Core Viewpoint - The company, Yingjixin Technology Co., Ltd., has shown significant growth in revenue and profit, particularly in the power management and fast charging chip sectors, while also gaining recognition in the automotive electronics market [2][6]. Group 1: Company Overview - Yingjixin was established on November 20, 2014, and went public on April 19, 2022, focusing on the research and sales of power management and fast charging protocol chips [6]. - The company's revenue composition includes 74.33% from power management chips, 23.69% from fast charging protocol chips, and 1.98% from other sources [6]. - As of March 31, 2025, the company reported a revenue of 306 million yuan, representing a year-on-year growth of 17.25%, and a net profit of 19.64 million yuan, with a remarkable increase of 395.62% [6]. Group 2: Market Position and Recognition - Yingjixin has successfully developed automotive-grade charging chips that meet AEC-Q100 standards, leading to mass production and integration with domestic and international automotive manufacturers [2]. - The company has established itself as a key supplier in the power management and fast charging sectors, gaining entry into the supply chains of major brands like Xiaomi, OPPO, and Samsung [2]. - Yingjixin has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, a prestigious title awarded to companies with strong innovation capabilities and high market share [2]. Group 3: Stock Performance and Investment Analysis - On August 6, the stock price of Yingjixin increased by 2.14%, with a trading volume of 135 million yuan and a market capitalization of 8.196 billion yuan [1]. - The stock has shown a net inflow of 10.44 million yuan from main funds, indicating a lack of clear trends in main fund movements [3][4]. - The average trading cost of the stock is 18.45 yuan, with the current price near a support level of 18.87 yuan, suggesting potential volatility if this support is breached [5].

来源：新浪证券-红岸工作室 8月5日，慧智微涨0.00%，成交额9585.45万元，换手率2.54%，总市值54.25亿元。 异动分析 芯片概念+国家大基金持股+5G+人民币贬值受益+专精特新 1、公司主营业务为射频前端芯片及模组的研发、设计和销售。公司具备全套射频前端芯片设计能力和 集成化模组研发能力，技术体系以功率放大器（PA）的设计能力为核心。 今日主力净流入-522.29万，占比0.05%，行业排名95/164，连续3日被主力资金减仓；所属行业主力净流 入-11.25亿，当前无连续增减仓现象，主力趋势不明显。 区间今日近3日近5日近10日近20日主力净流入-522.29万-1634.50万-4228.52万-4329.79万-7880.20万 2、国家集成电路产业投资基金二期股份有限公司持2603万股，占总股本5.75%. 3、根据公司招股说明书：公司的产品包括5G模组和4G模组，主要应用于手机和物联网领域。 4、根据2024年年报，公司海外营收占比为98.18%，受益于人民币贬值。 5、专精特新"小巨人"企业是全国中小企业评定工作中最高等级、最具权威的荣誉称号，是指专注于细 分市场、创新能力强、市场 ...

Core Viewpoint - The company is experiencing a steady growth in its main business due to a slight recovery in consumer market demand and an increase in market share, despite a projected decline in net profit for the first half of 2025 [1][4]. Financial Performance - The company expects to achieve revenue of 1.43-1.50 billion yuan in H1 2025, representing a year-on-year growth of 14.39%-19.99% [1] - The projected net profit attributable to shareholders is 109-133 million yuan, a decrease of 35.09%-47.03% year-on-year [1] - The gross profit margin is expected to be 36-37%, which has decreased due to intense market competition and product structure [1] - For Q2 2025, the company anticipates revenue of 745-815 million yuan, a year-on-year increase of 14.89%-25.69% [1] - The net profit for Q2 is projected to be 45-70 million yuan, reflecting a year-on-year decrease of 33.39%-56.62% [1] Market Position and Strategy - The company ranks among the top domestic analog chip design firms, with consumer products serving as a stable profit foundation [2] - It is actively expanding its product capabilities into automotive and AI server sectors, seeking new growth drivers [2] - The management team demonstrates strong industry insight and is involved in research, sales, and supply chain management [2] Product Development and Solutions - The company offers automotive-grade solutions covering domain controllers, ADAS, and smart cockpit applications, contributing to the localization of automotive chips [3] - The high-side switch series supports various current ratings and integrates multiple diagnostic protection features, enhancing system safety and flexibility [3] - The company provides a one-stop solution for assisted driving, including Buck-Boost converters and safety-compliant PMICs, aimed at improving system reliability and performance [3] - The power supply series for smart cockpits offers stable and reliable power support, with excellent EMI performance [3] Future Outlook - The company is viewed as a rare entity capable of providing end-to-end solutions in the power and battery sector, with a well-structured architecture in charge pump technology [4] - Revenue forecasts for 2025-2027 have been adjusted to 3.405, 4.269, and 5.341 billion yuan, respectively [4] - The net profit forecasts for the same period have been revised to 356, 501, and 665 million yuan, respectively, due to anticipated market competition [4]

