转自：智通财经 注：智通财经VIP为内容资讯产品，并非投资建议。以下内容仅为资讯价值展示非对相关公 司的推荐建议，非未来走势预测。投资有风险，入市需谨慎。 喜迎国庆，智通财经VIP两大惊喜活动邀请您参与，9月22日-9月30日享福利+欢乐超一周！ 活动一：猜9月30日收盘沪指点位，参与即可0元体验VIP，更有机会赢订制"牛运"摆件。 活动二：《九点特供》VS《智通财经早知道》，留言票选你心仪的资讯内参，与主编交流互动领文章 解锁券，人气栏目国庆享8折低价购。 市场热点一 有色金属 消息面上，中国有色金属工业协会铜业分会表示坚决反对铜冶炼行业"内卷式"竞争。此外，全球第二大 铜矿——印尼格拉斯伯格矿区因泥石流事故宣布"不可抗力"而停产。 《九点特供》：盘前必读的特供早报。 9月26日08:12《九点特供》 解读龙头板块金属铜，指出自由港麦克莫兰公司旗下的印尼 GrasbergBlockCave铜矿发生了泥石流事故，该矿属于世界第二大铜矿，2024年占全球供应量的4%，此 调整可能导致2026年全球铜供需短缺扩大至72.5万吨，约占总供给的2.6%，并提及精艺股份，其在9月 26日收获涨停。 中信证券表示，从产能 ...

9月25日，赛微微电跌5.17%，成交额2.51亿元。两融数据显示，当日赛微微电获融资买入额4860.98万 元，融资偿还4703.59万元，融资净买入157.39万元。截至9月25日，赛微微电融资融券余额合计4.82亿 元。 分红方面，赛微微电A股上市后累计派现1.01亿元。 机构持仓方面，截止2025年6月30日，赛微微电十大流通股东中，鹏华优选成长混合A（010488）位居 第七大流通股东，持股143.13万股，相比上期增加21.57万股。鹏华动力增长混合(LOF)（160610）位居 第八大流通股东，持股110.96万股，相比上期增加12.30万股。鹏华产业升级混合A（011568）位居第九 大流通股东，持股60.50万股，相比上期增加6649.00股。国泰君安君得明混合（952004）退出十大流通 股东之列。 责任编辑：小浪快报 资料显示，广东赛微微电子股份有限公司位于广东省东莞市松山湖园区科技十路2号56栋，成立日期 2009年11月2日，上市日期2022年4月22日，公司主营业务涉及模拟芯片的研发和销售,主营产品以电池 管理芯片为核心,并延展至更多种类的电源管理芯片,具体包括电池安全芯片、电池计 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The launch of the new ASIL-D functional safety grade automotive SBC SC6259XQ will support automotive intelligence, integrating multiple power sources in a single chip [2][3]. - The company is experiencing a growth phase with a 21.08% year-on-year revenue increase to 785 million yuan in Q2 2025, driven by product line expansion and entry into high-end consumer electronics and smart automotive electronics [3]. - Future revenue projections are optimistic, with expected revenues of 3.31 billion yuan in 2025, 4.21 billion yuan in 2026, and 5.30 billion yuan in 2027, alongside net profits of 331 million yuan, 452 million yuan, and 608 million yuan respectively [4][6]. Financial Forecasts and Metrics - Revenue for 2024 is projected at 2.567 billion yuan, with a growth rate of 44.19%, and is expected to grow at rates of 28.78%, 27.29%, and 25.94% in the following years [6][13]. - The company's EBITDA is forecasted to increase from 267.87 million yuan in 2024 to 703.60 million yuan in 2027 [6]. - The net profit margin is expected to stabilize around 10% by 2027, with a projected net profit of 607.60 million yuan [6][13]. - The company’s P/E ratio is projected to decrease from 71.05 in 2024 to 35.89 in 2027, indicating potential valuation improvement [6][13].

