证券代码：688052 证券简称：纳芯微 公告编号：2024-051 苏州纳芯微电子股份有限公司 关于收购上海麦歌恩微电子股份有限公司 股份进展暨完成工商变更登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、基本情况概述 苏州纳芯微电子股份有限公司（以下简称"公司"）于 2024 年 6 月 21 日召开了 第三届董事会第十次会议、第三届监事会第十次会议，审议通过了《关于拟以现金方 式收购上海麦歌恩微电子股份有限公司部分股份及上海莱睿企业管理合伙企业（有限 合伙）、上海留词企业管理合伙企业（有限合伙）部分财产份额的议案》，于 2024 年 10月 14日召开了第三届董事会第十三次会议、第三届监事会第十三次会议，审议通过 了《关于拟以现金方式收购上海麦歌恩微电子股份有限公司股份进展暨签订<财产份 额转让协议之补充协议>的议案》。 公司以现金方式收购上海矽睿科技股份有限公司（以下简称"矽睿科技"）直接 持有的上海麦歌恩微电子股份有限公司（以下简称"麦歌恩"）62.68%的股份，以现 金方式收购矽睿科技通过上海莱睿企业 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 136.40 CNY [3][6][10] Core Insights - In Q3 2024, the company's revenue reached 517 million CNY, marking a historical high with a 6% increase quarter-on-quarter and an 87% increase year-on-year. This marks five consecutive quarters of revenue growth. However, the net profit attributable to shareholders was -142 million CNY, and the adjusted net profit was -155 million CNY. For the first three quarters of 2024, the company reported a total revenue of 1.37 billion CNY, a 36% year-on-year increase, with a net profit of -408 million CNY [2][3] - The automotive electronics segment continues to expand rapidly, with Q3 2024 revenue reaching 196 million CNY, a 26% increase quarter-on-quarter, accounting for 38% of total revenue. The company has seen significant market share growth in the electric vehicle power control chips and has begun large-scale shipments of various automotive chips. The company plans to launch several new products in the automotive electronics sector in the coming year, driven by strong demand in the Chinese market [2][3] - The company's overseas expansion is progressing well, with branches in Germany, Japan, and South Korea, and has passed supplier certifications from several tier 1 clients. A strategic partnership with Continental Group has been established to develop automotive-grade pressure sensor chips, enhancing safety and reliability features [2][3] Financial Summary - The company forecasts revenues of 1.91 billion CNY, 2.60 billion CNY, and 3.26 billion CNY for 2024, 2025, and 2026 respectively. The previous forecast for 2024 was 3.46 billion CNY, which has been revised down due to adjustments in revenue and gross margin expectations [3][10] - Key financial metrics include a projected gross margin of 36.7% for 2024, improving to 42.7% by 2026. The net profit margin is expected to recover from -17.2% in 2024 to 3.8% in 2026 [5][10]

证券代码：688052 证券简称：纳芯微 公告编号：2024-050 苏州纳芯微电子股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2024 年 12 月 04 日（星期三）下午 15:00-16:00 http://roadshow.sseinfo.com/） （三）会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 27 日（星期三） 至 12 月 03 日（星期二）16:00 前 登 录上 证路 演中心 网 站首 页点 击 "提问 预 征集 "栏目 或通过 公 司邮 箱 ir@novosns.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 苏州纳芯微电子股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日 在《上海证券报》《中国证券报》《证券时报》《证券日报》及上海证券交易所网 站（www.sse.com.cn）披露公司《2024 年第三季度报告》，为便于广大投资者更 ...

