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纳芯微(688052):2025年半年报点评:汽车电子高景气,营收再创新高
Minsheng Securities· 2025-08-24 14:49
Investment Rating - The report maintains a "Recommended" rating for the company [4][6] Core Views - The company achieved a record high revenue of 1.524 billion yuan in the first half of 2025, representing a year-on-year growth of 79.49%. The net profit attributable to the parent company was -78 million yuan, with a year-on-year growth of 70.59% [1] - The automotive electronics sector continues to show high growth, with the company shipping 312 million automotive chips in the first half of 2025, bringing the cumulative shipment to over 980 million chips [2] - The product structure is becoming more balanced, with the three main product lines—sensors, signal chain products, and power management products—accounting for 27.11%, 38.45%, and 34.09% of total revenue, respectively [3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 807 million yuan, a quarter-on-quarter increase of 12.49% and a year-on-year increase of 65.83%. The gross margin was 35.97%, with a year-on-year change of 0.64 percentage points [1] - The company forecasts net profits attributable to the parent company of -94 million yuan, 138 million yuan, and 482 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 197 and 56 for 2026 and 2027 [4][5] Market Position and Product Development - The company has established a comprehensive automotive chip product layout, catering to various applications in new energy vehicles, including main drive inverter control and battery management systems [2] - New products are being mass-produced, including a differential Hall automotive-grade angle sensor chip and a new generation of digital isolators that meet automotive EMC standards [3]
【国信电子胡剑团队】纳芯微:二季度收入创季度新高,已连续八个季度环增
剑道电子· 2025-08-22 02:59
点击 关注我们 报告发布日期:2025年8月21日 报告名称:《纳芯微(688052.SH)-二季度收入创季度新高,已连续八个季度环增》 分析师:胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/ 李书颖 S0980522100003/ 连欣然S0980525080004 完整报告请扫描下方二维码 核心观点 上半年收入同比增长79%,2Q25收入创季度新高 公司2025上半年收入同比增长79.49%至15.24亿元,实现归母净利润-0.78亿元(YoY +70.59%),扣非归母净 利润-1.06亿元(YoY +63.11%),毛利率提高1.3pct至35.21%,研发费用同比增长13.18%至3.61亿元,研发费 率下降13.9pct至23.71%。其中2Q25营收8.07亿元(YoY +65.83%,QoQ +12.49%),环比连续八个季度增长,续 创季度新高;归母净利润-2667万元,环比亏损收窄;毛利率为35.97%(YoY +0.6pct,QoQ +1. ...
纳芯微(688052):二季度收入创季度新高,已连续八个季度环增
Guoxin Securities· 2025-08-21 15:00
证券研究报告 | 2025年08月21日 纳芯微(688052.SH) 优于大市 二季度收入创季度新高,已连续八个季度环增 上半年收入同比增长 79%,2Q25 收入创季度新高。公司 2025 上半年收入同 比增长 79.49%至 15.24 亿元,实现归母净利润-0.78 亿元(YoY +70.59%), 扣非归母净利润-1.06 亿元(YoY +63.11%),毛利率提高 1.3pct 至 35.21%, 研发费用同比增长 13.18%至 3.61 亿元,研发费率下降 13.9pct 至 23.71%。 其中 2Q25 营收 8.07 亿元(YoY +65.83%,QoQ +12.49%),环比连续八个季度 增长,续创季度新高;归母净利润-2667 万元,环比亏损收窄;毛利率为 35.97%(YoY +0.6pct,QoQ +1.6pct)。 传感器产品收入因并表同比增长约 350%,下游应用领域占比相对稳定。分 产品线看,2025 上半年公司信号链产品收入 5.86 亿元(YoY +28.79%),占比 38.45%,毛利率同比下降2.5pct至35.79%;电源管理产品收入5.19亿元(YoY +73 ...
