Investment Rating - The report maintains an "Increase" rating for the industry, emphasizing the explosive demand for ASICs and the investment opportunities in self-developed chip industries by CSPs like Amazon and Google [5][7][31]. Core Insights - The demand for custom ASICs is experiencing a comprehensive explosion, with significant growth expected in the custom acceleration computing chip market, projected to reach $42.9 billion by 2028, growing at a CAGR of 45% from 2023 to 2028 [14][31]. - Major North American CSPs are accelerating their self-developed ASIC layouts, with Google and Amazon leading the progress in custom chip development [14][19]. - Broadcom's guidance indicates that XPU deployments will exceed expectations in 2026, driven by strong demand for customized AI accelerators [20][22]. - Marvell is set to start 3nm chip production in 2026, with significant progress in custom AI XPU projects for large-scale data center clients [3][26]. - Wistron reported a significant revenue increase in May 2025, indicating a robust growth phase for ASIC demand, with AI inference servers expected to account for nearly 50% of the market [30][31]. Summary by Sections ASIC Demand and CSP Developments - The custom acceleration computing chip market is projected to grow from $6.6 billion in 2023 to $42.9 billion by 2028, with a CAGR of 45% [14]. - Google has launched the TPU v6 Trillium chip, expected to replace the TPU v5 by 2025, while Amazon is focusing on the Trainium v2 chip for generative AI applications [15][19]. - Meta is developing the MTIA v2 chip in collaboration with Broadcom, focusing on energy efficiency and low-latency architecture [18][19]. - Microsoft is accelerating the development of its Maia series chips for Azure cloud applications, with the next generation Maia v2 in progress [18][19]. Broadcom's Performance and Projections - Broadcom's AI semiconductor revenue reached over $4.4 billion in Q2 2025, marking a 46% year-over-year increase [20][22]. - The company expects to deploy at least 1 million AI accelerator clusters for three clients by 2027, with a significant portion being custom XPUs [20][22]. Marvell's Advancements - Marvell's revenue reached a record $1.895 billion in Q1 FY26, driven by strong AI demand, with expectations for continued growth in custom AI XPU revenue [3][24]. - The company is collaborating with NVIDIA to enhance its custom platform capabilities, integrating NVLink Fusion technology [26]. Wistron's Revenue Growth - Wistron reported a revenue of 208.4 billion New Taiwan Dollars in May 2025, reflecting a 162% year-over-year increase, driven by ASIC demand [30][31]. - The shift from AI training to AI inference is expected to boost the demand for AI servers significantly [30][31]. Analog Chip Market Insights - The global analog chip market is projected to reach $84.3 billion by 2025, with a strong focus on domestic production to meet rising demand [40][43]. - The domestic market for analog chips is expected to grow steadily, with a CAGR of 11% from 2025 to 2029 [43][46].

Core Viewpoint - The company, Jiewate (688141.SH), is planning to address its operational challenges through a series of strategic actions, including the acquisition of a 40.89% stake in Nanjing Tianyi Hexin Electronics Co., Ltd. for approximately 319 million yuan, aiming to enhance its semiconductor business and product offerings [1][4]. Group 1: Acquisition and Strategic Moves - Jiewate intends to acquire a total of 41.31% control over Tianyi Hexin, a semiconductor company specializing in high-performance sensor chips and analog chip design, which complements Jiewate's existing product lines [1][4][5]. - The acquisition involves direct and indirect purchases from multiple stakeholders, including a 29.74% stake from ten institutions and additional shares from other entities, with the goal of integrating Tianyi Hexin into Jiewate's consolidated financial statements [4][5]. - Post-acquisition, Jiewate plans to appoint three directors to Tianyi Hexin's board, gaining significant influence over its operations [4]. Group 2: Financial Performance and Challenges - Jiewate has faced financial difficulties, reporting a net profit of 137 million yuan in its first year of listing, a decline of 3.39% year-on-year, followed by consecutive losses in 2023 and 2024, totaling 1.03 billion yuan [2][8]. - The company's revenue for 2023 and 2024 was reported at 1.297 billion yuan and 1.679 billion yuan, respectively, with a significant drop in net profit margins due to increased competition and pricing pressures [8][9]. - As of March 2024, Jiewate's debt-to-asset ratio stood at 50.29%, indicating rising financial pressure, with interest-bearing liabilities amounting to 1.513 billion yuan [3][9]. Group 3: Research and Development Focus - Jiewate has been increasing its investment in research and development, with a reported expenditure of 619 million yuan in 2024, a 24.02% increase from the previous year, and a growing workforce dedicated to R&D [7][8]. - The company has applied for a total of 1,361 patents, with 980 being invention patents, reflecting its commitment to innovation and technological advancement in the semiconductor sector [7]. Group 4: Market Position and Future Outlook - Jiewate has established itself within the supply chains of major industry players, including Samsung and Xiaomi, and is expanding its market presence in emerging sectors such as renewable energy and automotive applications [7][8]. - The company is also exploring a potential listing in Hong Kong to alleviate financial constraints, although its path to sustainable profitability remains uncertain [10].

