Core Viewpoint - The article discusses the impact of the U.S. tariff policies on global trade and the subsequent response from China, highlighting the opportunities for domestic industries to replace imports in various sectors due to increased tariffs on U.S. goods [1] Group 1: Import Substitution Opportunities - The sectors with significant import substitution potential in A-shares include chips, photoresists, scientific instruments, medical devices, and aerospace equipment [1] - A total of 50 stocks have been identified as having strong potential for import substitution based on performance and institutional interest [1][6] Group 2: High Import Dependency Categories - Key categories with high import dependency in China include electronics (semiconductor components/devices, optical components), medical devices, machinery (measuring instruments, machine tools, cutting tools), aerospace equipment, and chemical products [4] - In 2022, China's imports from the U.S. in electronic machinery, agricultural products, chemicals, and energy exceeded 150 billion yuan, indicating a significant reliance on U.S. imports [5] Group 3: Market Size and Growth Potential - The global market for analog chips is valued at $79.4 billion, with China's demand accounting for 30% to 40%, translating to a market space of approximately 240 billion yuan [6] - The medical device market in China has a high dependency on imports, with 70% of high-end equipment (e.g., MRI, CT machines) sourced from companies like GE and Siemens, representing a market space worth several hundred billion yuan [6] Group 4: R&D Investment and Innovation - The average R&D investment ratio for the top 50 import substitution stocks exceeds 21%, significantly higher than the A-share average [9] - Notable companies include Longxin Technology with an R&D investment ratio of 105.34%, and BeiGene with over 14.1 billion yuan invested in R&D, focusing on innovative cancer treatments [9][10] Group 5: Stock Performance and Growth Projections - Among the top 50 stocks, companies like SMIC, Haiguang Information, and Heng Rui Medicine have market capitalizations exceeding 100 billion yuan, primarily in semiconductor equipment, AI chips, and innovative pharmaceuticals [7] - The average projected net profit growth for these companies is close to 69%, with several stocks expected to double their profits this year [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Insights - The company successfully turned a profit in Q1 2025, with a significant increase in revenue and the introduction of multiple new products [3][4] - The company reported a revenue of 1.22 billion yuan in 2024, a year-on-year increase of 11.52%, and a revenue of 422 million yuan in Q1 2025, a year-on-year increase of 110.88% [3][6] - The revenue forecasts for 2025-2027 have been revised upwards, with expected revenues of 2 billion, 2.5 billion, and 3 billion yuan respectively [3][6] Financial Performance Summary - In 2024, the company achieved a revenue of 1.22 billion yuan, with a year-on-year growth of 11.52% [3][6] - The net profit attributable to shareholders was -197 million yuan in 2024, with a forecasted net profit of 137 million yuan in 2025 [6][8] - The company is expected to achieve a gross margin of 47.3% in 2025, with a net margin of 6.9% [6][8] Product Development and Market Expansion - The company has launched several competitive products across three main product lines, enhancing its technological barriers [4] - The company has expanded its customer base in the automotive electronics and industrial sectors, with over 200 automotive-grade chips by the end of 2024 [5] - The acquisition of Chuangxin Micro has rapidly supplemented the company's product and market layout in the consumer electronics sector [5]

以下文章来源于橙子不糊涂 ，作者橙子 80后，集成电路背景，专注于AI硬科技、半导体领域的研究和投资。 申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 25年Q1财报全部披露完，科技领域的财报值得重点关注，有一大批非常炸裂的，今天具体讨论3个 话题： 1，哪些领域 创了历史最佳； 2，哪些领域 接近，或者说"实际上最佳"； 3，未来哪些领域会 持续加速增长。 首先， 历史最佳财报 主要集中在3个领域： （1）AI芯片：国产AI推理芯片需求爆发 橙子不糊涂 . 主要代表是 寒武纪和海光信息 。Q1营收11.11亿元，同比增长42倍，净利润3.55亿元，最炸裂的是存货 和预付款，预示着Q2将环比几倍的增长。 海光信息， DCU3深算3号作为少数几款国产全精度卡，在一些顶尖应用比如 AI for science 上非常 出色。 （2）端侧 SoC芯片 ：受益于AI端侧设备的井喷 AIoT、自动驾驶、机器人，以及AI玩具、AI智能终端等新兴场景带动端侧算力芯片需求，国内一些巨 头已经有了质的突破，比如 瑞芯微 强悍的3588已经大量上车，明显的4nm的3688 性能会更加猛烈。 端侧SoC整个板块各个公司Q ...