Summary of Nanxin Technology Conference Call Company Overview - **Company**: Nanxin Technology - **Industry**: Semiconductor, specifically in charge pump and charging management chips Key Points and Arguments 1. **Rapid Growth in Fast Charging Market**: Nanxin Technology achieved rapid growth in the fast charging market in 2021 due to its charge pump technology, with significant revenue increases driven by high wattage fast charging technology upgrades [2][4] 2. **New Product Launches**: Starting in 2024, new products such as OLED Power, BMS, wireless charging, multi-in-one solutions, and ACDC are expected to ramp up, with growth rates surpassing traditional charge pump business, laying a solid foundation for growth in 2025 and beyond [2][5] 3. **Experienced Management Team**: The core management team has experience from leading international analog chip companies like Texas Instruments and Linear Technology, which aids in accurately grasping product direction and enhancing core competitiveness in automotive and industrial sectors [2][6] 4. **Concentrated Shareholding Structure**: The actual controller, Mr. Ruan, holds over 30% of shares through an indirect employee platform, which supports proactive product layout. The introduction of strategic investors like Anker and Xiaomi before the IPO reflects high recognition of the company's technological strength [2][7] 5. **Increased R&D Investment**: Since its IPO, Nanxin Technology has increased R&D investment and attracted quality R&D personnel to ensure long-term growth points. Stock incentives are used to align core employees with company development goals [2][8][9] 6. **Revenue Growth**: The company has maintained over 30% annualized revenue growth since 2021, with a 17.6% year-on-year increase in the first half of 2025. The introduction of new products in the second half is expected to drive annual revenue growth above 30% [2][10] 7. **Gross Margin Recovery**: Although the gross margin slightly declined in the first half of the year, it is expected to recover to around 40% in the second half due to the ramp-up of high-margin products [2][10] 8. **Challenges and Responses**: The company faces challenges from an increase in low-margin products affecting overall gross margin. However, by focusing on high-margin products like BMS and OLED Power, the company anticipates a recovery in gross margin [2][11] 9. **Future Revenue Growth from Samsung**: In 2026, revenue from Samsung is expected to grow significantly as more models are introduced. The company has established end-to-end solutions, particularly in the mobile market, which constitutes a major part of its revenue [2][12][13] 10. **Focus on Automotive and Industrial Markets**: Approximately 50% to 60% of R&D resources are allocated to automotive and industrial products, including AI server-related product matrices, which are crucial for future growth [2][14] 11. **Long-term Growth Prospects**: As a leading domestic analog chip company, Nanxin Technology is well-positioned for future growth, particularly with the ramp-up of automotive, industrial, and AI-related products, ensuring a solid foundation for long-term growth [2][15] Additional Important Information - **Market Reach**: The company has a broad customer base, including major domestic and international smartphone brands such as Huawei, OPPO, Vivo, Xiaomi, Honor, and Samsung [3] - **Complete Solution Offering**: Nanxin Technology has achieved a complete solution layout from mobile devices to charging heads, enhancing the value per unit to $3-4 [4][11]

Core Viewpoint - The report summarizes the continuous supervision work conducted by CITIC Securities for Shanghai Nanchip Semiconductor Technology Co., Ltd. during the first half of 2025, highlighting the company's compliance with regulations and the status of its operations. Continuous Supervision Work - CITIC Securities has established and effectively executed a continuous supervision work system for Nanchip Technology, including signing a supervision agreement to clarify rights and obligations [1][2] - The supervision included daily communication, regular visits, on-site inspections, and due diligence, ensuring compliance with laws and regulations [1][2] - No violations or breaches of commitments were reported during the supervision period [1][3] Financial Performance - The company's operating income for the first half of 2025 was approximately 1.47 billion yuan, representing a 17.60% increase compared to the same period last year [8] - Total profit decreased by 41.41% to approximately 120 million yuan, attributed to increased R&D investments [8] - The net profit attributable to shareholders decreased by 40.21%, with basic and diluted earnings per share dropping by 39.58% to 0.29 yuan [9][8] R&D Investment - R&D expenses amounted to approximately 282 million yuan, a 54.62% increase from the previous year, representing 19.21% of operating income [9][18] - The number of R&D personnel increased by 71.82% to 756, accounting for 68.35% of the total workforce [10][18] Core Competitiveness - The company has developed a comprehensive proprietary technology system, focusing on market insights and R&D innovation to enhance competitiveness [10][11] - Nanchip Technology has received recognition from major domestic smartphone brands, establishing a leading position in the wired charging management chip market [13][14] Risk Factors - The company faces several risks, including product development and technology innovation risks, core technology leakage risks, management risks due to scale expansion, and fluctuations in gross profit margins [3][4][5][6] - The gross profit margin at the end of the reporting period was 36.97%, a decrease of 4.32 percentage points from the previous year [5] Compliance and Governance - The company has established a quality management system in accordance with IATF16949 standards, achieving ASIL-D certification for functional safety management [15] - There were no major violations reported during the supervision period, and the company complied with regulations regarding the use of raised funds [7][22]

Group 1 - The core point of the news is that Saiwei Microelectronics (688325) announced a plan for shareholders to transfer up to 15.51 million shares, representing no more than 18% of the company's total equity, to non-related third parties and related entities of Wuyuefeng Investment, without changing the company's control [1] - The share transfer will occur within six months after the announcement, following compliance requirements, and is part of a long-term strategic layout [1] - Wuyuefeng Investment and its partners have held their shares for over eight years, and the reduction aligns with the typical exit strategy of equity investment funds [1] Group 2 - The introduction of non-related third parties is expected to bring strategic or industrial investors to Saiwei Microelectronics, potentially enhancing funding and fostering collaboration in technology and market expansion [2] - After the share transfer, Wuyuefeng Investment and its partners will indirectly hold approximately 10.55% of the company's shares, indicating continued confidence in the company's prospects [2] - Saiwei Microelectronics focuses on the research and sales of analog chips, primarily battery management chips, and has expanded its product range to include battery safety chips and charging management chips [2] Group 3 - In Q1, Saiwei Microelectronics achieved revenue of 91.26 million yuan, a year-on-year increase of 42.83%, and a net profit of 15.61 million yuan, up 110.43% year-on-year [3] - The growth in revenue is attributed to sustained demand in the downstream market, product expansion, and increased market share [3] - The company is actively enhancing its product offerings and customer base, contributing to overall revenue growth [3]

