Core Viewpoint - Nanchip Technology (688484.SH) expects a significant decrease in net profit for the first half of 2025, projecting a range of 109 million to 133 million yuan, which represents a year-on-year decline of 47.03% to 35.09% [1] Group 1: Financial Performance - The projected net profit for the first half of 2025 is between 109 million and 133 million yuan, a decrease of 96.4933 million to 71.9933 million yuan compared to the same period last year [1] - The year-on-year decline in net profit is estimated to be between 47.03% and 35.09% [1] Group 2: Market Conditions - There has been a slight recovery in consumer market demand, particularly in the automotive and industrial sectors [1] - The company is experiencing a gradual increase in sales volume of new products, contributing to an expansion in market share [1] - The main business is showing steady growth due to the increased sales scale of the company's products [1]

Group 1 - The company expects a net profit attributable to shareholders of 109 million to 133 million yuan for the first half of 2025, driven by a slight recovery in consumer market demand and increased market share from new products [1] - The company's gross profit margin is projected to decline to 36% to 37% for the first half of 2025, with a further decrease to 35% to 36% in the second quarter due to increased cost pressures and competitive market conditions [1] - The company is increasing its R&D investment and personnel, particularly in R&D roles, which is expected to lead to a significant rise in R&D expenses [1] Group 2 - In Q1 2025, the company reported a main revenue of 685 million yuan, a year-on-year increase of 13.86%, while the net profit attributable to shareholders decreased by 36.86% to approximately 63.49 million yuan [2] - The company's non-recurring net profit fell by 43.76% to approximately 56.26 million yuan, indicating challenges in maintaining profitability despite revenue growth [2] - The company has a debt ratio of 16.39% and reported investment income of approximately 6.55 million yuan, with a financial expense of -5.60 million yuan, and a gross profit margin of 38.16% [2]

Core Insights - Company expects revenue for the first half of 2025 to be between 1,430 million to 1,500 million yuan, representing a year-on-year growth of 14.39% to 19.99% [1] - Net profit attributable to shareholders is projected to decrease by 35.09% to 47.03%, estimated between 108.86 million to 133.16 million yuan [1] - The company anticipates a significant decline in net profit excluding non-recurring gains and losses, expected to be between 83.42 million to 107.92 million yuan, a decrease of 47.60% to 59.50% year-on-year [1] Group 1 - In the first half of 2025, there is a slight recovery in consumer market demand, with automotive and industrial market demand rebounding, leading to an increase in market share and sales scale [2] - As revenue grows, the company's costs are also increasing due to intense market competition and product structure, resulting in a decline in overall gross margin, expected to be between 36% to 37% for the first half and 35% to 36% for the second quarter [2] - The company is focusing on its development strategy by increasing R&D investment and expanding its workforce, particularly in R&D personnel [2] Group 2 - The company has seen an increase in government subsidies and other income compared to the same period last year due to varying government subsidy policies [2] - Investment income from trading financial assets held by the company has also increased year-on-year, positively impacting non-recurring gains and losses [2]

证券代码：688484 证券简称：南芯科技 公告编号：2025-046 上海南芯半导体科技股份有限公司 2025 年半年度主要经营数据自愿性披露的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 经过公司财务部初步测算，预计 2025 年半年度实现营业收入 143,000.00 万 元到 150,000.00 万元，较上年同期增长 14.39%到 19.99%。 预计 2025 年半年度归属于上市公司股东扣除非经常性损益的净利润为 8,341.845 万元到 10,791.84 万元，较上年同期减少 59.50%到 47.60%。 （三）公司本次预计的业绩未经注册会计师审计。 二、上年同期经营业绩情况 2024 年上半年，公司营业收入 125,009.58 万元； 2024 年上半年，公司实现归属于上市公司股东的净利润 20,515.38 万元； 2024 年上半年，公司实现归 ...