【机构调研】这家全产品线模拟芯片公司已向机器人、服务 器领域头部客户出货 风口研报 2025.05.13 19:58 星期二 调研要点: 1这家全产品线模拟芯片公司差异化新产品加速落地,已向机器人、服务器领域头部客户出货; ②风险提示:调研内容仅为机构与上市公司间的业务交流,不构成投研观点,信息以上市公司公告和分析师公开报告为准, 帝奥微董事长等公司高管于4月28日至5月9日期间接待多家机构调研，2025年一季度，公司营业收入同比增长19.06%，达到1.5 3亿元: 归母扣非净利润同比增长135.48%，毛利率提升至47.45%，较上年同期增加1.76个百分点。业绩改善主要得益于研发创 新力度持续加强,差异化新产品加速落地,客户群体拓展顺利。 作为国内少数采取全产品线策略的模拟芯片的公司,低电压超低功耗USB3.2Gen1Redriver产品已经应用到国内头部机器人厂商 中,也在积极拓展其他机器人厂商。未来机器人也将是公司重点布局的领域,除现有已经导入客户的产品外,公司还在积极推进 其他信号链和电源管理产的导入。 此外，公司推出的PCIE开关和电平转换已经开始向国内头部客户出货。同时公司还推出了多款产品，如 ...

Core Viewpoint - The company is focusing on its semiconductor business, planning to divest its product integration assets to enhance its competitive position in the global power semiconductor industry [28][29]. Meeting Arrangements - The annual shareholder meeting will be held on May 16, 2024, at the Wentai Garden Hotel in Huangshi, Hubei Province, combining on-site and online voting [1][3]. - Shareholders will have the right to vote, speak, and inquire during the meeting, with specific guidelines to maintain order and efficiency [2][4]. Business Performance - The company reported a revenue of 73.598 billion yuan in 2024, representing a year-on-year growth of 20.23% [10]. - The semiconductor business achieved a revenue of 14.715 billion yuan with a gross margin of 37.47%, indicating a solid profitability trend [12]. Strategic Focus - The company plans to concentrate resources on its semiconductor business, aiming to enhance profitability and maintain its leading position in the industry [28][30]. - The semiconductor business is expected to benefit from the growing demand in the automotive sector, particularly in electric vehicles, where semiconductor content is significantly higher compared to traditional vehicles [14][17]. Product Development - The company is actively expanding its product line, focusing on high-power discrete devices and analog ICs, with significant investments in research and development [21][23]. - New products launched include advanced power MOSFETs, logic ICs, and energy management solutions, aimed at meeting the increasing market demand for high-performance semiconductor devices [22][24]. Market Opportunities - The semiconductor market is projected to grow, driven by trends in AI, electric vehicles, and industrial automation, providing ample opportunities for the company to expand its market share [18][19]. - The company is establishing strategic partnerships to enhance its product offerings and meet the stringent requirements of automotive applications [26].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In 2024, the company achieved revenue of 3.347 billion yuan, a year-on-year increase of 27.96%, and a net profit attributable to shareholders of 500 million yuan, a year-on-year increase of 78.17% [5][10]. - In Q1 2025, the company reported revenue of 790 million yuan, a year-on-year increase of 8.30%, and a net profit attributable to shareholders of 60 million yuan, a year-on-year increase of 9.90% [5][10]. - The company is a leading player in the domestic analog chip market, focusing on market and customer needs, and quickly launching products that meet market expectations [10]. - The company has increased its R&D investment, with R&D expenses reaching 871 million yuan in 2024, a year-on-year increase of 18.14%, and R&D personnel accounting for 74.09% of the workforce [10]. - The Jiangyin production base is ready for production, which will support the company's continuous development in high-end fields [10]. - The company aims to become a top brand in the global analog chip industry, with a continuous expansion of product categories and a strong growth outlook [10]. Financial Performance Summary - In 2024, the company's gross margin was 51.46%, up 1.86 percentage points year-on-year [10]. - The revenue from signal chain and power management products was 1.165 billion yuan and 2.182 billion yuan, respectively, with year-on-year increases of 33.99% and 24.95% [10]. - The projected net profits for 2025-2027 are 680 million yuan, 923 million yuan, and 1.257 billion yuan, respectively [10].

