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]

4月21日，杰华特发布2024年度业绩报告，该年度公司实现营业收入167,875.07万元，同比增长29.46%，行业下游终端市场经历了较长的去化过程，部分客 户采购需求恢复常态，同时公司通过精准的市场定位进行创新的产品设计，另外公司引入更多的优质客户以及深化与现有客户的合作，使得营业收入较上年 同期有所增长。 报告期内，杰华特产品研发取得显著突破，在多个应用领域实现技术落地与市场认可。具体表现为： 1、新能源领域，杰华特推出了基于自有工艺的超高压面向太阳能应用的PMIC(电源管理集成电路)芯片，具有系统级时序管理功能，集成度高，易于使用， 已通过客户的测试。 2、在网通和安防领域，杰华特推出了多款PoE以太网供电芯片，包括高集成4路PSE供电芯片、高性价比8路PSE供电芯片、13WPD受电端协议和功率全集成 芯片，部分产品已在多家头部客户通过测试并进入小批量供货阶段。 3、汽车电子领域，杰华特推出了多款汽车应用的高低边驱动芯片和车灯驱动芯片，已经进入客户设计阶段，推出了新一代车规DrMOS并实现量产，公司推 出了多款USB车充和协议芯片，部分型号已经开始收获订单，获得了客户的认可；公司在报告期内基本完成了汽 ...

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 ...