Novosense(SH:688052) Xin Lang Cai Jing·2025-11-26 04:28Core Insights - Naxinwei is a leading domestic automotive analog chip manufacturer, holding a 1.8% market share in China's automotive analog chip market in 2024, ranking tenth among all manufacturers and first among domestic firms [1] - The company is experiencing strong growth driven by the acceleration of high-value products like SerDes chips, which are enhancing gross margins, and the synergistic effects from the acquisition of Maiguan are becoming evident [1] - Naxinwei plans to repurchase shares with a budget of no less than 200 million and no more than 400 million yuan, with a repurchase price not exceeding 200 yuan per share [1] Automotive Sector - In the first three quarters of 2025, automotive electronics revenue accounted for 34% of total revenue, with the per vehicle value of mass-produced products exceeding 1300 yuan [2] - The company has established significant advantages in the three electric systems, particularly in isolation products, and has achieved high market share, contributing to stable revenue [2] - The product line is expanding into new areas such as body electronics, intelligent lighting, and thermal management, with collaborations on smart GaN products to enhance system power density [2] Energy Sector - In the first three quarters of 2025, the energy sector (including industrial control, power modules, and photovoltaic storage) accounted for 53% of total revenue [2] - There is a noticeable recovery in demand for photovoltaic and storage markets, with rapid growth in power module business driven by AI server demand [2] - The company is providing isolation chips for server power supplies, achieving mass production for domestic and international clients [2] Consumer Electronics - In the first three quarters of 2025, consumer electronics revenue accounted for 13% of total revenue, focusing on emerging scenarios like robotic vacuums, smart home appliances, drones, and 3D printing [3] - Growth in this segment is primarily driven by the contribution from the sensor business post-acquisition of Maiguan and steady growth in traditional signal conditioning chips [3] Investment Outlook - Naxinwei is positioned to benefit significantly from the trend of domestic substitution in high-end analog chips, with continued growth in high-value products and increased R&D investment [3] - Revenue forecasts for 2025-2027 are adjusted to 32.76 billion, 42.02 billion, and 50.30 billion yuan, with net profits projected at -1.62 billion, 1.28 billion, and 3.50 billion yuan respectively [3]