我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 8月， 半导体 现货市场 整体 仍然 较为 平淡 ， 但也有 部分 芯片 近期 热度 升高 ， 甚至有 缺 货 迹象 。我们整理了近期询价增多、热度较高的几款芯片型号，供大家参考 （不作 为 交易推荐） ： 1、持续升温的 NOR Flash「W25Q128JVSIQ」 NO.1 持续升 温的NOR Flash 2、去年火过的加速度计「ADXL355BEZ」 3、关税期间涨价的 TI 芯片「TPS5430DDAR」 4、好用但贵的稳压器「LTM4644IY#PBF」 5、从 Marvell 变成英飞凌旗下「88EA1512B2-NNP2A000」 6、近期价格暴涨「BCM84891LB0KFEBG」 7、热度突增的 TI 芯片「THS6222IRHFR」 8、紧俏的 MCU「EFM8BB51F16G-C-QFN20R」 W25Q128JVSIQ :价格小幅上 涨 除了W25Q128JVSIQ，华邦 64 Mbit 容量的 NOR Flash 芯片 W2 ...

Core Insights - The company reported significant growth in its financial performance for the first half of 2025, with revenue reaching 304 million yuan, a year-on-year increase of 47.82%, and net profit attributable to shareholders at 25 million yuan, up 171.65% [1] - The company successfully transitioned from a single product model to a diversified product growth strategy, enhancing its revenue and profitability [2][3] Financial Performance - In Q2 2025, the company achieved revenue of 169 million yuan, representing a year-on-year growth of 43.89% and a quarter-on-quarter increase of 25.19% [1] - The gross profit margin improved to 31.64%, an increase of 10.21 percentage points year-on-year, marking the highest level in nearly four years [1] Product Development and Market Position - The pressure product line became the main revenue driver, generating 133 million yuan in sales, a year-on-year increase of 67.05%, while the inertial sensor product line saw sales of 20 million yuan, up 98.82% [1][2] - The company has established a competitive edge in the market through collaborations and technological advancements, particularly in waterproof pressure gauges and micro-differential pressure products [2] Research and Innovation - The company invested 38.63 million yuan in R&D during the first half of 2025, focusing on innovations such as high signal-to-noise ratio, low-power digital microphones and sensors for AI applications [3] - New product developments include bone conduction acoustic sensors for AI glasses and six-dimensional force sensors based on MEMS technology, aimed at automotive and robotics applications [3] Investment Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 42 million, 99 million, and 180 million yuan respectively, with corresponding price-to-earnings ratios of 125, 54, and 29 times [3] - The ongoing enhancement of the pressure and inertial product lines is anticipated to sustain future growth [3]

Core Viewpoint - The company has secured short-term orders that exceed its total revenue for the entire year of 2024 [1]. Group 1: Inertial Sensors - Inertial sensors utilize inertial technology through embedded micro-mechanical chips (MEMS) and dedicated control circuit chips (ASIC) to sense the motion posture and trajectory of objects [3]. - These sensors do not rely on external information and do not radiate energy externally, making them highly effective in various applications [3]. - The main types of inertial sensors are gyroscopes, which sense angular velocity, and accelerometers, which sense linear acceleration, allowing for the calculation of an object's motion state relative to its initial position [5]. Group 2: Applications of Inertial Sensors - Inertial sensors are widely used across various fields, from strategic areas like satellite radar and aerospace to commercial sectors such as consumer electronics, humanoid robots, low-altitude economy, smart driving, drones, and oil exploration [5]. - The ability of inertial sensors to maintain navigation when GPS signals are lost, such as when a car enters a tunnel, highlights their critical role in modern technology [4].