Core Viewpoint - The company, Nanchip Technology, anticipates a revenue increase for the first half of 2025, while net profit is expected to decline significantly compared to the previous year [1] Financial Performance - Projected revenue for the first half of 2025 is between 1.43 billion to 1.5 billion yuan, representing a year-on-year increase of 14.39% to 19.99% [1] - Expected net profit attributable to shareholders is between 109 million to 133 million yuan, reflecting a year-on-year decrease of 47.03% to 35.09% [1] - The net profit excluding non-recurring gains and losses is projected to be between 83.42 million to 108 million yuan, indicating a year-on-year decline of 59.50% to 47.60% [1] Influencing Factors - The company attributes the changes in performance to factors such as market demand recovery, new product launches, and increases in costs and R&D expenses [1]

Investment Rating - The report maintains an "Outperform" rating for the heat management industry, driven by the slowdown of Moore's Law and the rise of edge AI applications [1]. Core Insights - The heat management industry is undergoing significant upgrades due to the deceleration of Moore's Law and the explosive growth in cloud computing power demands, leading to increased pressure on thermal management solutions for edge AI applications [1][2]. - Passive cooling methods are nearing their physical limits, prompting a shift towards active cooling technologies in mobile devices [3][4]. Summary by Sections 1. Moore's Law Slowdown and Edge AI Iteration - The growth rate of transistor density has significantly slowed, with the compound annual growth rate (CAGR) dropping to single digits for processes below 5nm, indicating the gradual failure of Moore's Law [19][20]. - As performance demands increase, the power consumption per unit area of chips is rising, necessitating enhanced thermal management solutions [24][25]. - The limitations of passive cooling methods are becoming evident, as the area of vapor chambers (VC) is increasing while material iterations are slowing down [43][44]. 2. Transition to Active Cooling Technologies - The industry is expected to enter an active cooling era, with technologies like micro-pump liquid cooling and micro fans becoming more prevalent [3][4]. - By 2030, it is projected that the penetration rate of active cooling in smartphones will reach 30%, with a market size of approximately 20 billion yuan [3][4][75]. 3. Investment Highlights and Beneficiary Segments - Active cooling technologies are anticipated to unlock the full potential of edge AI applications, with significant benefits for companies involved in the thermal management supply chain [4][4]. - Key players in the thermal management module sector include Feirongda, Suzhou Tianmai, and Zhongshi Technology, while chip-related companies include Aiwei Electronics and Nanchip Technology [4][4].

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 14.265 billion yuan, while the Sci-Tech Innovation Board saw a net inflow of 722 million yuan [1] - A total of 257 stocks had net inflows, while 332 stocks had net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 379 stocks rose, with two stocks hitting the daily limit up, including Puyuan Information and Awei New Materials, while 200 stocks declined [1] - The top three stocks with the highest net inflow of funds were Cambrian Technology (76.922 million yuan), Haiguang Information (11.294 million yuan), and Hengxuan Technology (8.704 million yuan) [2] Continuous Fund Flow - There are 56 stocks that have seen continuous net inflows for more than three trading days, with Zhongkong Technology leading at seven consecutive days [2] - Conversely, 136 stocks have experienced continuous net outflows, with Guanda Materials leading at 18 consecutive days [2] Key Stocks with Fund Inflows - Cambrian Technology: 76.922 million yuan net inflow, 13.66% inflow rate, and a 4.90% increase [2] - Haiguang Information: 11.294 million yuan net inflow, 5.21% inflow rate, and a 0.63% increase [2] - Hengxuan Technology: 8.704 million yuan net inflow, 9.51% inflow rate, and a 0.63% increase [2] Key Stocks with Fund Outflows - Juchip Technology: 9.357 million yuan net outflow, with a 3.22% decrease [1] - SMIC: 8.240 million yuan net outflow [1] - Sitaiwei: 6.821 million yuan net outflow [1]

