纳芯微：车规产品持续放量

Investment Rating - The report maintains a "Buy" rating for the company Naxin Micro (688052) [2] Core Insights - In the first three quarters of 2024, the company achieved operating revenue of 1.366 billion yuan, a year-on-year increase of 36.49%, with a net profit attributable to shareholders of -408 million yuan [3] - The automotive electronics market continues to grow, with the company increasing its market share in the automotive power control chip sector [3] - The company plans to fully acquire Maigen, enhancing its competitiveness in the magnetic sensor field [3] Financial Performance - The company reported a historical high in Q3 revenue of 517 million yuan, a quarter-on-quarter increase of 6.32% and a year-on-year increase of 86.59% [3] - Revenue structure for the first three quarters of 2024: automotive electronics accounted for approximately 35%, energy sector for 52%, and consumer electronics for 13% [3] - Projected financials for 2024-2026 include net profits of -300 million yuan, 2 million yuan, and 14 million yuan respectively [3][5] Market Trends - The automotive electronics market is experiencing strong demand, leading to growth opportunities for new materials [3] - The industrial market is gradually recovering from inventory destocking, while the consumer electronics market is returning to normal demand levels [3] Product Development - The company is focusing on the automotive sector, with new products in the electric vehicle power control segment expected to enter mass production next year [3] - Upcoming product launches include video transmission SerDes chips, power management chips, and audio amplifier chips for automotive applications [3]