Group 1 - Fumiao Technology signed a strategic cooperation agreement with New Hu Textile to advance technology development and market expansion in the textile dyeing industry [1] - Fumiao Technology's shareholder, Feixiang Chemical, transferred 6.1076 million shares at a price of 16.38 yuan per share, representing 5% of the company's total shares [1] - Huaitian Thermal Power was recommended as the owner of a 700,000 kW wind power project, aligning with local government policies for investment strategy [1][2] Group 2 - Beiyinmei's controlling shareholder applied for pre-restructuring due to liquidity issues, holding 1.33 billion shares, 98.85% of which are pledged or frozen [3] - *ST Songfa's subsidiary signed a contract for the construction of two LNG dual-fuel oil tankers, expected to positively impact future performance [4] - Hongming Technology terminated a major asset restructuring plan to acquire 83% of Shenzhen Chisu Automation Equipment due to failure to reach an agreement [18] Group 3 - Guoxiang Technology's controlling shareholder plans to transfer 4 million shares at a price of 44.14 yuan per share, representing 5% of the total shares [20] - Longpin Puzhi's controlling shareholder is set to change to Changjiang Guomao after transferring 72.239 million shares at 12.42 yuan per share, totaling 1.046 billion yuan [28] - Hanwujing adjusted its 2025 fundraising plan to raise up to 3.985 billion yuan for AI chip platform projects and working capital [31]

Group 1 - Sannuo Group expects a net loss of 100 million to 120 million yuan for the first half of 2025, a significant decline from a profit of 7.4 million yuan in the same period last year [1] - The company anticipates a net loss of 77 million to 95 million yuan after excluding non-recurring gains and losses [1] - Basic earnings per share are projected to be a loss of 0.2148 to 0.2578 yuan per share [1] Group 2 - Landai Technology is planning to transfer 18% of its shares, which may lead to a change in control [2] - The stock of Landai Technology has been suspended from trading since July 8, 2025, with an expected suspension period of no more than two trading days [2] Group 3 - Xinxin Co. announced that a senior executive plans to reduce their holdings by up to 750,000 shares, representing no more than 0.2971% of the total share capital [3] - The reason for the reduction is personal financial needs [3] Group 4 - Biyimi plans to reduce its shares by a total of up to 3% by two shareholders, with one shareholder planning to reduce up to 139.68 million shares (2.00%) and the other up to 69.84 million shares (1.00%) [4] - The reason for the reduction is also personal financial needs [4] Group 5 - Changxin Bochuang announced that shareholders plan to reduce their holdings by up to 2.95%, totaling 8.6 million shares [6] - The reason for the reduction is personal financial needs [6] Group 6 - Tianci Materials plans to publicly issue H-shares and apply for listing on the Hong Kong Stock Exchange [9] Group 7 - Sanxiang Impression announced the termination of a previous equity transfer agreement, following a request from its controlling shareholder [10] Group 8 - Zhongke Technology has decided to terminate its plan to issue shares for asset acquisition and related fundraising due to changes in market conditions [12] Group 9 - Hangcha Group's subsidiary plans to acquire 99.23% of Guozu Robot's shares through capital increase [14] Group 10 - Xishan Technology plans to increase its holdings in the company by no less than 5 million and no more than 10 million yuan [19] Group 11 - New Hope reported sales of 1.33 million pigs in June, a year-on-year increase of 3.38% [21] - The sales revenue was 1.871 billion yuan, a year-on-year decrease of 19.14% [21] Group 12 - Auhua Endoscope announced that two shareholders plan to reduce their holdings by up to 1.92% [18] Group 13 - Star Source Material has submitted an application for H-share issuance and listing [18] Group 14 - Yilian Technology plans to invest 20 million yuan to establish a partnership with professional institutions [30]

