Investment Rating - The report gives a positive outlook on the electronic industry, indicating a "Look Favorably" rating for 2025 [4][9]. Core Insights - The report highlights the benefits of domestic computing power and storage price increases, with significant advancements in AI model applications and cloud capital expenditures [5][6]. - The automotive sector is expected to see a commercial breakthrough in high-level autonomous driving, with a notable increase in penetration rates due to cost reductions [5]. - The storage sector is experiencing a supply contraction, with major manufacturers like Micron announcing price increases of over 10% for NAND flash memory [5]. - Semiconductor equipment and components are projected to see improved profitability, with revenue growth expected to exceed 40% in Q1 2025 [5]. - The report emphasizes the importance of domestic semiconductor manufacturing capabilities amid U.S.-China trade tensions, particularly in advanced processes [5]. - The consumer electronics market is showing signs of recovery, with new product launches from major brands like Apple and Xiaomi [5]. Summary by Sections Computing Power and Storage - The report notes the rise of domestic computing power chains benefiting from new AI models and increased capital expenditures from cloud service providers [5]. - Major storage manufacturers are adjusting prices upwards due to supply constraints, with a reported 35% reduction in NAND production capacity [5]. Automotive Sector - The report anticipates a significant increase in the adoption of high-level autonomous driving features, with mainstream automakers competing to offer these technologies in more affordable models [5]. Semiconductor Equipment - Revenue growth for semiconductor equipment companies is expected to exceed 40% in Q1 2025, driven by increased orders from wafer fabs [5][6]. - The report predicts a gradual increase in domestic component manufacturing rates, enhancing revenue growth prospects [5]. Consumer Electronics - The report highlights the launch of new consumer electronics products, indicating a recovery in demand, although smartphone shipments saw a year-on-year decline of 17% in January 2025 [5][6]. Key Company Predictions - The report provides detailed revenue and profit forecasts for various companies in the electronic sector, indicating strong growth for firms like North Huachuang and Zhongwei [6][9].

汽车电子电气架构正从"诸侯割据"的分布式，渐进走向中央集中式。 整车厂商竞争日益激烈，各大车企通过不断的技术创新和产品迭代来提升竞争力，越来越多的新功能、新产品， 导致单车ECU数量激增， 分布式电子电气架构由于算力分散、布线复杂、软硬件耦合深、通信带宽瓶颈等缺点已 无法适应汽车智能化的进一步发展。电子架构迈向中央集成已成大势所趋 ，广汽、小鹏、理想、吉利等多家车企 都在进行整车电子架构的快速迭代。在此过程中，域控制器芯片的性能和稳定性成为决定整车综合性能实现和安 全可靠性的核心，重要性日益凸显。 国产替代需求急迫，抢占中央域控制器"卡脖子"领域 最新的汽车电子电气（E/E）架构通常以 智能驾驶芯片、智能座舱芯片、中央域控制器芯片三颗大SoC芯片 组 成，前两者分别负责自动驾驶相关任务和车载信息、娱乐系统，中央域控制器芯片则起到总揽作用，负责跨域协 同、全局数据整合分发及功能实现。 在市场竞争格局上，三者目前都呈现出被海外厂商垄断的格局，不过近几年国内已有不少厂商布局智能驾驶芯片 和智能座舱芯片，如 地平线、黑芝麻智能 等已在智能驾驶中低算力市场占据了一席之地，同时部分整车厂也纷 纷成功自研智驾芯片； 芯驰、 ...