证券研究报告 | 2025年04月29日 思瑞浦（688536.SH） 优于大市 2024 年汽车收入占比约 17%，一季度利润扭亏为盈 一季度收入同比增长 111%，归母净利润扭亏为盈。公司 2024 年实现收入 12.20 亿元(YoY +11.52%)，归母净利润-1.97 亿元(YoY -468%)，扣非归母 净利润-2.81 亿元(YoY -150%)；在产品结构变动及市场竞争等因素的影响 下，毛利率同比下降 3.6pct 至 48.19%；研发费用同比增长 4.1%至 5.77 亿 元，研发费率同比下降 3.4pct 至 47%。1Q25 实现营收 4.22 亿元(YoY +110.88%, QoQ +13.59%)，主要得益于来自泛工业、汽车、泛通信等下游市 场的业务增长以及对创芯微的并表；实现归母净利润 1556 万元，扣非归母 净利润 174 万元，扭亏为盈，毛利率 46.43%(YoY -1.2pct，QoQ +1.2pct)。 信号链和电源管理芯片收入均保持增长，一季度占比分别为 68%和 32%。分 产品线看，2024 年公司信号链芯片收入 9.75 亿元(YoY +12.19%)，占 ...

Company Overview - The company, Si Rui Pu, is engaged in the research and sales of integrated circuit design, focusing on high-performance, high-quality, and high-reliability products [4][18] - The main business includes the development and sales of analog and mixed-signal integrated circuits, covering various applications such as new energy, automotive, communication, industrial, and healthcare [4][18] Financial Performance - In the first quarter of 2025, the company achieved operating revenue of 421.79 million yuan, a year-on-year increase of 110.88% and a quarter-on-quarter increase of 13.59% [34] - The net profit attributable to shareholders was 15.56 million yuan, marking a turnaround from losses [34] - The gross profit margin for the first quarter was 46.43%, showing a slight year-on-year decline but a quarter-on-quarter improvement [34] Industry Context - The global semiconductor market is projected to reach a size of 627.6 billion USD in 2024, reflecting a growth of 19.1% compared to 2023 [14] - The domestic integrated circuit industry in China is expected to see double-digit growth in both production and export volumes in 2024, with significant contributions from sectors like AI and smart vehicles [15][16] - The analog chip market is anticipated to grow to 79.43 billion USD in 2024, driven by demand from consumer electronics, automotive electronics, and industrial control [16][17] Technological Trends - The company is focusing on high-performance and low-power designs, as well as high integration and multi-functionality in its analog chip offerings [20][21] - Innovations in manufacturing processes and packaging technologies are being pursued to enhance product performance and reliability [22] Market Applications - The company’s products are widely used in various sectors, including communication, automotive, and industrial automation, with a growing demand for analog chips in 5G technology and electric vehicles [23][25][28] - The renewable energy sector, particularly solar and energy storage, is expected to drive further demand for analog chips due to the increasing installation of solar power systems and energy storage solutions [26][27]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Viewpoints - The company has reached a turning point in profitability, with significant revenue growth in Q1 2025 driven by various downstream markets and the merger with Chuangxin Micro [2][4]. - The company continues to innovate with new products across three main product lines, enhancing its competitive advantage [3]. - The automotive business is experiencing rapid growth, contributing significantly to overall revenue [4]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenue of 1.22 billion yuan, a year-on-year increase of 11.52%, but reported a net loss of 197 million yuan. In Q1 2025, revenue surged to 422 million yuan, a year-on-year increase of 110.88%, with a net profit of 16 million yuan [1][2]. - The gross margin for Q1 2025 was 46.43%, showing a year-on-year decline of 1.2 percentage points but an improvement of 1.16 percentage points from the previous quarter [2]. Product Development - The company has launched over 2,800 products by the end of 2024, with significant advancements in signal chain chips, power management chips, and mixed-signal chips [3]. - New products include high-reliability long-distance automotive audio bus chips and a 17-channel high-precision analog front end, which are expected to perform well in the market [3]. Market Expansion - The automotive electronics segment generated revenue of 207 million yuan in 2024, accounting for 16.95% of total revenue, with an approximate year-on-year growth of 80% [4]. - The company has developed over 200 automotive-grade chips for various applications, indicating strong market penetration and customer engagement [4]. Profit Forecast - The company is projected to achieve net profits of 144 million yuan, 334 million yuan, and 584 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 135, 58, and 33 [5].