据证券之星公开数据整理，近期芯动联科（688582）发布2025年中报。截至本报告期末，公司营业总收 入2.53亿元，同比上升84.34%，归母净利润1.54亿元，同比上升173.37%。按单季度数据看，第二季度 营业总收入1.65亿元，同比上升43.83%，第二季度归母净利润1.1亿元，同比上升89.4%。本报告期芯动 联科盈利能力上升，毛利率同比增幅6.61%，净利率同比增幅48.3%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率86.54%，同比增6.61%，净利率60.96%，同比增 48.3%，销售费用、管理费用、财务费用总计1801.37万元，三费占营收比7.12%，同比减24.12%，每股 净资产5.98元，同比增12.36%，每股经营性现金流0.47元，同比增110.18%，每股收益0.39元，同比增 178.57% 财务报表中对有大幅变动的财务项目的原因说明如下： 货币资金变动幅度为-32.89%,原因:用于现金管理的资金规模增加。 交易性金融资产变动幅度为101.87%,原因:本期末购买的结构性存款等理财增加。 预付款项变动幅度为46.33%,原因:预付原材料款的增加。 其他流动资产 ...

Core Viewpoint - The semiconductor industry is currently facing multiple pressures, including tightened IPO channels, increased competition, and a declining market environment, leading to survival challenges for mid-sized companies [2][3]. Group 1: Industry Challenges - The tightening of IPO channels has made financing increasingly difficult, with many companies struggling to meet performance metrics and revenue growth requirements [2]. - The semiconductor sector has entered a period of intense competition, particularly in the low-end chip market, where many small firms are facing existential threats [2][3]. - The industry is experiencing a "capital winter," characterized by increased IPO thresholds and reduced investment certainty in the primary market [2]. Group 2: Strategic Responses - Companies are actively seeking alternative paths to survival, including mergers and acquisitions, cross-industry collaborations, and attempts at "backdoor listings" [2][3]. - Mid-sized semiconductor firms are focusing on cost-cutting measures and building reserves to withstand cyclical risks while also exploring partnerships with listed companies [3]. Group 3: Case Study - Xirui Technology - Xirui Technology has faced multiple failed IPO attempts and is now pursuing a strategic acquisition to gain control of a listed company, which could provide a pathway to the capital market [4][5]. - The acquisition of Anche Detection by Xirui Technology allows it to become the controlling shareholder, potentially facilitating its entry into the capital market [6][9]. - This move is seen as a low-cost opportunity for Xirui Technology to secure a listing platform while addressing investor exit demands and ongoing financing needs [12]. Group 4: Case Study - Wantong Development - Wantong Development is investing 854 million yuan to acquire a majority stake in Shudao Technology, marking a significant step in its transition to the digital technology sector [13][16]. - Shudao Technology specializes in high-speed interconnect chips, which are critical for AI computing and data centers, aligning with market trends [17][20]. - The acquisition is expected to provide Wantong Development with new revenue streams and enhance its long-term growth prospects amid declining performance in its traditional real estate business [20]. Group 5: Case Study - Lvtong Technology - Lvtong Technology is acquiring a 51% stake in Damo Semiconductor, entering the semiconductor front-end measurement equipment sector to seek new growth engines [22][25]. - Damo Semiconductor has shown strong growth, with revenues increasing from 231 million yuan to 278 million yuan, indicating a robust market position [26]. - This acquisition aligns with the broader trend of domestic semiconductor equipment market growth, projected to reach 49 billion USD in 2024, driven by local supply chain replacements [27]. Group 6: Industry Trends - The semiconductor industry is witnessing a shift towards cross-industry mergers and acquisitions as companies seek to leverage external capital and resources for technological advancement [31][32]. - The contrast between successful cross-industry acquisitions and failed peer consolidations highlights the evolving landscape of the semiconductor sector [33][34]. - Companies must navigate valuation discrepancies, market risks, and technical integration challenges to achieve successful mergers and acquisitions [35].

