Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 142.78 [5][7]. Core Views - The company plans to acquire a 79.31% stake in Shanghai Maiguan for a total consideration of RMB 793 million, which will enhance its sensor business and expand its product matrix [2][12]. - The acquisition is expected to integrate supplier, customer, and R&D resources, thereby improving competitiveness in the magnetic sensor market [4][5]. - The company anticipates revenue growth from RMB 18.5 billion in 2024 to RMB 31.3 billion in 2026, driven by product layout and resource integration advantages [2][5]. Financial Projections - The company's revenue for 2024 is projected at RMB 1.85 billion, with a year-on-year growth of 41.14%, and is expected to reach RMB 2.45 billion in 2025 and RMB 3.13 billion in 2026 [6][29]. - The net profit for 2024 is expected to be a loss of RMB 184.89 million, with a recovery to RMB 58.66 million in 2025 and RMB 280.42 million in 2026 [6][29]. - The report adjusts the company's 2024-2025 revenue forecasts to RMB 18.5 billion and RMB 24.5 billion, respectively, reflecting a demand recovery [23]. Market Context - The global magnetic sensor market is projected to exceed USD 5.1 billion by 2029, with a compound annual growth rate (CAGR) of 7.91% from 2024 to 2029 [20][21]. - The company is positioned to benefit from the growing demand for magnetic sensors in various applications, including consumer electronics, industrial automation, and new energy vehicles [3][4].

Summary of Magnetic Sensor Industry and Naxinwei's Acquisition of Meigen Industry Overview - The magnetic sensor industry is a crucial non-contact detection tool based on electromagnetic induction, widely used for measuring physical quantities such as displacement, speed, and current. The market is expected to reach $4.415 billion by 2022, with a compound annual growth rate (CAGR) of approximately 9% [2][3][8]. - The automotive sector is the fastest-growing area due to trends in smart technology and electrification, significantly increasing its market share [2][3][9]. - Despite some domestic companies having competitive advantages, they face challenges such as technological barriers and low localization rates, although there is rapid growth potential in niche markets like robotics [2][4]. Key Points on Naxinwei's Acquisition of Meigen - Naxinwei plans to acquire Meigen to expand its product line and increase market share, which is seen as a strategic move to strengthen its position in the sensor field and enhance localization rates [5][11]. - The acquisition is expected to lead to significant revenue and profit growth for Meigen in the coming years, with projected revenues of $39 million in 2024, $52 million in 2025, and $76 million in 2026 [10]. - The deal is valued at approximately 1 billion RMB, with Naxinwei expected to hold about 79% of Meigen's shares, reflecting a reasonable price based on projected earnings multiples [10]. Market Dynamics and Competitive Landscape - The global magnetic sensor market was approximately $2.6 billion in 2021 and is projected to grow to $4.415 billion in 2022, with a CAGR of around 9% [8]. - Major players in the global market include ON Semiconductor, Infineon, and STMicroelectronics, while domestic companies like Naxinwei and Meigen are still developing their market presence [8]. - The automotive sector's demand for magnetic sensors is driven by the need for small motors, window and door sensing, and battery management systems, particularly in high-end electric vehicles where the value per vehicle can reach $40-$60 [9]. Strategic Implications of the Acquisition - The acquisition will allow Naxinwei to enhance its existing product lines in the smart human-machine interface sector and leverage Meigen's technology in photovoltaic energy storage [11]. - Naxinwei is expected to improve its market position in the domestic sensor market post-acquisition, with combined sales revenue projected to exceed 400-500 million RMB, contributing significantly to overall company revenue [13]. - The acquisition is part of Naxinwei's broader strategy to develop a platform-based enterprise, expanding its product offerings and service range through both organic growth and external acquisitions [14]. Additional Insights - The acquisition is anticipated to create synergies in supply chain management, particularly in raw material procurement and contract manufacturing, enhancing profitability for both companies [12]. - Naxinwei's strategic direction includes the development of various products such as blade drivers and motor drivers, indicating a commitment to advancing towards smart manufacturing [14].

