Core Viewpoint - The article highlights the advancements and strategic focus of Naxin Micro in the semiconductor industry, particularly in the signal chain products for automotive and energy sectors, emphasizing their approach to system-level solutions rather than just component specifications [2][4][11]. Group 1: Product Innovations and Market Positioning - Naxin Micro showcased its new magnetic sensor series and real-time control MCU NSSine™ series at the Munich Shanghai Electronics Show, demonstrating its comprehensive semiconductor solutions across various sectors including automotive electronics and renewable energy [1]. - The company has made significant breakthroughs in technology innovation, market expansion, and industry chain collaboration, particularly in the automotive chip market, which is increasingly penetrating intelligent and safety domains [2][4]. - Naxin Micro's strategy focuses on specific customer needs and application scenarios, aiming to excel in targeted markets rather than attempting to cover all areas indiscriminately [4][5]. Group 2: Competitive Advantages and Customer Engagement - The company emphasizes the importance of understanding customer systems and addressing their specific pain points, which allows them to optimize chip design and enhance reliability in real-world applications [5][6]. - Naxin Micro is shifting from a parameter-driven market to an application-driven market, focusing on high-performance signal chain products that meet the stability and adaptability requirements of automotive and energy sectors [6][11]. - The company has developed a dedicated sales and technical support team to assist clients in utilizing their products effectively, addressing concerns about using domestic chips [9][10]. Group 3: Industry Trends and Future Directions - Amidst global semiconductor supply chain disruptions, Naxin Micro's signal chain products are gaining traction as domestic alternatives, with many clients incorporating them into their official BOMs [9]. - The company is committed to serving the main market segments of renewable energy, industrial applications, and automotive, where high stability and performance are critical [10][11]. - Naxin Micro's approach reflects a broader industry shift from merely providing components to offering comprehensive solutions that enhance system performance and reliability [11].

从上证G60战略新兴产业成份指数持仓样本的行业来看，工业占比36.53%、信息技术占比30.24%、原材 料占比14.25%、通信服务占比9.67%、医药卫生占比9.31%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 金融界5月12日消息，上证指数高开高走，上证G60战略新兴产业成份指数 (G60成指，950049)上涨 1.23%，报935.77点，成交额157.24亿元。 数据统计显示，上证G60战略新兴产业成份指数近一个月上涨7.95%，近三个月下跌4.89%，年至今上涨 0.49%。 据了解，上证G60战略新兴产业成份指数在长三角G60九城市的沪市上市公司中，选取不超过50家规模 最大的战略新兴产业上市公司证券作为指数样本，反映相关地区的战略新兴产业上市公司证券的整体表 现。该指数以2016年 ...

Core Viewpoint - The company, Naxin Micro, focuses on the pan-energy, automotive electronics, and consumer electronics markets, with a comprehensive product layout in sensors, signal chains, power management, and MCUs. The acquisition of Maigen enhances its magnetic sensor business, positioning the company for growth in automotive and emerging fields like humanoid robotics. The 2024 revenue is projected to reach 1.96 billion yuan, a year-on-year increase of 49.53% [2][4][13]. Financial Performance - In 2024, the company reported a revenue of 1.96 billion yuan, up 49.53% year-on-year, with a gross margin of 32.7%, down 5.89 percentage points. The net loss attributable to shareholders was 403 million yuan, with a non-recurring net loss of 457 million yuan [2][19][26]. - For Q1 2025, revenue reached 717 million yuan, a year-on-year increase of 97.8% and a quarter-on-quarter increase of 20.7%. The gross margin improved to 34.37%, with a net loss of 51.34 million yuan, indicating a narrowing loss compared to the previous year [2][19][26]. Product Matrix and Market Position - The product matrix is becoming more comprehensive and balanced, with over 3,300 product models, including more than 1,000 from Maigen. In 2024, revenue contributions from signal chains, sensors, power management, and custom services were 49.14%, 35.87%, 13.98%, and 1.01%, respectively [3][15][29]. - The automotive electronics segment is expected to grow significantly, with a revenue share of 36.88% in 2024, driven by a 5.93 percentage point increase in market share. The company has shipped 362 million units, with cumulative shipments exceeding 668 million units [4][16][29]. Strategic Acquisitions and Future Outlook - The acquisition of Maigen enhances the company's magnetic sensor capabilities, adding over 1,000 product SKUs and expanding its product offerings in magnetic sensors, including current sensors and angle encoders. This acquisition is expected to improve the company's market share and competitive position in the magnetic sensor field [39][40][41]. - The company plans to list on the Hong Kong Stock Exchange to enhance global competitiveness and continue expanding its market presence [8]. Research and Development - The company maintains a strong focus on R&D, with a budget of 540 million yuan in 2024, reflecting a 3.52% year-on-year increase. Excluding stock payment expenses, R&D spending grew by 44.57% [24][26]. - The workforce in R&D has increased by 32.08% year-on-year, reaching 560 employees by the end of 2024, indicating a commitment to innovation and product development [24].

