Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company has launched a new product, ASN (Automotive Sensor Network), which fills a domestic gap in the automotive market and aims to enhance supply chain security in collaboration with leading global car manufacturers [1]. - The ASN product is designed for in-vehicle audio transmission applications, addressing challenges such as cable weight, cost, and reliability, while also reducing overall vehicle weight and improving range [1]. - The company is focusing on analog and mixed-signal products, continuously enhancing its product matrix with various new offerings in signal chain chips, power management chips, and mixed-signal MCU series [1]. - The financial forecast indicates a gradual improvement in profitability, with expected net profits of -0.53 billion, 1.75 billion, and 4.13 billion yuan for 2024, 2025, and 2026 respectively, suggesting a turning point in performance [1][2]. Financial Summary - The company's projected revenue for 2024 is 1,263 million yuan, reflecting a growth rate of 15.5% compared to 2023 [2]. - The net profit attributable to shareholders is expected to improve significantly from -53 million yuan in 2024 to 175 million yuan in 2025 and 413 million yuan in 2026, indicating a growth rate of 431.5% in 2025 and 136.6% in 2026 [2][5]. - The price-to-earnings (PE) ratio is projected to be 77 in 2025 and 33 in 2026, suggesting a favorable valuation as the company moves towards profitability [2][5].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][31]. Core Views - The recent launch of the ASN (Automotive Sensor Network) automotive sensor transceiver addresses various challenges in automotive audio systems, such as cable weight, cost, and reliability, enhancing the overall audio and acoustic applications in vehicles [2][3]. - The company has a growing product line in the automotive sector, offering over 30 automotive-grade product categories and more than 200 models, which strengthens its competitive position in the automotive electronics market [2][18]. - The automotive chip market is expected to see increased demand due to the trends of electrification and intelligence in vehicles, which aligns with the company's expanding product offerings [2][31]. Summary by Sections Product Launch - The ASN automotive transceiver has been validated by clients and is now in mass production, designed for high-reliability, long-distance audio transmission in smart cockpit systems [2][3]. - The ASN product line includes two versions: TPDA1000Q, a fully functional version, and TPDA1001Q, designed specifically for automotive microphone modules, both of which have passed AECQ100 automotive certification [3][4]. Competitive Advantages - The ASN solution simplifies wiring and reduces costs by utilizing unshielded twisted pairs for long-distance audio and control signal transmission, significantly lowering the complexity and weight of vehicle wiring [4][11]. - The product supports a daisy-chain structure with a maximum transmission distance of 80 meters, accommodating various in-vehicle scenarios and small to medium-sized conference systems [11][12]. - Enhanced bus power capabilities allow for the cascading of up to 12 sensors, facilitating simultaneous data collection for active noise cancellation and road noise reduction applications [12][15]. - The ASN features low latency of less than 50μs and precise phase alignment, making it suitable for applications requiring stringent delay characteristics, such as active noise cancellation and audio partitioning [15]. Financial Forecasts - The company's projected net profits for 2024-2026 have been adjusted to 88 million, 186 million, and 340 million yuan, respectively, reflecting a shift in market demand and ongoing product development [31][36]. - The price-to-earnings ratio (P/E) for 2024 is estimated at 166x, indicating a premium valuation relative to expected earnings growth [31][36]. Market Position - The company has established a comprehensive "one-stop" service for automotive electronics, with a testing center in Suzhou and a wide range of automotive-grade products, enhancing its ability to meet diverse customer needs [18][26]. - The transition of the global automotive industry towards electrification and intelligence is driving demand for various types of chips, which the company is well-positioned to supply [24][31].