Core Viewpoint - The Chinese semiconductor industry is experiencing significant growth, with integrated circuit exports surpassing mobile phones as the highest single commodity export in 2024, amounting to 1,595 billion USD, while imports reached 3,856 billion USD [1][5]. Group 1: Industry Growth and Challenges - In 2024, China exported 2,981 billion integrated circuits, while imports totaled 5,492 billion units, indicating a robust demand for semiconductors [1]. - Despite the growth, the Chinese chip design industry remains at a mid-to-low end of the value chain, with only about 10% market share in the computer sector compared to 25% internationally [2][5]. - The industry faces challenges due to external restrictions and internal competition, necessitating a strategic breakthrough [2][3]. Group 2: Advanced Chip Demand - The demand for advanced chips is surging, driven by the rise of smart vehicles and artificial intelligence, with significant computational power requirements [4]. - Gartner predicts that the value of AI accelerators for servers will reach 21 billion USD in 2024, growing to 33 billion USD by 2028, highlighting the urgent need for stronger AI chips [4]. - TSMC anticipates that AI accelerator revenue will double by 2025, with a compound annual growth rate of nearly 45% from 2024 to 2029 [4]. Group 3: External Pressures and Technological Innovation - The Chinese semiconductor industry is facing increasing restrictions from the U.S. and allied nations, limiting access to advanced chips and necessary manufacturing equipment [5][10]. - The industry must focus on technological innovation, particularly in architecture and microsystem integration, to develop a self-sufficient technology ecosystem [6]. - The need for innovation is emphasized as the industry transitions from relying on advanced manufacturing processes to developing independent design technologies [5][6]. Group 4: Traditional Chip Market Dynamics - As advanced chip development faces hurdles, Chinese manufacturers are pivoting towards traditional chips, which are essential in various sectors including automotive and consumer electronics [8][9]. - The domestic demand for traditional chips is substantial, and local manufacturers are rapidly gaining market share in areas such as MCU, analog devices, and power devices [9]. - Despite the growth in traditional chip manufacturing, U.S. investigations and potential tariffs pose significant challenges to the Chinese market [10][11]. Group 5: Future Outlook - Industry experts express cautious optimism about the future of the Chinese semiconductor sector, believing that collective efforts across the supply chain will lead to a successful path forward [12]. - The integration phase of the Chinese semiconductor industry presents opportunities for companies with capital and technological resources to strengthen their positions [12]. - The resilience of Chinese companies in various fields indicates a potential for breakthroughs despite external pressures [12].

(20%) (6%) 8% 22% 36% 50% 24/3/4 24/5/15 24/7/26 24/10/6 24/12/17 25/2/27 电子 沪深300 2025 年 03 月 03 日 行业周报 看好/维持 电子 电子 英伟达发布 FY25Q4 财报，Blackwell 出货超预期 走势比较 相关研究报告 << 太 平 洋 电 子 周 报 20250120- 20250124>>--2025-01-27 <<太平洋证券公司点评-汇顶科技 （603160）：收购云英谷科技，补全业 务版图协同效应优秀>>--2025-01- 22 <<太平洋证券公司点评-恒玄科技 （688608）：Q3 营收创新高，收益端 侧 AI 发展业绩持续提升>>--2025- 01-22 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 证券分析师：李珏晗 E-MAIL：lijuehan@tpyzq.com 分析师登记编号：S1190523080 ...

2025 年 03 月 03 日 行业周报 看好/维持 电子 电子 英伟达发布 FY25Q4 财报，Blackwell 出货超预期 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/4 24/5/15 24/7/26 24/10/6 24/12/17 25/2/27 电子 沪深300 相关研究报告 << 太 平 洋 电 子 周 报 20250120- 20250124>>--2025-01-27 <<太平洋证券公司点评-汇顶科技 （603160）：收购云英谷科技，补全业 务版图协同效应优秀>>--2025-01- 22 <<太平洋证券公司点评-恒玄科技 （688608）：Q3 营收创新高，收益端 侧 AI 发展业绩持续提升>>--2025- 01-22 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 证券分析师：李珏晗 E-MAIL：lijuehan@tpyzq.com 分析师登记编号：S1190523080 ...

