Core Viewpoint - The rapid development of downstream markets such as automotive, servers, and communications in China is driving a significant increase in the demand for multi-phase power supplies, which is becoming a notable growth market in the semiconductor sector. By 2024, the demand for multi-phase power supplies in China is expected to reach 22.0139 million sets, a year-on-year increase of 17.0%, with a market size of 11.342 billion yuan, a year-on-year increase of 20.0% [1][10]. Overview - Multi-phase power supplies convert electrical energy to higher or lower voltage, current, or power, primarily serving the power supply needs of high-load chips like CPUs and GPUs. The term "phase" refers to the number of parallel combinations of inductors and MOS power devices [2][5]. - A multi-phase power supply consists of a controller and several power stages, utilizing PWM (Pulse Width Modulation) technology to control output voltage and frequency, requiring high design and manufacturing standards [2][5]. Industry Chain - The upstream of the multi-phase power supply industry includes semiconductor materials, electronic components, and EDA tools. The midstream involves design, manufacturing, packaging, and testing, while the downstream applications include automotive, servers, desktop computers, communications, and consumer electronics [8][9]. Market Demand - The automotive sector is the largest demand market for multi-phase power supplies in China, expected to account for over 50% of the market by 2024. The automotive industry is a crucial pillar of the national economy, with China being the world's largest automobile producer for 16 consecutive years [9][10]. Competitive Landscape - The multi-phase power supply market is primarily dominated by overseas leaders such as TI, Infineon, and MPS. Domestic companies like Jingfeng Mingyuan, Silergy, and Jiewater are emerging players, with Jingfeng Mingyuan being the first domestic power chip company to enter NVIDIA's recommended supplier list [11][12]. Development Trends - The multi-phase power supply industry in China is accelerating its shift towards emerging markets such as AI computing and intelligent driving. In the server sector, the dependence on high-performance chips is increasing, making multi-phase power supplies essential for stable operation. In the automotive sector, the demand for high current power supply is driving upgrades to high integration solutions [14][15].

Core Insights - Jiewaite reported a revenue of approximately 1.942 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 63.01%, while the net loss attributable to shareholders narrowed to about 460 million yuan, a reduction of 9.29% year-on-year [1][2] Group 1: Company Performance - Jiewaite has maintained stable revenue growth for seven consecutive quarters, achieving a revenue growth rate exceeding 70% year-on-year for the first three quarters of 2025 [2] - The company has invested a total of 679 million yuan in R&D for the first three quarters of 2025, accounting for 34.96% of its revenue [2] - Jiewaite's product offerings have expanded to over 3,200 models, covering sectors such as new energy, communications, security, automotive electronics, and computing control [2] Group 2: Market Trends - The analog chip market is gradually recovering, driven by accelerated domestic substitution and innovative applications in downstream industries [3] - Major industry players like Texas Instruments have reported revenue recovery and price increases, positively influencing market expectations [3] - The average gross margin of 16 key analog chip manufacturers improved from 34.4% in Q4 2023 to 36.3% in the first half of 2025, indicating a recovery trend in the industry [3] Group 3: Strategic Initiatives - Jiewaite is focusing on expanding its signal chain product line, having acquired a 40.9% stake in Tianyi Hexin for 319 million yuan, which will enhance its product offerings in optical sensing and health detection [2] - The company is leveraging its core business in power management chips while expanding into emerging fields such as AI, computing, new energy, and automotive electronics [3] - With the overall gross margin recovery in the analog chip sector, Jiewaite is positioned to achieve performance recovery and growth momentum through product upgrades and strategic acquisitions [3]

Core Viewpoint - The company has achieved significant revenue growth and is expanding its product capabilities into high-end sectors such as AI and automotive, indicating strong future potential [1][2][3]. Group 1: Financial Performance - In Q3 2025, the company reported revenue of 910 million yuan, a year-on-year increase of 40.26% and a quarter-on-quarter increase of 15.97%, marking the 11th consecutive quarter of growth [1]. - The net profit attributable to shareholders was 69 million yuan, reflecting a year-on-year growth of 2.82% and a quarter-on-quarter increase of 15.78% [1]. - The gross margin was 36.99%, with a quarter-on-quarter improvement of 1.07 percentage points, while the net margin remained stable at 7.39% [1]. Group 2: Product Development and Market Expansion - The company is focusing on high-end consumer electronics, automotive, and AI sectors, which are expected to drive margin recovery [1]. - Recent product launches include multi-phase controllers and LLC SR controllers for AI power applications, showcasing the company's innovation in high-efficiency power management solutions [2]. - The company plans to issue convertible bonds to raise up to 1.933 billion yuan for investments in AI server power, smart automotive electronics, and industrial sensors, aiming for diversified growth [2]. Group 3: Strategic Outlook - The company is well-positioned in the domestic analog chip design market, leveraging its stable consumer product base while expanding into new growth areas [1][3]. - Revenue projections for 2025-2027 are estimated at 3.405 billion yuan, 4.269 billion yuan, and 5.341 billion yuan, with net profits expected to be 310 million yuan, 483 million yuan, and 653 million yuan respectively [3]. - The management team demonstrates strong industry insight and actively participates in R&D, sales, and supply chain management, enhancing strategic positioning [1].