Summary of the Conference Call for 思瑞浦 Company Overview - 思瑞浦 reported a revenue of 1.22 billion yuan in 2024, representing a year-on-year growth of 11.52% with a total product sales volume of 3.658 billion units, up 57.7% year-on-year. Despite facing product structure adjustments and market competition, the net profit was negative 197 million yuan, with a comprehensive gross margin of 48.19% [2][3][4]. Key Points Revenue and Product Performance - Signal chain chips are the main revenue source, accounting for 79.94% of total revenue, with a year-on-year growth of 12.19%. Power management chip sales saw significant growth, reaching 1.3 billion units, up 164% year-on-year, particularly in the industrial, automotive, and server markets [2][5]. - In Q1 2025, revenue reached 400 million yuan, a 110% year-on-year increase, with a net profit of 15.56 million yuan. Signal chain and power management chips grew by 64% and 416%, respectively [2][5]. Market Segmentation and Strategy - The company implemented a "4+2" strategy focusing on signal chains and incubating linear and switching power supplies, enhancing competitiveness in industrial, automotive, communication, and consumer markets [4][9]. - In 2024, the market share was approximately 40-45% for industrial, 17% for automotive, 25-30% for communication, and 10-15% for consumer markets. By Q1 2025, the consumer market share increased to 20-25% [4][11]. Research and Development - The company increased R&D investment, with R&D personnel accounting for 62% of the workforce, and 60% holding master's degrees or higher. By the end of 2024, the company had obtained 147 valid invention patents, 99 utility models, and 239 integrated circuit layout designs [2][6][7]. - New products include audio bus chips ASN and a 17-channel high-precision analog front end AFE, enhancing the product matrix and addressing diverse application scenarios [7][9]. Financial Health and Cash Flow - The operating cash flow improved significantly to 70.59 million yuan, an increase of approximately 23.5 million yuan year-on-year. Total assets reached 6.201 billion yuan by the end of 2024, showing growth from the beginning of the year [3][4]. Future Outlook and Strategic Planning - The company aims to become a platform-based analog company over the next 5-6 years, focusing on both organic growth and strategic mergers with leading players in niche markets [9][10]. - The automotive electronics sector is a key focus, with plans to launch competitive new products and enhance service offerings to automotive clients [14][17]. Challenges and Market Conditions - The semiconductor industry faces challenges due to the US-China trade tensions, which have created uncertainties in production but also opportunities for domestic analog chip companies to expand their market presence [23]. - The company is closely monitoring supply chain dynamics and is prepared to adapt to changes in the market environment [23]. Inventory and Supply Chain Management - The inventory levels at both channel and client ends are healthy, with a significant reduction in inventory turnover days to 186 days, down 206 days year-on-year [21][22]. R&D Investment Plans - The R&D expenditure for 2024 is projected at 577 million yuan, with Q1 2025 R&D investment at 128 million yuan, continuing to grow and maintaining a ratio of 25%-30% of revenue [24][25]. This summary encapsulates the key insights and developments from the conference call, highlighting the company's performance, strategic direction, and market positioning.

得益于业务增长以及对深圳市创芯微微电子有限公司(创芯微)的合并，公司关键财务数据改善，盈利水 平有所提升。财报数据显示，一季度公司扣除非经常性损益的归母净利润174.47万元，扭亏为盈；经营 活动产生的现金流量净额为2832.28万元，同比增加132.62%。 据介绍，思瑞浦致力于打造模拟及数模混合平台型芯片设计公司，公司将聚焦模拟和数模混合产品线的 经营，继续深耕工业、汽车及泛通信市场，并持续推进与创芯微之间的业务融合，不断提升消费市场布 局及竞争力。一季度，公司研发投入金额为1.28亿元，同比增长2.26%。 步入2025年，思瑞浦来自泛工业、汽车、泛通信等下游市场的业务持续增长。数据显示，公司信号链芯 片产品实现收入2.87亿元，同比增长64.86%；电源管理芯片产品实现收入1.35亿元，同比增长 416.53%。 思瑞浦4月28日晚间发布2024年年报及2025年一季报。财报数据显示，公司一季度实现营业收入4.22亿 元，同比增长110.88%；归母净利润1556.3万元，上年同期净亏损4916.76万元，扭亏为盈。2024年公司 营业收入12.2亿元，同比增长11.52%；归母净利润为亏损1.97亿 ...

| 证券代码：688536 | 证券简称：思瑞浦 | 公告编号：2025-024 | | --- | --- | --- | | 转债代码：118500 | 转债简称：思瑞定转 | | 思瑞浦微电子科技（苏州）股份有限公司 关于召开2024年年度股东会的通知 本公司董事会及全体董事保证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、 召开会议的基本情况 （一） 股东会类型和届次 2024年年度股东会 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 5 月 30 日 14 点 30 分 召开地点：上海市浦东新区张东路 1761 号（创企天地）2 号楼 4 楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 30 日 至2025 年 5 月 30 日 | 序号 | 议案名称 | 投票股东类型 | | --- | ...

| 证券代码：688536 | 证券简称：思瑞浦 | 公告编号：2025-018 | | --- | --- | --- | | 转债代码：118500 | 转债简称：思瑞定转 | | 思瑞浦微电子科技（苏州）股份有限公司 第四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 思瑞浦微电子科技（苏州）股份有限公司（以下简称"公司"）第四届监事 会第三次会议（以下简称"本次会议"）于2025年4月28日在公司会议室以现场结 合通讯表决的方式召开。本次会议通知于2025年4月18日以电子邮件方式送达全 体监事。本次会议应参加监事3名，实际参加监事3名。本次会议由监事会主席何 德军主持，公司董事会秘书列席本次会议。会议的召集与召开符合《中华人民共 和国公司法》和《思瑞浦微电子科技（苏州）股份有限公司章程》等相关规定， 表决形成的决议合法、有效。 二、监事会会议审议情况 （一） 审议通过《关于<监事会2024年年度工作报告>的议案》 表决结果：3 票同意，0 票反对，0 票弃权。 ...