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1]. Core Views - The company focuses on the pan-energy, automotive electronics, and consumer electronics markets, with a rich product layout in sensors, signal chains, power management, and MCUs. The acquisition of Maiguan enhances its magnetic sensor business, promising broad product applications in growth areas like automotive and humanoid robots [1]. - The company is expected to achieve significant revenue growth in 2024, with a projected revenue of 1.96 billion yuan, a year-on-year increase of 49.53%. The gross margin is expected to be 32.7%, with a net loss of 403 million yuan [1][5]. - The automotive electronics sector is anticipated to grow significantly, with the company deepening cooperation with major clients and increasing its market share in automotive chip sectors [1][5]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 717 million yuan, a year-on-year increase of 97.8% and a quarter-on-quarter increase of 20.7%. The gross margin for this quarter was 34.37%, showing a recovery compared to previous periods [1][5]. - The company’s total revenue for 2024 is projected to be 1.96 billion yuan, with a year-on-year growth of 49.53%. The net loss for the same year is expected to be 403 million yuan [5][1]. Product and Market Development - The company has over 3,300 product models, with the acquisition of Maiguan adding more than 1,000 models to its portfolio. The revenue distribution for 2024 is expected to be 49.14% from signal chains, 35.87% from sensors, and 13.98% from power management [1][5]. - The automotive electronics segment is projected to account for 36.88% of revenue in 2024, with a total shipment of 362 million units, reflecting a year-on-year increase of 5.93 percentage points [1][5]. Strategic Initiatives - The acquisition of Maiguan is expected to enhance the company’s capabilities in magnetic sensors, providing a broader product range and improving market competitiveness [1][5]. - The company plans to list on the Hong Kong Stock Exchange to raise additional funds and expand its global market presence [9][1]. Future Outlook - The company forecasts revenues of 2.86 billion yuan in 2025, 3.54 billion yuan in 2026, and 4.23 billion yuan in 2027, with corresponding net profits of -147 million yuan, 13 million yuan, and 206 million yuan respectively [5][1]. - The expected earnings per share (EPS) for 2026 and 2027 are projected to be 0.09 yuan and 1.45 yuan respectively [1][5].

Core Viewpoint - Suzhou Naxin Microelectronics Co., Ltd. (Naxin Micro) has submitted its application for an IPO on the Hong Kong Stock Exchange to raise funds for its internationalization strategy, focusing on the analog and mixed-signal chip design and development market, which has significant potential for domestic substitution [3][4]. Company Overview - Naxin Micro operates under a Fabless model and specializes in analog chips that process continuous physical signals such as sound and temperature [3]. - The company aims to capture a share of the Chinese market, where the domestic supply of analog chips has increased from 9% in 2019 to approximately 15% in 2023, indicating substantial room for growth [3]. Market Position - As of December 31, 2024, Naxin Micro is the only company among the top ten Chinese analog chip manufacturers focusing on sensor products, signal chain chips, and power management chips [3]. - Naxin Micro ranks fifth in the overall Chinese analog chip market and holds the top position in the automotive analog chip, digital isolator chip, and magnetic sensor markets among Chinese manufacturers [3]. Historical Development - Founded in 2013, Naxin Micro has experienced rapid growth, achieving breakeven in 2014 and expanding its product lines into high-performance analog products by 2015 [7][8]. - The company launched its first digital isolator in 2017, entering a market dominated by international players [8][10]. Financial Performance - Naxin Micro's revenue for 2022 was approximately RMB 1.67 billion, with a net profit of RMB 250 million. However, in 2023, the company reported a revenue decline to RMB 1.31 billion and a net loss of RMB 305 million [13][14]. - The gross margin decreased from 48.5% in 2022 to 33.9% in 2023, attributed to increased pricing pressure from competitors like Texas Instruments [15]. Competitive Landscape - The company faces intensified competition and pricing pressures, particularly following Texas Instruments' price cuts for chips aimed at the Chinese market [15][16]. - Despite these challenges, Naxin Micro is increasing its R&D investments to diversify its product offerings and reduce reliance on similar products to those of international giants [16]. Strategic Initiatives - Naxin Micro is expanding its international presence, establishing subsidiaries in Germany, Japan, and South Korea, and forming partnerships with global Tier 1 automotive suppliers [18]. - The company is also venturing into the humanoid robotics sector, leveraging its automotive electronics expertise to develop technologies applicable to this emerging field [19][21]. Future Outlook - Naxin Micro's strategy includes enhancing its global market competitiveness and exploring new growth avenues in humanoid robotics, which presents both opportunities and challenges in a highly competitive landscape [22].