纳芯微(688052):25Q2营收创新高,汽车电子新品持续迭代
GOLDEN SUN SECURITIES· 2025-08-21 03:38
证券研究报告 | 半年报点评 gszqdatemark 2025 08 21 年 月 日 纳芯微(688052.SH) 25Q2 营收创新高,汽车电子新品持续迭代 公司发布 2025 半年报,25H1 实现营收 15.2 亿元,同比增长 79.5%;实 现归母净利润-0.8 亿元,扣非归母净利润-1.1 亿元。单季度来看,25Q2 营 收为 8.1 亿元,同比增长 65.8%,环比增长 12.5%;归母净利润为-0.3 亿 元,同环比均实现减亏。25Q2 营收创新高,主要系汽车电子需求持续增 长,泛能源行业复苏以及麦歌恩并表。 汽车电子新品持续迭代,泛能源全面复苏。分应用领域来看,25H1 汽车 电子营收占比 34.04%,汽车电子领域出货量达 3.12 亿颗,凭借汽车芯片 的全面布局深度受益新能源车行业的电动化和智能化,接口、高低 SerDes 边开关、电机驱动、高集成度的 SoC 产品等新品不断迭代。泛能源占比 52.57%,工控客户库存基本恢复正常,光伏受益于反内卷政策和抢装潮等 逐步复苏,AI 服务器拉动电源模块客户需求,工业机器人带动磁角度编码 器等产品的需求增长。消费电子占比 13.38%,公司针 ...
纳芯微(688052):25Q2营收再创历史新高,量产产品单车ASP至25年底有望提升到1500元
Great Wall Securities· 2025-08-20 07:59
Investment Rating - The report maintains a rating of "Accumulate" for the company [8] Core Views - The company achieved a record high revenue in Q2 2025, with a revenue of 8.07 billion yuan, representing a quarter-on-quarter increase of 12.49% [2][9] - The company is positioned as a leader in domestic automotive-grade analog chips, with a comprehensive product matrix that includes signal chains, power management, and sensors [3] - The average selling price (ASP) of mass-produced products is expected to increase from approximately 1300 yuan to 1500 yuan by the end of 2025 [3] Financial Summary - Revenue projections for the company are as follows: - 2023A: 1,311 million yuan - 2024A: 1,960 million yuan - 2025E: 3,154 million yuan - 2026E: 3,715 million yuan - 2027E: 4,652 million yuan - Year-on-year growth rates for revenue are projected to be: - 2023A: -21.5% - 2024A: 49.5% - 2025E: 60.9% - 2026E: 17.8% - 2027E: 25.2% [1] - The net profit attributable to the parent company is projected as follows: - 2023A: -305 million yuan - 2024A: -403 million yuan - 2025E: -27 million yuan - 2026E: 137 million yuan - 2027E: 369 million yuan - Year-on-year growth rates for net profit are projected to be: - 2023A: -221.9% - 2024A: -31.9% - 2025E: 93.3% - 2026E: 608.1% - 2027E: 169.1% [1][3] Product Performance - The company's three main products saw revenue growth in Q2 2025: - Signal chain: 3.05 billion yuan (38% of total revenue), year-on-year increase of 18% - Power management: 2.68 billion yuan (33% of total revenue), year-on-year increase of 53% - Sensors: 2.29 billion yuan (28% of total revenue), year-on-year increase of 328% [2][3]
300572,实控人拟变更,复牌!
Zhong Guo Ji Jin Bao· 2025-08-05 13:18
Group 1 - The controlling shareholder of Anche Detection will change to Xirui Technology, and the actual controller will become non-existent after the completion of the equity change [2][4][8] - Xirui Technology plans to acquire 6.43% of Anche Detection's shares from the current controlling shareholder, He Xian Ning, as part of the first phase of the share transfer [4][8] - After the completion of the first phase, He Xian Ning will delegate voting rights of an additional 13.57% of shares to Xirui Technology [7][8] Group 2 - Anche Detection focuses on the vehicle inspection industry and is one of the few companies capable of providing both vehicle inspection systems and network supervision systems [9] - The company aims to extend its industrial chain and optimize its revenue structure through acquisitions and the establishment of new inspection stations [9] - Prior to the suspension of trading, Anche Detection's stock price had surged over 11%, closing at 26.01 yuan per share, with a total market value of 6 billion yuan [11]
【大佬持仓跟踪】CPO+华为,Ta全资子公司光模块厂商全球排名第八,已推出3.2T模块解决方案
财联社· 2025-07-22 03:59
Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making [1] - CPO, a subsidiary of Huawei, ranks eighth globally among optical module manufacturers and has launched a 3.2T module solution [1] - The company holds a 70% market share in the global sensor product segment and has expanded its client base in China to include major players like Huawei, ByteDance, and ZTE [1] - CPO is actively investing in silicon photonics and LPO products to enhance its market position [1]
湖北“智”造燃爆链博会 人形机器人舰队惊艳亮相北京
Chang Jiang Shang Bao· 2025-07-20 22:38
