证券代码：688515 证券简称：裕太微 公告编号：2025-013 裕太微电子股份有限公司 关于 2024 年度利润分配预案的公告 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： 裕太微电子股份有限公司（以下简称"公司"）2024 年度利润分配方案 为不派发现金红利、不送红股、不以公积金转增股本。 公司 2024 年度利润分配方案已经公司第二届董事会第三次会议和第二 届监事会第三次会议审议通过，尚需提交公司 2024 年年度股东会审议。 由于公司目前处于发展期，未来资金需求较大，公司 2024 年度归属于母 公司所有者的净利润为负数，考虑公司目前产品研发及市场推广等资金需求量大 的实际情况，为保障公司长远发展，根据相关法律法规以及《裕太微电子股份有 限公司章程》（以下简称"《公司章程》"）等规定，经公司审慎研究讨论，拟 定 2024 年度不进行利润分配。 本次利润分配预案的实施不会触及《上海证券交易所科创板股票上市规 则》第 12.9.1 条第一款第（八）项规定的可能被实施其他风险警示的情形。 一、利润分 ...

Core Viewpoint - The 21st Shanghai International Automobile Industry Exhibition highlights the launch of YuTai Microelectronics' first automotive-grade TSN Switch products, marking a significant step towards breaking the international chip giants' monopoly in automotive high-speed communication chips [1][10]. Company Overview - YuTai Microelectronics, established in 2017, focuses on the design and development of high-speed wired communication chips and has achieved rapid growth, including a listing on the Chinese Science and Technology Innovation Board in 2023 [9]. - The company aims to become a leader in the global wired communication chip market and plans to capture the largest market share in the domestic automotive communication sector [9]. Product Launch - The newly launched TSN Switch series includes the YT9908 and YT9911, which enhance the company's automotive Ethernet product matrix [1][12]. - The TSN Switch chips are designed to meet high precision, low latency, and high reliability requirements in the automotive sector, acting as a hub for data aggregation, scheduling, and forwarding within the vehicle's Ethernet network [3][4]. Technical Features - The YT9908/9911 chips are the first automotive-grade TSN Switch chips in mainland China, integrating self-developed Gigabit and Megabit automotive Ethernet PHYs and supporting multiple high-speed interfaces [4][6]. - Key features include support for eight TSN protocols with clock synchronization precision of less than 20 nanoseconds, self-diagnostic data transmission, and robust error-checking mechanisms [6][4]. Safety and Reliability - The chips are designed with a focus on functional safety, information security, and supply chain security, aiming for ASIL-B level certification [6][9]. - YuTai Microelectronics has invested significantly in third-party testing and certification to ensure product quality and compliance with international standards [6][4]. Market Position and Future Plans - YuTai Microelectronics has positioned itself as a major player in the automotive Ethernet chip market, with millions of units shipped and a commitment to developing a complete automotive Ethernet solution [9][12]. - The company plans to enhance its investment in automotive business and aims to introduce a new SerDes product with advanced capabilities in the coming months [12][10].

4月23日，第二十一届上海国际汽车工业展览会（以下简称上海车展）开幕，展会吸引了来自26个国家 和地区的近1000家中外知名企业参展，展出总面积超过36万平方米，参展国别范围更广，规模再创新 高。 除了首发新车，今年的上海车展还有哪些值得关注的看点？ 记者观察到，在智能技术持续赋能汽车产业的今天，业内面对众多技术成果，多了一份理性思考，更加 关注智能化与安全性进一步共融。"电动化时代，做千匹马力已经非常容易，消费者在追求性能的同 时，更重要的是驾驭性能。"莲花集团CEO冯擎峰认为，面对智能技术，上限是乐趣，下限是安全，这 是要守好的底线。 同时，坚持国际化合作与产业链自主可控也成为产业发展的新课题。一直以来，汽车行业通过高效的跨 国产业链、供应链体系，实现全球资源优化配置。当前，面对关税和贸易保护主义的挑战，汽车上下游 产业链协同创新、自主可控势在必行。 "汽车产业是技术密集型产业，想要在市场上取得成功，需要技术和品牌协同发力。"岚图汽车CEO卢放 表示，近年来，中国汽车产业在新能源、智能化方面取得一定成绩。未来，要在芯片、算法、工具软件 等方面持续投入，实现产业自立自强。 芯片是智能网联汽车的核心底座。今年 ...

