投资要点 业绩高速增长，盈利能力持续改善 2025 年上半年，公司新产品层出不穷。传感器方面，磁传感器拓展产品矩阵，首代VHS 3D 线性霍尔芯 片流片，第三代微功耗霍尔开关全国产供应链落地，首颗ASIL - C 汽车级角度传感器推出，磁性角度编 码器研发顺利；压力传感器小尺寸NSPAD1N 绝压系列量产；温湿度传感器车载与工业批量出货，带保 护膜湿度传感器规模出货，下一代超小高精度系列推进中。信号链方面，隔离产品不断迭代，新一代数 字隔离器降本且EMI 达汽车级最高，多款新品覆盖多场景；接口方向发布多款芯片，SerDes 芯片实现 全国产化产业链、速率6.4Gbps 用于车载；电源管理方面，非隔离的激光雷达及AI 服务器GaN 驱动实 现量产；音频功放4通道75W 完成验证。 投资建议 我们预计公司 2025-2027 年分别实现收入 30.51/38.38/47.42 亿元，实现归母净利润分别为 -0.24/0.96/3.01 亿元，维持"买入"评级。 风险提示 产品开发不及预期；市场竞争加剧；市场需求不及预期。 2025 年上半年公司实现营业收入15.24 亿元，同比增长79.49%；实现归母净利润-0 ...

Core Viewpoint - Naxin Micro has emerged as a significant player in the sensor market, breaking the long-standing monopoly of overseas giants and establishing a new milestone for Chinese chip companies through its excellence in isolation devices and sensor signal conditioning chips [1][2]. Development History - Naxin Micro was founded in 2013 and launched its first three-axis accelerometer signal conditioning chip in 2014, followed by a pressure sensor signal conditioning chip in 2015 and an automotive-grade pressure sensor chip in 2016, marking its entry into the automotive electronics market [2]. - By 2018, Naxin Micro's automotive pressure sensor chips achieved mass production, with over 100 million automotive chips shipped by the time of its IPO in April 2022 [2][3]. - The company has continuously innovated its sensor products from 2019 to 2021, including the launch of MEMS pressure sensors and the second-generation magnetic sensor conditioning chips [2][3]. Product Lines and Market Coverage - Naxin Micro has developed three main product lines: pressure sensors, magnetic sensors, and temperature and humidity sensors, with over a thousand product variants [5][6]. - The pressure sensor product line covers 80% of the market, while magnetic and temperature/humidity sensors achieve full category market coverage, catering to diverse application scenarios [5][6]. Technological Advancements - Naxin Micro focuses on high-precision, high-performance sensor chips rather than traditional sensor module manufacturing, allowing it to leverage its semiconductor technology advantages [4][5]. - The company has achieved several "domestic firsts" in sensor development, including the first domestic small-sized integrated magnetic current sensor and the first functional safety ASIL B (D) AMR wheel speed sensor [6][7]. Strategic Collaborations and Acquisitions - Naxin Micro has formed a strategic partnership with Continental Group to co-develop automotive-grade pressure sensor chips, enhancing reliability and precision for automotive safety applications [7][8]. - The acquisition of Maguan, a company specializing in magnetic sensors, has expanded Naxin Micro's product offerings and positioned it as the only domestic company with a comprehensive range of magnetic sensor products [9]. Future Outlook - Naxin Micro aims to enhance its competitiveness in the sensor market through increased self-research efforts and product line expansion to meet diverse market demands [8][9]. - The company is well-positioned to leverage the rapid growth of the new energy vehicle and industrial sectors, providing critical technology support with its high-precision and reliable sensor chips [5][11].

