Core Viewpoint - The company reported a record revenue of 717 million yuan in Q1 2025, driven by strong demand in the automotive electronics sector and the acquisition of Maiguan, which contributed 100 million yuan to revenue [1][2]. Financial Performance - Q1 2025 revenue reached 717 million yuan, representing a year-over-year increase of 97.82% and a quarter-over-quarter increase of 20.66% [1][2]. - The net loss attributable to shareholders was 51.34 million yuan, a reduction of 98.69 million yuan compared to Q1 2024 [1][2]. - Gross margin for Q1 2025 was 34.37%, with year-over-year and quarter-over-quarter improvements of 2.37 and 2.84 percentage points, respectively [1][2]. Market Demand and Product Development - The automotive electronics sector showed steady growth, with revenue from this segment reaching 260 million yuan, accounting for approximately 37% of total revenue [2]. - The general energy sector is gradually recovering after previous adjustments, contributing to the overall revenue growth [2]. - The company is focusing on upgrading its product offerings in automotive electronics, including the development of MCU+ product lines and the launch of various automotive-grade products [3]. Strategic Initiatives - The acquisition of Maiguan has enabled the company to achieve comprehensive coverage of magnetic sensor products, positioning it as the largest magnetic sensor IC supplier in China [3]. - The company has introduced a series of automotive-grade new products, including power path protection, high-side/low-side switches, and various sensors [3]. - The company aims to expand its product categories with the launch of automotive-grade video SerDes chipsets based on a fully domestic supply chain [3]. Future Outlook - The company maintains a positive growth outlook, projecting revenues of 2.8 billion yuan, 3.59 billion yuan, and 4.55 billion yuan for 2025-2027, with corresponding net profits of -76 million yuan, 150 million yuan, and 450 million yuan [4]. - The target price is set at 247.8 yuan, with a "buy" rating maintained based on the company's growth potential through both organic and acquisition strategies [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In Q1 2025, the company achieved a revenue of 717 million yuan, representing a year-on-year increase of 97.82% and a quarter-on-quarter increase of 20.66%. The net profit attributable to the parent company was -51 million yuan, showing a significant reduction in losses. The growth was driven by steady growth in the automotive electronics sector, the release of new chip products, and a gradual recovery in demand in the energy sector, along with a contribution of 100 million yuan from the consolidation of Maiguan [2][6][11]. - The company continues to focus on the energy and automotive sectors, with revenue contributions from automotive electronics, energy, and consumer electronics accounting for approximately 36.68%, 48.67%, and 14.64%, respectively. The automotive market remains strong, with Q1 2025 revenue from automotive electronics reaching 260 million yuan [11]. - R&D and acquisitions are key to the company's steady growth. In Q1 2025, R&D expenses were 179 million yuan, representing 24.92% of revenue. The company is focusing on key R&D areas such as sensors, power management, signal chains, and MCUs. The acquisition of Maiguan has strengthened the company's core competitiveness in magnetic sensors, expanding its product offerings to over 3,300 SKUs [11]. - Continuous development and release of new products are expected to support the company's long-term growth. The company is positioned well in the high-performance analog chip market, with projected net profits for 2025-2027 estimated at -92 million, 148 million, and 417 million yuan, respectively [11]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 717 million yuan, a year-on-year increase of 97.82% and a quarter-on-quarter increase of 20.66%. The gross profit margin was 34.37%, up 2.37 percentage points year-on-year and 2.84 percentage points quarter-on-quarter [2][11]. - The total revenue for 2024 is projected at 1.96 billion yuan, increasing to 3.06 billion yuan in 2025, 3.97 billion yuan in 2026, and 5.06 billion yuan in 2027 [17]. Market Focus - The company is concentrating on the automotive electronics and energy sectors, with significant revenue growth driven by strong demand and product expansion in these areas [11]. R&D and Acquisitions - R&D expenses in Q1 2025 were 179 million yuan, with a focus on expanding product categories through R&D and acquisitions, particularly following the acquisition of Maiguan [11].