Core Viewpoint - Nanchip Technology plans to raise 1.933 billion yuan through convertible bonds to invest in three high-growth areas: smart computing power, automotive chips, and industrial sensors, aiming for strategic expansion and technological advancement [1][2][6]. Group 1: Investment Projects - The total investment for the three projects is approximately 4.592 billion yuan for smart computing power chips, 8.433 billion yuan for automotive chips, and 6.318 billion yuan for industrial sensor chips, summing up to 19.333 billion yuan [2][4]. - The smart computing power project focuses on developing multi-phase controllers and DrMOS chips to enhance the company's position in the PC, data center, and edge computing sectors [3][4]. - The automotive chip project addresses the low domestic chip localization rate, aiming to provide domestic alternatives to enhance supply chain security [4][5]. Group 2: Financial Performance - Nanchip Technology has shown robust growth, with revenue increasing from 1.301 billion yuan in 2022 to 2.567 billion yuan in 2024, and net profit rising from 246 million yuan to 307 million yuan during the same period [5]. - In the first half of 2025, the company achieved a revenue of 1.470 billion yuan, reflecting a year-on-year growth of 17.6% [5]. Group 3: Research and Development - The company invested 282 million yuan in R&D in the first half of 2025, a significant increase of 54.62% year-on-year, with 68.35% of its workforce dedicated to R&D [5][6]. - Nanchip Technology has developed key technologies such as multi-phase control technology for smart computing and high-side driver technology for automotive applications, positioning itself strongly in these markets [7][8]. Group 4: Market Position and Strategy - The company has established deep partnerships with leading brands in consumer electronics, such as Xiaomi and OPPO, and has entered the supply chains of several automotive manufacturers, facilitating quicker product validation and integration [8][9]. - The funding from the convertible bonds is expected to accelerate the implementation of these projects, potentially initiating a new growth cycle for the company [9].

Core Viewpoint - The company achieved record revenue in the first half of 2025, indicating a strong recovery in the semiconductor industry, particularly in the automotive and computing sectors, while also narrowing its net loss, suggesting a potential operational turning point [1][2]. Financial Performance - In the first half of 2025, the company reported revenue of 1.187 billion yuan, a year-on-year increase of 58.20%, marking a historical high for semi-annual performance [1][2]. - The net loss attributable to shareholders was 295.09 million yuan, a year-on-year reduction of 12.44%, indicating positive improvement [2]. Research and Development - The company invested 420 million yuan in R&D in the first half of 2025, a more than 30% increase from 320 million yuan in the same period last year [3]. - The number of R&D personnel reached 1,022, accounting for 61.49% of the total workforce, with a year-on-year growth of 60.94% [3]. - The company has applied for 1,550 domestic and international patents, with 768 patents granted, showcasing its strong innovation capabilities [3]. Market Trends and Opportunities - The semiconductor industry is in a state of recovery, with significant growth potential in the automotive-grade chip market, driven by the increasing demand for high-performance semiconductor products [1][4]. - The AI sector is emerging as a key growth driver, with high demand for power management solutions and efficient semiconductor products [4]. - The automotive electronics market is rapidly expanding, with projections indicating a compound annual growth rate (CAGR) of over 25% for new energy vehicle sales in China from 2025 to 2030 [4]. Strategic Initiatives - The company is pursuing a dual strategy of "technology leadership + ecological layout" to penetrate emerging markets [4]. - Recent acquisitions of semiconductor companies have expanded the company's product offerings and market reach, particularly in signal chain products and power management [5]. - The company is actively pursuing a listing on the Hong Kong Stock Exchange to enhance its capital structure and global brand presence [5].

