Tabl e_First|Tabl e_Summary epyTtropeR_elbaT|tsriF_elbTabl e_FirstaT 华福证券 公 司 报 告 《新莱应材（300260）：科技、消费、医药，三 驾马车驱动成长》——2023.02.13 纳芯微（688052.SH） 模拟芯片设计 2024 年 09 月 19 日 持有(维持评级) 高投入致短期承压，多款车规新品亮相 副标题 投资要点： ➢ 事件： ✓ 纳芯微2024年半年报显示，公司实现营业收入8.49亿元，同比增长 17.30%；归母净利润为-2.65亿元，归母扣非-2.86亿元。 ✓ 2024年第二季度实现营业收入4.86亿元，环比增长34.18%，归母净利润 为-1.15亿元。 ➢ 营收端稳步增长，利润端暂时承压。随着下游需求恢复及新品放量，公司2024 年H1营收同比增长，Q2营收维续环比增长趋势，QoQ+34.18%。剔除股份支付 1.47亿元影响，2024年H1公司归母净利润-1.18亿元，归母扣非-1.39亿元。公 司在下行周期关注市场开拓，Q2毛利率虽同比有所下降，但自23Q4以来环比修 复明显。2024上半年，公司战略性投 ...

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 2024 年半年度持续督导跟踪报告 | 保荐机构名称：光大证券股份有限公司 | 上市公司：苏州纳芯微电子股份有限公司 | | --- | --- | | 保荐代表人姓名：江嵘 | 联系方式：021-52523200 | | | 联系地址：上海市静安区新闸路 1508 号 | | 保荐代表人姓名：陆佳杭 | 联系方式：021-52523200 | | | 联系地址：上海市静安区新闸路 1508 号 | 重大事项提示 2024 年 1-6 月，公司实现营业收入 84,887.10 万元，同比上涨 17.30%，但受 整体宏观经济以及市场竞争加剧的影响，毛利率较上年同期有所下降，同时销售 费用、管理费用同比上升，报告期内公司实现归属于上市公司股东的净利润为- 26,525.08 万元；剔除股份支付费用的影响后，公司 2024 年 1-6 月实现归属于母 公司所有者的净利润-11,794.12 万元。针对前述公司经营业绩亏损的情况，本保 荐机构提醒投资者予以关注。 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 ...

会议召开方式：上证路演中心网络互动 投资者可于 2024 年 09 月 25 日（星期三） 至 10 月 08 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 8 月 23 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 年半年度报告》，为便于广大投资者更全面 深入地了解公司 2024 年半年度的经营成果、财务状况，公司计划 2024 年 10 月 09 日下午 15:00-16:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行 交流。 证券代码：688052 证券简称：纳芯微 公告编号：2024-037 苏州纳芯微电子股份有限公司 关于召开 2024 年半年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 ...

证券代码：688052 证券简称：纳芯微 公告编号：2024-038 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。 苏州纳芯微电子股份有限公司（以下简称"公司"）于 2024 年 9 月 9 日收到光大 证券股份有限公司（以下简称"光大证券"）《光大证券股份有限公司关于更换苏州 纳芯微电子股份有限公司保荐代表人的报告》。光大证券作为公司首次公开发行股 票并在科创板上市项目（以下简称"首发上市"）的保荐机构，原委派张嘉伟先生、 江嵘先生担任公司首发上市持续督导期的保荐代表人。现因张嘉伟先生工作变动原 因，不再负责公司的持续督导工作，为方便日后持续督导工作的开展，光大证券决 定委派陆佳杭女士（简历详见附件）接替张嘉伟先生继续履行持续督导工作。本次 保荐代表人变更后，公司首次公开发行股票并在科创板上市的持续督导保荐代表人 为江嵘先生和陆佳杭女士，持续督导期至中国证券监督管理委员会和上海证券交易 所规定的持续督导义务结束为止。 公司董事会对张嘉伟先生在公司持续督导期间所做出的贡献表示衷心的感谢！ 特此公告。 苏州纳芯微电子股份有限公 ...

