Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company has seen significant revenue growth in the automotive electronics sector, with a 80% year-on-year increase in revenue from the automotive market, reaching 207 million yuan in 2024, accounting for 16.95% of total revenue [4]. - The wireless communication market is showing signs of recovery after a prolonged inventory destocking period, with demand expected to improve in the second half of 2024 [4]. - The acquisition of Chuangxinwei has enhanced the company's product and market layout in the consumer electronics sector, with Chuangxinwei's revenue growing by 23.01% year-on-year in 2024 [4]. - The company anticipates strong synergy between its own business and Chuangxinwei, leveraging its platform capabilities and Chuangxinwei's experience in the consumer market [4]. - Revenue forecasts for 2025-2027 are projected at 2.035 billion, 2.756 billion, and 3.631 billion yuan, with year-on-year growth rates of 67%, 35%, and 32% respectively [4]. Company Overview - The company, founded in 2012 and listed on the STAR Market in 2020, focuses on high-performance integrated circuit products, including signal chain and power management chips [13]. - As of the end of 2024, the company has over 2,800 products, including more than 200 automotive-grade chips [13][14]. - The company has a diverse application range, covering automotive electronics, communications, industrial applications, and consumer electronics [14]. Financial Analysis - The company experienced significant revenue growth in Q1 2025, achieving 422 million yuan, a 110.88% increase year-on-year, and turning a profit with a net profit of 15.56 million yuan [26]. - The company's revenue and net profit have shown volatility due to macroeconomic factors and industry cycles, with a five-year CAGR of 74% from 2017 to 2022 [26]. - In 2024, the company reported revenue of 975 million yuan from signal chain chips and 244 million yuan from power management chips, with year-on-year growth rates of 12.19% and 11.89% respectively [28]. Market Analysis - The global analog IC market is valued at over 80 billion USD, with China being a major participant [39]. - The company is positioned to benefit from the ongoing trend of domestic substitution in the semiconductor industry, particularly in the automotive and industrial sectors [50]. - The automotive chip market is expected to grow significantly, with projections indicating a market size of 180 billion USD in China by 2025 [62].

Investment Rating - The report assigns a "Buy" rating for the company, Si Rui Pu (688536), for the first time [1][9]. Core Views - The report highlights the resurgence of domestic substitution in the semiconductor industry, particularly in the signal chain sector, positioning Si Rui Pu as a leading player benefiting from this trend [6][8]. - The company is expected to achieve significant revenue growth, with projected net profits of 136 million, 301 million, and 406 million yuan for the years 2025 to 2027, respectively [2][9]. Summary by Sections Long-term Focus on Signal Chain and Power Management - Si Rui Pu has established itself as a leader in the signal chain chip industry, focusing on both signal chain and power management to drive growth [13]. - The company has a rich product portfolio that includes amplifiers, data converters, and power management solutions, catering to various applications such as automotive, communication, and industrial sectors [13][18]. Industry Recovery and Domestic Substitution - The report indicates that the analog chip industry is nearing a recovery phase, with inventory depletion almost complete, as evidenced by revenue growth from major players like Texas Instruments and ADI [6][7]. - The domestic supply rate for analog chips is currently low at 16%, suggesting substantial room for growth in domestic substitution as external trade uncertainties rise [6][7]. Si Rui Pu's Dual-Drive Strategy - The company is leveraging a dual-drive strategy of "signal chain + power management," rapidly expanding its product offerings, with over 2,800 products available for sale by the end of 2024 [8][9]. - Si Rui Pu is focusing on high-margin sectors such as industrial, automotive, and communication, where the domestic substitution rate remains low, indicating significant market potential [8][9]. Acquisition Strategy - The acquisition of Chuangxin Micro in October 2024 is expected to enhance Si Rui Pu's capabilities in power management and consumer electronics, with performance guarantees in place to ensure profit growth [6][8][9]. - This strategic acquisition is part of a broader platform strategy aimed at solidifying Si Rui Pu's position as a comprehensive leader in the analog chip market [8][9].