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]

Group 1 - The ongoing 2025 Lujiazui Forum highlights "mergers and acquisitions" as a key topic, with national financial authorities signaling support for reforms in this area [1] - Since the release of the "Six Guidelines for Mergers and Acquisitions" nine months ago, the activity in Jiangsu's capital market has significantly increased, with 185 new disclosed M&A transactions and a total completion amount exceeding 58 billion yuan, accounting for over 12% of the national total [1] - Jiangsu companies are increasingly integrating quality industrial resources, with M&A becoming a vital strategy for innovation and transformation [1] Group 2 - The current wave of mergers and acquisitions transcends mere scale expansion, focusing on optimizing layouts and enhancing competitiveness through collaboration and integration [2] - The merger between Guolian Securities and Minsheng Securities is a benchmark case in Jiangsu's M&A market, showcasing complementary advantages and potential to rank among the top ten in core business indicators [2] - The "New Suhao Group" exemplifies the use of M&A to deepen state-owned enterprise reform and strengthen state capital through horizontal integration projects [2] Group 3 - Jiangsu has introduced the "Fiscal and Financial Coordination 20 Measures," expected to leverage over 600 billion yuan in financial resources annually, supporting M&A activities [3] - New industrial funds have been established in Suzhou and Wuxi to provide robust backing for M&A and restructuring efforts [3] Group 4 - Among the 104 completed M&A cases in Jiangsu, technology companies are enhancing their industrial chain layouts, while traditional firms seek new growth avenues through acquisitions [4] - Suzhou Naxin Microelectronics reported a revenue of 717 million yuan in Q1, a 97.82% year-on-year increase, attributed to its acquisition of a magnetic sensor company [4] - Huahai Chengke's planned acquisition of the remaining 70% stake in Hengsuo Huawai aims to significantly boost its production capacity in the semiconductor packaging sector [4] Group 5 - Vertical integration is focused on strengthening control over the industrial chain and enhancing technological barriers, as seen in Changdian Technology's acquisition of a subsidiary of Western Digital [5] - Since the introduction of the "Six Guidelines," Jiangsu's integrated circuit companies have completed 15 M&A transactions, achieving technological and market synergies [5] Group 6 - The growing M&A market is supported by a robust market ecosystem and risk prevention framework, emphasizing the need for capable entities, effective markets, proactive government involvement, and strong regulation [6] - Jiangsu's regulatory body has conducted extensive outreach to over 600 company executives to ensure precise policy implementation and enhance operational capabilities [7] Group 7 - Various cities in Jiangsu are competing to promote high-quality M&A development, with initiatives to support regulatory frameworks and financial backing [7] - Wuxi has launched a "one-stop service platform" for M&A, gathering nearly 300 users and addressing information asymmetry in the market [7] Group 8 - Jiangsu's regulatory body maintains a balance between risk prevention and market development, implementing a classification supervision mechanism to address complex transactions and combat fraudulent activities [8]

Core Insights - The magnetic sensor market in China is experiencing robust growth, with the market size projected to increase from 3.71 billion yuan in 2018 to 9.95 billion yuan by 2024, representing a compound annual growth rate (CAGR) of 17.87% [1][18] - Key drivers of this growth include sustained demand from consumer electronics, automotive electronics, and industrial automation, as well as the application of emerging technologies [1][18] - The integration of magnetic sensors in various applications such as smartphones, electric vehicles, and smart home devices is further propelling market demand [1][18] Industry Overview - Magnetic sensors are essential components in modern electronic systems, capable of accurately measuring physical quantities by capturing changes in magnetic fields [1][3] - The industry is categorized into Hall sensors and magnetic resistance sensors, with the latter further divided into anisotropic magnetoresistance (AMR), giant magnetoresistance (GMR), and tunnel magnetoresistance (TMR) sensors [3][5] Market Segmentation - Hall sensors dominate the market, holding approximately 69% market share in China, with a market size projected to grow from 3.01 billion yuan in 2017 to 6.55 billion yuan by 2024, at a CAGR of 13.84% [7][19] - The magnetic resistance sensor market is also expanding rapidly, with the market size expected to grow from 660 million yuan in 2018 to 3.33 billion yuan by 2024, achieving a CAGR of 30.96% [21] - AMR sensors are projected to grow from 370 million yuan in 2018 to 1.41 billion yuan by 2024, with a CAGR of 