纳芯微近日重磅推出基于 全国产供应链 、 采用HSMT公有协议 的车规级SerDes芯片组，包括 单通 道的加串器芯片NLS9116 和 四通道的解串器芯片NLS9246 。 该系列芯片专为ADAS（摄像头、域控制器）及智能座舱（摄像头、显示屏、域控制器）系统中的高 速数据传输场景设计，通过兼容性更强的公有协议、优异的模拟性能和全国产供应链，为汽车智能 化、网联化提供关键基础支撑。 随着汽车智能化的发展，车载摄像头、显示屏、激光雷达等设备剧增，数据传输量呈指数级上升，SerDes作为 高带宽、低延时、低功耗的数据传输方案代表，在满足摄像头、座舱显示屏等高像素、高分辨率图像传输等方 面具有独特优势。 以L2/L3级的智能汽车为例， 平均每车搭载8-16颗加串器和2-4颗解串器 ；更高阶的高端车型在新增侧视激光 雷达、电子后视镜的情况下，对SerDes芯片的数量要求则更多。目前， 单车搭载SerDes芯片价值大约是几十 美元左右 ，未来随着摄像头、显示屏数量的增多，单车价值还有望继续增加。 全国产供应链+HSMT互联互通， 打造弹性供应标杆 当前，SerDes芯片领域仍由国际厂商主导。主流国际厂商基于GMSL、F ...

Core Viewpoint - The company reported significant revenue growth in 2024 and Q1 2025, driven by the increasing penetration of electric vehicles and contributions from acquisitions, despite facing net losses [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.96 billion yuan, a year-on-year increase of 49.53%, with a gross margin of 32.70%, down 5.89 percentage points [1]. - For Q1 2025, revenue reached 717 million yuan, representing a year-on-year increase of 97.82% and a quarter-on-quarter increase of 20.66%, with a gross margin of 34.37%, up 2.37 percentage points year-on-year and 2.84 percentage points quarter-on-quarter [1][2]. Market Dynamics - The recovery of the semiconductor industry is supported by the demand from automotive, AI, and robotics sectors [3]. - The domestic automotive chip localization rate remains low, positioning the company to benefit from the trends of electrification and intelligence in vehicles [3]. - The AI server market is rapidly expanding, increasing demand for power management, signal conversion, and communication interface products [3]. - The company is well-positioned to benefit from the recovery in the consumer electronics sector and the end of the inventory destocking phase in the optical storage market [3]. R&D and Acquisitions - The company maintains a high level of R&D investment, with 540 million yuan allocated in 2024, accounting for 27.55% of revenue [4]. - The acquisition of Maiguan enhances the company's magnetic sensor product lineup, with expectations for further breakthroughs in automotive and humanoid robotics sectors [4]. Investment Outlook - Following the acquisition of Maiguan, revenue forecasts for 2025-2026 have been adjusted upwards to 2.886 billion yuan and 3.595 billion yuan, respectively, with a new forecast for 2027 set at 4.405 billion yuan [4]. - The net profit forecasts for 2025-2026 have been revised to -78 million yuan and 133 million yuan, respectively, with a new forecast for 2027 set at 361 million yuan [4]. - The company is assigned a target price of 243.0 yuan per share based on a 12x PS ratio for 2025, maintaining a "strong buy" rating [4].

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 | 序号 | 项目 | 持续督导工作情况 | | --- | --- | --- | | | 建立健全并有效执行持续督导工作制度，并针 | 保荐机构已建立健全并有效执行 | | 1 | 对具体的持续督导工作制定相应的工作计划。 | 了持续督导制度，并制定了相应的 | | | | 工作计划。 | | | 根据中国证监会相关规定，在持续督导工作开 | 保荐机构已与公司签署了保荐协 | | | 始前，与上市公司或相关当事人签署持续督导 | 议，协议明确了双方在持续督导期 | | 2 | 协议，明确双方在持续督导期间的权利义务， | 间的权利和义务，并已报上海证券 | | | 并报上海证券交易所备案。 | 交易所备案。 | | | 通过日常沟通、定期回访、现场检查、尽职调 | 年度，保荐机构通过日常沟 2024 | | 3 | | 通、不定期回访、现场检查等方式， | | | 查等方式开展持续督导工作。 | | | | | 对公司开展持续督导工作。 | | | 持续督导期间，按照有关规定对上市公司违法 | | | 4 | 违规事项公开发表声明的，应于披露前向上海 ...

