Investment Rating - The report maintains a "Buy" rating for the company Naxin Micro (688052) [2] Core Insights - In the first three quarters of 2024, the company achieved operating revenue of 1.366 billion yuan, a year-on-year increase of 36.49%, with a net profit attributable to shareholders of -408 million yuan [3] - The automotive electronics market continues to grow, with the company increasing its market share in the automotive power control chip sector [3] - The company plans to fully acquire Maigen, enhancing its competitiveness in the magnetic sensor field [3] Financial Performance - The company reported a historical high in Q3 revenue of 517 million yuan, a quarter-on-quarter increase of 6.32% and a year-on-year increase of 86.59% [3] - Revenue structure for the first three quarters of 2024: automotive electronics accounted for approximately 35%, energy sector for 52%, and consumer electronics for 13% [3] - Projected financials for 2024-2026 include net profits of -300 million yuan, 2 million yuan, and 14 million yuan respectively [3][5] Market Trends - The automotive electronics market is experiencing strong demand, leading to growth opportunities for new materials [3] - The industrial market is gradually recovering from inventory destocking, while the consumer electronics market is returning to normal demand levels [3] Product Development - The company is focusing on the automotive sector, with new products in the electric vehicle power control segment expected to enter mass production next year [3] - Upcoming product launches include video transmission SerDes chips, power management chips, and audio amplifier chips for automotive applications [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 159.1 CNY per share [1]. Core Views - The company achieved a record high revenue of 5.17 billion CNY in Q3 2024, reflecting a year-on-year increase of 86.59% and a quarter-on-quarter increase of 6.32%. The gross margin was 32.06%, showing a decline of 4.39 percentage points year-on-year [1]. - The company is positioned as a leader in the domestic automotive isolation chip market, benefiting from a broad market space and continuous expansion. The product structure optimization is expected to enhance profitability [1]. - High levels of R&D investment are maintained, with R&D expenses accounting for 36.29% of revenue in Q1-Q3 2024, facilitating the development of new products and expanding the product matrix [1]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 1.366 billion CNY, a year-on-year increase of 36.49%. The net profit attributable to shareholders was -408 million CNY [2]. - The projected total revenue for 2024 is 1.908 billion CNY, with a year-on-year growth rate of 45.6%. The net profit is expected to be -297 million CNY [2]. - The company’s earnings per share (EPS) for 2024 is projected at -2.08 CNY, with a price-to-earnings (P/E) ratio of -59 [2].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company achieved a record high revenue in Q3 2024, driven by sustained demand in the automotive electronics sector, with a quarter-on-quarter revenue growth of 6% [2][3] - The company is expected to experience rapid growth in 2025, as three categories of automotive-grade new products have already secured project designations from clients [4][5] - The company plans to acquire 100% of Maiguan, enhancing its technical capabilities and product layout in the magnetic sensor field [5] Financial Summary - Revenue for 2022 was 1,670 million, with a significant decline to 1,311 million in 2023, but projected to recover to 1,874 million in 2024 and grow to 2,514 million in 2025 [2][15] - The net profit attributable to shareholders is expected to improve from -434 million in 2024 to 32 million in 2025, and further to 187 million in 2026 [2][15] - The company's return on equity (ROE) is projected to recover from -7.5% in 2024 to 0.6% in 2025 and 3.1% in 2026 [2][15] Revenue Breakdown - In Q3 2024, revenue from the automotive sector was 197 million, accounting for 38% of total revenue, with a quarter-on-quarter growth of 26% [3] - The energy sector contributed 259 million, representing 50% of total revenue, but saw a slight decline of 3% quarter-on-quarter [3] - The consumer electronics sector generated 62 million, making up 12% of total revenue, with a minor decline of 2% [3] Product Performance - In Q3 2024, revenue from signal chain products was 264 million, accounting for 51% of total revenue, while power management products generated 197 million, representing 38% [4] - The company anticipates significant growth in 2025 from three major product categories, including motor drive products for vehicle body electronics and integrated motor drive SoC chips for automotive thermal management [4][5]

