Group 1 - Gao Yi Asset Management recently conducted research on a listed company, Naxin Micro, highlighting the demand trends in various downstream application fields, particularly the high growth in new energy vehicle sales and the impact of smart technology on automotive electronics [1] - Naxin Micro reported that the impact of US-China tariff policies is minimal, with the majority of revenue coming from domestic markets [1] - The company has launched its first generation of SerDes chips aimed at camera applications, and has introduced automotive chips including isolation smart drivers and motor drivers, with some products experiencing rapid volume growth [1] Group 2 - Naxin Micro is making good progress in overseas markets, collaborating with leading automotive manufacturers in Europe, Japan, and South Korea [1] - The company anticipates share-based payment expenses of 80 million yuan, with a quarterly expense of 20 million yuan [1] - Naxin Micro is expanding its product portfolio by developing real-time control MCUs and automotive SoCs, although future gross margins may decline due to market competition, improvements are expected through cost management and mass production of high-complexity products [1]

Core Viewpoint - The company has shown significant revenue growth in 2024 and Q1 2025, with a focus on expanding its automotive electronics and emerging application fields, despite facing losses in net profit due to market competition and R&D investments [1][3][4]. Financial Performance - In 2024, the company achieved a revenue of 1.96 billion yuan, a year-on-year increase of 49.53% [3] - In Q1 2025, the revenue reached 717 million yuan, a year-on-year increase of 97.82% and a quarter-on-quarter growth of 20.66% [3] - The net profit for 2024 was a loss of 403 million yuan, while Q1 2025 saw a reduced loss of approximately 51.34 million yuan [3][4]. Market Segments - The general energy market accounted for 49.49% of revenue in 2024 and 48.67% in Q1 2025 [4] - Automotive electronics revenue in Q1 2025 was 262.82 million yuan, representing 36.68% of total revenue, consistent with 36.88% in 2024 [4] - Consumer electronics maintained a stable revenue share of 13.63% in 2024 and 14.64% in Q1 2025 [4]. Product Development - The company has four main product directions: sensors, signal chains, power management, and MCUs, with a focus on automotive electronics and emerging applications [5][12] - The acquisition of Maiguan has expanded the product range to include various magnetic sensors, enhancing customer resources and optimizing sales channels [5][6]. - The company is actively developing new products for humanoid robots, leveraging existing automotive product technologies [6]. Strategic Initiatives - The company has established an overseas sales team, achieving good results in automotive electronics collaborations with leading global firms [2][11] - It is focusing on enhancing product competitiveness and establishing emergency response plans to adapt to changing macroeconomic conditions [8][12]. Future Outlook - The company anticipates improvements in gross margins due to stable pricing and cost management strategies, alongside the introduction of higher-margin products [13] - The MCU product line is expected to grow significantly, addressing the evolving needs of automotive electronic architectures [12].

Core Viewpoint - Beijing University, celebrating its 127th anniversary, has played a pivotal role in China's intellectual and technological advancements, producing numerous influential figures in various fields, including technology, medicine, and investment [1][2][4]. Group 1: Historical Contributions - Beijing University has been a beacon of enlightenment and national rejuvenation since its inception, promoting values of patriotism, progress, democracy, and science [1]. - The university has been instrumental in significant historical movements, such as the May Fourth Movement and the development of key technologies like nuclear physics and space exploration [1]. - Notable alumni include pioneers in various fields, such as nuclear physicist Yu Min, and Nobel laureate Tu Youyou, showcasing the university's impact on global scientific advancements [1]. Group 2: Influence in the Digital Age - In the digital era, Beijing University has produced influential entrepreneurs like Baidu's founder Robin Li and NIO's founder Li Bin, who have made significant contributions to their respective industries [2][3]. - The university's alumni are also prominent in the venture capital sector, with figures like Li Wei and Wang Qiang leading investment firms that support innovation and entrepreneurship [2]. Group 3: IPO and Investment Activities - The university's alumni continue to make waves in the stock market, with notable IPOs such as Shengke Nano, led by alumnus Li Xiaomin, marking significant milestones for Jiangsu province [4][6]. - Other alumni-led companies, like Tudatong and Naxin Micro, are also pursuing IPOs, indicating a strong presence of Beijing University graduates in the capital markets [7][8]. Group 4: Venture Capital Initiatives - Beijing University has established various funds and initiatives to support technology transfer and innovation, including the Yuanpei Fund and Yan Yuan Venture Capital, aimed at fostering early-stage startups [15][16][17]. - The university's efforts in creating a robust innovation ecosystem are evident through partnerships with local governments and the establishment of incubators to support tech startups [20][21]. Group 5: Future Directions - The university is focused on enhancing its role in national modernization and innovation, with plans to further integrate research and commercialization efforts [18][22]. - The upcoming Yan Yuan International Innovation Competition and other initiatives aim to strengthen the university's position in the tech innovation landscape [21][22].