Financial Performance - Total revenue for 2024 reached RMB 196,067.96 million, a year-on-year increase of 49.56%[6] - Net profit attributable to the parent company was RMB -40,294.61 million, with a basic earnings per share of RMB -2.83[6][7] - Total assets at the end of 2024 were RMB 766,908.79 million, reflecting a year-on-year growth of 7.17%[6] - Equity attributable to the parent company decreased by 4.31% to RMB 593,899.56 million[6] - The net asset value per share attributable to the parent company decreased by 4.32% to RMB 41.67[6] Market Conditions - The company's gross margin faced pressure due to intensified market competition and overall macroeconomic conditions[7] - The automotive electronics sector showed robust demand, contributing to revenue growth[7] Expenses and Investments - Increased investments in R&D, market expansion, and supply chain management led to higher sales, management, and R&D expenses[7] - The company recorded a significant increase in credit impairment losses and asset impairment losses compared to the previous year[7] Risk Disclosure - The company cautioned investors about potential risks related to the preliminary financial data, which is unaudited[9]

Financial Projections - The company expects to achieve operating revenue of between 1,900 million and 2,000 million yuan in 2024, representing a year-on-year increase of 44.94% to 52.56%[3]. - The projected net profit attributable to the parent company for 2024 is expected to be between -440 million and -360 million yuan, a decrease of 5,466.52 million to 13,466.52 million yuan compared to the previous year[3]. - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between -490 million and -410 million yuan, a decrease of 1,687.93 million to 9,687.93 million yuan year-on-year[3]. Revenue Drivers - The increase in operating revenue is primarily driven by robust demand in the automotive electronics sector and improvements in the consumer electronics market[6]. Margin and Competition - The company anticipates a decline in gross margin due to increased market competition and pressure on product pricing[6]. Expenses and Investments - Research and development, market expansion, and supply chain investments have led to an increase in sales, management, and R&D expenses[7]. - The company recorded a decrease of approximately 69.44% in share-based payment expenses compared to the previous year, amounting to about 67.56 million yuan[8]. Impairment and Losses - The company has made provisions for impairment losses on assets, resulting in significant growth in credit and asset impairment losses compared to the previous year[9]. Audit and Risks - The performance forecast has not been audited by registered accountants and is subject to change[10]. - Investors are advised to pay attention to investment risks as the data provided is preliminary and will be finalized in the official annual report[11].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company achieved a record high revenue in Q3 2024, driven by sustained demand in the automotive electronics sector, with a quarter-on-quarter revenue growth of 6% [2][3] - The company is expected to experience rapid growth in 2025, as three categories of automotive-grade new products have already secured project designations from clients [4][5] - The company plans to acquire 100% of Maiguan, enhancing its technical capabilities and product layout in the magnetic sensor field [5] Financial Summary - Revenue for 2022 was 1,670 million, with a significant decline to 1,311 million in 2023, but projected to recover to 1,874 million in 2024 and grow to 2,514 million in 2025 [2][15] - The net profit attributable to shareholders is expected to improve from -434 million in 2024 to 32 million in 2025, and further to 187 million in 2026 [2][15] - The company's return on equity (ROE) is projected to recover from -7.5% in 2024 to 0.6% in 2025 and 3.1% in 2026 [2][15] Revenue Breakdown - In Q3 2024, revenue from the automotive sector was 197 million, accounting for 38% of total revenue, with a quarter-on-quarter growth of 26% [3] - The energy sector contributed 259 million, representing 50% of total revenue, but saw a slight decline of 3% quarter-on-quarter [3] - The consumer electronics sector generated 62 million, making up 12% of total revenue, with a minor decline of 2% [3] Product Performance - In Q3 2024, revenue from signal chain products was 264 million, accounting for 51% of total revenue, while power management products generated 197 million, representing 38% [4] - The company anticipates significant growth in 2025 from three major product categories, including motor drive products for vehicle body electronics and integrated motor drive SoC chips for automotive thermal management [4][5]