仅供内部参考，请勿外传 纳芯微(688052) /半导体 / 公司点评 / 2024.06.24 拟收购麦歌恩微电子，增强磁传感器产品线实力 证券研究报告 投资评级:增持(维持) 核心观点 ❖ 事件：公司公告拟以现金方式收购上海麦歌恩微电子79.31%股份，收购对价 基本数据 2024-06-21 为7.93亿元，股东全部权益评估价值为10亿元。 收盘价(元) 117.60 流通股本(亿股) 0.93 ❖ 麦歌恩是国内磁传感器芯片领域的重要企业。麦歌恩成立于2009年，主 每股净资产(元) 42.98 要产品包括磁性开关位置检测芯片、磁性电流/线性位置检测芯片、磁性编码 总股本(亿股) 1.43 芯片、磁传感器及相关模组等，产品广泛应用于消费电子、工业、新能源汽车 最近12月市场表现 等领域。麦歌恩在磁编码、磁开关等细分领域已建立起领先的市场份额优势。 纳芯微 沪深300 ❖ 业绩承诺目标彰显发展信心。《股份转让协议》业绩承诺条款规定，转让方 上证指数 半导体 承诺目标公司 2024/2025/2026 年的归母净利润分别为 3912/5154/7568 万元， 6% 对应本次收购股东全部权益评估价值估值为2 ...

纳芯微(688052.SH) 拟现金收购麦歌恩 79.31%股权,增强磁传感器竞争力 公司研究·公司快评 电子·半导体 投资评级:优于大市(维持) 证券分析师: 胡剑 021-60893306 hujian1@guosen.com.cn 执证编码:S0980521080001 证券分析师: 胡慧 021-60871321 huhui2@guosen.com.cn 执证编码:S0980521080002 证券分析师: 周靖翔 021-60375402 zhoujingxiang@guosen.com.cn 执证编码:S0980522100001 证券分析师: 叶子 0755-81982153 yezi3@guosen.com.cn 执证编码:S0980522100003 证券分析师: 詹浏洋 010-88005307 zhanliuyang@guosen.com.cn 执证编码:S0980524060001 联系人: 李书颖 0755-81982362 lishuying@guosen.com.cn 联系人: 连欣然 010-88005482 lianxinran@guosen.com.cn 事项: 公司公告: ...

2023 Environmental, Social and Governance (ESG) Report Stock Code Suzhou Novosense Microelectronics Co., Ltd. 2023 Environmental, Social and Governance (ESG) Report Suzhou Novosense Microelectronics Co., Ltd. C1-501, Artificial Intelligence Industrial Park, No.88 Jinji Lake Avenue, Suzhou Industrial Park +86-512-62601802 www.novosns.com CONTENTS | About This Report | 02 | | --- | --- | | Chairman's Message | 03 | | About NOVOSENSE | 05 | | Company Profile | 05 | | Global Presence | 05 | | Corporate Culture ...