Group 1 - The core viewpoint of the news is that Xidi Microelectronics Group Co., Ltd. reported significant growth in revenue for Q1 2025, with a revenue of 178 million yuan, representing a year-on-year increase of 44.56% [1] - The net loss attributable to shareholders decreased to 27.26 million yuan, indicating an improvement compared to the previous year [1] - The increase in revenue was driven by higher demand from end customers and the commencement of outsourced production for certain products in the audio coil motor driver chip product line, leading to a notable rise in revenue from this segment [1] - The company achieved a reduction in net loss due to an expanded business scale, a richer product matrix, and effective integration of the upstream supply chain, resulting in increased gross profit [1] - Cost control measures implemented by the company improved overall operational efficiency, allowing for a decrease in total expenses despite significant growth in business scale [1] Group 2 - The company invested 58.01 million yuan in R&D during Q1, emphasizing its commitment to technological innovation [2] - Xidi Microelectronics focuses on the development, design, and sales of high-performance analog chips and mixed-signal chips, providing industry-leading solutions [2] - The company has developed a series of efficient, precise, and reliable chip products, including DC/DC chips and super-fast charging chips, to meet market demands [2] - Continuous efforts in new product development aim to enrich the product line matrix further [2]

Core Viewpoint - Suzhou Naxin Microelectronics Co., Ltd. (Naxin Micro) has submitted an application for listing on the Hong Kong Stock Exchange, aiming to raise funds for its internationalization strategy, marking a significant step for Chinese analog chip companies towards global capital integration [1] Group 1: Company Overview - Naxin Micro is focused on developing products around downstream application scenarios, concentrating on three main product areas: sensors, signal chains, and power management, covering automotive electronics, energy, and consumer electronics [1] - The company plans to enhance its product line and competitiveness in the consumer electronics and new energy vehicle markets through the acquisition of magnetic sensor company Meigen [1] Group 2: Financial Performance - Naxin Micro's revenue for 2022, 2023, and 2024 was 1.67 billion, 1.31 billion, and 1.96 billion respectively, showing a fluctuating growth trend, while the net profit has been in continuous loss for two years, totaling approximately 700 million [2] - The main reasons for the losses include intensified market competition leading to a significant drop in product prices (sensor average price decreased by 64%), high R&D expenditures (5.4 billion in 2024, accounting for 27.5% of revenue), and increased equity incentive costs [2] Group 3: Market Position and Strategy - Naxin Micro aims to build a global sales network and strengthen its technological advantages while addressing the current reliance of China's analog chip supply chain on international manufacturers (with only 5% localization rate for automotive chips) [4] - The A+H listing journey of Naxin Micro reflects the broader trend of semiconductor localization in China and serves as a test of its technological strength and strategic execution [4]

