本报讯(记者矫月)近日，国内TOP级时频科技企业浙江赛思电子科技有限公司(以下简称"赛思电子")与 国家级高新技术企业浙江一晶科技股份有限公司(以下简称"一晶科技")正式签署合资协议，共同组建"浙 江赛思一晶科技有限公司"。双方以"聚力晶生，思启华章"为愿景，全面进军光模块、汽车电子、高速 数据中心及储能管理等万亿级晶振市场。 此次合作不仅是资本层面的联合，更是双方技术、制造与市场能力的深度耦合。赛思电子依托数十亿元 级融资储备及丰富国家级项目经验，与一晶科技的微型化晶振制造工艺和全球首创技术形成强力互补， 构建了"研发-生产-市场"全链条协同体系，目标直指全球晶振产业链高端市场。 面对这一机遇，双方聚焦于将赛思电子在高频、超低抖动差分晶振上的技术优势，与一晶科技的规模化 制造与微型化工艺能力深度融合，打通"基础研究-工艺创新-规模量产"的"最后一公里"，共同打造具备 全球竞争力的全自动化生产线，快速响应通信设备商、AI算力及精密工业制造商等市场的批量订单需 求。 同时，针对新能源汽车BMS系统、卫星通信终端等增量市场，共享技术专利库，联合攻关高壁垒技术 领域，开发新一代耐高温、抗振动的车规级晶振及低功耗微型 ...

近日，国内TOP级时频科技企业浙江赛思电子科技有限公司与国家级高新技术企业浙江一晶科技股份有 限公司正式签署合资协议，共同组建"浙江赛思一晶科技有限公司"。双方以"聚力晶生，思启华章"为愿 景，全面进军光模块、汽车电子、高速数据中心及储能管理等万亿级晶振市场。 赛思创始人许文(左)、一晶创始人林家海(右) 签约仪式现场 此次合作不仅是资本层面的联合，更是双方技术、制造与市场能力的深度耦合。赛思依托数十亿元级融 资储备及丰富国家级项目经验，与一晶科技的微型化晶振制造工艺和全球首创技术形成强力互补，构建 了"研发-生产-市场"全链条协同体系，目标直指全球晶振产业链高端市场。 01 赛思一晶，实力铸就的战略联盟 作为国内TOP级时频科技企业，赛思自2013年成立以来，累计获得超10亿资本加持。基于全球领先的时 频技术团队，赛思掌握了FPGA守时与授时算法等百余项独有知识产权，构建了从"时间源-授时端-用时 端-时频芯片"的全产业链布局，并积攒了中国移动5G同步网、电网骨干网、铁路骨干网等国家级项目经 验，服务客户超1000+。 在中高端晶振的产品线上，赛思攻克了超高稳定与超低相噪的技术壁垒，自主研发的恒温晶振秒稳突 ...

Core Viewpoint - 泰晶科技在2024年实现营业总收入8.21亿元，同比增长3.55%，但归属净利润为0.88亿元，同比下降13.55%，显示出市场竞争压力加大，盈利能力下降 [1][4][7] Revenue and Profitability - 2024年营业总收入为8.21亿元，同比增长3.55%，表明公司业务规模有所扩大 [4] - 归属净利润为0.88亿元，同比下降13.55%，扣非净利润为6202.50万元，同比减少24.26% [1][4] - 自2021年达到净利润峰值2.45亿元后，净利润持续下滑，2024年降幅高达64% [4] High-end Layout Progress - 公司在高端化布局上取得进展，2024年研发费用达4868万元，同比增长33.05% [5] - 重点投入半导体光刻工艺、车规级产品和高频器件等领域，成功攻克500MHz高频加工技术瓶颈 [5] - 在汽车电子领域，公司成立汽车电子事业部，开发了2000余款料号，已通过AEC-Q200/Q100认证 [6] Market Competition and Challenges - 全球晶振市场面临下游需求分化和价格战的双重挑战，尽管高端晶振需求激增，但整体市场环境依然严峻 [7] - 公司通过技术降本、质量降本等手段提升产品竞争力，但财务数据未能完全转化为盈利能力的提升 [7] - 未来公司需加大创新力度，优化产品结构，以应对市场的不确定性 [7]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company's revenue for 2024 was 821 million, a year-on-year increase of 3.55%, while the net profit attributable to shareholders was 88 million, a decrease of 13.55% [1] - In Q1 2025, the company achieved a revenue of 200 million, a year-on-year increase of 10.09%, but the net profit attributable to shareholders dropped significantly by 71.52% to 9 million [1][2] - The company is focusing on high-end product development and expanding its market presence in automotive electronics, with a dedicated automotive electronics division established [9][10] Summary by Sections Financial Performance - In 2024, the company's gross margin was 23.68%, down by 2.48 percentage points year-on-year, and in Q1 2025, it further declined to 17.87%, a decrease of 6.97 percentage points [3] - The operating expense ratio for 2024 was 12.92%, an increase of 1.14 percentage points year-on-year, with specific increases in sales and R&D expenses [3] Market Strategy - The company is implementing a customer demand-oriented strategy, enhancing its market penetration of new products such as active crystals and automotive-grade crystals [2][4] - The company has completed certification for mainstream chip solutions, including Qualcomm mobile platforms and WiFi6/7 high-frequency certifications [4] Research and Development - The company is increasing its R&D efforts, optimizing its high-end product layout, and has established a dedicated R&D laboratory for active modules [5][8] - The company has made significant advancements in high-frequency and small-size product mass production, achieving breakthroughs in processing capabilities [8] Future Projections - Revenue projections for 2025 and 2026 are 985 million and 1.14 billion, respectively, with expected year-on-year growth rates of 20.0% and 15.8% [10][12] - The net profit projections for 2025 and 2026 are 81 million and 113 million, with a year-on-year decrease of 8.0% for 2025, followed by a significant increase of 40.3% in 2026 [10][12]