Summary of Yutai Micro's Conference Call Company Overview - **Company**: Yutai Micro - **Industry**: Semiconductor, specifically focusing on Ethernet PHY chips and automotive communication solutions Key Financial Highlights - **2024 Revenue Growth**: 11.73% year-over-year increase, with overall revenue reaching approximately 4 billion CNY [2][4] - **Segment Performance**: - Industrial products revenue increased by 108% - Commercial products revenue grew by 61% - Automotive products revenue rose by 47% [2][4] - **Gross Margin**: Overall gross margin exceeded 40%, with industrial products gross margin over 50% [2][4] Research and Development - **R&D Investment**: Increased by 32.4% year-over-year, with a 11.97% increase in R&D personnel [2][6] - **Focus Areas**: Emphasis on mid-to-high-end product development and existing product iterations to optimize design and reduce chip costs [2][6] Product Lines and Developments - **Current Product Lines**: Seven product lines including Ethernet PHY chips, switch chips, network card chips, and automotive PHY chips [2][7] - **Upcoming Products**: - Automotive gateway chip expected to launch in April 2025 - Automotive video transmission chip to undergo sample testing by year-end [2][7] Market Dynamics - **Impact of US-China Tariffs**: Minimal negative impact; potential benefits as tariff barriers increase price pressure on foreign competitors [2][8] - **International Trade Strategy**: Company has implemented measures to mitigate supply chain cost increases due to trade tensions, with expectations of improved gross margins in the coming years [2][9] Revenue Projections - **2.5G Product Revenue**: Expected to grow from over 20 million CNY in 2023 to 140 million CNY in 2024 [2][10] - **Future Revenue Streams**: Anticipation of revenue generation from 16 and 24 port switch chips by Q4 2025 [2][10] Competitive Positioning - **Market Response to Automotive Switch Chip**: Positive reception; Yutai Micro is the only A-share company to fully cover automotive Ethernet series products [2][11] - **Strategic Advantages**: Focus on public protocols to avoid uncertainties associated with proprietary IP licensing, enhancing cost competitiveness [2][16] Customer Considerations - **Key Factors for Product Selection**: Customers prioritize protocol compatibility and pricing, with a shift towards automotive Ethernet for unified vehicle communication [2][16] Future Outlook - **International Business Growth**: 2024 overseas revenue exceeded 70 million CNY, with expectations to approach or exceed 100 million CNY in 2025 [2][26] - **R&D Focus for Future Products**: Development of high-end products targeting 5G and 10G markets, with significant growth anticipated in the domestic 2.5G application market [2][27] Challenges and Risks - **Current Revenue Status**: Company is in a trial phase with limited large-scale production, affecting immediate revenue recognition [2][22] - **Market Competition**: Ongoing pressure from competitors, necessitating continuous innovation and cost management [2][17] Conclusion Yutai Micro is positioned for growth with a strong focus on R&D, competitive pricing strategies, and a diverse product line. The company is navigating market challenges effectively while capitalizing on emerging opportunities in both domestic and international markets.

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Viewpoints - The company achieved a revenue of 396 million yuan in 2024, representing a year-on-year growth of 44.86%. However, it reported a net loss of 202 million yuan for the same year [1][2]. - The first quarter of 2025 saw a revenue of 81 million yuan, a year-on-year increase of 11.73%, but a quarter-on-quarter decline of 37.74%, with a net loss of 61 million yuan [1][2]. - High R&D investment has pressured profitability, with R&D expenses reaching 294 million yuan in 2024, a 32.41% increase year-on-year, resulting in a R&D expense ratio of 74.10% [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 42.68%, down 9.69 percentage points year-on-year. The gross margin for Q1 2025 was 40.74%, a slight decrease of 0.37 percentage points year-on-year [2]. - The forecast for revenue from 2025 to 2027 is 645 million yuan, 987 million yuan, and 1.411 billion yuan, respectively, with growth rates of 62.9%, 53.0%, and 42.9% [5][10]. Product Development - The company focuses on high-speed wired communication chips, gradually expanding its product matrix, which includes Ethernet physical layer chips and various automotive Ethernet chips [3][4]. - New products are expected to contribute to revenue growth from 2024 to 2026, with significant investments in R&D to support this expansion [3][4]. Market Strategy - The establishment of dedicated divisions for network communication and automotive applications aims to accelerate market penetration and product development [4]. - The company has successfully launched automotive Ethernet physical layer chips and is testing new automotive Ethernet switch chips with several domestic car manufacturers [4].

