模拟芯片概念股集体大跌 思瑞浦跌超10% 智通财经4月25日电，思瑞浦、纳芯微跌超10%，圣邦股份、杰华特、晶丰明源、雅创电子跌超5%，南 芯科技、帝奥微等跟跌。 ...

在新能源汽车渗透率突破40%的关键产业拐点，由半导体行业观察联合慕尼黑上海电子展共 同主办的「2025新能源与智能汽车技术论坛」于4月16日在上海新国际博览中心N5馆M50会 议室隆重举行。 辉羲智能产品总监 胡艳青 南芯科技汽车电子事业部市场总监黄陆建演讲主题为 《从电源管理到驱动芯片：智能汽车电子电 气架构的全链路赋能》 。他指出，智能汽车芯片需求已从每车1600颗攀升至3000颗以上，其中 电 源与驱动芯片作为核心支撑，分别负责系统稳定供电与精准控制执行，是保障智能驾驶安全与性能 的关键。 南芯科技围绕ADAS、电机控制、摄像头模组等场景，推出覆盖1A至16A输出的高能 效、低EMI电源方案，以及涵盖高边开关、eFuse、半桥驱动器在内的完整车规级驱动产品组合， 满足智能汽车对高功率密度、功能安全与系统响应速度的严苛要求。 本次论坛围绕电动化与智能化两大核心领域，聚焦电动化平台架构、车规级芯片国产替代、 智能驾驶系统集成三大热点技术主线，特邀 黑芝麻智能、辉羲智能、士兰微、纳芯微、南芯 科技、华研慧声、华大半导体、华太电子、概伦电子、荣湃半导体、宇都通讯 等十余家产业 领军企业（排名不分先后），深度探讨 ...

Core Viewpoint - The domestic semiconductor industry is becoming a key force in advancing the industrial chain, with Naxin Micro leveraging technological breakthroughs to build a comprehensive general signal chain product system [1]. Group 1: Product Offerings - Naxin Micro has developed a general signal chain product system covering "measurement, conditioning, and conversion," addressing the demand for domestic alternatives in various fields such as industrial automation, renewable energy, and automotive electronics [1]. - The NSREF30/31xx series voltage reference sources provide stable output solutions for ADC sampling accuracy, with a typical temperature drift of 10ppm/°C and initial accuracy of ±0.2% across a wide temperature range of -40°C to 125°C [4]. - The NSAD11xx/12xx series Δ-Σ ADC integrates a complete signal chain module, supporting various sensors and effectively addressing noise interference and multi-channel synchronization issues in industrial temperature measurement [5]. - The NSOPA series operational amplifiers cover high and low voltage applications, ensuring stable operation in complex electromagnetic environments with features like high PSRR and wide temperature range support [6]. - The NSOPA240x series power operational amplifiers provide significant reliability improvements for motor control applications, featuring a continuous output current of 400mA and built-in protection mechanisms [8]. - The NSCSA240-Q1 and NSCSA285 series current sensing amplifiers offer solutions for high-voltage PWM systems and energy management, achieving high precision and wide common-mode input ranges [9]. Group 2: Market Applications - Naxin Micro's products have achieved large-scale applications in industrial automation, renewable energy, and automotive electronics, providing competitive solutions from high-precision measurement to efficient control [10]. - The company focuses on sensor, signal chain, and power management solutions, catering to various sectors including automotive, industrial, information communication, and consumer electronics [11]. Group 3: Company Mission - Naxin Micro aims to connect the digital and physical worlds by providing chip-level solutions, with a mission to build a green, intelligent, and interconnected "chip" world [12].