24.98% [22] - GMR sensors are expected to increase from 150 million yuan in 2018 to 560 million yuan by 2024, with a CAGR of 24.55% [22] - TMR sensors are anticipated to grow from 140 million yuan in 2017 to 1.36 billion yuan by 2024, achieving a remarkable CAGR of 46.07% [22] Industry Chain - The magnetic sensor industry chain consists of upstream suppliers of raw materials and core components, midstream manufacturers responsible for design and production, and downstream applications in various sectors such as consumer electronics, automotive electronics, and industrial automation [12][14] Key Companies - Notable companies in the magnetic sensor market include domestic players such as Shanghai Canrui Technology, Suzhou Naxin Microelectronics, and others, alongside global leaders like Allegro, Infineon, and TDK [25][27][29] Development Trends - The industry is focusing on enhancing product sensitivity, temperature stability, miniaturization, and low power consumption to meet the evolving demands of applications in precision measurement, automotive electronics, and IoT devices [31][32][34][35]

Core Insights - Magnetic sensors are identified as core components in the intelligent perception layer, benefiting from the growth in robotics, automotive electronics, and the recovery of demand in new energy, industrial control, and consumer electronics sectors [1][2] Market Overview - The global magnetic sensor market was valued at $2.9 billion in 2023 and is projected to grow to $3.7 billion by 2029, with a CAGR of 4%. The primary application markets include automotive electronics, industrial, and consumer electronics [2] - Hall effect sensors are expected to dominate the market with a 64% share in 2024, while magnetoresistive sensors (AMR/GMR/TMR) are gaining traction due to their high precision and low power consumption [2] Emerging Applications - In the robotics sector, high-precision magnetic sensors are crucial for industrial automation and humanoid robots, exemplified by Tesla's Optimus Gen-3 [3] - In automotive electronics, the number of magnetic sensors per vehicle is projected to increase from 30-50 in traditional vehicles to 80-100 in hybrid and electric vehicles, driven by the rise of electric vehicles and ADAS features [3] - The new energy sector is seeing increased demand for TMR sensors due to higher precision requirements in photovoltaic inverters [3] - In industrial control, the penetration of magnetic sensors is expected to rise steadily due to the convergence of inventory cycles and Industry 4.0 upgrades [3] - In consumer electronics, government subsidies and AI hardware innovations are stimulating demand for magnetic sensors in high-value applications like AI glasses and wearable devices [3] Competitive Landscape - The magnetic sensor market is highly concentrated, with the top five global manufacturers holding over 70% market share, including Allegro, Infineon, and Melexis [4] - The domestic market in China has a low localization rate of 25% for magnetic sensor chips, indicating significant room for domestic manufacturers to grow [4] - Companies like Naxin Micro are actively pursuing technological advancements and market share, with plans to launch new AMR-based speed sensors and expand through acquisitions [4]

Core Viewpoint - The article discusses the trend of mergers and acquisitions (M&A) in the semiconductor industry, particularly among chip companies, as a strategic response to tightening IPO regulations and increasing competition. It highlights how M&A serves as a more efficient and certain path for companies to achieve capital realization and industry synergy, especially in the context of supportive government policies introduced in 2024 [1][22]. Summary by Sections M&A Trends and Regulatory Environment - The Science and Technology Innovation Board (STAR Market) has seen a tightening of IPO approvals, particularly for hard technology sectors like semiconductors, leading companies to pursue M&A as a new path for capital realization [1]. - Policies such as the "Eight Measures" and "17 Measures for Venture Capital" released in June 2024 signal regulatory support for hard tech companies to achieve growth through M&A [1]. Notable M&A Cases - **Si Rui Pu's Acquisition of Chuangxinwei**: In August 2024, Si Rui Pu acquired 100% of Chuangxinwei, integrating battery management chips into its product lineup, resulting in a significant revenue increase of 110.88% year-on-year in Q1 2025 [4][5]. - **Na Xin Wei's Acquisition of Mai Ge En**: Completed in December 2024, this acquisition expanded Na Xin Wei's product offerings in the sensor market, contributing to a 97.82% revenue increase in Q1 2025 [6][7]. - **Zhao Yi Innovation's Control of Suzhou Saixin**: In November 2024, Zhao Yi Innovation acquired 70% of Saixin for 5.81 billion yuan, aiming to enhance its capabilities in the analog chip sector [8]. - **Nanxin's Acquisition of Shengshengwei**: Announced in January 2025, this acquisition for 1.6 billion yuan aims to strengthen Nanxin's