Revenue and Growth - Revenue for the third quarter reached RMB 517.11 million, an increase of 86.59% year-over-year[2] - Year-to-date revenue totaled RMB 1.37 billion, up 36.49% compared to the same period last year[2] - Revenue growth was driven by strong demand in the automotive electronics sector and improved conditions in the consumer electronics sector[7] - Total revenue for the first three quarters of 2024 reached 1,365,982,392.11 RMB, a significant increase from 1,000,816,285.83 RMB in the same period of 2023[17] - Revenue from sales of goods and services for the first three quarters of 2024 was 1,363,617,567.06 RMB, an increase from 1,070,084,266.88 RMB in the same period last year[20] - Revenue for the first three quarters of 2024 increased to 1,336,958,630.82 RMB, up 35.6% compared to 986,328,642.61 RMB in the same period of 2023[27] - Cash received from selling goods and providing services in the first three quarters of 2024 was 1.27 billion yuan, compared to 1.05 billion yuan in the same period of 2023[31] Net Loss and Profitability - Net loss attributable to shareholders for the third quarter was RMB -142.45 million[2] - Year-to-date net loss attributable to shareholders was RMB -407.70 million[2] - Net profit attributable to the parent company for the first three quarters of 2024 was -406,968,104.08 RMB, a significant decline from 735,373.66 RMB in 2023[16] - Net profit for the third quarter of 2024 was -407,703,477.74 RMB, a significant decrease compared to -250,862,305.57 RMB in the same period last year[18] - Net profit for the first three quarters of 2024 was -330,227,032.50 RMB, a decrease of 50.8% compared to -219,014,507.84 RMB in the same period of 2023[29] R&D Expenses - R&D expenses for the third quarter were RMB 176.44 million, accounting for 34.12% of revenue[3] - R&D expenses for the first three quarters of 2024 were 495,661,908.26 RMB, slightly lower than 499,107,009.57 RMB in 2023[17] - R&D expenses decreased to 469,663,751.57 RMB, down 7.9% from 509,897,215.28 RMB in the same period of 2023[27] Assets and Liabilities - Total assets decreased by 3.04% to RMB 6.94 billion compared to the end of the previous year[3] - Total assets as of Q3 2024 were 6,938,651,110.13 RMB, a decrease from 7,156,313,988.76 RMB in the previous period[14] - Total liabilities as of Q3 2024 were 851,706,289.17 RMB, down from 948,791,661.29 RMB in the previous period[15] - Total assets decreased from 6,881,335,883.47 RMB to 6,778,939,868.61 RMB, a decline of approximately 1.5%[26] - Total liabilities decreased by 11.0% to 473,680,421.15 RMB from 532,107,040.25 RMB[26] Cash Flow and Financial Activities - Operating cash flow turned positive, with a net cash inflow of RMB 32.89 million year-to-date[7] - Operating cash flow for the first three quarters of 2024 was 32,890,938.56 RMB, a significant improvement from -278,791,070.38 RMB in the same period last year[22] - Cash received from tax refunds for the first three quarters of 2024 was 42,722,887.09 RMB, a decrease from 75,649,150.61 RMB in the same period last year[22] - Cash paid for employee salaries and benefits for the first three quarters of 2024 was 470,445,841.00 RMB, an increase from 365,161,269.87 RMB in the same period last year[22] - Investment cash outflow for the first three quarters of 2024 was 8,135,027,584.80 RMB, a decrease from 10,947,828,960.33 RMB in the same period last year[22] - Cash received from investments for the first three quarters of 2024 was 7,987,336,977.12 RMB, a decrease from 10,729,717,867.92 RMB in the same period last year[22] - Cash received from financing activities for the first three quarters of 2024 was 95,395,712.00 RMB, a significant decrease from 359,489,106.07 RMB in the same period last year[22] - Cash paid for debt repayment for the first three quarters of 2024 was 153,449,400.00 RMB, a significant increase from 28,174,360.00 RMB in the same period last year[22] - The company's cash and cash equivalents at the end of the third quarter of 2024 were 1,552,903,264.75 RMB, a decrease from 1,751,191,555.14 RMB at the beginning of the year[23] - Operating cash flow for the first three quarters of 2024 was -4.74 million yuan, compared to -289.86 million yuan in the same period of 2023[31] - Investment cash flow for the first three quarters of 2024 was -91.27 million yuan, compared to -206.87 million yuan in the same period of 2023[31] - Financing cash flow for the first three quarters of 2024 was -83.59 million yuan, compared to 42.32 million yuan in the same