BPSemi(SH:688368) 光大证券研究·2025-04-20 13:17Core Viewpoint - The article highlights the growth and strategic initiatives of Jingfeng Mingyuan, a leading domestic power management chip design company, focusing on its expansion in various product lines and recent acquisitions to enhance market position [3][4][5][6]. Group 1: Company Overview - Jingfeng Mingyuan operates in two main business segments: power management chips and control driver chips, with products including LED lighting driver chips, motor control driver chips, AC/DC power chips, and high-performance computing power chips [3]. - The company serves multiple sectors such as LED lighting, high-performance computing, automotive electronics, industrial applications, and consumer electronics [3]. Group 2: Financial Performance - In 2024, the company achieved a sales revenue of 1.504 billion yuan, representing a year-on-year growth of 15.38%. The net profit attributable to the parent company was -33 million yuan, with a non-recurring net profit of -9 million yuan. Excluding share-based payment expenses, the net profit was 9 million yuan, and the non-recurring net profit was 4 million yuan [4]. Group 3: Product Line Expansion - The motor control driver chip segment experienced significant growth, with sales revenue reaching 318 million yuan in 2024, a year-on-year increase of 95.67%. The company has expanded its product coverage to electric mobility, clean appliances, automotive electronics, and more [5]. - The company is actively expanding its AC/DC power chip and motor control driver chip businesses while pushing high-performance computing power chips into mass production [4]. Group 4: Strategic Acquisitions - In October 2024, the company acquired a 19.193% stake in Lingou Chuangxin, increasing its control to 80.8068%. A full acquisition of the remaining 19.19% is planned for March 2025 [5]. - The acquisition of Yichong Technology is in progress, aimed at enhancing the consumer and automotive power management product lines. Yichong Technology has shown rapid revenue growth, with 2023 and the first half of 2024 revenues of 651 million yuan and 518 million yuan, respectively, marking year-on-year growth of 45.82% and 108.46% [6].