Group 1 - The third China International Supply Chain Promotion Expo (Chain Expo) recently opened in Beijing, showcasing over 20 emerging companies from Hubei's humanoid robot industry, featuring 89 exhibits [1][2] - Hubei's humanoid robot fleet, consisting of 20 robots, made a stunning debut, highlighting the province's significant role in the national humanoid robot industry [1][2] - The exhibition area dedicated to humanoid robots was the only one at the expo to comprehensively display the entire industry chain, from the robots themselves to core components [2][4] Group 2 - Hubei Province aims to seize the humanoid robot market with a development goal of "one year to start, three years to see results, and five years to establish" through policies, core technology breakthroughs, and industry chain collaboration [3] - A total of 14 companies presented 69 core components for humanoid robots, illustrating a complete and advanced "Hubei chain" that is self-controlled and technologically advanced [4][5] - The exhibition attracted significant attention from audiences, upstream and downstream enterprises, and investment institutions, indicating strong industry recognition of Hubei's manufacturing capabilities [5]
开特股份一季度营收大增48% 加速布局机器人赛道
Chang Jiang Shang Bao· 2025-06-24 23:44
Core Viewpoint - Kaite Co., Ltd. is establishing a joint venture to expand into the robotics and automotive sectors, reflecting its strategic growth and business development needs [1][3]. Group 1: Joint Venture Establishment - The company plans to collaborate with multiple entities, including Xi'an Xutong Electronics Technology Co., Ltd., to set up Wuhan Kaite Embodied Intelligent Equipment Co., Ltd. with a registered capital of RMB 5 million [2][3]. - Kaite Co., Ltd. will invest RMB 1.25 million for a 25% stake, while other partners will contribute varying amounts for their respective shares [2]. Group 2: Market Growth Potential - The robotics market in China is projected to grow at a compound annual growth rate (CAGR) of approximately 21% from 2024 to 2029, potentially exceeding RMB 410 billion by 2029 [3]. Group 3: Financial Performance - From 2018 to 2022, the company's revenue CAGR was 17.91%, and net profit CAGR was 45.38% [4]. - In 2023, the company reported revenue of RMB 655 million, a year-on-year increase of 27.22%, and a net profit of RMB 113 million, up 45.51% [4]. - For 2024, projected revenue is RMB 826 million, a 26.49% increase, with net profit expected to reach RMB 147 million, growing by 28.99% [4]. Group 4: Investment in Private Equity - The company plans to invest RMB 20 million in a private equity fund focused on automotive electronics, robotics, and low-altitude economy sectors, with a total fund commitment of RMB 51.01 million [5]. - This investment aims to leverage professional investment capabilities to enhance the company's strategic positioning in competitive automotive and technology markets [5].
加速赴港IPO,兆易创新股价跌超7%
Group 1 - The core point of the news is that Zhaoyi Innovation plans to issue H-shares for overseas listing on the Hong Kong Stock Exchange to enhance its global strategy and brand image, with a maximum issuance of 10% of the total share capital post-issuance [1] - The funds raised from the listing will be used to strengthen R&D capabilities, continue product and technology innovation, strategic investments and acquisitions, and global marketing and business network development [1] - Following the announcement, Zhaoyi Innovation's A-shares experienced a decline of over 6%, resulting in a total market capitalization of 78.6 billion yuan [1] Group 2 - In Q1 2024, Zhaoyi Innovation reported revenue of 1.909 billion yuan, a year-on-year increase of 17.32%, and a net profit attributable to shareholders of 235 million yuan, up 14.57% [2] - As of March 31, 2025, Zhaoyi Innovation had a strong cash reserve of 9.409 billion yuan in monetary funds and 100 million yuan in trading financial assets, with short-term borrowings of 970 million yuan and no long-term borrowings or payable bonds [2] Group 3 - Other semiconductor companies such as Jiangbolong, Naxinwei, and Jiehuate have also announced plans for listing in Hong Kong, indicating a trend of semiconductor firms seeking international expansion amid technological and geopolitical challenges [3] - The "A+H" listing model provides an efficient platform for international capital operations, allowing companies to access a more diversified international capital base [3] - According to CITIC Securities, a wave of A-share companies is expected to seek Hong Kong listings starting in the second half of 2025, with a significant increase in the number of companies disclosing plans for Hong Kong listings in April 2025 alone [3]