period of 2023[32] - Net cash and cash equivalents decreased by 180.63 million yuan in the first three quarters of 2024, compared to a decrease of 454.89 million yuan in the same period of 2023[32] - Cash paid for goods and services in the first three quarters of 2024 was 747.93 million yuan, compared to 989.12 million yuan in the same period of 2023[31] - Cash paid to employees in the first three quarters of 2024 was 340.03 million yuan, compared to 178.02 million yuan in the same period of 2023[31] - Cash received from investment activities in the first three quarters of 2024 was 8 billion yuan, compared to 10.73 billion yuan in the same period of 2023[31] - Cash paid for investment activities in the first three quarters of 2024 was 8.09 billion yuan, compared to 10.94 billion yuan in the same period of 2023[31] - Cash received from financing activities in the first three quarters of 2024 was 71.97 million yuan, compared to 359.46 million yuan in the same period of 2023[32] Shareholders and Equity - The total number of ordinary shareholders at the end of the reporting period was 6,284, with the top 10 shareholders holding significant stakes, including Wang Shengyang (10.87%), Sheng Yun (10.13%), and Suzhou Ruixi Information Consulting Partnership (4.58%)[9] - The top 10 shareholders, including Wang Shengyang, Sheng Yun, and Suzhou Ruixi Information Consulting Partnership, hold a combined 31.38% of the company's shares, with no pledged or frozen shares reported[9] - The company's top 10 unrestricted shareholders, including Shenzhen Huiyue Growth Investment Fund and Shenzhen Hongtu Shanli Private Equity Investment Fund, hold a combined 12.68% of the company's shares[9] Acquisitions and Investments - The company successfully completed the acquisition of 62.68% of the shares of Shanghai Magneon Microelectronics Co., Ltd. (麦歌恩) from Shanghai Silicore Technology Co., Ltd. (矽睿科技) and 28 natural persons, with the second tranche of the transfer payment already made[12] - The company's board of directors approved the acquisition of shares and property interests in Shanghai Magneon Microelectronics Co., Ltd. and related entities, with progress updates disclosed on the Shanghai Stock Exchange website[12] - Long-term equity investments as of Q3 2024 were 119,892,365.70 RMB, a significant increase from 23,497,971.16 RMB in the previous period[14] - Long-term equity investments increased by 48.3% to 819,337,171.33 RMB from 552,320,635.77 RMB[24] Financial Position and Changes - The company's monetary funds decreased from 1,751,191,555.14 to 1,552,903,264.75, while trade receivables increased from 179,207,207.63 to 311,366,007.55, indicating a significant rise in accounts receivable[13] - The company's trading financial assets decreased from 2,249,639,462.43 to 1,990,866,417.83, reflecting a reduction in short-term investments[13] - The company's prepayments increased from 46,882,008.77 to 96,785,383.28, suggesting higher advance payments for goods or services[13] - The company's notes receivable decreased from 7,312,066.61 to 5,154,575.49, indicating a reduction in short-term receivables[13] - The company's financial receivables increased from 11,199,484.95 to 23,912,023.94, reflecting growth in financing activities[13] - Inventory as of Q3 2024 stood at 719,481,115.49 RMB, down from 827,793,120.45 RMB in the previous period[14] - Short-term borrowings as of Q3 2024 were 100,076,712.33 RMB, a decrease from 243,187,611.11 RMB in the previous period[14] - Fixed assets as of Q3 2024 increased to 795,179,610.81 RMB from 573,855,816.67 RMB in the previous period[14] - Accounts receivable increased by 65.3% to 402,462,766.48 RMB from 243,519,458.31 RMB[24] - Inventory decreased by 15.3% to 688,266,618.63 RMB from 812,643,560.04 RMB[24] - Fixed assets increased by 43.0% to 730,549,548.69 RMB from 510,942,286.10 RMB[25] - Short-term borrowings decreased by 58.8% to 100,076,712.33 RMB from 243,187,611.11 RMB[25] Gross Margin and Market Conditions - The company's gross margin declined due to macroeconomic pressures and intensified market competition[7]

监事会同意本次符合条件的 276 名激励对象办理归属，对应限制性股票的归 属数量为 1,468,688 股。上述事项符合相关法律法规、规章及规范性文件所规定 的条件，不存在损害公司及股东利益的情形。 苏州纳芯微电子股份有限公司监事会 关于 2023 年限制性股票激励计划 第一个归属期归属名单的核查意见 苏州纳芯微电子股份有限公司（以下简称"公司"）监事会依据《中华人民 共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简 称"《证券法》"）《上市公司股权激励管理办法》（以下简称"《管理办法》"） 《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）和《苏 州纳芯微电子股份有限公司章程》（以下简称"《公司章程》"）等有关规定， 对公司 2023 年限制性股票激励计划（以下简称"本次激励计划"）第一个归属期 归属名单进行审核，发表核查意见如下： 除 16 名激励对象因离职或个人层面绩效考核结果不达标不符合归属条件， 公司 2023 年限制性股票激励计划第一个归属期 276 名激励对象符合《公司法》 《证券法》等法律法规、规则及规范性文件以及《公司章程》规定的任职资格， 符合《管理办 ...