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.

请务必阅读正文之后的免责声明及其项下所有内容 纳芯微（688052.SH） 优于大市 三季度收入创新高，利润承压 前三季度收入同比增长 36%，三季度创季度新高。公司 2024 年前三季度实现 收入 13.66 亿元(YoY +36.49%)，归母净利润-4.08 亿元，扣非归母净利润 -4.41 亿元，亏损幅度相比去年同期扩大，剔除股份支付费用后的归母净利 润为-1.90 亿元。其中 3Q24 实现收入 5.17 亿元(YoY +86.59%，QoQ +6.32%)， 创季度新高；实现归母净利润-1.42 亿元，扣非归母净利润-1.55 亿元。收 入增长主要由于下游汽车电子领域需求稳健增长，公司汽车电子领域相关产 品持续放量；消费电子领域的景气度持续改善；泛能源工业自动化和数字电 源领域大部分客户恢复正常需求。 产品售价承压，毛利率同比下降。公司 2024 年前三季度毛利率为 33.21%， 相比去年同期下降 7.86pct，其中 3Q24 毛利率为 32.06%，同比下降 4.4pct， 环比下降 3.3pct，毛利率承压主要是由于公司产品售价因宏观经济和市场竞 争加剧而承压。期间费用方面，前三季度研发费 ...

苏州纳芯微电子股份有限公司 投资者关系活动会议纪要 | --- | --- | --- | --- | |--------------------|----------|--------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | □ | 特定对象调研 □分析师会议 | | | | | □媒体采访 ■业绩说明会 | | | 投资者关系活动类别 | □ | 新闻发布会 □ ...