MCU capabilities [9][10]. - **Jingfeng Mingyuan's Acquisition of Yichong Technology**: In April 2025, Jingfeng Mingyuan announced a 32.83 billion yuan acquisition of Yichong, despite Yichong's recent losses, indicating a shift in traditional M&A valuation logic [11][12]. - **Xingbang Intelligent's Cross-Industry Acquisition of Yingdichip**: In May 2025, Xingbang announced a strategic acquisition of Yingdichip, aiming to leverage synergies between manufacturing automation and chip design [13][14]. Industry Dynamics and Future Outlook - The article emphasizes that the current economic environment necessitates "cozying up" among chip companies, as many face challenges in IPOs and competition [3]. - The trend of M&A is seen as a means for companies to enhance their product offerings and market presence, with a focus on creating platform-type enterprises [3][22]. - The article concludes that while M&A activity is robust, it does not fundamentally resolve the challenges posed by limited IPO exit channels, suggesting a need for a balanced approach between M&A and IPO opportunities [19][20].

Summary of Conference Call Records Industry and Company Involvement 1. **Magnetic Sensors**: The report highlights the magnetic sensor industry, emphasizing its role as a core component in intelligent perception layers, benefiting from the growth in robotics and automotive electronics markets [1][3][5]. 2. **Pharmaceuticals**: The report discusses the pharmaceutical industry, particularly focusing on the impact of centralized procurement policies on generic drugs and the potential for performance recovery in the formulation sector [15][32]. 3. **Coal Industry**: The coal sector is analyzed, with insights into port inventory dynamics and the expected rebound in coal prices due to seasonal demand [28][29]. 4. **Gaming Industry**: The gaming industry is covered, noting the successful launch of new games and their impact on company growth [30][31]. Core Insights and Arguments Magnetic Sensors 1. **Market Growth**: The magnetic sensor market is expected to grow due to increased demand from robotics, automotive electronics, and other sectors like renewable energy and consumer electronics, with a projected market size increase from $2.9 billion in 2023 to $3.7 billion by 2029, reflecting a CAGR of 4% [6][11]. 2. **Technological Advancements**: The report details the technological evolution of magnetic sensors, with Hall effect sensors holding a 64% market share in 2024, and the rise of AMR/GMR/TMR sensors in high-end applications [4][11]. 3. **Domestic Market Potential**: There is significant room for domestic manufacturers to replace international leaders, as the current localization rate for magnetic sensor chips in China is only 25% [11][13]. Pharmaceuticals 1. **Centralized Procurement Impact**: The pharmaceutical sector has faced challenges due to centralized procurement policies, which have been in place for eight years, affecting the performance of certain companies [15][16]. 2. **Optimizing Procurement Policies**: Recent trends indicate a shift towards optimizing procurement policies, which may lead to performance recovery opportunities for companies in the formulation sector [15][20]. 3. **Long-term Cash Flow Transition**: The report suggests that the generic drug business is transitioning to a cash flow model, with a focus on stabilizing prices post-competition [25][27]. Coal Industry 1. **Inventory Dynamics**: Port inventories are decreasing due to improved demand from thermal power plants, which is expected to lead to a rebound in coal prices as seasonal demand peaks [28][29]. 2. **Investment Opportunities**: The report identifies stable dividend-paying coal companies as potential investment opportunities, particularly those with robust cash flow and growth prospects [29]. Gaming Industry 1. **Market Growth**: The gaming market in China saw a total sales scale of 27.35 billion yuan in April 2025, marking a year-on-year growth of 21.93% [30]. 2. **Successful Game Launches**: Several gaming companies have successfully launched new products, which are expected to drive further growth [30][31]. 3. **Product Pipeline**: Companies are well-positioned with a rich pipeline of upcoming games, indicating strong future growth potential [31]. Other Important Insights 1. **Market Sentiment**: The overall market sentiment is improving, particularly in the pharmaceutical sector, as companies adapt to new procurement policies [20][23]. 2. **Sector-Specific Risks**: The report highlights the risks associated with centralized procurement for generic drugs, including potential price declines and market volatility [16][18]. 3. **Technological Innovations**: The advancements in magnetic sensor technology are crucial for applications in various sectors, including industrial automation and consumer electronics [4][7]. This summary encapsulates the key points from the conference call records, providing a comprehensive overview of the discussed industries and their respective dynamics.

