点击招商研究小程序查看PDF报告原文 思瑞浦产品布局涵盖信号链类和电源管理类模拟芯片，广泛覆盖泛工业、汽车、泛通讯和消费等下 游。思瑞浦发布2024年年报和2025年一季报，结合公告信息，点评如下： 创芯微并表助力公司做大营收体量，25Q1单季度归母已经实现扭亏为盈。 2024年：营收12.2亿 元，同比+11.52%，包括创芯微24M11-M12并表5882万元营收，其中信号链类产品占80%、电 源类产品占20%，归母净利润亏损1.97亿元，扣非归母净利润亏损2.81亿元。毛利率48.19%，同 比-3.6pcts，其中信号链类产品毛利率50.1%，同比-4.18pcts，电源类产品毛利率40.52%，同 比-1.76pcts。25Q1：营收4.22亿元，同比+110.9%/环比+13.6%，毛利率46.43%，同 比-1.21pcts/环比+1.16pcts，归母净利润1556万元，同环比均实现扭亏，为23Q4单季持续亏损 以来的首次单季归母盈利，净利率3.69%，扣非归母净利润174万元。 汽车电子业务成长速度较快，泛通讯低谷已过，泛工业业务边际逐步转暖。 由于创芯微25Q1整季 度并表后带来消费电子业 ...

Core Viewpoint - The company, Shengbang Microelectronics, focuses on high-performance analog integrated circuits, reporting significant revenue and profit growth in the latest fiscal year despite a challenging global semiconductor market [14][18]. Company Overview - Shengbang Microelectronics specializes in the research, development, and sales of high-performance analog integrated circuits, covering signal chain and power management sectors with over 5,900 products [5][6]. - The company operates under a fabless model, outsourcing manufacturing to foundries like TSMC, ensuring high-quality production standards [11]. Financial Performance - In the latest reporting period, the company achieved a revenue of 334.7 million yuan, a year-on-year increase of 27.96%, and a net profit of 49.1 million yuan, up 81.95% [14]. - The profit distribution plan includes a cash dividend of 2 yuan per 10 shares and a capital reserve conversion of 3 shares for every 10 shares held [4]. Business Model - The company employs a sales model primarily based on distribution, which enhances efficiency given the broad customer base [12]. - R&D is a core competency, with 74.09% of employees dedicated to research, leading to the filing of 162 new patents [10]. Market Dynamics - The semiconductor industry is experiencing a recovery phase, with increasing demand for high-performance components driven by emerging technologies like AI and robotics [13][18]. - Despite a slow growth outlook for the integrated circuit industry in 2024, long-term demand is expected to rise due to advancements in various sectors [18]. Product Development - The company launched over 700 new products during the reporting period, enhancing its product diversity and market competitiveness [15][16]. - New products include advanced voltage reference chips and high-efficiency DC/DC converters, catering to various applications across multiple industries [15]. Customer Expansion - The company has expanded its customer base significantly, serving thousands of clients across various sectors, including industrial control and automotive electronics [17]. - It is actively pursuing opportunities in emerging markets such as IoT, renewable energy, and AI, positioning itself for future growth [17].