Financial Performance - Yutai Micro (688515) reported a total revenue of 81.04 million yuan for Q1 2025, an increase of 11.73% year-on-year, but a net profit attributable to shareholders of -60.72 million yuan, a decline of 12.14% year-on-year [1] - The gross margin was 40.74%, down 0.9% year-on-year, while the net margin was -74.93%, a decrease of 0.37% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 26.94 million yuan, accounting for 33.24% of revenue, a decrease of 9.97% year-on-year [1] Cash Flow and Debt - The company reported cash and cash equivalents of 411 million yuan, a significant increase of 123.98% year-on-year [1] - Accounts receivable decreased by 12.12% year-on-year to 44.83 million yuan, while interest-bearing debt rose by 27.55% year-on-year to 12.74 million yuan [1] Market Position and Future Outlook - The global industrial robot market is expected to grow, with China holding a significant share, accounting for 42% of the global total [5] - The demand for industrial robots is projected to increase, with the market size in China expected to reach over 900 billion yuan by 2025, indicating a strong growth trajectory [5] - The company is focusing on technological innovation to enhance its global competitiveness in the growing robotics market [5] Fund Holdings - Several prominent funds have increased their holdings in Yutai Micro, with the largest being the Tai Xin Small and Medium Cap Selected Mixed Fund, which holds 1.71 million shares [4] - The fund manager of Tai Xin has a total fund size of 1.701 billion yuan and has seen a 73.45% increase in value over the past year [4]

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。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688515 证券简称：裕太微 公告编号：2025-012 经中国证券监督管理委员会以"证监许可[2022]3202号"文《关于同意裕太微电子股份有限公司首次公开 发行股票注册的批复》核准，裕太微电子股份有限公司（以下简称"公司"）向境内投资者公开发行人民 币普通股（A股）股票20,000,000股，每股面值1.00元，每股发行价格92.00元。截至2023年2月3日止， 公司募集资金总额为人民币1,840,000,000.00元，扣除承销费和保荐费（不含增值税）147,200,000.00元 后，剩余募集资金1,692,800,000.00元，已由主承销商于2023年2月3日汇入公司募集资金监管账户。使用 募集资金置换以自筹资金已预先支付的发行费用的金额21,100,199.28元后，公司本次募集资金净额为 1,671,699,800.72元。 上述资金到位情况业经立信会计师事务所（特殊普通合伙）验证，并由其出具信 ...