Core Viewpoint - The company achieved a record high revenue of 1.187 billion yuan in the first half of 2025, marking a year-on-year growth of 58.20%, while narrowing its net loss to 295.09 million yuan, indicating potential operational improvement [1][2]. Financial Performance - In the first half of 2025, the company reported revenue of 1.187 billion yuan, a historical high, with a nearly 60% growth rate in single-quarter revenue since 2024, reflecting a significant upward trend [2]. - The net profit attributable to shareholders was 295 million yuan, a year-on-year decrease of 12.44%, signaling positive signs of improvement despite ongoing losses [2]. Research and Development - The company invested 420 million yuan in R&D in the first half of 2025, an increase of over 30% compared to 320 million yuan in the same period last year, with R&D personnel accounting for 61.49% of the total workforce [3]. - The company has applied for 1,550 domestic and international patents, with 768 valid patents obtained, showcasing its strong innovation capabilities [3]. Market Trends and Opportunities - The semiconductor industry is in a continuous recovery phase, particularly in the automotive-grade chip market, which is experiencing rapid growth due to increasing demand for high-performance semiconductor products [1][4]. - Emerging fields such as AI, new energy, and automotive electronics are expected to drive significant growth in the semiconductor industry, with the automotive-grade chip market projected to see a compound annual growth rate (CAGR) of over 25% from 2025 to 2030 in China [4]. Strategic Initiatives - The company is pursuing an "A+H" dual-market listing strategy to enhance its global brand influence and market expansion, having submitted a listing application to the Hong Kong Stock Exchange [5]. - Recent acquisitions of companies such as Shanghai Liji Microelectronics and Nanjing Tianyi Hexin Electronics have broadened the company's product offerings and strengthened its position in the signal chain and power management sectors [5].

Group 1: Company Performance - In Q1 2025, the company reported revenue of 528 million yuan, a year-on-year increase of 60.42% [1] - The net profit loss was 113 million yuan, showing a reduction in losses compared to the previous year [1] - Operating cash flow turned positive with a net amount of 24.82 million yuan [1] - R&D investment totaled 191 million yuan, up 36.18% year-on-year [1] Group 2: Market and Product Development - The company is expanding into emerging application areas such as new energy, computing, and automotive sectors to enhance competitiveness and market share [2] - In the new energy sector, the company launched PMIC chips for solar applications based on proprietary technology [2] - The semiconductor industry is benefiting from AI-driven recovery and ongoing domestic substitution, with a positive market outlook [2] Group 3: Industry Trends - The domestic semiconductor industry is focusing on self-sufficiency and high-end development, accelerated by external technological restrictions [3] - The company aims to achieve domestic chip product substitution to reduce reliance on imports and provide high-quality products for the domestic market [3] - The company plans to list on the Hong Kong Stock Exchange to enhance international strategy and overseas business development [3]

Core Insights - The company reported a revenue of 1,678.75 million yuan for the fiscal year 2024, representing a year-on-year growth of 29.46% despite a prolonged destocking process in the downstream market [2][3] - The net profit attributable to shareholders was -603.37 million yuan, a decline compared to the previous year, primarily due to intense market competition and pressure on product prices [2][3] - The company increased its R&D investment to 619.34 million yuan, accounting for 36.89% of its revenue, which is a slight decrease of 1.62 percentage points year-on-year [4] Financial Performance - Revenue for 2024 was 1,678,750,683.28 yuan, up from 1,296,748,737.23 yuan in 2023, marking a 29.46% increase [3] - The net profit attributable to shareholders was -603,372,915.33 yuan, down from -531,409,069.34 yuan in 2023 [3] - The net cash flow from operating activities was -360,439,834.38 yuan, worsening from -291,425,072.33 yuan in the previous year [3] R&D and Innovation - The company applied for 1,361 domestic and international patents, with 980 being invention patents, and has obtained 641 effective patents [4] - Significant breakthroughs in product development were achieved in various sectors, including: - In the renewable energy sector, the company launched a PMIC chip for solar applications [4] - In the networking and security sector, several PoE Ethernet power supply chips were introduced [5] - In the automotive electronics sector, new high and low side driver chips were developed and are in the design phase [5] - In the computing sector, multiple multi-phase controllers and high-performance power products were launched [6] Market Position and Strategy - The company has enhanced its competitiveness and market share in emerging applications such as renewable energy, computing, and automotive sectors through precise market positioning and innovative product design [4] - The product portfolio includes over 40 sub-product lines and nearly 2,200 models available for sale [4] - The company aims to effectively respond to market changes and seize emerging opportunities for sustainable long-term growth through diversified product lines and technological innovation [6]

点击 关注我们 报告发布日期：2025年2 月05日 报告名称:《半导 体专题 ： 多相电源是增量蓝海市场，看好国产替代机遇 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶子 S0980522100003 / 詹 浏洋 S0980524060001 / 张大为 S0980524100002/李书颖S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 国信研究 半导体专题: 多相电源是增量蓝海市场,看 好国产替代机遇 2025-02-05 | 胡剑 胡慧 叶子 张大为 詹浏洋 多相控制器+DrMOS的多相电源是XPU主流供电技术 。多相控制器与XPU通过协议通信,不同XPU厂商具有不 同的协议,比如英特尔的SVID、AMD的SVI2/3、英伟达 的OVR、基于ARM芯片的AVS等。DrMOS是英特尔200 4年推出的一种高效节能技术,将驱动IC和MOSFET上下 管集成到同一封装中,不仅显著减小面积,还极大降低由多 个元件带来的寄生参数,显著提升电源转换效率。DrMOS 主要有两种方案:1) 驱动IC和MOSFET在不同晶圆上生 产,最后合封在一起,称 ...