纳芯微 2025042220250416 摘要 • 反制关税有望终结德州仪器价格战对国内模拟芯片厂商的压制，模拟芯片 板块或将迎来量价齐升，企业盈利能力有望大幅修复，国产替代加速打开 成长空间。 • 海关认定标准以晶圆产地为准，受影响的模拟芯片收入规模在中国大陆境 内约为 200 亿元人民币，主要集中在高端工业和车规领域，国产替代潜力 巨大。 • 国内终端客户已开始增加对国产模拟芯片厂商的订单，同时国产芯片原厂 积极上线替代料号，贸易政策变化加速高端模拟芯片国产化进程。 • 纳芯微受益于关税新政加速国产替代，汽车电子领域替代空间广阔，机器 人相关业务带来新增量，有望在汽车电子领域实现对美系厂商的市场份额 替代。 • 纳芯微 2024 年营收 19.61 亿元，同比增长 49.53%，四季度营收 5.94 亿元，同比增长 91.64%并扭亏为盈，全年业绩承压主要由于市场竞争和 研发投入加大。 • 纳芯微实际控制人为初始团队，核心技术人员多出身于海外知名企业，拥 有丰富从业经验，且高管、核心人员及骨干人员均获得充分股权激励。 • 纳芯微拥有信号链、电源管理、传感器三大产品线，并向敏感元器件领域 拓展，核心技术优势 ...

Group 1: Market Overview - US stock index futures fell on Monday, and the US dollar index dropped below 99.00 for the first time since April 2022 [2] - Trump hinted at a desire to lower tariffs on China, suggesting a potential agreement within a month [2] - The domestic stock market is being supported by government efforts to stabilize the market and promote healthy development in the real estate sector [5][11] Group 2: Company Developments - MP Materials has ceased exporting rare earth concentrates to China, which may lead to a tightening of domestic supply and a potential increase in overseas rare earth prices [4][12] - Tesla's production of the low-cost Model Y may be delayed until next year, with significant sales declines reported in Europe, particularly in Germany, Denmark, and Sweden, where sales fell over 50% [3] - The first quarter saw significant profit increases for several companies, including: - Cambrian Technology with a net profit of 355 million yuan, turning a profit year-on-year [16] - Zhongji Xuchuang with a net profit of 1.583 billion yuan, up 56.83% year-on-year [16] - Zhengdan Co. with a net profit of 389 million yuan, a 558.59% increase year-on-year [16] Group 3: Industry Trends - The consumer electronics industry is experiencing a recovery, driven by demand for passive components like MLCCs, with prices rising due to increased orders and low inventory levels [13] - The humanoid robot industry is gaining traction, with the first humanoid robot half-marathon held in Beijing, showcasing advancements in robotics and potential market expansion [14] - The AI sector is driving demand for passive components, with projections indicating that the demand for MLCCs in AI applications will grow at an annual rate exceeding 30% by 2030 [13]

出品：新浪财经上市公司研究院 作者：光心 2025年4月9日，纳芯微发布2024年年度报告，报告期内实现营业收入19.60亿元，同比增长49.53%，实现归母净利润-4.03亿元， 亏损较去年扩大1亿元。这已经是纳芯微连续两年亏损，两年亏损总额达到7.09亿元。 纳芯微早期创业团队专注于传感器信号调理ASIC芯片这一细分领域，了解到苏州明皜的开发需求便进行洽谈沟通，经历定制化 沟通和小规模生产验证后，于2013年底正式进行量产交付，合作至今约有11年之久。 苏州明皜是一家专业从事MEMS传感器研发、设计和销售的芯片设计公司，其曾于2023年6月向科创板递交上市申请稿。据招股 说明书披露，由于ASIC芯片的定制化特征、产品更新迭代的延续性等因素，苏州明皜选择与纳芯微作为ASIC芯片的唯一供应 商，同时纳芯微也不得将芯片的设计版图出售或授权给其他公司，可见二者合作关系的稳健性。 2019年开始，苏州明皜受益于国产化替代和供应链安全等环境变化，叠加公司领域拓展和工艺优化的战略变现，其营收增速出 现飞跃式的提升。2017年和2018年，苏州明皜的营收增速分别为-22.34%和7.16%，而2019年到2021年，其营 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][4]. Core Views - The company is experiencing significant revenue growth, with a projected revenue of 1.96 billion RMB in 2024, representing a year-over-year increase of 49.53%. However, the net profit attributable to the parent company is expected to be -0.403 billion RMB, a decrease of 31.95% year-over-year [1][4]. - The automotive segment is becoming a key revenue driver, with its contribution expected to rise to 36.88% in 2024, up by 5.9 percentage points [1][3]. - The report highlights the successful launch of new products in the signal chain, power management, and sensor categories, with respective revenues of 0.963 billion RMB, 0.703 billion RMB, and 0.274 billion RMB in 2024, showing year-over-year increases of 36.57%, 64.37%, and 65.29% [2][3]. - The company is expected to benefit from the easing of pricing pressures due to U.S.-China tariff policies and accelerated domestic production [1][3]. Summary by Sections Revenue and Profitability - The company reported a revenue of 1.96 billion RMB for 2024, with a quarterly revenue of 0.594 billion RMB in Q4 2024, marking a year-over-year increase of 91.64% and a quarter-over-quarter increase of 14.93% [1][2]. - The gross margin has decreased by 5.9 percentage points to 32.7% due to increased competition and pricing pressures [1][2]. Product Development - The company has launched several new automotive products, including power path protection and various sensor chips, with stable mass production expected for 2025 [3][4]. - The total number of product SKUs has exceeded 3,300, with over 1,000 from the newly acquired company, Maiguan [3]. Financial Forecast - The projected revenues for 2025 and 2026 are 2.803 billion RMB and 3.587 billion RMB, respectively, with corresponding net profits of -0.7596 billion RMB and 0.15254 billion RMB [4][6]. - The target price for the company's stock is set at 247.80 RMB, reflecting a significant increase from the previous target of 149.02 RMB [4][8].