证券研究报告 ＃industryId＃ 模拟芯片设计 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃相关报告 relatedReport＃ 《【兴证电子】纳芯微 2023 年报 及 2024 年一季报点评：收入毛 利持续改善，坚定研发成长可 期》2024-05-03 ＃分析师： emailAuthor＃ 姚康 yaokang@xyzq.com.cn S0190520080007 ＃研究助理： assAuthor＃ 刘珂瑞 liukerui@xyzq.com.cn 投资要点 ＃summary＃ ⚫ 公司发布 2024 年中报，2024 年上半年公司实现营业收入 8.49 亿元，同比 +17.30%，实现归母净利润-2.65 亿元，实现扣非归母净利润-2.86 亿元。Q2 单 季度实现营业收入 4.86 亿元，同比+92.50%，环比+34.18%，归母净利润-1.15 亿，同环比减亏，扣非归母净利润-1.27 亿元，亦同环比减亏。 ⚫ 营收逐季增加，毛利率改善。逐季来看，公司单季度营收于 23Q2 触底，后 续逐季环比改善，24Q2 收入 4 ...

证券研究报告 | 公司动态点评 2024 年 08 月 25 日 纳芯微（688052.SH） | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------|-------|-------|-------|-------|--------------------------------|-----------| | 24Q2 | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | | | | | | | 股票信息 | | | | | | | | | 行业 | 电子 | | | | | | | | 2024 年 8 月 23 日收盘价（元） | 95.00 | | | | | | | | 总市值（百万元） | 13,540.20 | | | | | | | | 流通市值（百万元） | 8,867.35 | | | | | | | | 总股本（百万股） | 142.53 | | | | | | | | 流通股本（百万股） | 93.3 ...

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 □路演活动 | | | | □现场参观 □一对一沟通 | | □电话会 博时基金；财通基金；财通证券；大成基金；方正证券；富国基金；高 毅资管；工银瑞信基金；光大保德信基金；光大证券；广发证券；国泰 君安证券；国信证券；海通证券；华创证券；华富基金；华泰证券；华 参与单位名称 夏基金；汇丰晋信基金；嘉实基金；建信基金；民生加银基金；摩根大 通证券（中国）；瑞银证券；兴证全球基金；易方达基金；银华基金； 中金公司；中泰证券；中信证券等 时间 2024 年 8 月 23 日 公司接待人员姓名 董事长、总经理 王升杨；董事会秘书 姜超尚；财务总监 朱玲；投资者 关系总监 卢志奇 投资者关系活动主要 内容介绍 2024 年半年度经营情况介绍： 2024 ...