Summary of Conference Call on Analog Chip Industry Industry Overview - The conference focused on the analog chip industry, highlighting its characteristics such as not overly pursuing advanced processes and having a product lifecycle generally exceeding five years [1][3][29] - The analog chip sector is characterized by its broad applications across various fields including automotive, consumer electronics, and AI, which reduces its vulnerability to single industry shocks [1][2] Market Dynamics - Current market conditions show a recovery in downstream demand, particularly in AI, consumer electronics, and automotive sectors, which is stimulating growth in the domestic analog chip market [2][10] - The global analog chip market size is projected to reach approximately $130 billion by 2029, with China's market expected to exceed 300 billion RMB in 2023 [10][11] Competitive Landscape - The analog chip industry has a high entry barrier due to the need for experienced engineers and a long learning curve of 10 to 15 years for design expertise [7][29] - Major global players like Texas Instruments and Analog Devices dominate the market, holding a significant market share and competitive advantages due to their established technologies and production capabilities [12][13] Domestic Opportunities - Domestic manufacturers are positioned to capitalize on the current strategic development window, especially in high-end segments where they have historically lagged [2][3][21] - The local market share of domestic analog chips is currently below 20%, indicating significant room for growth as local firms make inroads into high-value segments [11][21] Demand Drivers - Key growth areas include: - **Automotive Sector**: The rise of electric and smart vehicles is expected to drive demand, with sales of new energy vehicles projected to grow from 1.3 million in 2020 to 13 million by 2024 [16][17] - **AI Servers**: The value of analog chips in AI servers is significantly higher than in traditional servers, with the market expected to reach $300 billion by 2025 [19] - **Industrial Automation**: The demand for analog chips in industrial applications is anticipated to grow due to trends in smart manufacturing and IoT [20] Challenges and Risks - Domestic firms face challenges from established overseas competitors who maintain pricing advantages and have a stronghold in high-precision segments [15][21] - The ongoing trade tensions and tariff negotiations may impact the competitive landscape, potentially benefiting local manufacturers as they seek to replace imported products [21][29] Conclusion - The analog chip industry is poised for growth driven by diverse applications and increasing demand in emerging sectors. Domestic manufacturers are encouraged to leverage current market conditions to enhance their market share and product offerings [30]

Investment Rating - The report maintains a "Buy" recommendation for the analog chip industry, indicating a positive outlook for growth and investment opportunities [1]. Core Insights - The analog chip industry is experiencing a recovery in demand, driven by the end of inventory destocking and a resurgence in applications across automotive, industrial automation, and data centers. The market is expected to grow by 6.7% year-on-year in 2025, reaching a size of $84.34 billion [4][6]. - The industry is characterized by high technical barriers and a wide range of applications, with a significant portion of the market still dominated by overseas companies. However, domestic companies are expected to benefit from accelerated localization efforts and mergers and acquisitions [5][6]. - The report highlights the importance of mergers and acquisitions as a key strategy for growth in the analog chip sector, with domestic firms entering a phase of platform integration to enhance competitiveness [6][7]. Summary by Sections Section 1: Overview of the Analog Chip Industry - Analog chips serve as a bridge between the physical and digital worlds, featuring a long product lifecycle and high customization [11]. - The global analog chip market share has remained stable at around 19% of the integrated circuit market, with a projected market size of approximately $81.23 billion in 2023 [11][19]. Section 2: Demand Recovery and Growth Potential - The analog chip market is expected to recover from a downturn, with a projected growth of 6.7% in 2025, driven by structural demand from sectors like automotive and industrial automation [6][39]. - The report identifies key growth drivers, including the increasing penetration of electric vehicles and advancements in AI applications, which are expected to boost demand for high-performance analog chips [6][61]. Section 3: Domestic Replacement and Market Opportunities - The report notes that the domestic market is still largely dominated by foreign companies, but there is significant room for domestic firms to increase their market share through localization and innovation [6][39]. - The domestic analog chip self-sufficiency rate is projected to rise from 9% in 2019 to over 16% by 2024, indicating a positive trend towards local production [6][38]. Section 4: Key Investment Targets - The report suggests focusing on specific companies such as Naxin Microelectronics, Shengbang Co., Si Rui Pu, and Jiehuate, which are well-positioned to benefit from the industry's growth and localization trends [7][39].

Company Overview - 3PEAK (思瑞浦微电子科技) focuses on developing high-performance, high-quality, and highly reliable integrated circuit products, including signal chain analog chips, power management analog chips, and mixed-signal analog front ends, providing comprehensive solutions for customers [1] Stock Performance - 3PEAK has experienced a decline in stock price, with a cumulative drop of -9.41% over five consecutive trading days as of June 12 [1] Fund Holdings - Two funds managed by Wan Jia Fund have entered the top ten shareholders of 3PEAK. Wan Jia Industry Preferred Mixed Fund (LOF) maintained its position in the first quarter of this year, while Wan Jia Independent Innovation Mixed A Fund has newly entered [1] Fund Performance - Wan Jia Industry Preferred Mixed Fund (LOF) has achieved a year-to-date return of 22.42%, ranking 322 out of 4431 in its category. Wan Jia Independent Innovation Mixed A Fund has a year-to-date return of 12.89%, ranking 810 out of 4431 [2] Fund Manager Profile - The fund manager for both funds is Huang Xingliang, who holds a Ph.D. from Tsinghua University and has over ten years of experience in the investment management industry [5][6]

