中证智能财讯纳芯微（688052）2月27日晚间披露2025年业绩快报，公司实现营业收入33.68亿元，同比增长71.8%；归母净利润亏损2.41亿元，上年同期亏 损4.03亿元；扣非净利润亏损2.9亿元，上年同期亏损4.57亿元；基本每股收益-1.7元，加权平均净资产收益率为-4.11%。以最新收盘价计算，市净率（LF） 约3.61倍，市销率（TTM）约9.34倍。 以本次披露业绩快报数据计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况 (倍) 6,000 4000 2,000 0 13 8 8 8 8 8 60.6 d8 T 60 -2,000 -4,000 -6,000 -12-30 n }- 公司 -○- 行业均值 100 ହ 90 80 70 65:64 60 50 40 30 20 10 0 2n- )- 公司 -○- 行业均值 制图数据来自恒生聚源数据库 市净率(LF)历史分位(%) 100 ହ୍ର ୨୦ 80 70 60 50-91 50 40 39-31 38.88 30 29:43 22d45 20 1789 12 89 10 9.6- 0 3-12-30 ' 3-09-3 ...

证券日报网1月23日讯 ，纳芯微在接受调研者提问时表示，公司汽车电子收入保持快速增长，除三电系 统等优势应用领域外，公司在车身电子、智能驾驶、智能座舱、底盘安全等智能化和功能安全领域的产 品已实现持续突破或规模量产。公司和多家国内外Tier1和主机厂保持紧密的合作关系，依托国内主流 车厂出海战略和自身的海外拓展，公司已在日、韩、欧等多地实现车规产品的量产收入。泛能源领域保 持稳健增长态势，其中光伏与储能市场（涵盖微型逆变器、大型逆变、储能电站及户用储能）需求有所 恢复；电源模块业务（包括服务器电源、通信电源等）也在AI服务器需求拉动下实现快速增长；工业 自动化市场保持温和复苏态势。消费电子板块公司主要聚焦于扫地机器人、智能家电、无人机、3D打 印等成长型新兴应用场景，同时公司在消费电子板块业务也受益于并购麦歌恩的客户协同效应。 ...

证券日报网讯12月19日，纳芯微在互动平台回答投资者提问时表示，公司正处于重大研发投入的回收期 以及构建长期竞争力的战略投入期，持续专注汽车电子、泛能源等核心领域，在AI服务器、机器人等 增量市场提高客户覆盖度和产品渗透率，在公司营收规模和较强核心竞争力基础上，力争早日实现健康 可持续的盈利。公司通过资本市场工具助力业务战略落地，以经营业绩提升内在价值，回馈投资者的信 任。 ...

证券日报网讯12月19日，纳芯微在互动平台回答投资者提问时表示，随着竞争态势趋缓、产品结构优化 和成本控制，公司毛利率有望进一步改善。同时，公司将持续专注汽车电子、泛能源等核心领域，在 AI服务器、机器人等增量市场提高客户覆盖度和产品渗透率，在公司营收规模和较强核心竞争力基础 上，力争早日实现健康可持续的盈利。 ...