Group 1 - The core viewpoint of the article highlights the increasing popularity of indirect listing methods due to tightened IPO regulations, exemplified by the acquisition of Anchek Detection by Shanghai Xirui Technology [1][2] - The transaction involves a change in control and presents an opportunity for Xirui Technology to enter the capital market [2] - The overall transaction plan includes Xirui Technology acquiring 20% of the voting rights in Anchek Detection through a combination of share purchase and voting rights delegation [3][4] Group 2 - The transaction is structured in two phases: the first phase involves purchasing 6.43% of shares for 322 million yuan at a discount, while the second phase involves the delegation of voting rights for an additional 13.57% [4] - Following the completion of the transaction, the actual controller of Anchek Detection will change to a "no actual controller" status [5] - The discounted price for control transfer is noted as being significantly lower than typical market rates, indicating a shift in market dynamics where companies are willing to sell control at lower prices to adapt to new industry trends [7] Group 3 - The acquisition signifies a shift where the asset itself, rather than the owner, becomes the controlling entity of the listed company [8] - This transaction serves as a case study for other companies looking to acquire shell companies, emphasizing that the goal is often to list assets rather than merely control a company [9] - Xirui Technology, established in 2012, is a leading player in the MEMS sensor field, indicating its strategic importance in sectors like smart automotive and consumer electronics [11] Group 4 - Xirui Technology's previous attempts to initiate an IPO in 2023 faced challenges, making this acquisition a strategic move towards a backdoor listing [12] - The sale of Xirui Technology's subsidiary for 683 million yuan to a listed company indicates ongoing strategic maneuvers within the industry [13] - The challenges of asset injection post-acquisition are highlighted, including potential accounting implications and the risk of being classified as a reverse takeover [15][17]

Core Viewpoint - STMicroelectronics announced the acquisition of NXP Semiconductors' MEMS sensor business for $950 million, expected to be completed in the first half of 2026, enhancing ST's strategic positioning in automotive electronics and industrial automation [1][2]. Group 1: Acquisition Details - The acquisition focuses on NXP's automotive safety sensors and industrial-grade pressure sensors, with projected revenue of approximately $300 million in 2024 and strong profit margins, which is expected to significantly enhance ST's profitability [1][2]. - The deal is seen as a major event in the global MEMS industry, potentially positioning ST's MEMS sensor business as the second largest globally, just behind Bosch [2]. Group 2: Strategic Rationale - The core motivation for the acquisition lies in technology complementarity and market synergy, allowing ST to create a comprehensive sensor matrix covering consumer, automotive, and industrial markets, particularly in active and passive automotive safety [2][4]. - ST's President of the MEMS and Sensors Division emphasized the strategic fit of the acquisition, which will strengthen ST's market position in key sensor markets [4]. Group 3: Financial Implications - Despite a reported operating loss of $133 million in Q2 2025, ST's decision to use existing liquidity for the acquisition reflects confidence in the long-term value of the acquired business [5]. - The high profit margins of NXP's MEMS business and the growth potential of the automotive MEMS market, projected to grow from approximately $5 billion in 2024 to over $10 billion by 2030, present a financial recovery opportunity for ST [5]. Group 4: Market Trends and Future Integration - MEMS sensors are evolving from single-function to integrated and intelligent solutions, with ST planning to combine NXP's sensor technology with its NPU to create "sensor + AI" solutions for applications in autonomous driving and industrial IoT [6]. - NXP's strategic decision to divest its non-core sensor business aligns with its focus on high-value areas such as automotive MCUs and radar chips, supporting its "software-defined vehicle" strategy [6]. Group 5: Regulatory Considerations - The acquisition is expected to face lower regulatory hurdles due to its smaller scale and strong business complementarity, although potential future market dominance by ST in the automotive MEMS sector may attract regulatory scrutiny [7]. - Recent trends in China's regulatory environment regarding semiconductor mergers provide a reference point for potential scrutiny of this transaction [7]. Group 6: Integration Strategy - Successful integration will depend on technological fusion and supply chain collaboration, leveraging ST's IDM model to accelerate product iteration and reduce costs through combined manufacturing resources [8]. - The integration of NXP's automotive sensor technology with ST's production capabilities is anticipated to enhance cost efficiency and market penetration for new products [8].

