Halo Micro(SH:688173) 中国基金报·2025-09-30 08:00Core Viewpoint - The article highlights the significant growth and strategic focus of Xidi Microelectronics, a leading domestic power management chip supplier, emphasizing its high R&D investment and the resulting business performance improvements [3][5][12]. R&D Investment - Xidi Micro has maintained a high R&D investment, with 46.31% of its total expenditure allocated to R&D in 2024, which has led to substantial technological advancements and patent generation [5][7]. - The company has accumulated 249 patents, with over 60% of its workforce dedicated to R&D, indicating a strong commitment to innovation [9]. Business Performance - In the first half of the year, Xidi Micro's revenue surged by 102%, gross profit increased by 71.5%, and net losses were reduced by 62%, showcasing the effectiveness of its strategies [5]. - The company has established a significant customer base in various sectors, including Android smartphone manufacturers and the smart automotive industry, with its visual perception products leading the global market [9]. Competitive Landscape - Xidi Micro faces competition from both domestic and international players, with its main competitors in the visual perception sector being Japan's Asahi Kasei and previously ON Semiconductor from the U.S. [11]. - The company acknowledges the need for domestic suppliers to enhance their capabilities in high-power products, where foreign suppliers currently dominate [11]. Supply Chain Management - Xidi Micro's inventory level is approximately 10%, which is considered relatively good compared to the industry average of 5%-20%. The company focuses on optimizing supply chain management to improve cash flow [14]. - The shift towards domestic suppliers has improved communication efficiency and reduced production cycles, benefiting the overall supply chain [14]. Future Growth Areas - The primary business segments for future growth are power management chips and voice coil motor driver chips, with significant market potential in consumer electronics and visual perception applications [17]. - Emerging markets such as smart vehicles and AI computing are identified as new growth points, with ongoing R&D efforts to support these areas [17]. Vision and Goals - The founder envisions Xidi Micro achieving an annual revenue of $1 billion, a significant milestone for Chinese semiconductor companies, as none have reached this level in the analog chip sector [22]. - The company aims to contribute to the development of China's semiconductor industry while navigating the challenges of scaling up operations [22].