Core Viewpoint - Since 2025, there has been a notable increase in A-share listed companies planning to list on the Hong Kong stock market, with over 30 companies having submitted applications or announced plans for such listings [1][3]. Group 1: Reasons for the Surge in Listings - The Hong Kong stock market is viewed as an international capital market that can assist companies in their global business expansion, with many companies citing "supporting global development" as a reason for their listings [1][3]. - Recent policies have also encouraged A-share companies to pursue secondary listings in Hong Kong, including measures to optimize the Shanghai-Hong Kong Stock Connect mechanism and support leading domestic enterprises in listing in Hong Kong [3]. Group 2: Specific Company Listings - Companies such as Lens Technology and Dazong CNC have announced plans to issue H-shares and list on the Hong Kong Stock Exchange, aiming to enhance their international competitiveness and accelerate overseas capital platform development [3]. - A detailed list of companies planning to list in Hong Kong includes Lens Technology (submitted on March 31, 2025), Jiangdu Long (March 22, 2025), and others, indicating a broad interest across various sectors [2]. Group 3: Fundraising and Financial Health - Naxin Micro has submitted its application for a Hong Kong listing, with plans to use the raised funds for enhancing technology capabilities, expanding product offerings, and strategic investments, despite having a low debt ratio of 21.21% and significant cash reserves [5][8]. - The company previously raised 5.81 billion yuan from its A-share listing, significantly exceeding its initial fundraising target, and has since allocated part of the excess funds to improve liquidity [8][7]. Group 4: High-Priced Acquisitions and Market Concerns - Naxin Micro's acquisition of Shanghai Maige Microelectronics was conducted at a high premium, raising questions about potential conflicts of interest and the authenticity of the acquired company's performance [9][16]. - The acquisition involved a significant valuation increase, with the assessed value of Maige Microelectronics being substantially higher than its book value, leading to concerns about the sustainability of its reported earnings [10][12].

以下文章来源于橙子不糊涂 ，作者橙子 80后，集成电路背景，专注于AI硬科技、半导体领域的研究和投资。 申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 25年Q1财报全部披露完，科技领域的财报值得重点关注，有一大批非常炸裂的，今天具体讨论3个 话题： 1，哪些领域 创了历史最佳； 2，哪些领域 接近，或者说"实际上最佳"； 3，未来哪些领域会 持续加速增长。 首先， 历史最佳财报 主要集中在3个领域： （1）AI芯片：国产AI推理芯片需求爆发 橙子不糊涂 . 主要代表是 寒武纪和海光信息 。Q1营收11.11亿元，同比增长42倍，净利润3.55亿元，最炸裂的是存货 和预付款，预示着Q2将环比几倍的增长。 海光信息， DCU3深算3号作为少数几款国产全精度卡，在一些顶尖应用比如 AI for science 上非常 出色。 （2）端侧 SoC芯片 ：受益于AI端侧设备的井喷 AIoT、自动驾驶、机器人，以及AI玩具、AI智能终端等新兴场景带动端侧算力芯片需求，国内一些巨 头已经有了质的突破，比如 瑞芯微 强悍的3588已经大量上车，明显的4nm的3688 性能会更加猛烈。 端侧SoC整个板块各个公司Q ...