| 证券代码：688536 | 证券简称：思瑞浦 | 公告编号：2024-094 | | --- | --- | --- | | 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 关于发行可转换公司债券购买资产并募集配套资金 之标的资产过渡期损益情况的公告 10月31日。根据《购买协议》，标的资产在过渡期内产生的收益由上市公司享有； 标的资产在过渡期内产生的亏损部分应由交易相关方按照协议签署日时其各自 持有的标的公司注册资本占交易相关方合计持有的标的公司注册资本的比例以 现金方式向标的公司补足。 二、标的资产过渡期间审计情况及实施情况 容诚会计师事务所（特殊普通合伙）对标的资产过渡期损益进行了专项审计， 并出具了《过渡期损益专项审计报告》（容诚专字[2024]518Z1036号）。根据上 述专项审计报告，过渡期内（2023年10月1日至2024年10月31日）标的资产实现 归属于母公司所有者净利润为17,193,053.70元，剔除股份支付费用影响后归属 于母公司所有者的净利润为44,584,672.69元，未发生经营亏损，交易对方无需 承担补偿责任，标的资产在过渡 ...

Group 1: Company Overview and Product Introduction - The company, Si Rui Pu Microelectronics Technology (Suzhou) Co., Ltd., focuses on high-reliability long-distance vehicle audio bus chips designed for intelligent cockpit audio systems, addressing challenges such as cable weight, cost, and reliability [2][3]. - The newly released Automotive Sensor Network (ASN) chip reduces cable usage, effectively lowering system complexity, cost, and weight, thereby enhancing vehicle range and audio transmission quality [3]. Group 2: Market Position and Competitive Advantage - The ASN chip aims to break the current market monopoly held by international leading companies, enriching the company's automotive product matrix and facilitating domestic substitution [4]. - The launch of the ASN chip signifies a crucial step in technological innovation and product differentiation, enhancing the company's competitive edge in the automotive market [4]. Group 3: Pricing Strategy and Cost Competitiveness - The company has a broad product layout, making it less susceptible to price competition, and continues to introduce new products to expand its product matrix [4]. - Investments made 2-3 years ago in various dimensions are aimed at enhancing long-term cost competitiveness and overall supply chain capabilities, including the construction of state-owned wafer production capacity and self-owned testing facilities [4]. Group 4: Integration and Future Growth - The company is actively advancing the integration with Chuangxin Micro in business, R&D, and customer resources to leverage synergies and achieve sustainable growth [4].

过渡期损益专项审计报告 深圳市创芯微微电子有限公司 容诚专字[2024]518Z1036 号 容诚会计师事务所(特殊普通合伙) 中国北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 "。"，"扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查询 "一 录 RSM 容诚 | 序号 | 内 容 | 页码 | | --- | --- | --- | | | 过渡期损益专项审计报告 | 1-4 | | 2 | 过渡期合并利润表 | રે | | 3 | 过渡期合并利润表附注 | 6-74 | 过渡期损益专项审计报告 容诚专字[2024]518Z1036 号 深圳市创芯微微电子有限公司全体股东: 一、审计意见 我们审计了深圳市创芯微微电子有限公司（以下简称创芯微公司）2023 年 10 月 1 日至 2024 年 10 月 31 日合并利润表及相关附注（以下合称财务报表）。 我们认为,后附的财务报表在所有重大方面按照附注二说明的编制基础编制, 公允反映了创芯微公司 2023年 10 月 1 目至 2024 年 10 ...

Core Viewpoint - The company Si Rui Pu (688536) has announced the launch of its new product, ASN (Automotive Sensor Network), which is a high-reliability, long-distance vehicle audio bus chip designed for smart cockpit audio systems [1][3]. Group 1: Product Features - ASN addresses challenges such as cable weight, cost, wiring difficulties, and reliability of multiple connections by enabling advanced audio and acoustic applications in the automotive sector [1]. - The product supports functionalities like audio ECU, active noise cancellation, road noise reduction, audio zoning, and emergency call eCall, facilitating echo cancellation and active noise control (ANC) [1]. - By utilizing fewer cables, ASN reduces system and cable costs, weight, and complexity, ultimately lowering the overall vehicle weight and improving driving range [1]. Group 2: Market Application - ASN is also applicable in conference and teaching systems, providing flexible and efficient audio solutions [2]. - The product is currently in the mass production phase and has passed client product validation [3]. Group 3: Strategic Impact - The launch of ASN enriches the company's mixed-signal chip product line and enhances its competitive position in the automotive audio product sector [3]. - This development is beneficial for achieving domestic substitution in the automotive audio product field [3].

