证券研究报告：电子 | 公司点评报告 2024 年 11 月 11 日 公司基本情况 总股本/流通股本（亿股）1.43 / 0.93 总市值/流通市值（亿元）189 / 124 52 周内最高/最低价 174.02 / 80.39 资产负债率(%) 13.3% 市盈率 -61.75 第一大股东 王升杨 股票投资评级 纳芯微(688052) 买入|维持 个股表现 -43% -36% -29% -22% -15% -8% -1% 6% 13% 20% 2023-11 2024-01 2024-04 2024-06 2024-08 2024-11 纳芯微 电子 资料来源：聚源，中邮证券研究所 最新收盘价（元） 132.76 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:万玮 SAC 登记编号:S1340123050022 Email:wanwei@cnpsec.com 车规产品持续放量 ⚫ 事件 2024 年前三季度，公司实现营业收入 13.66 亿元，同比增长 36.49%，归母净利润-4.08 亿元。 ⚫ 投资要点 连续五个季 ...

证 券 研 究 报 告 纳芯微（688052）2024 年三季报点评 强推（维持） 汽车电子持续放量，24Q3 收入再创新高 目标价：159.1 元 事项： ❖ 公司发布 2024 年第三季度报告： ❖ 1）2024Q1-Q3：公司实现营业收入 13.66 亿元，同比+36.49%；毛利率 33.21%， 同比-7.86pct;归母/扣非归母净利润-4.08/-4.41 亿元； ❖ 2）2024Q3：公司实现营业收入 5.17 亿元，同比/环比+86.59%/+6.32%；毛利 率 32.06%，同比/环比-4.39pct/-3.27pct；归母/扣非归母净利润-1.42/-1.55 亿元。 评论： ❖ 2024Q3 收入创单季度新高，产品结构优化有望带动公司盈利能力不断提升。 终端需求回暖叠加公司汽车业务持续上量，公司收入保持高增态势，2024Q3 营业收入同比/环比增长 86.59%/6.32%至 5.17 亿元。利润方面，受宏观经济、 市场竞争等因素影响，公司短期毛利率有所波动，随着新产品的陆续推出，公 司产品结构优化有望带动毛利率逐渐修复；净利润部分受到研发投入、管理& 销售费用增长和股权激励费用影响 ...

增持（维持评级） 股票信息 行业 电子 2024 年 11 月 4 日收盘价（元） 116.18 总市值（百万元） 16,558.95 流通市值（百万元） 10,844.31 总股本（百万股） 142.53 流通股本（百万股） 93.34 近 3 月日均成交额（百万元） 234.66 股价走势 证券研究报告 | 公司动态点评 2024 年 11 月 04 日 纳芯微（688052.SH） 24Q3 营收再创历史新高，三类车规新品获项目定点，25 年有望快速成长 财务指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 1,670 1,311 1,874 2,514 3,112 增长率 yoy（%） 93.8 -21.5 43.0 34.2 23.8 归母净利润（百万元） 251 -305 -434 32 187 增长率 yoy（%） 12.0 -221.9 -42.2 107.4 482.4 ROE（%） 3.8 -4.9 -7.5 0.6 3.1 EPS 最新摊薄（元） 1.76 -2.14 -3.05 0.23 1.31 P/E（倍） 54.0 -44.3 -31.2 42 ...

投资者为应评及文字剧作的内容及供参会者内部使用不得公开发布那些为未授权任何媒体转发本次会议相关内容未经允许和授权的转载转发均属侵权那些为将保留追究其法律责任的权利那些为不承担因转载转发而产生的任何损失和责任市场有风险投资是谨慎提醒广大投资者谨慎做出投资决策 在会议开始前我们提示各位投资者在主讲嘉宾发言结束后将留有提问时间接下来有请公司主讲嘉宾发言谢谢好的各位投资者上午好欢迎大家参加那新闻2024年三级报业绩交流会啊我们今天邀请到公司董事长孙阳总啊董秘江总以及财务总监朱总啊给大家做一个业绩的分享 那首先呢今天的会议分为两个环节那首先呢我们会邀请姜总做三级报的一个经营情况的一个介绍然后呢我们会邀请沈小总来做一个我们线上的Q&A环节好的那首先我们邀请姜总来介绍一下我们今年全三季度的一个经营业绩情况 好的谢谢支持各位股东朋友各位投资朋友大家上午好我是公司董秘张双上在这里我跟各位先报告一下我们二零二四年三季度的整个一个电影情况 2024年前三季度公司实现营业收入13.66亿元同比增长36.49%归属上市公司股东的净利润是负的4.08亿元归属上市公司股东的扣费后净利润是负的4.41亿元那其中2024年第三季度营业收入5. ...

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]

纳芯微(688052) / 半导体 / 公司跟踪研究报告 / 2024.10.18 麦歌恩并购取得新进展，协同有望进一步加强 投资评级:增持(维持) 核心观点 证券研究报告 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-17 | | 收盘价 ( 元 ) | 121.46 | | 流通股本 ( 亿股 ) | 0.93 | | 每股净资产 ( 元 ) | 42.69 | | 总股本 ( 亿股 ) | 1.43 | | 最近 12 月市场表现 | | ❖ 公司拟并购麦歌恩成为全资子公司。公司发布《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>的公告》，将原交易方案设定的收购麦歌恩 79.31%股权变更为收购 100% 股权，交易对价对应的麦歌恩整体估值无变化，仍为 10 亿元。 ❖ 全资控股有望提升整合及运营效率。本次交易完成后，公司将直接及间接 持有麦歌恩 100%的股份，公司能够完全控制麦歌恩的运营和决策，从而确保 战略目标和公司利益的一致性；有助于提升公司对麦歌恩整 ...

苏州纳芯微电子股份有限公司 投资者关系活动会议纪要 | --- | --- | --- | |-----------------------------|-------------------------|-----------------------------------------------------------------------------------------------------| | 投资者关系活动类别 | ■ \n□ | 特定对象调研 □分析师会议 \n□媒体采访 □业绩说明会 \n新闻发布会 □路演活动 \n■现场参观 □一对一沟通 | | | □ 电话会 | YunYang Family Office Pte. Ltd. (YYYP investment)、OceanLink Partners 、马来西亚国库控股公司、瑞银 | | 参与单位名称 | | 证券、中金公司、中信证券、国泰君安证券等 | | 时间 | 2024 年 9 月 26 | 日 | | 公司接待人员姓名 | 投资者关系总监 卢志奇 | | | 投资者关系活动主要 内容介绍 | 1 、公司基本情况介绍 | | ...

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 ...