Summary of Conference Call Company Overview - The conference call is related to a company in the semiconductor industry, specifically focusing on automotive electronics and power management solutions. Key Financial Highlights - For the first three quarters of 2024, the company achieved a revenue of **1.366 billion** CNY, representing a **36.49%** year-over-year increase [2] - The net profit attributable to shareholders was a loss of **408 million** CNY, with a net profit loss of **441 million** CNY after deducting non-recurring items [2] - In Q3 2024, revenue reached **517 million** CNY, showing a **6.32%** quarter-over-quarter increase and an **86.59%** year-over-year increase [2] - The cash flow from operating activities was **32.89 million** CNY [2] Market Demand and Growth - The growth in revenue is attributed to the increasing demand in the automotive electronics sector, which accounted for **35%** of total revenue in the first three quarters [3] - The industrial market is recovering from inventory destocking, while the consumer electronics market is returning to normal demand levels [3] - The automotive electronics revenue in Q3 reached **196 million** CNY, with a **26.33%** quarter-over-quarter growth [3] Product Segmentation - Revenue breakdown for the first three quarters: - Automotive electronics: **35%** - Industrial applications: **52%** - Consumer electronics: **13%** [3] - Product categories: - Sensor products: **10%** - Signal chain products: **53%** - Power management products: **37%** [3] New Product Development - The company is continuously launching new products in sensors, signal chains, and power management [4] - New power management products have started mass production, including LDOs and motor drivers [5] - The company is focusing on both isolated and non-isolated products, with isolated products currently accounting for **60%** of revenue [6] Industry Trends - The industrial market has returned to normal inventory levels, but demand remains weak [7] - The solar energy market is still in a destocking phase, with recovery expected by Q4 2024 or Q1 2025 [8] - The automotive electronics market is experiencing strong demand, particularly in China [8] Gross Margin Insights - The gross margin in Q3 decreased compared to Q2 due to ongoing price declines amid intense market competition [10] - The company anticipates continued pressure on gross margins but expects stabilization in the long term [12] Acquisition Plans - The company is moving forward with a full acquisition of a company named Magin, which specializes in magnetic sensors, to enhance its product offerings [13] - The acquisition strategy has shifted from partial ownership to full integration to leverage synergies [14] Future Outlook - The company plans to focus on automotive electronics and energy sectors for future investments and acquisitions [19] - Key product areas for growth include motor drivers and integrated motor drive SOCs, expected to see significant volume increases in 2025 [21][22] - The company aims to maintain a controlled growth in personnel and expenses, projecting a **10-20%** increase in headcount annually [27] Conclusion - The conference highlighted the company's strong performance in the automotive electronics sector, ongoing product development, and strategic acquisitions aimed at enhancing market competitiveness. The management remains optimistic about future growth despite current market challenges.

Investment Rating - The investment rating for the company is "Outperform the Market" [4][13]. Core Views - The company achieved a record high revenue in Q3 2024, with a year-on-year growth of 36.49%, totaling 1.366 billion yuan. However, the net profit attributable to shareholders was -408 million yuan, indicating an expanded loss compared to the same period last year [2]. - The revenue growth was primarily driven by robust demand in the automotive electronics sector, alongside improvements in the consumer electronics market and recovery in the industrial automation and digital power sectors [2]. - The gross margin has been under pressure, decreasing by 7.86 percentage points year-on-year to 33.21% for the first three quarters of 2024, attributed to pricing pressures from macroeconomic factors and increased market competition [2]. - The acquisition of Maiguan has transitioned from a controlling stake to a full acquisition, with the company now holding 100% of Maiguan, valued at 1 billion yuan. This move is expected to stabilize Maiguan's management team and core employees, ensuring long-term development [2]. Financial Summary - For the first three quarters of 2024, the company reported a revenue of 1.366 billion yuan, a year-on-year increase of 36.49%. The net profit attributable to shareholders was -408 million yuan, with a non-recurring net profit of -441 million yuan [2]. - In Q3 2024, the company achieved a revenue of 517 million yuan, marking an 86.59% year-on-year increase and a 6.32% quarter-on-quarter increase. The net profit attributable to shareholders for this quarter was -142 million yuan [2]. - The gross margin for Q3 2024 was 32.06%, down 4.4 percentage points year-on-year and 3.3 percentage points quarter-on-quarter [2]. - The company has adjusted its net profit forecasts for 2024-2026 to -220 million yuan, 60 million yuan, and 179 million yuan respectively [2]. Key Financial Metrics - Revenue (million yuan): 2022: 1,670, 2023: 1,311, 2024E: 1,930, 2025E: 2,681, 2026E: 3,283 [3]. - Net profit (million yuan): 2022: 251, 2023: -305, 2024E: -220, 2025E: 60, 2026E: 179 [3]. - Earnings per share (yuan): 2022: 2.48, 2023: -2.14, 2024E: -1.54, 2025E: 0.42, 2026E: 1.26 [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 □ ...