Group 1 - Company Xinxin Lian Ke expects a net profit increase of 144.46%-199.37% for the first half of 2025, with projected revenue between 228 million to 278 million yuan, representing a year-on-year growth of 66.04%-102.45% [1] - Company Pulite anticipates a net profit increase of 38.88%-66.65% for the first half of 2025, with expected net profit between 200 million to 240 million yuan, and a growth of 49.77%-78.19% for net profit after deducting non-recurring gains and losses [2] - Company Haitong Development forecasts a net profit decrease of 60.78%-69.04% for the first half of 2025, with expected net profit between 75 million to 95 million yuan, and a decline of 54.36%-64.07% for net profit after deducting non-recurring gains and losses [3] - Company Whirlpool predicts a net profit increase of approximately 559% for the first half of 2025, with an expected net profit of about 205 million yuan, and a growth of 857% for net profit after deducting non-recurring gains and losses [5] Group 2 - Company Beijing Keri has won a bid for a project with China Southern Power Grid, with an estimated bid amount of approximately 322 million yuan, which accounts for 15.77% of the company's audited revenue for 2024 [7] - Company Anhui Construction has received three project bids totaling approximately 9.156 billion yuan, including a highway project estimated at 7.487 billion yuan [9] - Company Xin Nuo Wei's subsidiary received a government subsidy of 60 million yuan, which will be included in other income [11] - Company Tai Ji Co. has used 70 million yuan of idle funds to purchase wealth management products, aiming to improve fund utilization efficiency [13] - Company Jinshi Yiyao plans to increase capital by 200 million yuan to its wholly-owned subsidiary Zhejiang Yake Pharmaceutical [15] - Company Fuyuan Pharmaceutical has received a drug registration certificate for a local anesthetic cream [16] - Company Xintian Pharmaceutical has obtained two invention patent certificates related to quality identification methods for traditional Chinese medicine [18] - Company Fangzheng Electric plans to establish a wholly-owned subsidiary in Hong Kong with an investment of 500,000 HKD [20] - Company Qin Port's total port throughput increased by 3.08% year-on-year, totaling 208 million tons [21] - Company Guo Xin Energy received government subsidies totaling 67.7572 million yuan [22] - Company Times New Materials signed sales contracts for wind turbine blades totaling approximately 2.711 billion yuan [23] - Company YN Energy plans to apply for the registration of medium-term notes not exceeding 1.5 billion yuan [24] - Company Zhinan Zhen plans to increase capital by 200 million yuan to its wholly-owned subsidiary [26] - Company Xidun Pharmaceutical has received a drug registration certificate for a specific eye drop [28] - Company Longyuan Technology's general manager has resigned [30] - Company Hope Co. has won a storage project bid worth 449 million yuan [30] - Company Neusoft Zhaibo has obtained a patent for a data reading method related to energy routers [32]

Group 1 - Dongfang Shenghong's controlling shareholder plans to increase its stake by 500 million to 1 billion yuan within six months [1] - Aiwei Electronics is set to mass-produce a low-power high-voltage piezoelectric micro-pump liquid cooling product, marking a breakthrough in domestic chip technology [1] - *ST Jiuyou received a decision from the Shanghai Stock Exchange to terminate its stock listing, which will transition to the national SME share transfer system [2] Group 2 - Hangzhou Garden plans to invest up to 450 million yuan to build a smart ecological design R&D headquarters [2] - Tiancheng Self-Control intends to invest 20 million yuan to establish a subsidiary [3] - Leidi Ke is acquiring a 30% stake in a partnership fund for 40 million yuan, indirectly holding 20% equity in Beifang Machinery [5] Group 3 - Jiangbolong's subsidiary signed a memorandum of cooperation with Sandisk to develop customized UFS products for the mobile and IoT markets [6] - Tongda Co. announced plans for its directors and executives to reduce their holdings by a total of 0.029% [7] - Yinlun Co.'s subsidiary completed the counseling acceptance for its public offering and listing on the Beijing Stock Exchange [8] Group 4 - Hongli Zhihui's controlling shareholder obtained a special loan of up to 45 million yuan for stock buyback [9] - Fengshan Group's shareholders plan to reduce their holdings by a total of 983,000 shares [11] - Kuai Ke Electronics' shareholder plans to reduce their holdings by up to 2% [13] Group 5 - Zhongdian Xinlong's director plans to reduce their holdings by up to 0.81% [15] - Maihe Co.'s shareholder intends to reduce their holdings by up to 1.5% [17] - Yuandao Communication's shareholder plans to reduce their holdings by up to 1.01% [19] Group 6 - Muyuan Co. submitted its H-share issuance application to the China Securities Regulatory Commission [21] - Jiechuang Intelligent won a police equipment procurement project worth 11.2362 million yuan [21] - Chongqing Steel signed an asset transfer contract worth 1.081 billion yuan with the Heavy Steel Group [22]