Core Viewpoint - Naxin Micro announced a collaboration with ChipX Semiconductor to launch the NS800RT series real-time control MCU, which significantly enhances system operation precision and efficiency in various applications [1] Company Overview - Naxin Micro is a high-performance and high-reliability analog and mixed-signal chip company, focusing on three main areas: sensors, signal chains, and power management [1] - The company provides a wide range of semiconductor products and solutions for automotive, industrial, information communication, and consumer electronics sectors [1] Product Features - The NS800RT series MCU enables engineers to achieve PWM control at a trillionth of a second level, applicable in photovoltaic/storage inverters, uninterruptible power supplies, industrial automation, collaborative robots, new energy vehicles, and air conditioning compressors [1]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next 6-12 months [2][6][17]. Core Insights - The company achieved a record high revenue of 517 million yuan in Q3 2024, representing a year-on-year increase of 86.59% and a quarter-on-quarter increase of 6.32% [2][6]. - The growth in revenue is attributed to robust demand in the automotive electronics sector, improved conditions in the consumer electronics market, and a recovery in demand from clients in the industrial automation and digital power sectors [2][6]. - The company reported a net loss attributable to shareholders of 142 million yuan in Q3 2024, with a gross margin of 32.06%, down 4.39 percentage points year-on-year [2][6]. - The company has over 2,100 product models available for sale, with the expected unit value of mass-produced products exceeding 800 yuan by the end of 2024 [2][6]. Financial Performance and Forecast - Revenue projections for 2024-2026 are 1.881 billion yuan, 2.589 billion yuan, and 3.137 billion yuan, with growth rates of 43.5%, 37.6%, and 21.2% respectively [6][10]. - The net profit attributable to shareholders is forecasted to be -290 million yuan in 2024, 27 million yuan in 2025, and 127 million yuan in 2026, with growth rates of 4.9%, 109.3%, and 374.4% respectively [6][10]. - The gross margin is expected to improve from 33.2% in 2024 to 39.6% in 2026 [7][10]. Business Segments - **Sensors**: Revenue from sensor products is projected to be 182 million yuan in 2024, with a growth rate of 10% [10][11]. - **Signal Chain**: Revenue from signal chain products is expected to reach 970 million yuan in 2024, with a growth rate of 37.5% [11][12]. - **Power Management**: Revenue from power management products is forecasted to be 717 million yuan in 2024, with a growth rate of 67.5% [12][13]. Competitive Positioning - The company is recognized as one of the early mass producers of digital isolation chips in China, with a comprehensive range of isolation devices and core technologies across five major fields [17][19]. - The report compares the company with peers such as Shengbang Co., Sirepu, and Aiwei Electronics, highlighting its competitive advantages in product diversity and technological capabilities [17][19].

Revenue Performance - In Q3 2024, revenue from the automotive electronics sector reached 196 million RMB, with a quarter-on-quarter growth of 26.33%, accounting for 38% of total quarterly revenue [1][2]. - The projected single-vehicle value of products currently offered is approximately 600 RMB, expected to exceed 800 RMB by year-end, with a potential increase to around 3000 RMB within three years if all planned products are successfully mass-produced [2]. Market Demand and Inventory Levels - The industrial market's inventory levels have returned to normal, but demand remains weak. The photovoltaic market is undergoing destocking, with expectations to normalize by year-end or Q1 of the following year [2]. - The automotive electronics market, particularly in China, is experiencing strong demand, driven by the growth of new energy vehicles [3]. International Expansion - The company has established branches in Germany, Japan, and South Korea, with localized sales teams. It has passed supplier certifications from several overseas tier-1 clients and is focusing on deep collaborations with leading tier-1 automotive manufacturers [3]. - A strategic partnership has been formed with Continental Group to jointly develop automotive-grade pressure sensor chips, enhancing safety and reliability features [3]. Future Product Development and M&A Strategy - Future investments and acquisitions will focus on automotive electronics and energy sectors, particularly in high-speed and processor-related products that synergize well with existing offerings [4]. - The company is expanding its product lineup in the automotive sector, with significant market share growth in electric vehicle motor control chips and plans for mass production of various new products, including multi-channel tail light driver chips and integrated motor driver SOC chips [4].