Core Viewpoint - The company reported a significant increase in total revenue for 2024, but faced a decline in net profit, indicating a mixed financial performance driven by growth in specific sectors like automotive electronics and energy [1][3]. Financial Performance - In 2024, the company achieved total revenue of 1.96 billion yuan, a year-on-year increase of 49.53% [1]. - The net profit attributable to shareholders was -403 million yuan, a decrease of 31.95% year-on-year [1]. - In Q4 2024, the company recorded revenue of 594 million yuan, reflecting a year-on-year growth of 91.64% and a quarter-on-quarter increase of 14.93% [2]. Sector Performance - Revenue from the automotive sector accounted for approximately 36.88% of total revenue, with a year-on-year increase of 5.93 percentage points [3]. - The energy sector contributed 49.49% to total revenue, experiencing a year-on-year decline of 10.03% [3]. - The consumer electronics segment represented 13.63% of total revenue, with a year-on-year increase of 4.12% [3]. R&D and M&A Activities - In 2024, the company invested 540 million yuan in R&D, with a research expense ratio of 27.55% [4]. - The company completed the acquisition of Maiguan, enhancing its core competitiveness in magnetic sensors [4]. - The company now offers over 3,300 product SKUs, including more than 1,000 from Maiguan [4]. Future Outlook - The company anticipates limited downward price pressure on products, coupled with ongoing cost optimization, which may lead to gradual recovery in gross margins [3]. - Despite short-term performance challenges, the company is expected to achieve long-term growth driven by new product launches in automotive and energy sectors [5]. - Projected net profits for 2025, 2026, and 2027 are estimated at -92 million yuan, 148 million yuan, and 417 million yuan, respectively [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved total revenue of 1.96 billion yuan in 2024, representing a year-on-year growth of 49.53%. However, the net profit attributable to the parent company was -403 million yuan, a decrease of 31.95% year-on-year. In Q4 2024, the company reported revenue of 594 million yuan, with a year-on-year increase of 91.64% and a quarter-on-quarter increase of 14.93%, indicating continuous revenue growth [2][6][11]. - The company is focusing on the automotive and energy sectors, with revenue contributions from automotive, energy, and consumer electronics accounting for approximately 36.88%, 49.49%, and 13.63% respectively. The automotive sector has shown significant growth due to strong market demand and product diversification [11]. - Research and development, along with acquisitions, are key drivers for the company's stable growth. In 2024, R&D expenses amounted to 540 million yuan, representing 27.55% of total revenue. The company has expanded its product offerings significantly, with over 3,300 products available for sale [11]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 1.96 billion yuan, with a gross profit of 641 million yuan, resulting in a gross margin of 33%. The company expects revenue to grow to 3.06 billion yuan in 2025 and further to 5.06 billion yuan by 2027 [16]. - The net profit is projected to improve from -92 million yuan in 2025 to 417 million yuan in 2027, indicating a recovery in profitability [16]. Market Focus - The company is strategically focusing on the automotive and energy sectors, which are expected to drive future growth. The automotive sector's revenue has increased significantly, supported by a robust demand for various products [11]. R&D and Acquisitions - The company invested heavily in R&D, with a focus on sensor technology, power management, and signal chain products. The acquisition of Maiguan has strengthened its core competencies in magnetic sensors [11].

