为出具本法律意见书，本所律师对本次股东大会所涉及的有关事项进行了审 查，查阅了相关会议文件，并对有关问题进行了必要的核查和验证。 江苏世纪同仁律师事务所关于 苏州纳芯微电子股份有限公司 2024 年年度股东大会的法律意见书 苏州纳芯微电子股份有限公司： 根据《公司法》《证券法》和中国证监会《上市公司股东会规则》等法律、 法规和规范性文件以及《公司章程》的规定，本所受贵公司董事会的委托，指派 本所律师见证公司2024年年度股东大会，并就本次股东大会的召集、召开程序、 出席会议人员资格、召集人资格、表决程序和表决结果的合法有效性等事项出具 法律意见。 本所律师同意将本法律意见书随公司本次股东大会决议一并公告，并依法对 本法律意见书承担相应的责任。 本所律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业 务标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、关于本次股东大会的召集、召开程序 1.本次股东大会的召集 本次股东大会由董事会召集。2025年4月8日，公司召开了第三届董事会第十 六次会议，审议通过了《关于召开2024年年度股东大会的议案》，决议于2025年 5月15日以现场投票结合网络投票的表 ...

2025 年 05 月 15 日 纳芯微 (688052) ——1Q25 业绩超预期，持续发力汽车电子业务 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 05 月 14 日 | | --- | --- | | 收盘价（元） | 179.48 | | 一年内最高/最低（元） | 214.00/80.48 | | 市净率 | 4.3 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 25,581 | | 上证指数/深证成指 | 3,403.95/10,354.22 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 41.50 | | 资产负债率% | 21.21 | | 总股本/流通 A 股（百万） | 143/143 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 05-14 06-14 07-14 08-14 09-14 10-14 11-14 12-14 01-14 02-14 03-14 04- ...

近年来，纳芯微在技术创新、市场拓展及产业链协同方面不断突破，汽车芯片产品不仅广泛应用于 新能源汽车三电系统，还加速渗透至智能化和安全领域。 其中通用信号链产品作为这两年纳芯微打入汽车供应链的拳头产品，更是吸引了大量参会观众的目 光，而在与纳芯微信号链技术市场经理王良藩的交流过程中，我们也得以一窥纳芯微在内卷市场中 突围的底气。 从卷参数到重应用 在模拟芯片的这片市场中，通用信号链产品一度被视为技术门槛不高、竞争极其白热化的板块。过 去，国内玩家也多数徘徊在低端市场，缺乏区隔与差异化。但这几年，变化正在悄然发生。 "我们更强调在主航道应用里的适配能力，而不是盲目追求全面覆盖。"在交流中，纳芯微信号链技 术市场经理王良藩这样说到。 国际大厂通常是按"Catalog"模式做产品，也就是围绕各种类型和子市场，把运放和 ADC 等全品 类都布上，几乎覆盖所有领域。 纳芯微的思路，恰恰相反——不是"什么都做"，而是"聚焦在特定客户和场景里把事情做到极致"。 2025年4月15日，慕尼黑上海电子展在上海新国际博览中心盛大开幕。 本 届 慕 展 上 ， 纳 芯 微 携 收 购 麦 歌 恩 后 的 磁 传 感 器 系 列 、 ...

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].

「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式和 经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨刘杨楠 编辑丨巴里 图源丨纳芯微官网 日前，苏州纳芯微电子股份有限公司（以下简称"纳芯微"，688052.SH）正式向港交所递交上市申请，计 划通过发行H股募资推进国际化战略。 纳芯微是一家主营模拟及混合信号芯片设计研发的企业，采用Fabless（无晶圆厂）模式运营。 模拟芯片就像是一个"信号翻译器"，它的主要工作是处理声音、温度、光线强度等连续变化的物理信 号，比如放大声音、将温度信号转换为电信号、过滤噪音等。 在这个细分市场，德州仪器、亚德诺等国际巨头长期占据主导地位。直到2019年，中国模拟芯片自给率 仅为9%，到2023年提升至15%左右。这意味着国内大部分模拟芯片需求依赖进口，国产替代空间巨大。 在此背景下，纳芯微试图在中国市场划出一席之地。 招股书显示，截至2024年12月31日，在2024年以模拟芯片收入计的中国模拟芯片厂商前十名中，纳芯微 是唯一重点布局传感器产品、信号链芯片、电源管理芯片三大产品的公司。 从收入规模来看，纳芯微在中国 ...

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].

丨证券研究报告丨 公司研究丨点评报告丨纳芯微（688052.SH） [Table_Title] 新品逐步放量，持续成长可期 报告要点 [Table_Summary] 2024 年，公司实现总营业收入 19.60 亿元，同比增长 49.53%；实现归母净利润-4.03 亿元， 同比减少 31.95%。2024Q4，公司实现营收 5.94 亿元、同比+91.64%、环比+14.93%，收入环 比持续增长；实现归母净利润 0.05 亿元。 分析师及联系人 [Table_Author] 杨洋 张梦杰 SAC：S0490517070012 SAC：S0490523120002 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 新品逐步放量，持续成长可期 [Table_Summary2] 事件描述 2025 年 4 月 9 日，纳芯微公告《2024 年年度报告》。2024 年，公司实现总营业收入 19.60 亿 元，同比增长 49.53%；实现归母净利润-4.03 亿元，同比减少 31.95%。2024Q4，公司实现营 收 ...

机构简介： 上海高毅资产管理合伙企业（有限合伙）是国内投研实力较强、管理规模较大、激励制度领先的平台型 私募基金管理公司，专注于资本市场，致力于为优秀的投资经理配备一流的研究支持、渠道资源、品牌 背书、资本对接和运营维护，打造以人为本的企业文化和扁平化的组织架构，让优秀的投资经理专注于 投资，全力以赴地为投资者创造更佳的收益。高毅资产旗下汇聚了多位长期业绩优秀、市场经验丰富的 明星投资经理。目前投研团队超过30人，投资经理包括千亿级基金公司投资总监、股票型基金8年业绩 冠军、偏股混合型基金6年业绩亚军、公募基金十周年金牛奖特别奖得主、公募基金五年期金牛奖得 主、公募基金三年期金牛奖得主、私募基金三年期金牛奖得主、私募基金一年期金牛奖得主等，研究员 绝大多数来自于嘉实、易方达、南方、博时、鹏华、招商等一线基金公司，整体投研实力在业内处于领 先地位。由邱国鹭先生担任董事长，邓晓峰先生担任首席投资官，卓利伟先生担任首席研究官，孙庆瑞 女士、冯柳先生、王世宏先生担任董事总经理。高毅资产已经在中国证券投资基金业协会备案，注册地 在上海，团队分布在深圳、上海和北京。 根据市场公开信息及5月6日披露的机构调研信息，知名私募 ...

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].