Core Viewpoint - 3PEAK has experienced a decline in stock price over four consecutive trading days, with a cumulative drop of -5.50%. The company focuses on developing high-performance, high-quality, and highly reliable integrated circuit products, including signal chain analog chips and power management analog chips, providing comprehensive solutions for customers [1]. Group 1: Company Performance - 3PEAK has seen a stock price decrease of -5.50% over the last four trading days [1]. - The company specializes in integrated circuit products, including signal chain analog chips and power management analog chips [1]. Group 2: Fund Holdings - Two funds managed by Wan Jia Fund have entered the top ten shareholders of 3PEAK, namely Wan Jia Industry Preferred Mixed (LOF) and Wan Jia Independent Innovation Mixed A [1]. - Wan Jia Industry Preferred Mixed (LOF) has a year-to-date return of 27.68%, ranking 78th out of 4548 in its category, while Wan Jia Independent Innovation Mixed A has a year-to-date return of 18.99%, ranking 196th out of 4548 [2]. Group 3: Fund Manager Profile - The fund manager for both Wan Jia funds is Huang Xingliang, who holds a Ph.D. from Tsinghua University and has over ten years of experience in the investment management industry [5][6]. - Huang Xingliang has managed multiple funds since joining Wan Jia Fund Management Company in November 2018, including various mixed-type funds [5][6].

Company Overview - The company, Si Rui Pu, is engaged in the research and sales of integrated circuit design, focusing on high-performance, high-quality, and high-reliability products [4][18] - The main business includes the development and sales of analog and mixed-signal integrated circuits, covering various applications such as new energy, automotive, communication, industrial, and healthcare [4][18] Financial Performance - In the first quarter of 2025, the company achieved operating revenue of 421.79 million yuan, a year-on-year increase of 110.88% and a quarter-on-quarter increase of 13.59% [34] - The net profit attributable to shareholders was 15.56 million yuan, marking a turnaround from losses [34] - The gross profit margin for the first quarter was 46.43%, showing a slight year-on-year decline but a quarter-on-quarter improvement [34] Industry Context - The global semiconductor market is projected to reach a size of 627.6 billion USD in 2024, reflecting a growth of 19.1% compared to 2023 [14] - The domestic integrated circuit industry in China is expected to see double-digit growth in both production and export volumes in 2024, with significant contributions from sectors like AI and smart vehicles [15][16] - The analog chip market is anticipated to grow to 79.43 billion USD in 2024, driven by demand from consumer electronics, automotive electronics, and industrial control [16][17] Technological Trends - The company is focusing on high-performance and low-power designs, as well as high integration and multi-functionality in its analog chip offerings [20][21] - Innovations in manufacturing processes and packaging technologies are being pursued to enhance product performance and reliability [22] Market Applications - The company’s products are widely used in various sectors, including communication, automotive, and industrial automation, with a growing demand for analog chips in 5G technology and electric vehicles [23][25][28] - The renewable energy sector, particularly solar and energy storage, is expected to drive further demand for analog chips due to the increasing installation of solar power systems and energy storage solutions [26][27]

Company Overview - Jiangsu Diao Microelectronics Co., Ltd. focuses on the research, design, and sales of high-performance analog chips, with a product line that includes over 1,800 models [7][8] - The company operates under a Fabless model, outsourcing manufacturing and testing to specialized firms while concentrating on product development [10][16] - The company has established stable partnerships with major electronic component distributors and well-known end customers such as OPPO, Xiaomi, and Qualcomm [8][27] Financial Performance - For the first quarter of 2025, the company reported a revenue of approximately RMB 76.57 million from signal chain products and RMB 76.21 million from power management products, accounting for 50.12% and 49.88% of total revenue, respectively [30] - The gross profit margin for the same period was 47.45%, an increase of 1.76 percentage points compared to the previous year [31] Industry Context - The global analog chip market is projected to reach USD 79.43 billion in 2024, with an expected growth to USD 83.16 billion in 2025, representing a 4.7% increase [23] - China's analog chip market is the largest globally, with a market share exceeding one-third, and is expected to grow from RMB 302.6 billion in 2023 to RMB 317.58 billion in 2024 [23][24] - The industry is characterized by a fragmented competitive landscape, with the top five global players holding a combined market share of 52% [23] Product and Technology - The company's product offerings include signal chain analog chips and power management analog chips, which are essential for various electronic devices [9][25] - The design of analog integrated circuits requires high expertise, with a learning curve of 10-15 years, emphasizing the importance of experienced engineers in the field [25][26] - The company has developed advanced products such as high-performance operational amplifiers and high-efficiency power management components, achieving international standards [27][28]