Revenue and Growth - Revenue for the third quarter reached RMB 517.11 million, an increase of 86.59% year-over-year[2] - Year-to-date revenue totaled RMB 1.37 billion, up 36.49% compared to the same period last year[2] - Revenue growth was driven by strong demand in the automotive electronics sector and improved conditions in the consumer electronics sector[7] - Total revenue for the first three quarters of 2024 reached 1,365,982,392.11 RMB, a significant increase from 1,000,816,285.83 RMB in the same period of 2023[17] - Revenue from sales of goods and services for the first three quarters of 2024 was 1,363,617,567.06 RMB, an increase from 1,070,084,266.88 RMB in the same period last year[20] - Revenue for the first three quarters of 2024 increased to 1,336,958,630.82 RMB, up 35.6% compared to 986,328,642.61 RMB in the same period of 2023[27] - Cash received from selling goods and providing services in the first three quarters of 2024 was 1.27 billion yuan, compared to 1.05 billion yuan in the same period of 2023[31] Net Loss and Profitability - Net loss attributable to shareholders for the third quarter was RMB -142.45 million[2] - Year-to-date net loss attributable to shareholders was RMB -407.70 million[2] - Net profit attributable to the parent company for the first three quarters of 2024 was -406,968,104.08 RMB, a significant decline from 735,373.66 RMB in 2023[16] - Net profit for the third quarter of 2024 was -407,703,477.74 RMB, a significant decrease compared to -250,862,305.57 RMB in the same period last year[18] - Net profit for the first three quarters of 2024 was -330,227,032.50 RMB, a decrease of 50.8% compared to -219,014,507.84 RMB in the same period of 2023[29] R&D Expenses - R&D expenses for the third quarter were RMB 176.44 million, accounting for 34.12% of revenue[3] - R&D expenses for the first three quarters of 2024 were 495,661,908.26 RMB, slightly lower than 499,107,009.57 RMB in 2023[17] - R&D expenses decreased to 469,663,751.57 RMB, down 7.9% from 509,897,215.28 RMB in the same period of 2023[27] Assets and Liabilities - Total assets decreased by 3.04% to RMB 6.94 billion compared to the end of the previous year[3] - Total assets as of Q3 2024 were 6,938,651,110.13 RMB, a decrease from 7,156,313,988.76 RMB in the previous period[14] - Total liabilities as of Q3 2024 were 851,706,289.17 RMB, down from 948,791,661.29 RMB in the previous period[15] - Total assets decreased from 6,881,335,883.47 RMB to 6,778,939,868.61 RMB, a decline of approximately 1.5%[26] - Total liabilities decreased by 11.0% to 473,680,421.15 RMB from 532,107,040.25 RMB[26] Cash Flow and Financial Activities - Operating cash flow turned positive, with a net cash inflow of RMB 32.89 million year-to-date[7] - Operating cash flow for the first three quarters of 2024 was 32,890,938.56 RMB, a significant improvement from -278,791,070.38 RMB in the same period last year[22] - Cash received from tax refunds for the first three quarters of 2024 was 42,722,887.09 RMB, a decrease from 75,649,150.61 RMB in the same period last year[22] - Cash paid for employee salaries and benefits for the first three quarters of 2024 was 470,445,841.00 RMB, an increase from 365,161,269.87 RMB in the same period last year[22] - Investment cash outflow for the first three quarters of 2024 was 8,135,027,584.80 RMB, a decrease from 10,947,828,960.33 RMB in the same period last year[22] - Cash received from investments for the first three quarters of 2024 was 7,987,336,977.12 RMB, a decrease from 10,729,717,867.92 RMB in the same period last year[22] - Cash received from financing activities for the first three quarters of 2024 was 95,395,712.00 RMB, a significant decrease from 359,489,106.07 RMB in the same period last year[22] - Cash paid for debt repayment for the first three quarters of 2024 was 153,449,400.00 RMB, a significant increase from 28,174,360.00 RMB in the same period last year[22] - The company's cash and cash equivalents at the end of the third quarter of 2024 were 1,552,903,264.75 RMB, a decrease from 1,751,191,555.14 RMB at the beginning of the year[23] - Operating cash flow for the first three quarters of 2024 was -4.74 million yuan, compared to -289.86 million yuan in the same period of 2023[31] - Investment cash flow for the first three quarters of 2024 was -91.27 million yuan, compared to -206.87 million yuan in the same period of 2023[31] - Financing cash flow for the first three quarters of 2024 was -83.59 million yuan, compared to 42.32 million yuan in the same period of 2023[32] - Net cash and cash equivalents decreased by 180.63 million yuan in the first three quarters of 2024, compared to a decrease of 454.89 million yuan in the same period of 2023[32] - Cash paid for goods and services in the first three quarters of 2024 was 747.93 million yuan, compared to 989.12 million yuan in the same period of 2023[31] - Cash paid to employees in the first three quarters of 2024 was 340.03 million yuan, compared to 178.02 million yuan in the same period of 2023[31] - Cash received from investment activities in the first three quarters of 2024 was 8 billion yuan, compared to 10.73 billion yuan in the same period of 2023[31] - Cash paid for investment activities in the first three quarters of 2024 was 8.09 billion yuan, compared to 10.94 billion yuan in the same period of 2023[31] - Cash received from financing activities in the first three quarters of 2024 was 71.97 million yuan, compared to 359.46 million yuan in the same period of 2023[32] Shareholders and Equity - The total number of ordinary shareholders at the end of the reporting period was 6,284, with the top 10 shareholders holding significant stakes, including Wang Shengyang (10.87%), Sheng Yun (10.13%), and Suzhou Ruixi Information Consulting Partnership (4.58%)[9] - The top 10 shareholders, including Wang Shengyang, Sheng Yun, and Suzhou Ruixi Information Consulting Partnership, hold a combined 31.38% of the company's shares, with no pledged or frozen shares reported[9] - The company's top 10 unrestricted shareholders, including Shenzhen Huiyue Growth Investment Fund and Shenzhen Hongtu Shanli Private Equity Investment Fund, hold a combined 12.68% of the company's shares[9] Acquisitions and Investments - The company successfully completed the acquisition of 62.68% of the shares of Shanghai Magneon Microelectronics Co., Ltd. (麦歌恩) from Shanghai Silicore Technology Co., Ltd. (矽睿科技) and 28 natural persons, with the second tranche of the transfer payment already made[12] - The company's board of directors approved the acquisition of shares and property interests in Shanghai Magneon Microelectronics Co., Ltd. and related entities, with progress updates disclosed on the Shanghai Stock Exchange website[12] - Long-term equity investments as of Q3 2024 were 119,892,365.70 RMB, a significant increase from 23,497,971.16 RMB in the previous period[14] - Long-term equity investments increased by 48.3% to 819,337,171.33 RMB from 552,320,635.77 RMB[24] Financial Position and Changes - The company's monetary funds decreased from 1,751,191,555.14 to 1,552,903,264.75, while trade receivables increased from 179,207,207.63 to 311,366,007.55, indicating a significant rise in accounts receivable[13] - The company's trading financial assets decreased from 2,249,639,462.43 to 1,990,866,417.83, reflecting a reduction in short-term investments[13] - The company's prepayments increased from 46,882,008.77 to 96,785,383.28, suggesting higher advance payments for goods or services[13] - The company's notes receivable decreased from 7,312,066.61 to 5,154,575.49, indicating a reduction in short-term receivables[13] - The company's financial receivables increased from 11,199,484.95 to 23,912,023.94, reflecting growth in financing activities[13] - Inventory as of Q3 2024 stood at 719,481,115.49 RMB, down from 827,793,120.45 RMB in the previous period[14] - Short-term borrowings as of Q3 2024 were 100,076,712.33 RMB, a decrease from 243,187,611.11 RMB in the previous period[14] - Fixed assets as of Q3 2024 increased to 795,179,610.81 RMB from 573,855,816.67 RMB in the previous period[14] - Accounts receivable increased by 65.3% to 402,462,766.48 RMB from 243,519,458.31 RMB[24] - Inventory decreased by 15.3% to 688,266,618.63 RMB from 812,643,560.04 RMB[24] - Fixed assets increased by 43.0% to 730,549,548.69 RMB from 510,942,286.10 RMB[25] - Short-term borrowings decreased by 58.8% to 100,076,712.33 RMB from 243,187,611.11 RMB[25] Gross Margin and Market Conditions - The company's gross margin declined due to macroeconomic pressures and intensified market competition[7]