Investment Rating - The report maintains a "Buy" rating for the company Naxin Micro (688052) [2] Core Insights - In the first three quarters of 2024, the company achieved operating revenue of 1.366 billion yuan, a year-on-year increase of 36.49%, with a net profit attributable to shareholders of -408 million yuan [3] - The automotive electronics market continues to grow, with the company increasing its market share in the automotive power control chip sector [3] - The company plans to fully acquire Maigen, enhancing its competitiveness in the magnetic sensor field [3] Financial Performance - The company reported a historical high in Q3 revenue of 517 million yuan, a quarter-on-quarter increase of 6.32% and a year-on-year increase of 86.59% [3] - Revenue structure for the first three quarters of 2024: automotive electronics accounted for approximately 35%, energy sector for 52%, and consumer electronics for 13% [3] - Projected financials for 2024-2026 include net profits of -300 million yuan, 2 million yuan, and 14 million yuan respectively [3][5] Market Trends - The automotive electronics market is experiencing strong demand, leading to growth opportunities for new materials [3] - The industrial market is gradually recovering from inventory destocking, while the consumer electronics market is returning to normal demand levels [3] Product Development - The company is focusing on the automotive sector, with new products in the electric vehicle power control segment expected to enter mass production next year [3] - Upcoming product launches include video transmission SerDes chips, power management chips, and audio amplifier chips for automotive applications [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 159.1 CNY per share [1]. Core Views - The company achieved a record high revenue of 5.17 billion CNY in Q3 2024, reflecting a year-on-year increase of 86.59% and a quarter-on-quarter increase of 6.32%. The gross margin was 32.06%, showing a decline of 4.39 percentage points year-on-year [1]. - The company is positioned as a leader in the domestic automotive isolation chip market, benefiting from a broad market space and continuous expansion. The product structure optimization is expected to enhance profitability [1]. - High levels of R&D investment are maintained, with R&D expenses accounting for 36.29% of revenue in Q1-Q3 2024, facilitating the development of new products and expanding the product matrix [1]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 1.366 billion CNY, a year-on-year increase of 36.49%. The net profit attributable to shareholders was -408 million CNY [2]. - The projected total revenue for 2024 is 1.908 billion CNY, with a year-on-year growth rate of 45.6%. The net profit is expected to be -297 million CNY [2]. - The company’s earnings per share (EPS) for 2024 is projected at -2.08 CNY, with a price-to-earnings (P/E) ratio of -59 [2].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company achieved a record high revenue in Q3 2024, driven by sustained demand in the automotive electronics sector, with a quarter-on-quarter revenue growth of 6% [2][3] - The company is expected to experience rapid growth in 2025, as three categories of automotive-grade new products have already secured project designations from clients [4][5] - The company plans to acquire 100% of Maiguan, enhancing its technical capabilities and product layout in the magnetic sensor field [5] Financial Summary - Revenue for 2022 was 1,670 million, with a significant decline to 1,311 million in 2023, but projected to recover to 1,874 million in 2024 and grow to 2,514 million in 2025 [2][15] - The net profit attributable to shareholders is expected to improve from -434 million in 2024 to 32 million in 2025, and further to 187 million in 2026 [2][15] - The company's return on equity (ROE) is projected to recover from -7.5% in 2024 to 0.6% in 2025 and 3.1% in 2026 [2][15] Revenue Breakdown - In Q3 2024, revenue from the automotive sector was 197 million, accounting for 38% of total revenue, with a quarter-on-quarter growth of 26% [3] - The energy sector contributed 259 million, representing 50% of total revenue, but saw a slight decline of 3% quarter-on-quarter [3] - The consumer electronics sector generated 62 million, making up 12% of total revenue, with a minor decline of 2% [3] Product Performance - In Q3 2024, revenue from signal chain products was 264 million, accounting for 51% of total revenue, while power management products generated 197 million, representing 38% [4] - The company anticipates significant growth in 2025 from three major product categories, including motor drive products for vehicle body electronics and integrated motor drive SoC chips for automotive thermal management [4][5]

Summary of Conference Call Company Overview - The conference call is related to a company in the semiconductor industry, specifically focusing on automotive electronics and power management solutions. Key Financial Highlights - For the first three quarters of 2024, the company achieved a revenue of **1.366 billion** CNY, representing a **36.49%** year-over-year increase [2] - The net profit attributable to shareholders was a loss of **408 million** CNY, with a net profit loss of **441 million** CNY after deducting non-recurring items [2] - In Q3 2024, revenue reached **517 million** CNY, showing a **6.32%** quarter-over-quarter increase and an **86.59%** year-over-year increase [2] - The cash flow from operating activities was **32.89 million** CNY [2] Market Demand and Growth - The growth in revenue is attributed to the increasing demand in the automotive electronics sector, which accounted for **35%** of total revenue in the first three quarters [3] - The industrial market is recovering from inventory destocking, while the consumer electronics market is returning to normal demand levels [3] - The automotive electronics revenue in Q3 reached **196 million** CNY, with a **26.33%** quarter-over-quarter growth [3] Product Segmentation - Revenue breakdown for the first three quarters: - Automotive electronics: **35%** - Industrial applications: **52%** - Consumer electronics: **13%** [3] - Product categories: - Sensor products: **10%** - Signal chain products: **53%** - Power management products: **37%** [3] New Product Development - The company is continuously launching new products in sensors, signal chains, and power management [4] - New power management products have started mass production, including LDOs and motor drivers [5] - The company is focusing on both isolated and non-isolated products, with isolated products currently accounting for **60%** of revenue [6] Industry Trends - The industrial market has returned to normal inventory levels, but demand remains weak [7] - The solar energy market is still in a destocking phase, with recovery expected by Q4 2024 or Q1 2025 [8] - The automotive electronics market is experiencing strong demand, particularly in China [8] Gross Margin Insights - The gross margin in Q3 decreased compared to Q2 due to ongoing price declines amid intense market competition [10] - The company anticipates continued pressure on gross margins but expects stabilization in the long term [12] Acquisition Plans - The company is moving forward with a full acquisition of a company named Magin, which specializes in magnetic sensors, to enhance its product offerings [13] - The acquisition strategy has shifted from partial ownership to full integration to leverage synergies [14] Future Outlook - The company plans to focus on automotive electronics and energy sectors for future investments and acquisitions [19] - Key product areas for growth include motor drivers and integrated motor drive SOCs, expected to see significant volume increases in 2025 [21][22] - The company aims to maintain a controlled growth in personnel and expenses, projecting a **10-20%** increase in headcount annually [27] Conclusion - The conference highlighted the company's strong performance in the automotive electronics sector, ongoing product development, and strategic acquisitions aimed at enhancing market competitiveness. The management remains optimistic about future growth despite current market challenges.