总营收39,622.65万元，同比增长44.86%，是裕太微（688515.SH）交出的2024年"成绩单"。 4月28日，国内以太网物理层芯片领域龙头企业裕太微发布了2024年财报。财报显示，2024年裕太微总 体营业收入为39,622.65万元，较2023年同期增长44.86%。其中，第一季度为7,253.15万元，第二季度为 8,214.50万元，第三季度为11,139.46万元，第四季度为13,015.55万元，营业收入实现季度环比稳步增 长。 亮眼成绩的背后，一方面得益于半导体行业市场需求持续复苏以及下游客户需求的增长；一方面得益于 近年来裕太微近年来推出的2.5G网通以太网物理层芯片等新产品，经过下游用户的陆续验证并导入市 场，销售量显著增加，使得本期营业收入较上年同期有了较大幅度的增长。 作为国内稀缺的以太网物理层芯片设计公司，裕太微自2017年成立以来，长期专注于高速有线通信芯片 的研发、设计和销售。其产品广泛应用于数通、安防、消费、电信、工业、车载等多个领域，并提供多 种性能等级的产品，包括商规级、工规级和车规级，以及不同传输速率（如百兆、千兆、2.5G）和不同 端口数量的产品组合。 过去几 ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -2.5300 | -1.9600 | -29.08 | -0.0100 | | 每股净资产（元） | 20.11 | 22.84 | -11.95 | 4.83 | | 每股公积金(元) | 24.11 | 23.83 | 1.17 | 3.98 | | 每股未分配利润(元) | -4.51 | -1.99 | -126.63 | -0.15 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 3.96 | 2.74 | 44.53 | 4.03 | | 净利润(亿元) | -2.02 | -1.5 | -34.67 | 0 | | 净资产收益率(%) | -11.79 | -9.29 | -26.91 | -0.14 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 1686.17万股，累计占 ...

关于非独立董事离任暨补选第二届董事会非独立董 事的公告 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。 一、关于非独立董事的离任情况 | 姓名 | 离任 | | 离任时间 | | | 原定任期到期日 | | | 离任原因 | 是否继续在上 市公司及其控 | 具体职务 | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 职务 | | | | | | | | | | （如适用） | | | | | | | | | | | | | 股子公司任职 | | 公开承诺 | | 郭志彦 | 董事 | 2025 | 年 4 | 月 | 日 28 | 年 月 2027 1 | 12 | 日 | 个人原因 | 否 | 不适用 | 否 | （一）提前离任的基本情况 （二）离任对公司的影响 根据《中华人民共和国公司法》（以下简称"《公司法》"）《上海证券交 易所科创板上市公司自律监管指引第 1 号—— ...

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。 证券代码：688515 证券简称：裕太微 公告编号：2025-012 裕太微电子股份有限公司 2024 年度募集资金存放与实际使用情况的 专项报告 根据中国证券监督管理委员会《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（2022 年修订）》（证监会公告〔2022〕15 号）、 《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》以及《上 海证券交易所上市公司自律监管指南第 1 号——公告格式》的相关规定，公司就 2024 年度募集资金存放与使用情况作如下专项报告： 一、募集资金基本情况 （一）实际募集资金金额、到位时间 经中国证券监督管理委员会以"证监许可[2022]3202 号"文《关于同意裕太 微电子股份有限公司首次公开发行股票注册的批复》核准，裕太微电子股份有限 公司（以下简称"公司"）向境内投资者公开发行人民币普通股（A 股）股票 20,000,000 股，每股面值 1.00 元，每股发行价格 92.00 元。截至 2023 年 ...

公司代码：688515 公司简称：裕太微 裕太微电子股份有限公司 2024年度内部控制评价报告 裕太微电子股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致内部 ...

证券代码：688515 证券简称：裕太微 公告编号：2025-011 裕太微电子股份有限公司 第二届监事会第三次会议决议公告 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 裕太微电子股份有限公司（以下简称"公司"）第二届监事会第三次会议（以 下简称"本次会议"）于 2025 年 4 月 28 日以通讯方式召开，本次会议通知于 2025 年 4 月 17 日以电子邮件方式向全体监事发出。本次会议由监事会主席李晨女士 主持，会议应参与表决监事 3 人，实际参与表决监事 3 人。本次会议的召集、召 开程序符合《中华人民共和国公司法》（以下简称"《公司法》"）《裕太微电子股 份有限公司章程》（以下简称"《公司章程》"）《裕太微电子股份有限公司监事会 议事规则》及其他有关法律、行政法规、部门规章、规范性文件的规定，会议的 表决结果均合法有效。 二、监事会会议审议情况 经与会监事充分审议和表决，会议形成决议如下： （一）审议通过《关于 2024 年年度报告及其摘要的议案》 经审核，监事会认为公司 2024 年 ...