关于股东减持计划时间届满暨减持股份结果公告 证券代码：688052 证券简称：纳芯微 公告编号：2024-049 苏州纳芯微电子股份有限公司 本公司董事会、全体董事及相关股东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。 2、股东深圳市慧悦成长投资基金企业（有限合伙）（以下简称"慧悦成长"） 直接持有公司股份 3,791,868 股，占公司股份总数的 2.66%； 3、股东苏州华业致远一号创业投资合伙企业（有限合伙）（以下简称"苏州 华业"）直接持有公司股份 2,371,880 股，占公司股份总数的 1.66%； 4、股东苏州华业的一致行动人长沙华业高创私募股权基金合伙企业（有限 合伙）（以下简称"长沙华业"）直接持有公司股份 1,946,337 股，占公司股份总数 的 1.37%。 上述股份均为国润瑞祺、慧悦成长、苏州华业、长沙华业于公司首次公开发 行前取得的股份以及公司实施资本公积转增股本取得的股份，且已于 2023 年 4 月 24 日起上市流通。 减持计划的实施结果情况 2024 年 7 月 6 日，公司披露了《关于持股 5%以下股东减 ...

证券代码：688052 证券简称：纳芯微 公告编号：2024-047 苏州纳芯微电子股份有限公司 第三届监事会第十四次会议决议公告 一、监事会会议召开情况 苏州纳芯微电子股份有限公司（以下简称"公司"）第三届监事会第十四次 会议于 2024 年 10 月 28 日在公司会议室以现场及通讯会议相结合的方式召开， 会议已于 2024 年 10 月 23 日及 2024 年 10 月 25 日以通讯方式发出会议通知。 会议应出席监事 3 名，实际出席监事 3 名，会议由严菲女士主持，会议的召集、 召开、表决程序符合《中华人民共和国公司法》和《苏州纳芯微电子股份有限公 司章程》的相关规定，所作决议合法有效。经与会监事表决，会议形成如下决议： 二、监事会会议审议情况 （一）审议通过《关于公司<2024 年第三季度报告>的议案》 公司《2024 年第三季度报告》的编制程序符合法律、行政法规和中国证监 会的相关规定，报告内容真实、准确、完整地反映了公司的实际情况，不存在任 何虚假记载、误导性陈述或者重大遗漏。 本公司监事会及全体监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 ...

并将节余募集资金永久补充流动资金的核查意见 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 首次公开发行股票募集资金投资项目结项 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"纳芯微"或"公司"）首次公开发行股票 并上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管指 引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所科创 板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规 范运作》等有关规定，对公司首次公开发行募投项目结项并将节余募集资金永久 补充流动资金的事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2022 年 3 月 1 日出具的《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）， 公司获准向社会公开发行人民币普通股 2,526.60 万股，每股发行价格为人民币 230.00 元，募集资金总额为 581,118.00 万元；扣除承销及保荐费用、发行登记费 以及其他发行费用共计 22,993.3 ...

苏州纳芯微电子股份有限公司（以下简称"公司"）于2024年10月28日以现场及通讯相 结合方式召开第三届董事会第十四次会议、第三届监事会第十四次会议，审议通过了《关 于首次公开发行股票募集资金投资项目结项并将节余募集资金永久补充流动资金的议案》， 同意公司将首次公开发行募集资金投资项目"信号链芯片开发及系统应用项目" "研发中心建 设项目"（以下简称"本次结项募投项目"）结项，并将节余募集资金用于永久补充流动资金。 公司监事会对该议案发表了明确的同意意见，保荐机构光大证券股份有限公司（以下简称 "保荐机构"）对本事项出具了明确同意的核查意见，本议案无需提交公司股东大会审议。 一、募集资金基本情况 根据中国证券监督管理委员会于2022年3月1日出具的《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），公司获准向社会公 开发行人民币普通股2,526.60万股，每股发行价格为人民币230.00元，募集资金总额为 581,118.00万元；扣除承销及保荐费用、发行登记费以及其他发行费用共计22,993.34万元 （不含增值税金额）后，募集资金净额为558,124.66万 ...