Core Viewpoint - The company has signed significant contracts with client P, indicating strong demand and growth potential in the coming years, with an upward revision of profit expectations and target price [1][4]. Group 1: Contract and Revenue Growth - The company announced a sales contract with client P for gyroscope and accelerometer products totaling 164 million yuan, expected to be completed in 2025 [1]. - Combined with a previous contract of 270 million yuan signed on January 17, the total confirmed revenue contracts for 2025 amount to 434 million yuan, surpassing the entire revenue of 400 million yuan for 2024 [1]. - The company is expected to see accelerated order growth in 2025, with an increase in product variety and repeat purchases from major clients [1]. Group 2: Financial Performance in Q1 2025 - In Q1 2025, the company reported revenue of 88 million yuan, a year-on-year increase of 291.8% but a quarter-on-quarter decrease of 33.9% [2]. - The net profit attributable to shareholders was 44 million yuan, reflecting a year-on-year increase of 2869.2% and a quarter-on-quarter decrease of 47.2% [2]. - The company achieved a gross margin of 83.9%, indicating stable order delivery quality and profitability [2]. Group 3: Future Outlook and Product Development - The impact of tariffs on the company is limited, as nearly 100% of revenue comes from domestic clients, with a supply chain primarily using non-U.S. suppliers [3]. - New product orders are expected to increase, with mass shipments of FM resonant accelerometers and pressure sensors since 2024, and the introduction of cost-effective six-axis IMU chips for the civilian market in 2025 [3]. - The company aims to expand its customer base in high-performance and high-reliability sectors, including commercial aerospace and autonomous driving [3]. Group 4: Profit Forecast and Valuation - The company has revised its revenue forecasts for 2025, 2026, and 2027 upwards by 10%, 10%, and 6% respectively, to 670 million, 940 million, and 1.26 billion yuan [4]. - The net profit forecasts for the same years have also been increased by 15%, 15%, and 14% to 360 million, 450 million, and 580 million yuan [4]. - The target price has been raised to 79.28 yuan, reflecting a premium over comparable company valuations due to expected profit growth [4].

Core Viewpoint - The recent "reciprocal tariffs" imposed by the U.S. have caused significant market fluctuations, but the company, ChipMotion Technology (688582), asserts that these tariffs do not have a direct major impact on its business operations [1][2]. Financial Performance - The company forecasts Q1 2025 revenue between 86 million to 89 million yuan, representing a year-on-year growth of approximately 283.34% to 296.71%, with net profit expected to be between 41 million to 46 million yuan, indicating a turnaround from losses [1]. - In 2024, the company achieved revenue of 405 million yuan, a year-on-year increase of 27.57%, and net profit of 222 million yuan, up 34.33% [2]. Business Operations - The company specializes in the research, testing, and sales of high-performance silicon-based MEMS inertial sensors, including gyroscopes and accelerometers, which are used in various applications such as navigation, posture sensing, and state monitoring [1]. - The company’s MEMS sensor chips have reached navigation-grade accuracy, positioning them competitively alongside international peers and filling a domestic gap in the high-performance MEMS inertial sensor market [1]. Market Dynamics - The company’s downstream clients are primarily domestic module manufacturers, and its end customers do not involve the U.S. market, thus mitigating any significant sales impact from the tariffs [2]. - The supply chain is mainly composed of domestic and non-U.S. suppliers, with some U.S. components having domestic alternatives, ensuring no major disruptions [2]. Product Development - The company has secured a major contract worth 270 million yuan for gyroscope sales, expected to be fulfilled by December 31, 2025, with stable supply chain operations unaffected by tariff changes [3]. - The company is expanding its production capacity for accelerometers, which are anticipated to see accelerated growth, with successful mass production of resonant FM accelerometers and dual-axis and tri-axis accelerometers [3]. Future Outlook - The company believes that inertial and pressure sensors are foundational in the industrial system, with broad applications that will support long-term revenue growth [3]. - The MEMS inertial sensors represent the third generation of products, expected to replace earlier generations, with applications in emerging fields such as smart driving, low-altitude operations, commercial aerospace, and robotics, providing significant growth opportunities [3].