Core Viewpoint - Naxin Micro has successfully listed on the Hong Kong Stock Exchange, becoming the first domestic analog chip company to achieve dual listing in A+H shares, aiming to enhance its global market presence and service capabilities [1][2]. Company Strategy - The company aims to increase its overseas revenue to approximately 20% by 2029, positioning its Hong Kong office as a global operational and sales headquarters [1]. - Naxin Micro plans to allocate around 22% of its IPO proceeds to enrich its product portfolio, focusing on expanding automotive electronics [1][2]. Financial Performance - Naxin Micro has faced losses since 2023, despite experiencing sequential revenue growth from Q2 2023 to Q3 2025, with profitability only expected in Q4 2024 [1][9]. - The company's revenue decreased from RMB 1.67 billion in 2022 to RMB 1.31 billion in 2023, a decline of 21.5% [11]. - The gross margin has been declining, recorded at 48.5% in 2022, dropping to 33.9% in 2023, and projected to be 28% in 2024 [10][11]. Market Focus - Naxin Micro has shifted its focus towards the automotive and industrial markets, with automotive electronics revenue growing from RMB 386 million in 2022 (23.1% of total revenue) to RMB 404 million in 2023 (30.8%) and projected to reach RMB 718 million in 2024 (36.7%) [4][5]. - The company is expected to become the highest revenue-generating Chinese company in automotive analog chips by 2024, with significant adoption of its products by leading domestic and global automotive manufacturers [7]. Competitive Landscape - The company has faced intense price competition, leading to a reduction in average selling prices for its products, which has impacted its gross margin [9][10]. - Naxin Micro's average selling price for sensor products decreased from RMB 2.09 in 2022 to RMB 0.94 in 2024, while the average price for power management chips fell from RMB 2.16 to RMB 1.57 in the same period [10]. Future Outlook - Despite recent revenue growth driven by demand in automotive electronics and recovery in the energy sector, Naxin Micro does not expect to turn a profit in 2025 due to ongoing market recovery and strategic initiatives requiring time to yield financial results [12].

Core Viewpoint - Naxinwei has become the first domestic analog chip company to list on both the A-share and H-share markets, aiming to enhance its global presence and service capabilities, with a target of achieving 20% of revenue from overseas by 2029 [1][2]. Group 1: Financial Performance - Naxinwei has faced losses since 2023, despite experiencing nine consecutive quarters of revenue growth from Q2 2023 to Q3 2025, with profitability expected only in Q4 2024 [1][2]. - The company's revenue decreased by 21.5% in 2023 to 1.311 billion RMB, down from 1.674 billion RMB in 2022, but is projected to rebound with a 49.5% increase in 2024 and a 73.2% increase in the first three quarters of 2025 [8][9]. - The gross margin has declined significantly, from 48.5% in 2022 to 33.9% in 2023, and is expected to be around 28% in 2024 [7][9]. Group 2: Strategic Focus - Naxinwei is heavily investing in the automotive electronics sector, with revenue from this segment expected to grow from 404 million RMB in 2023 to approximately 12-13 billion RMB in 2025 [4][10]. - The company plans to allocate about 22% of its IPO proceeds to expand its product portfolio, particularly in automotive electronics, and 25% to enhance its overseas sales network [2][3]. Group 3: Market Dynamics - The company has been affected by aggressive pricing strategies from competitors, leading to a significant reduction in average selling prices for its products, which has pressured its gross margins [6][7]. - Naxinwei's strategy includes a shift towards higher-margin products, with expectations of improved gross margins in 2025 due to favorable changes in product mix [10].

Core Viewpoint - Naxin Micro (688052.SH, 02676.HK) has successfully listed on the Hong Kong Stock Exchange, becoming the first domestic analog chip company to achieve a dual listing in both A-share and H-share markets, aiming to enhance its global presence and customer service capabilities [1][2]. Group 1: Company Strategy and Goals - The company aims to have overseas revenue account for approximately 20% by 2029, positioning its Hong Kong office as a global operational and sales headquarters [1]. - Naxin Micro plans to allocate around 22% of its IPO proceeds to enrich its product portfolio, focusing on expanding automotive electronics [2]. - The company has identified the automotive sector as a critical growth area, with expectations that it will become the highest revenue segment within the next 4-5 years [5]. Group 2: Financial Performance and Projections - Despite experiencing a decline in revenue in 2023, the company has seen a continuous quarter-on-quarter revenue growth from Q2 2023 to Q3 2025, with a notable recovery projected for 2024 and 2025 [2][9]. - The revenue for automotive electronics has shown significant growth, increasing from 386.3 million RMB in 2022 to an expected 1.2 billion RMB in 2025 [4][5]. - The company recorded a net profit of 250 million RMB in 2022 but faced net losses of 305 million RMB in 2023 and 403 million RMB in 2024, with further losses expected in the first half of 2025 [8][10]. Group 3: Market Dynamics and Competitive Landscape - Naxin Micro's average selling prices for various products have decreased significantly due to aggressive pricing strategies from competitors, impacting its gross margins [6][7]. - The company has adjusted its pricing strategy in response to intense market competition, leading to a decline in gross margins from 48.5% in 2022 to an expected 28% in 2024 [8]. - The competitive landscape is evolving, with expectations that extreme price competition will diminish as more domestic chip companies gain market competitiveness [10].