苏州纳芯微电子股份有限公司 2024 年第一次临时股东大会会议资料 证券代码：688052 证券简称：纳芯微 苏州纳芯微电子股份有限公司 2024 年第一次临时股东大会 会议资料 二〇二四年七月 1 / 8 苏州纳芯微电子股份有限公司 2024 年第一次临时股东大会会议资料 苏州纳芯微电子股份有限公司 2024 年第一次临时股东大会会议资料目录 | 2024 | 年第一次临时股东大会会议须知 3 | | | --- | --- | --- | | 2024 | 年第一次临时股东大会会议议程 5 | | | 2024 | 年第一次临时股东大会会议议案 7 | | | 议案一 | 关于使用部分超募资金永久补充流动资金的议案 7 | | | 议案二 | 关于变更公司注册地址、修订《公司章程》并办理工商变更登记的议案 | 8 | 2 / 8 苏州纳芯微电子股份有限公司 2024 年第一次临时股东大会会议资料 苏州纳芯微电子股份有限公司 2024 年第一次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保 证股东大会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券 法》《 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 144.5 CNY per share, compared to the current price of 117.60 CNY [2][3]. Core Views - The company aims to enhance its competitiveness in the magnetic sensor field by acquiring 79.31% of Shanghai Maguan Microelectronics Co., Ltd. for 793.12 million CNY, which will make Maguan a subsidiary [2][3]. - Maguan specializes in mixed-signal chip development, focusing on magnetic sensors, and has established a leading market share in niche areas such as magnetic encoders and switches [3]. - The acquisition is expected to enrich the company's product portfolio in magnetic sensors and increase its market share [3]. - The core team of Maguan has extensive experience from leading global firms, which will aid in integrating R&D resources and enhancing technological capabilities [3]. - The company maintains high R&D investment levels, which supports product development and opens up long-term growth opportunities [3]. - Revenue forecasts for 2024-2026 have been adjusted upwards, with expected revenues of 18.72 billion CNY, 24.64 billion CNY, and 30.91 billion CNY, respectively [3][4]. - The net profit forecasts for the same period have also been revised, with expected figures of 1.52 billion CNY, 0.81 billion CNY, and 2.56 billion CNY [3][4]. Financial Summary - Total revenue for 2023 is reported at 1.311 billion CNY, with a projected increase to 1.872 billion CNY in 2024, reflecting a year-on-year growth rate of 42.8% [4]. - The company reported a net loss of 305 million CNY in 2023, with expectations of narrowing losses to 152 million CNY in 2024 and turning profitable by 2025 [4]. - The earnings per share (EPS) is expected to improve from -2.14 CNY in 2023 to 1.79 CNY by 2026 [4].

证券代码：688052 证券简称：纳芯微 公告编号：2024-028 本次交易的审议程序符合《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》等相关法律法 规和规范性文件及《公司章程》的相关规定。本次交易遵循了公平交易的市场 原则，不存在损害全体股东利益的情形。 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露 的《关于拟以现金方式收购上海麦歌恩微电子股份有限公司部分股份及上海莱 睿企业管理合伙企业（有限合伙）、上海留词企业管理合伙企业（有限合伙） 苏州纳芯微电子股份有限公司 第三届监事会第十次会议决议公告 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、准确性和完整性依法承担法律责任。 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"）第三届监事会第十次会 议于 2024 年 6 月 21 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 6 月 19 日以通讯方式发出 ...

证券代码：688052 证券简称：纳芯微 公告编号：2024-029 苏州纳芯微电子股份有限公司 关于拟以现金方式收购上海麦歌恩微电子股份有限公司 部分股份及上海莱睿企业管理合伙企业（有限合伙）、上 海留词企业管理合伙企业（有限合伙）部分财产份额 的公告 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、准确性和完整性承担法律责任。 重要内容提示： ●苏州纳芯微电子股份有限公司（以下简称"公司"）拟以现金方式收购上海矽 睿科技股份有限公司（以下简称"矽睿科技"）直接持有的上海麦歌恩微电子股份有 限公司（以下简称"麦歌恩"或"标的公司"）62.68%的股份，拟以现金方式收购矽睿 科技通过上海莱睿企业管理合伙企业（有限合伙）（以下简称"上海莱睿"）间接 持有麦歌恩 5.60%的股份，合计收购麦歌恩 68.28%的股份，收购对价合计为 68,282.16 万元（以下简称"本次股份转让"）； 上海莱睿、上海留词企业管理合伙企业（有限合伙）（以下简称"上海留词"） 分别持有麦歌恩 17.56%、19.76%的股份，其中朱剑宇、姜杰为上海莱睿的出资人， 方骏、魏世忠为上 ...

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 ■路演活动（券商策略会） □现场参观 □一对一沟通 □电话会 民生证券、浙商基金、东方证券自营、西部证券自营、光大保德信基 金、招商基金、丹弈投资、交银康联资产、浙商证券资管、易米基金、 参与单位名称 东方红资管、中银国际自营、长城基金、华富基金、中信保诚基金、国 泰基金、于翼资产、兴业基金、上海利幄、湘财基金、建信基金、富国 基金、长信基金等 时间 2024年6月18日 公司接待人员姓名 投资者关系总监 卢志奇 ...