Summary of Semiconductor Design Industry Conference Call Industry Overview - The domestic semiconductor design industry is characterized by both domestic demand and growth potential, with a low localization rate indicating significant future growth opportunities [3][12] - The analog chip market in mainland China is approximately $5 billion, with a potential for domestic substitution of $2-2.5 billion, presenting a substantial market opportunity for local companies [4] Key Companies and Performance - Leading companies such as Shengbangnaxin and Sirepu are expected to exceed performance expectations as downstream clients accelerate the adoption of domestic supply chains [4] - Companies like Hengxuan Technology and Lexin reported excellent performance in Q1 2025, with continued growth anticipated in Q2, benefiting from the market for AI toys and AI glasses [6] - Zhaoyi Innovation and Lanke Technology are central to the storage chain, with strong Q1 performance driven by NOR Flash volume and niche DRAM price increases, indicating a positive outlook for future earnings [7] Market Trends and Growth Drivers - The analog chip industry is in a deterministic growth cycle, with significant potential for domestic companies to capture market share as localization increases [5] - The SoC design chain is growing alongside terminal product innovations, with companies like Hengxuan and Lexin positioned well in emerging markets [6] - Wanqi Company is benefiting from the increasing penetration of DDR5 technology and ongoing developments in AI computing capabilities, including PCIe AI computing chips [8] Custom Storage Solutions - Zhan Yu Company excels in customized storage solutions, offering high bandwidth, low power consumption, and competitive pricing, which aligns with the growth of end-side NPU and SoC products [9] - Zhaoyi Innovation's short-term prospects are bolstered by increased storage capacities in AI PCs and headphones, with a focus on customized storage for AI applications [10][11] Future Outlook - The semiconductor design industry's future development logic revolves around self-sufficiency and innovation at the end-side, with key players including Naxin Micro, Shengbang Micro, and Sirepu focusing on self-controlled logic [12] - The growth of AI-related products and wearable devices is expected to drive demand for SoC, NPU, and customized storage solutions, with companies like Hengxuan, Zhaoyi Innovation, and Ruixinwei positioned to benefit [12]

Group 1 - A-share companies are increasingly seeking to list in Hong Kong, with 46 companies having plans to do so as of May 5, 2023, driven by policy support and the attractiveness of the Hong Kong market [1] - The majority of the companies planning to list in Hong Kong are from the consumer and technology sectors, including well-known brands like Haitian Flavoring and Dongpeng Beverage [2] - The semiconductor industry is also represented, with companies like Jiangbolong Electronics and Suzhou Naxin Microelectronics announcing their intent to list, reflecting rapid technological changes in AI, 5G, and smart vehicles [3] Group 2 - Strengthening global presence is a common goal for A-share companies planning to list in Hong Kong, enhancing their financing capabilities and competitive advantages in international markets [4] - For instance, Zhongwei New Materials reported overseas revenue of 17.884 billion yuan in 2024, accounting for 44.5% of total revenue, highlighting the importance of international markets for growth [4] - Other companies like Hehui Optoelectronics and Guanghetong also emphasize global expansion in their listing plans, with significant portions of their revenues coming from overseas [5] Group 3 - The Hong Kong market has become more attractive for A-share companies due to supportive policies, including streamlined approval processes and lowered thresholds for issuing H-shares [6] - The financing mechanisms in Hong Kong, such as the ability for H-share companies to quickly raise funds post-listing, enhance the appeal for A-share companies [7] - The diverse investor base in the Hong Kong market, including international institutions and sovereign funds, provides A-share companies with broader financing channels and better pricing references [7]