证券研究报告 纳芯微 (688052 CH) 收入同比高增，汽车新品进入收获期 | 华泰研究 | | 更新报告 | | --- | --- | --- | | 2025 年 4 月 | 15 日│中国内地 | 半导体 | 2024 年营收 19.60 亿元(yoy +49.53%），归母净利润-4.03 亿元(yoy -31.95%) ， 符 合 业 绩 快 报 。 2024 年 Q4 单 季 度 营 收 5.94 亿 元 （yoy+91.64%/qoq+14.93%），归母净利 482.53 万元，同环比扭亏。 我们 看到公司围绕汽车布局新产品正逐步进入收获期，2024 年公司汽车收入占 比提升 5.9pct 至 36.88%。但受行业竞争等影响，毛利率同比下降 5.9pct 至 32.7%。公司剔除股份支付费用后的研发费用同比增长 44.6%，盈利水 平短期承压。我们看好 1)2025 年模拟下游如汽车工业等需求持续回暖，叠 加麦歌恩并表，公司收入有望持续高增；2）受中美关税政策影响，模拟降 价压力有望缓解，国产化导入有望加速，公司有望率先受益，维持"买入"。 2024 回顾：收入同比高增，信号链+电源管 ...

证券代码：688052 证券简称：纳芯微 公告编号：2025-022 苏州纳芯微电子股份有限公司 首次公开发行部分限售股上市流通公告 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： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 49,187,880股。 本次股票上市流通总数为49,187,880股。 本次股票上市流通日期为2025 年 4 月 22 日。 一、本次上市流通的限售股类型 中国证券监督管理委员会（以下简称"中国证监会"）出具了《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）， 同意公司首次公开发行股票的注册申请。公司首次向社会公众公开发行人民币普 通股（A 股）股票 25,266,000 股，并于 2022 年 4 月 22 日在上海证券交易所科创 板挂牌上市。公司首次公开发行 A 股前总股本为 75,798,000 股，首次公开发行 A 股后总股本为 101,064,000 股，其中有限售条件流通股 79,485,340 股 ...

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 首次公开发行部分限售股上市流通事项的核查意见 2022 年 10 月 24 日，公司首次公开发行网下配售限售的 1,226,451 股限售股 上市流通。 2023 年 4 月 24 日，公司首次公开发行战略配售限售股及部分限售股 29,981,911 股限售股上市流通。 2023 年 6 月 30 日，公司首次公开发行部分限售股 2,205,000 股限售股上市流 通。 2023 年 7 月 21 日，公司首次公开发行部分限售股 4,410,000 股限售股上市流 通。 1 2023 年 8 月 24 日，公司首次公开发行部分限售股 302,400 股限售股上市流 通。 2023 年 9 月 28 日，公司首次公开发行部分限售股 9,702,000 股限售股上市流 通。 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"公司"、"纳芯微"）首次公开发行A股 股票并在科创板上市的保荐机构和持续督导机构，根据《证券发行上市保荐业务 管理办法》、《上海证券交易所科创板股票上市规则》以及《科创板上市公司持 续监管 ...