纳芯微(688052)：营收新高 发力MCU、SERDES新品

Core Viewpoint - The company reported a record revenue of 717 million yuan in Q1 2025, driven by strong demand in the automotive electronics sector and the acquisition of Maiguan, which contributed 100 million yuan to revenue [1][2]. Financial Performance - Q1 2025 revenue reached 717 million yuan, representing a year-over-year increase of 97.82% and a quarter-over-quarter increase of 20.66% [1][2]. - The net loss attributable to shareholders was 51.34 million yuan, a reduction of 98.69 million yuan compared to Q1 2024 [1][2]. - Gross margin for Q1 2025 was 34.37%, with year-over-year and quarter-over-quarter improvements of 2.37 and 2.84 percentage points, respectively [1][2]. Market Demand and Product Development - The automotive electronics sector showed steady growth, with revenue from this segment reaching 260 million yuan, accounting for approximately 37% of total revenue [2]. - The general energy sector is gradually recovering after previous adjustments, contributing to the overall revenue growth [2]. - The company is focusing on upgrading its product offerings in automotive electronics, including the development of MCU+ product lines and the launch of various automotive-grade products [3]. Strategic Initiatives - The acquisition of Maiguan has enabled the company to achieve comprehensive coverage of magnetic sensor products, positioning it as the largest magnetic sensor IC supplier in China [3]. - The company has introduced a series of automotive-grade new products, including power path protection, high-side/low-side switches, and various sensors [3]. - The company aims to expand its product categories with the launch of automotive-grade video SerDes chipsets based on a fully domestic supply chain [3]. Future Outlook - The company maintains a positive growth outlook, projecting revenues of 2.8 billion yuan, 3.59 billion yuan, and 4.55 billion yuan for 2025-2027, with corresponding net profits of -76 million yuan, 150 million yuan, and 450 million yuan [4]. - The target price is set at 247.8 yuan, with a "buy" rating maintained based on the company's growth potential through both organic and acquisition strategies [4].