Core Viewpoint - The company reported a record revenue of 717 million yuan in Q1 2025, driven by strong demand in the automotive electronics sector and the acquisition of Maiguan, which contributed 100 million yuan to revenue [1][2]. Financial Performance - Q1 2025 revenue reached 717 million yuan, representing a year-over-year increase of 97.82% and a quarter-over-quarter increase of 20.66% [1][2]. - The net loss attributable to shareholders was 51.34 million yuan, a reduction of 98.69 million yuan compared to Q1 2024 [1][2]. - Gross margin for Q1 2025 was 34.37%, with year-over-year and quarter-over-quarter improvements of 2.37 and 2.84 percentage points, respectively [1][2]. Market Demand and Product Development - The automotive electronics sector showed steady growth, with revenue from this segment reaching 260 million yuan, accounting for approximately 37% of total revenue [2]. - The general energy sector is gradually recovering after previous adjustments, contributing to the overall revenue growth [2]. - The company is focusing on upgrading its product offerings in automotive electronics, including the development of MCU+ product lines and the launch of various automotive-grade products [3]. Strategic Initiatives - The acquisition of Maiguan has enabled the company to achieve comprehensive coverage of magnetic sensor products, positioning it as the largest magnetic sensor IC supplier in China [3]. - The company has introduced a series of automotive-grade new products, including power path protection, high-side/low-side switches, and various sensors [3]. - The company aims to expand its product categories with the launch of automotive-grade video SerDes chipsets based on a fully domestic supply chain [3]. Future Outlook - The company maintains a positive growth outlook, projecting revenues of 2.8 billion yuan, 3.59 billion yuan, and 4.55 billion yuan for 2025-2027, with corresponding net profits of -76 million yuan, 150 million yuan, and 450 million yuan [4]. - The target price is set at 247.8 yuan, with a "buy" rating maintained based on the company's growth potential through both organic and acquisition strategies [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In Q1 2025, the company achieved a revenue of 717 million yuan, representing a year-on-year increase of 97.82% and a quarter-on-quarter increase of 20.66%. The net profit attributable to the parent company was -51 million yuan, showing a significant reduction in losses. The growth was driven by steady growth in the automotive electronics sector, the release of new chip products, and a gradual recovery in demand in the energy sector, along with a contribution of 100 million yuan from the consolidation of Maiguan [2][6][11]. - The company continues to focus on the energy and automotive sectors, with revenue contributions from automotive electronics, energy, and consumer electronics accounting for approximately 36.68%, 48.67%, and 14.64%, respectively. The automotive market remains strong, with Q1 2025 revenue from automotive electronics reaching 260 million yuan [11]. - R&D and acquisitions are key to the company's steady growth. In Q1 2025, R&D expenses were 179 million yuan, representing 24.92% of revenue. The company is focusing on key R&D areas such as sensors, power management, signal chains, and MCUs. The acquisition of Maiguan has strengthened the company's core competitiveness in magnetic sensors, expanding its product offerings to over 3,300 SKUs [11]. - Continuous development and release of new products are expected to support the company's long-term growth. The company is positioned well in the high-performance analog chip market, with projected net profits for 2025-2027 estimated at -92 million, 148 million, and 417 million yuan, respectively [11]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 717 million yuan, a year-on-year increase of 97.82% and a quarter-on-quarter increase of 20.66%. The gross profit margin was 34.37%, up 2.37 percentage points year-on-year and 2.84 percentage points quarter-on-quarter [2][11]. - The total revenue for 2024 is projected at 1.96 billion yuan, increasing to 3.06 billion yuan in 2025, 3.97 billion yuan in 2026, and 5.06 billion yuan in 2027 [17]. Market Focus - The company is concentrating on the automotive electronics and energy sectors, with significant revenue growth driven by strong demand and product expansion in these areas [11]. R&D and Acquisitions - R&D expenses in Q1 2025 were 179 million yuan, with a focus on expanding product categories through R&D and acquisitions, particularly following the acquisition of Maiguan [11].

