【私募调研记录】高毅资产调研纳芯微

Group 1 - Gao Yi Asset Management recently conducted research on a listed company, Naxin Micro, highlighting the demand trends in various downstream application fields, particularly the high growth in new energy vehicle sales and the impact of smart technology on automotive electronics [1] - Naxin Micro reported that the impact of US-China tariff policies is minimal, with the majority of revenue coming from domestic markets [1] - The company has launched its first generation of SerDes chips aimed at camera applications, and has introduced automotive chips including isolation smart drivers and motor drivers, with some products experiencing rapid volume growth [1] Group 2 - Naxin Micro is making good progress in overseas markets, collaborating with leading automotive manufacturers in Europe, Japan, and South Korea [1] - The company anticipates share-based payment expenses of 80 million yuan, with a quarterly expense of 20 million yuan [1] - Naxin Micro is expanding its product portfolio by developing real-time control MCUs and automotive SoCs, although future gross margins may decline due to market competition, improvements are expected through cost management and mass production of high-complexity products [1]