Group 1 - The 2025 Shanghai International Auto Show will feature the official launch of Yutai Microelectronics' new vehicle Ethernet switch chip series YT99, attracting significant industry attention [2] - The automotive communication sector is undergoing a critical transition due to the rise of smart and electric vehicles, with traditional bus technologies struggling to meet the explosive data transmission demands of intelligent driving and smart cockpits [2] - Vehicle Ethernet technology is becoming the mainstream choice in the industry due to its significant advantages over traditional vehicle networks, including a theoretical bandwidth of 100Mbps to 10Gbps, reduced vehicle wiring weight, and optimized electromagnetic compatibility [2] Group 2 - The domestic vehicle Ethernet chip market is entering an explosive growth phase, with an expected market size of 29.3 billion RMB by 2025, reflecting a 66% compound annual growth rate from 2020 [3] - This growth is driven by three main factors: the real-time data fusion needs of L3 and above autonomous driving systems, high bandwidth consumption from smart cockpit applications, and the trend towards centralized electronic and electrical architecture in vehicles [3] - Yutai Microelectronics has established core technological barriers in the high-performance communication chip sector and has proactively positioned itself in the automotive-grade chip market [3] Group 3 - Yutai Micro's vehicle Ethernet chips cover high, medium, and low-end models and are in deep collaboration with major automakers and Tier 1 suppliers, being applied in body control, smart cockpit, and autonomous driving scenarios [4] - The products have entered the systems of various clients, including Desay SV, Lisheng, FUSAI, GAC Passenger Vehicle, Hongqi, BAIC, SAIC-GM-Wuling, SAIC Overseas, Chery, Great Wall, Changan, and Geely [4] - Benefiting from the trends of automotive intelligence and electrification, Yutai Micro continues to meet the high-speed communication needs of the Internet of Vehicles with its reliable and low-power chip solutions [4] Group 4 - With continuous breakthroughs in domestic chip manufacturing processes and packaging technologies, as well as the increasing demand for supply chain autonomy from vehicle manufacturers, local companies are expected to gain more influence in the vehicle Ethernet chip sector [6] - Domestic chip companies like Yutai Micro are gradually breaking the monopoly of international manufacturers in the vehicle communication chip market through technological iterations and ecosystem collaborations, especially in the electric vehicle sector [6] - As vehicles evolve from "mobile tools" to "third living spaces," the strategic value of vehicle Ethernet chips as the neural network of smart cars will continue to be highlighted [6]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [2]. Core Insights - In 2024, the company achieved a revenue of 404 million yuan, representing a year-on-year growth of 47.63%. However, the net profit attributable to the parent company was a loss of 198 million yuan, with a non-recurring net profit loss of 228 million yuan. The fourth quarter of 2024 saw a revenue of 138 million yuan, up 26.61% year-on-year and 24.32% quarter-on-quarter [3][4]. - The company has seen a significant increase in demand for its 2.5G PHY products, with single product revenue reaching 38.7 million yuan in the first half of 2024, following a revenue of 20.86 million yuan in 2023. The company has also completed the initial development of a 4-port 2.5G PHY product, which can replace single-port 10G products in certain scenarios [4][5]. - The YT9230 series switching chips were showcased at the IC China exhibition, with expectations for gradual market penetration. The overall market size for commercial Ethernet switching chips in China is projected to reach 3.54 billion yuan by 2025, with the segment for port rates below 10G expected to account for 40% of this market [5]. Financial Forecast - The company is expected to continue its revenue growth, with projections of 452 million yuan in 2025 and 525 million yuan in 2026, reflecting year-on-year growth rates of 11.7% and 16.1%, respectively. The net profit is forecasted to improve, with losses narrowing to 154 million yuan in 2025 and 48 million yuan in 2026 [6][9]. - The price-to-sales (P/S) ratios are projected to be 19.69 and 16.95 for 2025 and 2026, respectively, indicating a potential valuation increase as revenues grow [6].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - In 2024, the company achieved a revenue of 404 million yuan, representing a year-on-year growth of 47.63%. However, it reported a net loss attributable to shareholders of 198 million yuan [3][4]. - The single-port 2.5G PHY product has seen continuous growth, with initial R&D completed for the four-port 2.5G PHY, which can replace single-port 10G products in certain scenarios [4]. - The YT9230 series switching chips were showcased, with expectations for gradual market penetration, addressing a gap in the domestic full-series solutions [5]. Financial Performance - The company reported a revenue of 404 million yuan in 2024, a 48.0% increase from 2023, with a projected revenue of 452 million yuan in 2025 and 525 million yuan in 2026 [9]. - The net profit is expected to improve from a loss of 195 million yuan in 2024 to a loss of 154 million yuan in 2025, and further to a loss of 48 million yuan in 2026 [9]. - The gross margin is projected to decline slightly from 51.3% in 2024 to 49.1% in 2025 and 49.0% in 2026 [9]. Product Development - The company has successfully launched its 2.5G PHY products, with sales reaching 38.7 million yuan in the first half of 2024, indicating strong market demand [4]. - The ongoing development of new products is expected to drive revenue growth in the coming years, with the third round of new product R&D continuing [6].