纳芯微近日重磅推出基于 全国产供应链 、 采用HSMT公有协议 的车规级SerDes芯片组，包括 单通 道的加串器芯片NLS9116 和 四通道的解串器芯片NLS9246 。 该系列芯片专为ADAS（摄像头、域控制器）及智能座舱（摄像头、显示屏、域控制器）系统中的高 速数据传输场景设计，通过兼容性更强的公有协议、优异的模拟性能和全国产供应链，为汽车智能 化、网联化提供关键基础支撑。 随着汽车智能化的发展，车载摄像头、显示屏、激光雷达等设备剧增，数据传输量呈指数级上升，SerDes作为 高带宽、低延时、低功耗的数据传输方案代表，在满足摄像头、座舱显示屏等高像素、高分辨率图像传输等方 面具有独特优势。 以L2/L3级的智能汽车为例， 平均每车搭载8-16颗加串器和2-4颗解串器 ；更高阶的高端车型在新增侧视激光 雷达、电子后视镜的情况下，对SerDes芯片的数量要求则更多。目前， 单车搭载SerDes芯片价值大约是几十 美元左右 ，未来随着摄像头、显示屏数量的增多，单车价值还有望继续增加。 全国产供应链+HSMT互联互通， 打造弹性供应标杆 当前，SerDes芯片领域仍由国际厂商主导。主流国际厂商基于GMSL、F ...

光大证券股份有限公司 关于苏州纳芯微电子股份有限公司 | 序号 | 项目 | 持续督导工作情况 | | --- | --- | --- | | | 建立健全并有效执行持续督导工作制度，并针 | 保荐机构已建立健全并有效执行 | | 1 | 对具体的持续督导工作制定相应的工作计划。 | 了持续督导制度，并制定了相应的 | | | | 工作计划。 | | | 根据中国证监会相关规定，在持续督导工作开 | 保荐机构已与公司签署了保荐协 | | | 始前，与上市公司或相关当事人签署持续督导 | 议，协议明确了双方在持续督导期 | | 2 | 协议，明确双方在持续督导期间的权利义务， | 间的权利和义务，并已报上海证券 | | | 并报上海证券交易所备案。 | 交易所备案。 | | | 通过日常沟通、定期回访、现场检查、尽职调 | 年度，保荐机构通过日常沟 2024 | | 3 | | 通、不定期回访、现场检查等方式， | | | 查等方式开展持续督导工作。 | | | | | 对公司开展持续督导工作。 | | | 持续督导期间，按照有关规定对上市公司违法 | | | 4 | 违规事项公开发表声明的，应于披露前向上海 ...

作者 | 弗雷迪 数据支持 | 勾股大数 据（www.gogudata.com） 2018 年贸易战以来，国产半导体企业在国产替代和行业周期的交替叙事下快速发育。 国内庞大的集成电路市场需求逐年增长的哺育下，国产芯片 + 设备自给率迅速提升，业绩和市值突飞猛进。 当关税大棒再次挥舞，自给率仅约 15% 的国产模拟芯片被捧上了天，却又被周五的小作文惊出一波大跌。 去年，下游行业渐次复苏，逐渐反映到上游芯片企业收入层面，多家企业季度收入连续环增，甚至超过历史高点。 关税提供了一个加速国产化的契机，但份额替代的本质仍是通过技术和产品积累更好地响应市场需求。从中长期来看，模拟芯片企业还有很大 的上升潜力。 利好 01 突生变数？ 年初迄今，模拟芯片板块表现出色，翱捷科技（ 65.09% ）、思瑞浦（ 61.05% ）、纳芯微（ 40.67% ）涨幅靠前，圣邦股份、芯朋微、芯 动联科、臻锸科技都涨超 20% 。 | = 代码 | ⇌ 股票名称 | * PE-TTM | 슨 PB | ÷ 股息率 | ⇒ 市值 | 令今年收益率 | | | --- | --- | --- | --- | --- | --- | --- | ...