Core Viewpoint - The acquisition of a 40.89% stake in Nanjing Tianyi Hexin Electronics by Jiewate (688141.SH) for 319 million yuan marks a significant step in enhancing its product layout in the signal chain category, boosting its market competitiveness and share [1][2]. Group 1: Acquisition Details - Jiewate plans to acquire a 40.89% stake in Tianyi Hexin for 319 million yuan, aiming to gain control over the company [1]. - Tianyi Hexin specializes in high-performance sensor chips and analog chip design, with products widely used in consumer electronics such as smart wearables and mobile devices [1][2]. - The acquisition will allow Jiewate to integrate Tianyi Hexin's product lines and technologies, enriching its product matrix and enhancing its technical competitiveness in the signal chain chip sector [2]. Group 2: Market Context and Strategic Fit - The acquisition aligns with Jiewate's strategy to expand its business amid a cyclical adjustment in the global analog chip industry and increasing competition [2]. - Tianyi Hexin's established market presence and customer recognition in optical health detection and high-precision capacitive sensing chips will provide Jiewate with new revenue growth opportunities in the consumer electronics and smart device markets [2]. Group 3: Financial Performance and Future Outlook - Jiewate experienced significant revenue growth in 2024, with core product sales reaching historical highs, despite facing losses in 2023 and 2024 due to industry downturns [3]. - The company reported a substantial reduction in net losses in Q1 2025, with positive cash flow from operating activities, indicating signs of profitability improvement [3]. - Jiewate is increasing R&D investments to solidify its technological foundation and accelerate product launches in emerging sectors such as renewable energy and automotive electronics [3].

Core Viewpoint - The passing of Dai Zuyu, a significant shareholder and co-founder of Xidi Micro, is acknowledged, but the company assures that his death will not impact its operations or management stability [1][2]. Group 1: Company Overview - Xidi Micro was co-founded by Dai Zuyu in 2012, who held a 22.86% stake in the company at the time of his passing, valued at over 1.2 billion yuan [1][2]. - The company specializes in power management chips and signal chain chips, with notable products including DC/DC chips and super-fast charging chips [2]. Group 2: Financial Performance - In 2024, Xidi Micro reported a total revenue of 546 million yuan, reflecting a year-on-year increase of 38.58% [2]. - The sales volume of the company's voice coil motor driver chips, part of its smart visual perception business, showed significant growth during the reporting period [2]. Group 3: Management and Future Plans - Dai Zuyu's son, Tao Hai, has been a key figure in the company, serving as chairman since December 2019 [2]. - Xidi Micro is pursuing a horizontal acquisition of Shenzhen Chengxin Micro Technology Co., Ltd., which is expected to enhance its product line in power management chips and provide more comprehensive solutions for downstream industries [3].

点击 关注我们 报告发布日期：2025年2 月05日 报告名称:《半导 体专题 ： 多相电源是增量蓝海市场，看好国产替代机遇 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶子 S0980522100003 / 詹 浏洋 S0980524060001 / 张大为 S0980524100002/李书颖S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 国信研究 半导体专题: 多相电源是增量蓝海市场,看 好国产替代机遇 2025-02-05 | 胡剑 胡慧 叶子 张大为 詹浏洋 多相控制器+DrMOS的多相电源是XPU主流供电技术 。多相控制器与XPU通过协议通信,不同XPU厂商具有不 同的协议,比如英特尔的SVID、AMD的SVI2/3、英伟达 的OVR、基于ARM芯片的AVS等。DrMOS是英特尔200 4年推出的一种高效节能技术,将驱动IC和MOSFET上下 管集成到同一封装中,不仅显著减小面积,还极大降低由多 个元件带来的寄生参数,显著提升电源转换效率。DrMOS 主要有两种方案:1) 驱动IC和MOSFET在不同晶圆上生 产,最后合封在一起,称 ...