| 证券代码：688536 | 证券简称：思瑞浦 | 公告编号：2024-093 | | --- | --- | --- | | 转债代码：118500 | 转债简称：思瑞定转 | | 公司本次发布的ASN采用了高速高泄放能力SCR ESD器件设计、功耗最优高速 收发器的设计、编码方式和低噪声时钟恢复优化、高压Power Over Cable（以下 简称POC）设计和初始化流程管理等技术，具有良好的性能和可靠性。ASN可以支 持12级麦克风级联，具备良好的总线供电能力。在支持49.152Mbps速率的同时， ASN产品初始化速度快，采用并行发现，一次配置，一次调度等待。ASN产品具备 线缆诊断和调试功能，比如采用节点换回技术和开路故障点定位技术，方便客户 开展技术维护工作。 二、新产品对公司的影响 ASN目前处于量产发布阶段，已通过客户端产品验证。ASN的良好的性能和可 靠性，有助于实现远程节点POC供电，协助客户实现路噪降噪和主动降噪方案。 1 本次新产品发布，丰富了公司数模混合芯片产品线，完善了公司在汽车音频产品 领域的布局，提高了公司在该领域的竞争力，有利于实现该领域产品国产替代。 思瑞浦微电子科技（苏 ...

Group 1: Company Overview and Performance - The company, Si Rui Pu Microelectronics Technology (Suzhou) Co., Ltd., is listed under stock code 688536 and is involved in specific investor relations activities [1]. - The investor relations event took place from November 13 to November 15, 2024, with approximately 55 participants from various institutions [1]. - The company provided an overview of its operations for the first three quarters of 2024 [1]. Group 2: Recruitment and Growth Strategy - The company plans to dynamically adjust its recruitment strategy based on short-term operational conditions and long-term development needs, focusing on internal training and external hiring [1]. - The aim is to continuously enhance the team structure to meet product development and market expansion needs, thereby improving management efficiency [1]. Group 3: Mergers and Acquisitions - The company has a dedicated team to monitor and promote suitable industrial mergers and acquisitions, emphasizing the synergy between external and internal growth [1]. - Key considerations for new acquisition targets include product and technology compatibility, as well as market and customer resource integration [1].

| 证券代码：688536 | 证券简称：思瑞浦 | 公告编号：2024-092 | | --- | --- | --- | | 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 2024 年第四次临时股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 11 月 15 日 （二） 股东大会召开的地点：上海市浦东新区张东路 1761 号（创企天地）2 号 楼 4 楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 78 | | --- | --- | | 普通股股东人数 | 78 | | 2、出席会议的股东所持有的表决权数量 | 60,480,735 | | 普通股股东所持有表决权数量 | 60,480,735 | | 3、出席会议的股东所持有表决权数量占公司表决 ...

国浩律师（上海）事务所 关 于 思瑞浦微电子科技（苏州）股份有限公司 2024 年第四次临时股东大会 之 法律意见书 上海市北京西路 968 号嘉地中心 27 层 邮编：200041 27th Floor, Garden Square, No. 968 West Beijing Road, Shanghai 200041, China 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 5234 1670 网址/Website: http://www.grandall.com.cn 二零二四年十一月 国浩律师（上海）事务所 关于思瑞浦微电子科技（苏州）股份有限公司 2024 年第四次临时股东大会之法律意见书 致：思瑞浦微电子科技（苏州）股份有限公司 受思瑞浦微电子科技（苏州）股份有限公司（以下简称"公司"）委托，国 浩律师（上海）事务所（以下简称"本所"）指派律师出席了公司于 2024 年 11 月 15 日召开的 2024 年第四次临时股东大会，并根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 法》"）等法律、法规及中国证券监 ...