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 41.186 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 1.801 billion yuan [1] - A total of 218 stocks saw net inflows, while 371 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 229 stocks rose, with one stock, Aowei New Materials, hitting the daily limit, while 352 stocks declined [1] - The top three stocks with the highest net inflows were: - Lanjie Technology with a net inflow of 254 million yuan - Youke Technology with a net inflow of 116 million yuan - Shengyi Electronics with a net inflow of 107 million yuan [1][2] Continuous Fund Flow Analysis - There are 41 stocks that have seen continuous net inflows for more than three trading days, with Zhongkong Technology leading at six consecutive days of inflow [2] - Conversely, 133 stocks have experienced continuous net outflows, with Guoda Materials leading at 17 consecutive days of outflow [2] Key Stocks with Fund Inflows - The top stocks by net inflow include: - Lanjie Technology: 254.1 million yuan, 8.63% inflow rate, 3.13% increase - Youke Technology: 115.9 million yuan, 12.59% inflow rate, 3.97% increase - Shengyi Electronics: 107.2 million yuan, 7.84% inflow rate, 2.33% increase [2][3] Key Stocks with Fund Outflows - The stocks with the highest net outflows include: - Cambrian: 144 million yuan outflow, 2.12% decrease - Huafeng Technology: 106 million yuan outflow - Yahu Pharmaceutical: 103 million yuan outflow [1][2] Summary of Fund Flow Data - The data indicates a significant disparity in fund flows, with a notable number of stocks experiencing substantial outflows, reflecting market sentiment and potential investment risks [1][2][3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][19]. Core Viewpoints - The company has launched the SC3601 piezoelectric liquid cooling driver chip, which significantly enhances heat dissipation performance in mobile smart terminals, filling a gap in domestic technology [1][2]. - The demand for advanced cooling solutions is driven by the increasing power consumption and heat generation of AI chips, creating a substantial market opportunity for the company's products [2][9]. - The company is well-positioned to benefit from the recovery in the consumer electronics market and the growth in automotive electronics, with expectations of continued revenue and profit growth in the coming years [3][10]. Financial Summary - Revenue is projected to grow from 1,780 million yuan in 2023 to 4,814 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 36.9% [1]. - Net profit is expected to increase from 261 million yuan in 2023 to 719 million yuan in 2027, with notable growth rates in subsequent years [1][10]. - The company's gross margin is forecasted to be around 40.12% in 2024, with net profit margins of 11.95% [3][12]. Market Potential - The global analog chip market is projected to reach 84.1 billion USD in 2024, with a growth rate of 3.7% compared to 2023, driven by demand in AI, high-performance computing, and electric vehicles [9]. - The company is expanding its product offerings in industrial and automotive electronics, capitalizing on the increasing demand for sensors and communication chips in smart vehicles [9][10].

Core Viewpoint - The article emphasizes the significant transformation in China's automotive industry towards "electrification and intelligence," with chips becoming the critical engine for this innovation. The automotive electronics market in China is projected to reach 1,158.5 billion yuan in 2024, focusing on areas like smart cockpits, electric drive control, BMS, and power management [1]. Group 1: Company Performance - Nanchip has shown remarkable performance in the automotive-grade chip market, offering high-reliability power solutions for applications such as cameras, radars, and MCUs/SOCs. The company's experience in consumer electronics has laid a solid foundation for its entry into the automotive sector [2]. - Nanchip's high-side switch products are essential components in vehicle body control systems, with a demand of over 75 units per electric vehicle. The trend towards integration and collaboration in electric vehicles presents an upgrade opportunity for power chip manufacturers [4][5]. Group 2: Product Development - Nanchip's high-side switch products have evolved rapidly, with over 20 models now available, ranging from 1A to 30A, significantly increasing power density. The company has begun validating these products for mass production in various OEM projects starting in 2024 [7][8]. - The company has introduced a range of products, including an 8-channel half-bridge driver and an automotive-grade eFuse, which is the first of its kind to achieve mass production in China. Additionally, a high-speed CAN/CAN FD transceiver was launched, marking a new breakthrough in control systems [11][16]. Group 3: Market Strategy - Nanchip is strategically positioning itself in the automotive electronics market by offering a comprehensive chip solution that includes vehicle charging, smart cockpits, intelligent driving, and body control applications. This approach is attracting more automotive electronics customers [16]. - The company is focused on long-term strategies in the automotive-grade market, viewing it as an opportunity to refine technology and product lines. Nanchip believes that the technical achievements in automotive applications can also benefit industrial applications, creating a positive cycle of technology and market development [19].