证券代码：688515 证券简称：裕太微 公告编号：2025-009 裕太微电子股份有限公司 关于股份回购实施结果的公告 1 和《关于以集中竞价交易方式回购公司股份的回购报告书》（公告编号：2024-009）。 二、 回购实施情况 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： | 回购方案首次披露日 | 2024/3/2 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 年 月 2024 3 日~2025 | 1 | 2 | 28 | 日 | | 预计回购金额 | 20,000,000 元~40,000,000 元 | | | | | | 回购价格上限 | 95.25 元/股 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | □为维护公司价值及股东权益 | | | | | | 实际回购股数 | 603,649 股 | | | | | | 实际回 ...

Financial Performance - The total operating revenue for the reporting period was 403.81 million yuan, an increase of 47.63% compared to the same period last year[4] - The total profit and net profit attributable to the parent company were both -197.61 million yuan, a decrease of 47.50 million yuan year-on-year[9] - The basic earnings per share for the reporting period were -2.48 yuan, compared to -1.96 yuan in the previous year[4] - The company reported a steady quarterly revenue growth throughout the year, with the last quarter achieving 137.74 million yuan in revenue[6] Assets and Equity - The company’s total assets at the end of the reporting period were 1,743.84 million yuan, a decrease of 10.37% from the beginning of the period[5] - The equity attributable to the parent company was 1,612.63 million yuan, down 11.74% from the beginning of the period[5] - The company experienced a decrease in net asset value per share to 20.16 yuan, down 11.74% from the beginning of the period[5] Research and Development - The company continued to increase R&D investment, resulting in a significant rise in R&D expenses compared to the previous year[8] Sales and Marketing - The introduction of new products, such as the 2.5G Ethernet PHY chips, contributed to the substantial growth in sales revenue[8] - The company expanded its sales team to penetrate domestic and overseas markets, leading to increased personnel costs[8]

海通证券股份有限公司 关于裕太微电子股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为裕太 微电子股份有限公司（以下简称"裕太微"或"公司"）首次公开发行股票并在 科创板上市持续督导期间的保荐机构，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，对裕太微使用部分暂时闲置募集资金进 行现金管理事项进行了核查，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《关于同意裕太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〕3202号），同意公司向境内投资者公 开发行人民币普通股（A股）股票2,000.00万股，每股面值1.00元，每股发行价格 92.00元，募集资金总额为人民币184,000.00万元，扣除发行费用人民币16,830.02 万元（不含税）后，募集资金净额为人民币167,169.98万元。 上述募集资金已全部到位，立信会计师事 ...

证券代码：688515 证券简称：裕太微 公告编号：2025-006 裕太微电子股份有限公司 关于使用部分暂时闲置募集资金 进行现金管理的公告 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： 投资种类：安全性高、流动性好的保本型产品（包括但不限于协定性存 款、结构性存款、定期存款、大额存单等）。 投资金额及期限：裕太微电子股份有限公司（以下简称"公司"）计划使 用不超过人民币 9 亿元（含本数）的暂时闲置募集资金进行现金管理，自公司第 一届董事会第十六次会议、第一届监事会第十次会议审议通过授权期限到期日 （2025 年 3 月 2 日）起 12 个月内有效。在上述额度和期限内，资金可循环滚动 使用。 履行的审议程序：公司于 2025 年 2 月 24 日召开第二届董事会第二次会 议、第二届监事会第二次会议，审议通过了《关于使用部分暂时闲置募集资金进 行现金管理的议案》，公司董事会、监事会皆对上述事项发表了明确同意的意见， 海通证券股份有限公司（以下简称"保荐机构"）对本事项出具了明确无异议的核 查意见。 特 ...