导 语 ：四年来，公司的资产规模不断扩大，但净利润由盈转亏。 据苏州纳芯微电子股份有限公司在港交所递交的招股书内容，公司此次 IPO 备受瞩目。然而，在光 鲜的背后，纳芯微也面临着诸多挑战。此次 IPO 对纳芯微而言，是迈向新征程的起点，还是荆棘密 布的冒险，值得深入剖析。 纳芯微计划通过此次 IPO 进一步筹集资金，为业务拓展和技术升级注入动力。本次联席保荐人为中 金公司和中信证券，强大的保荐团队为其上市之路提供了有力支持。 公司此前已在上海证券交易所科创板上市，积累了一定的资本市场经验，此次赴港上市，有望进一 步拓宽融资渠道，提升国际影响力。 纳芯微作为中国领先的模拟芯片提供商，采用 fabless 模式运营，专注于研发设计，将生产环节外 包。 公司在这期间的净利润也由盈转亏，2022 年净利润为 2.50 亿元，2023 年和 2024 年分别亏损 3.05 亿元和 4.03 亿元 。尽管如此，公司的资产规模仍在不断扩大，这表明公司在业务拓展和技术研发 方面持续投入，为未来发展奠定基础。 综合来看，纳芯微此次港股 IPO 既充满机遇，也面临不少挑战，具有一定投资价值但潜在风险也不 容忽视。 从积极的方面 ...

Core Viewpoint - Three A-share companies, including Naxin Micro (688052.SH), Guanghetong (300638.SZ), and Three Squirrels (300783.SZ), submitted their prospectuses to the Hong Kong Stock Exchange on April 25, marking a significant move in the A-share market [1][2]. Group 1: Company Overview - Naxin Micro is the fourth semiconductor company from A-share to apply for a listing on the Hong Kong Stock Exchange in 2023, focusing on analog chips, particularly sensor products, signal chain chips, and power management chips [3][10]. - The company was founded in May 2013 and went public on the Shanghai Stock Exchange in April 2022, with its major shareholders controlling 34.54% of the voting rights [10][11]. Group 2: Financial Performance - Naxin Micro's revenue for 2022, 2023, and 2024 was reported at 1.67 billion, 1.31 billion, and 1.96 billion RMB respectively, indicating a significant drop in 2023 due to reduced demand in the energy sector [20][22]. - The company faced net losses of approximately 3.05 billion RMB in 2023 and 4.03 billion RMB in 2024, following a profit of 250 million RMB in 2022 [21][22]. Group 3: Product and Market Dynamics - The average selling prices of key products have significantly decreased, with sensor products dropping from 2.63 RMB per unit in 2023 to 0.94 RMB in 2024, a decline of 64% [23][25]. - Naxin Micro's product revenue structure shows an increase in the revenue share from sensor products from 6.7% in 2022 to 14% in 2024, while the share from signal chain chips decreased from 62.6% to 49.1% [13][22]. Group 4: Market Position and Future Outlook - Naxin Micro ranks 14th in the Chinese analog chip market and is the second among fabless companies in the automotive analog chip segment [38][41]. - The company plans to use the funds raised from the H-share listing to enhance business growth, diversify funding channels, and strengthen its market position [38].

| [编纂]項下[编纂]數目 | | : [编纂]股H股(視乎[编纂]行使與否而定) | | --- | --- | --- | | [编纂]數目 | :: | [编纂]股H股(可予[编纂]) | | [编纂]數目 | .. | [编纂]股H股(可予[编纂]及視乎[编纂]行使與否 | | | | 而定) | | 最高[编纂] : | | 每股[编纂][编纂]港元,另加1%經紀佣金、 | | | | 0.0027％證監會交易徵費、0.00565%聯交所 | | | | 交易費及0.00015%會財局交易徵費(須於申請 | | | | 時以港元繳足,多繳股款可予退回) | | 面積 | .. | 每股H股人民幣1.00元 | 智通财经APP获悉，据港交所4月25日披露，苏州纳芯微电子股份有限公司(以下简称：纳芯微)(688052.SH) 递表港交所主板，中金公司、中信证券及建银国际为其联席保荐人。 招股书显示，纳芯微是中国领先的模拟芯片提供商。作为一家fabless公司，该公司围绕汽车电子、泛能源及 消费电子等应用领域，提供丰富、高性能、高可靠性的产品及解决方案。该公司的传感器产品、信号链芯 片和电源管理芯片三大 ...