Summary of Key Points from Conference Call Records Industry Overview - **Industry**: Electronics Industry, specifically focusing on AI and AR glasses market - **Market Trends**: Significant development expected in the AI glasses market in the second half of the year, driven by new product launches from companies like Meta and domestic firms such as Rocket [1][4] Core Companies and Their Insights 1. **Crystal Optoelectronics (水晶光电)** - **Partnerships**: Strong collaboration with Meta in reflective films and display modules, leading to anticipated performance improvements [1][6] - **Financial Projections**: Expected revenue of approximately 1.26 billion yuan in 2025, with a potential increase of 20% to 30% [1][9] - **Market Position**: Positioned well in the AR field with a focus on mass production breakthroughs [5][9] 2. **Source Technology (源杰科技)** - **Competitive Advantage**: Holds a material positioning advantage in glass diffraction, with deep partnerships with major manufacturers [1][10] - **Profit Growth**: Projected net profit growth of 50% to 60% in 2025, reaching 340 million yuan, with a similar potential for stock price increase [1][10] 3. **Shunluo Electronics (顺络电子)** - **Growth Areas**: Significant growth in consumer electronics, automotive, and server sectors, with a projected growth rate of about 30% in 2025 [1][11] - **Profit Expectations**: Expected profit of 1.08 billion yuan in 2025, with a potential increase of 20% to 30% [1][12] 4. **Biyang Technology (生益科技)** - **Market Performance**: High operating rates in the copper-clad laminate industry, with expectations of price increases due to rising copper prices [3][14] - **Future Outlook**: Transitioning to high-end materials, with projected revenue of 2.7 billion yuan in 2025 [16] Market Dynamics - **AI Asset Performance**: Divergence in performance of AI assets in the US stock market, with a shift towards mid and micro-enterprise factors influencing stock opportunities [1][8] - **AR Glasses Supply Chain**: Key components include display modules and waveguide technology, with a focus on long-term solutions like reflection and diffraction [5][6] Additional Insights - **Product Launches**: Anticipated peak in new product releases from various companies, including Meta's Hypernova, expected to enhance user experience significantly [2][4] - **Investment Recommendations**: Companies like Crystal Optoelectronics and Blue Special Optics are recommended due to their strong partnerships and unique technological advantages in the AR glasses market [6][7] Conclusion - The electronics industry, particularly in AI and AR glasses, is poised for significant growth driven by technological advancements and strategic partnerships. Key players are expected to see substantial revenue increases and market share growth in the coming years.

Group 1 - Gao Yi Asset Management recently conducted research on a listed company, Naxin Micro, highlighting the demand trends in various downstream application fields, particularly the high growth in new energy vehicle sales and the impact of smart technology on automotive electronics [1] - Naxin Micro reported that the impact of US-China tariff policies is minimal, with the majority of revenue coming from domestic markets [1] - The company has launched its first generation of SerDes chips aimed at camera applications, and has introduced automotive chips including isolation smart drivers and motor drivers, with some products experiencing rapid volume growth [1] Group 2 - Naxin Micro is making good progress in overseas markets, collaborating with leading automotive manufacturers in Europe, Japan, and South Korea [1] - The company anticipates share-based payment expenses of 80 million yuan, with a quarterly expense of 20 million yuan [1] - Naxin Micro is expanding its product portfolio by developing real-time control MCUs and automotive SoCs, although future gross margins may decline due to market competition, improvements are expected through cost management and mass production of high-complexity products [1]

Core Viewpoint - The company has shown significant revenue growth in 2024 and Q1 2025, with a focus on expanding its automotive electronics and emerging application fields, despite facing losses in net profit due to market competition and R&D investments [1][3][4]. Financial Performance - In 2024, the company achieved a revenue of 1.96 billion yuan, a year-on-year increase of 49.53% [3] - In Q1 2025, the revenue reached 717 million yuan, a year-on-year increase of 97.82% and a quarter-on-quarter growth of 20.66% [3] - The net profit for 2024 was a loss of 403 million yuan, while Q1 2025 saw a reduced loss of approximately 51.34 million yuan [3][4]. Market Segments - The general energy market accounted for 49.49% of revenue in 2024 and 48.67% in Q1 2025 [4] - Automotive electronics revenue in Q1 2025 was 262.82 million yuan, representing 36.68% of total revenue, consistent with 36.88% in 2024 [4] - Consumer electronics maintained a stable revenue share of 13.63% in 2024 and 14.64% in Q1 2025 [4]. Product Development - The company has four main product directions: sensors, signal chains, power management, and MCUs, with a focus on automotive electronics and emerging applications [5][12] - The acquisition of Maiguan has expanded the product range to include various magnetic sensors, enhancing customer resources and optimizing sales channels [5][6]. - The company is actively developing new products for humanoid robots, leveraging existing automotive product technologies [6]. Strategic Initiatives - The company has established an overseas sales team, achieving good results in automotive electronics collaborations with leading global firms [2][11] - It is focusing on enhancing product competitiveness and establishing emergency response plans to adapt to changing macroeconomic conditions [8][12]. Future Outlook - The company anticipates improvements in gross margins due to stable pricing and cost management strategies, alongside the introduction of higher-margin products [13] - The MCU product line is expected to grow significantly, addressing the evolving needs of automotive electronic architectures [12].