Core Insights - Nanchip Technology (688484) successfully listed on April 7, 2023, and has since become a leading integrated circuit company in China, focusing on semiconductor chip R&D, production, and sales across various sectors including charging management, battery management, and automotive electronics [1][2] - The company has shown steady revenue growth, achieving operating income of 1.78 billion yuan in 2020, which increased to 1.78 billion yuan in 2023, reflecting a significant rise in the integrated circuit industry [2] - Despite a decline in market capitalization from 25.137 billion yuan at the time of listing to 14.159 billion yuan by April 7, 2025, indicating a nearly 44% drop, the company continues to invest in business expansion and technology enhancement [2][3] Financial Performance - In 2023, Nanchip Technology reported operating income of 1.78 billion yuan, a year-on-year increase of 36.87%, while net profit attributable to shareholders was 261 million yuan, up 6.15% [2] - The company experienced a significant revenue increase of 451.96% in 2021, with net profit soaring by 3159.93%, primarily due to initial business expansion and a high base effect [2] - The growth in revenue has been consistent since 2020, but the rate of net profit growth has slowed, likely due to increased R&D investment, intense market competition, and capacity expansion [2] Market Position and Future Plans - Nanchip Technology is actively expanding its business layout, particularly in the chip testing sector, and plans to establish a chip testing industrial park in Jiaxing, which is expected to enhance its R&D and production capabilities for automotive-grade chips and high-performance products [3] - The establishment of a semiconductor subsidiary in Zhejiang further demonstrates the company's commitment to deepening its industry chain layout [1]

股票简称：南芯科技 股票代码：688484 上海南芯半导体科技股份有限公司 （中国（上海）自由贸易试验区盛夏路 565 弄 54 号（4 幢）1601） 特别提示 上海南芯半导体科技股份有限公司（以下简称"南芯科技"、"发行人"、 "本公司"或"公司"）股票将于 2023 年 4 月 7 日在上海证券交易所科创板上 市。本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在 新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 本上市公告书中所引用数据，如合计数与各分项数直接相加之和存在差异， 或小数点后尾数与原始数据存在差异，可能系由精确位数不同或四舍五入形成 的。 1 第一节 重要声明与提示 一、重要声明与提示 首次公开发行股票科创板上市公告书 保荐人（主承销商） （北京市朝阳区安立路66号4号楼） 二零二三年四月六日 （一）本公司及全体董事、监事、高级管理人员保证上市公告书所披露信 息的真实、准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或者重 大遗漏，并依法承担法律责任； （二）上海证券交易所、有关政府机关对本公司股票上市及有关事项的意 见，均不表明对本公司的任何保证； （三）本 ...

本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业绩不稳 定、退市风险高等特点,投资者面临较大的市场风险。投资者应充分了解科创板的投资风 险及本公司所披露的风险因素，审慎作出投资决定。 上海南芯半导体科技股份有限公司 （中国（上海）自由贸易试验区盛夏路 565 弄 54 号（4 幢）1601） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 上海南芯半导体科技股份有限公司 招股说明书 2-21-1-1 发行股票类型 人民币普通股（A 股） 发行股数 本次公开发行股票数量为 6,353.00 万股，占发行后总股本的比 例为 15%。本次发行全部为发行新股，不涉及公司股东公开发 售股份。 每股面值 人民币 1.00 元 每股发行价格 39.99 元/股 发行日期 2023 年 3 月 24 日 拟上市证券交易所和板块 上海证券交易所科创板 发行后总股本 42,353.00 万股 保荐人（主承销商） 中信建投证券股份有限公司 招股说明书签署日期 2023 年 3 月 30 日 发行概况 上海南芯半导体科技股份有限公司 招股说明书 声明及承 ...

定、退市风险高等特点,投资者面临较大的市场风险。投资者应充分了解科创板的投资风 险及本公司所披露的风险因素，审慎作出投资决定。 上海南芯半导体科技股份有限公司 （中国（上海）自由贸易试验区盛夏路 565 弄 54 号（4 幢）1601） 首次公开发行股票并在科创板上市 招股意向书 声明及承诺 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业绩不稳 上海南芯半导体科技股份有限公司 招股意向书 | 发行股票类型 | 股） 人民币普通股（A | | | --- | --- | --- | | 发行股数 | 本次公开发行股票数量为 6,353.00 例为 | 万股，占发行后总股本的比 15%。本次发行全部为发行新股，不涉及公司股东公开发 | | | 售股份。 | | | 每股面值 | 人民币 元 1.00 | | | 每股发行价格 | 【】元 | | | 预计发行日期 | 2023 年 3 月 24 | 日 | | 拟上市证券交易所和板块 | 上海证券交易所科创板 | | | 发行后总股本 | 42,353.00 万股 | | | 保 ...