was 6.914 billion yuan, up nearly 108% from the previous year. The company said this was mainly due to factors such as foreign-exchange settlement, logistics convenience, trading practices, and taxes.

Worth noting is that late last year, Vip integrated technology, NexGen? , LianDong Technology, and Fudan Microelectronics—all those with year-over-year increases in overseas business revenue in 2025—received additional share purchases from the National Social Security Fund. Moreover, the Social Security Fund newly became one of the top ten circulating shareholders of LianDong Technology and Fudan Microelectronics.

16 “wrongly sold off” high-quality stocks are out

Judging from market performance, the semiconductor sector performed strongly in 2025. The Shenwan semiconductor industry index’s cumulative gain was close to 46%, ranking near the top of the industry. Since this year began, the sector has fallen into a pullback; as of April 3, the Shenwan semiconductor industry index was down slightly by 0.85%. Many companies in the industry have seen significant pullbacks, including multiple high-quality stocks.

According to DataBao statistics, since this year began, there are 16 semiconductor companies whose stock prices have cumulatively fallen by no less than 5%, that in the full year of 2025 underperformed the semiconductor industry index, and that achieved profits in 2025 with net profit year-over-year growth of no less than 30%.

Ranked by market performance, there are 11 companies whose decline has exceeded 10% since 2026, including SMIC International, Allwinner Technology, GigaDevice? (IC), Silan Microelectronics, and so on.

SMIC International’s cumulative gain in 2025 was below 30%, and since 2026 its share price has fallen by more than 25%. The company said that its capital expenditures in 2025 were $8.1 billion; in 2026, capital expenditures are expected to be broadly flat compared with 2025, and corresponding capacity will also be added gradually thereafter.

Silan Microelectronics’ cumulative gain in 2025 was below 10%, and its decline since the beginning of this year was close to 13%. After experiencing a small loss in 2023, since 2024 the company’s performance has returned to its normal track. In 2024 it achieved net profit of 220 million yuan, and in 2025 the lower limit of net profit reached 330 million yuan, with the lower limit of the year-over-year growth rate reaching 50%. The company has carried out its “integrated” strategy in depth in 2025. By actively expanding output and taking a range of cost-reduction and efficiency-improvement initiatives, it has effectively responded to intense external market competition, keeping the company’s overall gross margin on products basically stable compared with 2024.

Meanwhile, the company’s subsidiaries Silan Integrated (5- and 6-inch chip production lines), Silan Xing (8-inch chip production line), and its important equity-participated enterprise Silan Integrated? (12-inch chip production line) have all achieved full-capacity production. The profitability levels of the three companies—Silan Integrated, Silan Xing, and Silan Integrated? —have improved compared with 2024.

In terms of institutional attention, this year there are 8 companies that received research visits from 10 or more institutions. Lixin Technology and SmartVis? -W both received research visits from more than 100 institutions. Vip integrated technology, Aix? (C? ) and Tongpeng Micro? all received research visits from more than 20 institutions.

【Live broadcast preview】

A large amount of information and precise interpretation—right here in the Sina Finance app

Editor: Wu Sinan