Group 1 - The report highlights that the profit growth of Chinese industrial enterprises continued to improve, with a year-on-year increase of 21.6% in September, up 1.2 percentage points from August. The industrial added value also saw a year-on-year growth of 6.5%, an increase of 1.3 percentage points from the previous value [8][12]. - The distribution of profits in the midstream manufacturing and upstream raw material processing sectors has improved, indicating a positive impact from anti-involution policies and overseas investment expansion [8][12]. - The report notes that the macroeconomic environment presents a contradiction between AI-related debt expansion and widespread energy inflation, which may pressure the expansion of AI investments [2][30]. Group 2 - The Hong Kong stock market experienced a decline in October, with the Hang Seng Index dropping by 3.53%, the Hang Seng China Enterprises Index falling by 4.05%, and the Hang Seng Technology Index decreasing by 8.62% [12][30]. - The report indicates a shift in market style, with a significant pullback in technology stocks while cyclical sectors led the gains, reflecting the tension between AI investments and energy demands [30][31]. - Traditional cyclical sectors showed relative strength, with industries such as coke, steel raw materials, and decoration leading in excess returns compared to the Shanghai Composite Index [30][37].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved significant revenue growth, with a 79.49% year-on-year increase in revenue for the first half of 2025, reaching 1.524 billion yuan. The net loss narrowed significantly compared to the previous year, with a gross margin of 35.21% [1] - The company's revenue from the general energy sector remained stable at 52.57% of total revenue, while automotive electronics revenue accounted for 34.04%, with a total shipment of 3.12 billion units [2] - The company launched numerous new products in the first half of 2025, enhancing its product structure across various sensor categories and signal chain products [3] Financial Forecast - The company is projected to achieve revenues of 3.051 billion yuan, 3.838 billion yuan, and 4.742 billion yuan for the years 2025, 2026, and 2027, respectively. The expected net profits for the same years are -0.24 billion yuan, 0.96 billion yuan, and 3.01 billion yuan [4][6]

Group 1: Financial Performance - The company achieved operating revenue of 1.524 billion yuan in the first half of 2025, a year-on-year increase of 79.49% [1] - The net profit attributable to shareholders was -78 million yuan, with a significant reduction in losses compared to the previous year [1] - The comprehensive gross margin improved to 35.21%, indicating ongoing enhancement in profitability [1] - In Q2 2025, the company reported approximately 807 million yuan in operating revenue, a quarter-on-quarter growth of about 12.49% [1] - The gross margin for the single quarter reached 35.96%, up 1.59 percentage points from the previous quarter [1] Group 2: Market and Product Development - The company's revenue from the general energy sector accounted for 52.57% of total revenue in H1 2025, remaining stable compared to last year [1] - The industrial control sector showed steady growth due to a recovery in manufacturing, characterized by "low inventory + moderate recovery" [1] - The automotive electronics sector contributed 34.04% to total revenue, with a shipment volume of 312 million units, surpassing a cumulative total of 980 million units [1] - The company launched several new products in H1 2025, including various sensors and power management solutions, enhancing its product matrix [2] - The introduction of the first ASIL-C automotive-grade angle sensor and advancements in pressure and humidity sensors were notable developments [2] Group 3: Future Projections - The company is projected to achieve revenues of 3.051 billion yuan, 3.838 billion yuan, and 4.742 billion yuan for the years 2025, 2026, and 2027, respectively [3] - Expected net profits attributable to shareholders are forecasted to be -24 million yuan, 96 million yuan, and 301 million yuan for the same years [3]