Financial Performance - The company's revenue for Q1 2025 reached ¥717,066,683.60, representing a 97.82% increase compared to ¥362,481,635.24 in the same period last year[4]. - Total operating revenue for Q1 2025 reached ¥717,066,683.60, a significant increase of 97.6% compared to ¥362,481,635.24 in Q1 2024[17]. - The net loss attributable to shareholders was ¥51,338,300.13, an improvement from a loss of ¥150,029,219.93 in the previous year[4]. - Net loss for Q1 2025 was ¥51,338,269.71, an improvement from a net loss of ¥150,029,219.93 in Q1 2024[18]. - Operating profit for Q1 2025 was -¥103,498,137.80, an improvement from -¥123,077,562.90 in Q1 2024[27]. - Net profit for Q1 2025 was -¥96,842,995.27, compared to -¥122,534,806.37 in Q1 2024, indicating a reduction in losses[28]. Cash Flow - The net cash flow from operating activities was negative at ¥170,200,915.43, a significant decline from a positive cash flow of ¥12,755,456.56 in the same period last year, primarily due to increased inventory and employee-related cash payments[4][9]. - Operating cash inflow for Q1 2025 was 666,158,045.57 RMB, a significant increase from 372,661,850.52 RMB in Q1 2024, representing an increase of approximately 78.8%[21]. - Operating cash outflow for Q1 2025 was 836,358,961.00 RMB, compared to 359,906,393.96 RMB in Q1 2024, resulting in a net cash flow from operating activities of -170,200,915.43 RMB[21]. - Cash flow from operating activities for Q1 2025 was -¥216,119,035.40, a decline from a positive cash flow of ¥36,144,148.71 in Q1 2024[30]. - The company reported cash and cash equivalents of ¥743,136,509.75 at the end of Q1 2025, down from ¥2,631,012,700.08 at the end of Q1 2024[31]. Research and Development - Research and development expenses totaled ¥178,681,849.20, accounting for 24.92% of revenue, a decrease of 17.03 percentage points from 41.95% in the previous year[5]. - Research and development expenses increased to ¥178,681,849.20 in Q1 2025, compared to ¥152,049,258.16 in Q1 2024, reflecting a growth of 17.5%[17]. - Research and development expenses increased to ¥178,131,638.26 in Q1 2025, up from ¥142,175,998.40 in Q1 2024, reflecting a focus on innovation[27]. Assets and Liabilities - Total assets at the end of the reporting period were ¥7,514,128,161.76, a decrease of 2.08% from ¥7,673,575,907.32 at the end of the previous year[5]. - Total assets decreased to ¥7,514,128,161.76 in Q1 2025 from ¥7,673,575,907.32 in Q1 2024, a decline of 2.1%[16]. - Total liabilities decreased to ¥1,594,059,369.19 in Q1 2025 from ¥1,726,461,672.37 in Q1 2024, a reduction of 7.7%[15]. - Total liabilities as of March 31, 2025, were 1,065,474,310.80 RMB, compared to 1,133,401,812.56 RMB in the previous year[26]. - The company's total equity decreased to ¥5,920,068,792.57 in Q1 2025 from ¥5,947,114,234.95 in Q1 2024, a decline of 0.5%[15]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 7,626[11]. - The largest shareholder, Wang Shengyang, holds 15,487,920 shares, representing 10.87% of total shares[11]. - The second largest shareholder, Sheng Yun, holds 14,432,040 shares, representing 10.13% of total shares[11]. - The company has a total of 6,526,800 shares held by Suzhou Ruixi Information Consulting Partnership, accounting for 4.58%[11]. - The company has not reported any changes in the top 10 shareholders due to securities lending or borrowing[13]. - The company has not received any declarations of other related party relationships among the top shareholders[12]. Other Financial Metrics - The weighted average return on equity was -0.87%, an improvement from -2.43% in the previous year[4]. - The company reported non-recurring gains of ¥13,023,001.79 during the period, primarily from government subsidies and other non-operating income[7]. - The company reported a gross profit margin of approximately 34.0% for Q1 2025, compared to 31.0% in Q1 2024[17]. - Basic earnings per share for Q1 2025 were -0.36 RMB, compared to -1.05 RMB in Q1 2024[19].

纳芯微公告，2025年第一季度营收为7.17亿元，同比增长97.82%；净亏损5133.83万元，去年同期净亏 损1.5亿元。 ...