Investment Rating - Strong Buy (Maintained) with a target price of 147.3 RMB, compared to the current price of 95.00 RMB [1] Core Views - 24Q2 revenue reached a new high, with significant growth in new products, indicating strong future potential [1] - The company's revenue in 24Q2 increased by 92.50% YoY and 34.18% QoQ, reaching 486 million RMB [1] - Gross margin in 24Q2 improved by 3.33pct QoQ to 35.33%, despite a YoY decline of 2.90pct [1] - The company is a leading domestic automotive isolation chip manufacturer, with rapid market share growth driven by product optimization and expansion [1] - High R&D investment (37.61% of revenue in 2024H1) supports the development of new products, enhancing long-term growth potential [1] Financial Performance - 2024H1 revenue was 849 million RMB, up 17.30% YoY, with a gross margin of 33.90%, down 8.93pct YoY [1] - Net profit attributable to the parent company in 2024H1 was -265 million RMB, with a net loss of -286 million RMB after deducting non-recurring gains and losses [1] - 24Q2 revenue was 486 million RMB, with a net loss of -115 million RMB attributable to the parent company [1] - The company's revenue is expected to grow to 1,908 million RMB in 2024E, 2,519 million RMB in 2025E, and 3,103 million RMB in 2026E [2] - Net profit is forecasted to improve from -146 million RMB in 2024E to 261 million RMB in 2026E [2] Product and Market Analysis - Automotive electronics accounted for 33.51% of revenue in 2024H1, up 7.23pct YoY, while consumer electronics accounted for 13.74%, up 3.7pct YoY [1] - The company has successfully launched new products such as isolated comparators, integrated LVDS interface ADCs, and capacitive isolated solid-state relays, gaining recognition from automotive and industrial clients [1] - The company is expanding its product portfolio in magnetic sensors, signal chains, and power management, with several new products already in mass production or undergoing testing [1] Valuation and Forecast - The company's 2024-2026 revenue forecasts have been revised upward to 1,908 million RMB, 2,519 million RMB, and 3,103 million RMB, respectively [1] - The 2024-2026 net profit forecasts have been adjusted to -146 million RMB, 85 million RMB, and 261 million RMB, respectively [1] - The target price of 147.3 RMB is based on an 11x PS valuation for 2024 [1] Industry and Competitive Position - The domestic isolation and isolation+ chip market is expanding, with the company well-positioned to benefit from import substitution [1] - The company's continuous investment in isolation technology and product innovation strengthens its competitive edge in the automotive and industrial sectors [1]

Investment Rating - The report maintains a "Recommend" rating for the company, indicating a positive outlook with expected relative index gains of over 15% [1][2] Core Views - The company achieved a record-high quarterly revenue in Q2 2024, with revenue reaching 486 million yuan, a YoY increase of 92.5% and a QoQ increase of 34.18% [1] - Gross margin improved to 35.33% in Q2 2024, up 3.33 percentage points QoQ, marking the second consecutive quarter of improvement [1] - The automotive electronics segment contributed 33.51% of total revenue in H1 2024, with a YoY growth of approximately 50%, driven by new product launches and successful international client development, particularly in the European market [1] - The company is making significant progress in new product development, including magnetic sensors, signal chain products, and power management solutions, with several products already in mass production or undergoing client testing [1] - The report forecasts a turnaround in profitability, with expected net profits of -244 million yuan, 22 million yuan, and 266 million yuan for 2024, 2025, and 2026, respectively, reflecting a strong growth trajectory [1][2] Financial Performance Summary - Revenue for H1 2024 reached 849 million yuan, a YoY increase of 17.3%, with Q2 revenue hitting a historical high of 486 million yuan [1] - Net profit attributable to shareholders was -265 million yuan in H1 2024, with a Q2 net profit of -115 million yuan, showing a reduction in losses both YoY and QoQ [1] - The company's gross margin for H1 2024 was 33.9%, down 8.93 percentage points YoY, but improved to 35.33% in Q2 2024 [1] - The automotive electronics segment saw a revenue share increase to 33.51% in H1 2024, up 7.23 percentage points YoY, while the consumer electronics segment grew by over 60% YoY [1] Product Development and Market Expansion - The company has successfully launched new products in the automotive electronics sector, including magnetic sensors, signal chain products, and power management solutions, with several products already in mass production or undergoing client testing [1] - International client development, particularly in the European market, has progressed well, with large-scale mass production and shipments achieved [1] - The company is also expanding its presence in the industrial control and power module sectors, with signs of recovery in the energy storage segment observed in Q2 2024 [1] Financial Forecasts - Revenue is expected to grow to 1,835 million yuan in 2024, 2,426 million yuan in 2025, and 3,214 million yuan in 2026, with growth rates of 40.0%, 32.2%, and 32.5%, respectively [2][5] - Net profit is projected to improve significantly, with forecasts of -244 million yuan in 2024, 22 million yuan in 2025, and 266 million yuan in 2026, reflecting a strong recovery and growth trajectory [2][5] - The company's gross margin is expected to recover to 37.44% in 2024, 42.80% in 2025, and 45.18% in 2026, driven by improved product mix and operational efficiency [5]