Core Viewpoint - Nanchip Technology ranks among the top domestic analog chip design companies, with consumer products serving as a stable profit foundation. The company is expanding its product capabilities into automotive and AI server sectors while maintaining its competitive edge in smartphones [1] Automotive Electronics - In 2024, automotive electronics chip revenue is projected to be 86 million, representing a year-on-year growth of 179.07%. The company is focusing on vehicle charging products and expanding into power management and intelligent drive products, targeting applications in vehicle charging, smart cockpit, intelligent driving, body control, and three electric systems [2] - The product range includes DC-DC chips for smart cockpit, power management chips for ADAS sensors, and various control chips for body control applications. In April 2025, the company will launch a vehicle-grade high-speed CAN/CAN FD transceiver SC25042Q, suitable for 12V and 24V automotive systems, supporting data transmission rates of up to 5 Mbit/s [2] Mobile Devices - In 2024, mobile device chip revenue is expected to reach 1.8 billion, with a year-on-year increase of 30.38%. The company offers wired charging solutions covering 10W-300W, with new multi-functional charging chips achieving higher efficiency and better cost performance [3] - The company has also mass-produced wireless charging transmitter, receiver, and transceiver chips, which are used in well-known clients' smartphones and other smart devices. The newly launched wireless charging module has passed Qi2.0 certification [3] - Lithium battery management chips have been mass-produced for smartphones, power banks, and smart wearables, ensuring the safety and efficiency of battery systems through effective matching with protection chips [3] Smart Energy - In 2024, smart energy chip revenue is projected to be 347 million, showing a year-on-year growth of 111.10%. The GaN integrated solution is being introduced to more clients, and the self-developed integrated flyback solution POWERQUARK significantly reduces adapter size while improving conversion efficiency [4] - General-purpose chip revenue is expected to reach 331 million in 2024, with a year-on-year increase of 61.54%. The company is launching various charging chips in energy storage, photovoltaics, and communications, while also expanding into emerging fields like robotics and AI power [4] - The acquisition of Shengsheng Micro enables the company to provide more embedded products to major clients in the consumer sector, enhancing cost advantages through scale effects [4] Investment Outlook - Nanchip Technology is a rare entity capable of providing end-to-end solutions in the power and battery sectors, with a well-structured architecture in charge pump technology and advanced research and development. The synergy from the acquisition is expected to enrich the product matrix, and the company is anticipated to see revenue of 3.287 billion, 4.087 billion, and 5.161 billion in 2025-2027, with net profits of 406 million, 531 million, and 666 million respectively. A strong buy rating is maintained [4]