【芯海科技（688595.SH）】下游需求回暖，出货量逐步提升——跟踪报告之四（刘凯/黄筱茜）

Core Viewpoint - The article highlights the growth and transformation of Chipsea Technology, focusing on its shift from traditional consumer electronics to high-end sectors such as automotive electronics and industrial control, with significant revenue growth driven by new product launches and increased demand from downstream customers [3][4]. Group 1: Company Overview - Chipsea Technology is a comprehensive signal chain chip design company specializing in high-precision ADCs, high-performance MCUs, measurement algorithms, IoT solutions, and AI development [3]. - Since 2019, the company has transitioned towards high-end fields, with core products being high-performance SOCs [3]. Group 2: Revenue Growth - In 2024, the company achieved a revenue of 702 million yuan, representing a year-on-year growth of 62.22%, with Q1 2025 revenue reaching 158 million yuan, a 4.66% increase [4]. - The revenue from the analog signal chain products in 2024 was 181 million yuan, showing a significant year-on-year growth of 137.11%, primarily due to a 319.56% increase in BMS sales [5]. Group 3: Product Development - The company has successfully launched multiple new products in the analog signal chain, with BMS products achieving large-scale adoption among major clients [5]. - The MCU chip revenue in 2024 reached 326 million yuan, with a year-on-year growth of 67.63%, driven by high growth in EC and HUB products [6].