并将节余募集资金永久补充流动资金的核查意见 光大证券股份有限公司关于苏州纳芯微电子股份有限公司 首次公开发行股票募集资金投资项目结项 光大证券股份有限公司（以下简称"光大证券"或"保荐机构"）作为苏州 纳芯微电子股份有限公司（以下简称"纳芯微"或"公司"）首次公开发行股票 并上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管指 引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所科创 板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规 范运作》等有关规定，对公司首次公开发行募投项目结项并将节余募集资金永久 补充流动资金的事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2022 年 3 月 1 日出具的《关于同意苏州纳 芯微电子股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕427 号）， 公司获准向社会公开发行人民币普通股 2,526.60 万股，每股发行价格为人民币 230.00 元，募集资金总额为 581,118.00 万元；扣除承销及保荐费用、发行登记费 以及其他发行费用共计 22,993.3 ...

苏州纳芯微电子股份有限公司（以下简称"公司"）于2024年10月28日以现场及通讯相 结合方式召开第三届董事会第十四次会议、第三届监事会第十四次会议，审议通过了《关 于首次公开发行股票募集资金投资项目结项并将节余募集资金永久补充流动资金的议案》， 同意公司将首次公开发行募集资金投资项目"信号链芯片开发及系统应用项目" "研发中心建 设项目"（以下简称"本次结项募投项目"）结项，并将节余募集资金用于永久补充流动资金。 公司监事会对该议案发表了明确的同意意见，保荐机构光大证券股份有限公司（以下简称 "保荐机构"）对本事项出具了明确同意的核查意见，本议案无需提交公司股东大会审议。 一、募集资金基本情况 根据中国证券监督管理委员会于2022年3月1日出具的《关于同意苏州纳芯微电子股份 有限公司首次公开发行股票注册的批复》（证监许可〔2022〕427号），公司获准向社会公 开发行人民币普通股2,526.60万股，每股发行价格为人民币230.00元，募集资金总额为 581,118.00万元；扣除承销及保荐费用、发行登记费以及其他发行费用共计22,993.34万元 （不含增值税金额）后，募集资金净额为558,124.66万 ...