Summary of Conference Call Records Industry or Company Involved 1. **Magnetic Sensors**: Core component in intelligent perception layer, benefiting from growth in robotics and automotive electronics [3][5][11] 2. **Pharmaceuticals**: Focus on drug formulation and the impact of centralized procurement [15][32] 3. **Coal Industry**: Insights on coal price rebound and inventory dynamics [28][29] 4. **Gaming Industry**: Performance of newly launched games and market growth [30][31] Core Points and Arguments Magnetic Sensors 1. **Market Growth**: The magnetic sensor market is expected to grow due to increased demand from robotics, automotive electronics, and other sectors like renewable energy and consumer electronics. The global market size is projected to increase from $2.9 billion in 2023 to $3.7 billion by 2029, with a CAGR of 4% [6][11]. 2. **Domestic Manufacturers**: There is significant room for domestic manufacturers to replace international leaders, as the current domestic market share is only 25% [11][13]. 3. **Technological Advancements**: The market is driven by technological evolution and diverse applications, with Hall effect sensors dominating the market with a 64% share in 2024 [4][11]. Pharmaceuticals 1. **Centralized Procurement Impact**: The pharmaceutical industry has faced challenges due to centralized procurement, which has been in place for eight years. However, recent optimization policies may lead to performance recovery for some companies [15][20]. 2. **Performance Recovery**: Companies like Huadong Medicine may see a reduction in procurement risks for several products in 2024, potentially stabilizing their sales [23][25]. 3. **Long-term Outlook**: The pharmaceutical sector is transitioning towards cash flow generation as competition increases and prices stabilize post-procurement [27]. Coal Industry 1. **Inventory Dynamics**: Recent improvements in coal inventory levels are expected to lead to a price rebound as demand increases during peak seasons [28][29]. 2. **Market Sentiment**: The coal sector is anticipated to experience valuation increases as stable high dividends become more attractive [29]. 3. **Demand Recovery**: The demand for thermal power generation is expected to turn positive, supporting coal price recovery [28]. Gaming Industry 1. **Market Growth**: The gaming market in China saw a total sales scale of 27.35 billion yuan in April 2025, a year-on-year increase of 21.93% [30]. 2. **Successful New Releases**: Several gaming companies have launched successful new products, contributing to their growth and market presence [30][31]. 3. **Future Potential**: Companies with strong product pipelines and successful launches are expected to continue growing, with notable titles set to release soon [31]. Other Important but Possibly Overlooked Content 1. **Magnetic Sensor Applications**: The sensors are crucial in various applications, including industrial automation, automotive systems, and consumer electronics, indicating a broad market potential [7][9]. 2. **Pharmaceutical Pricing Dynamics**: The long-tail effects of centralized procurement pricing governance may continue to impact the market, necessitating ongoing adjustments [18][19]. 3. **Coal Supply Constraints**: The reduction in coal production due to low prices and high-cost mines may support price stability in the coal market [28]. This summary encapsulates the key insights from the conference call records, highlighting the growth potential and challenges across multiple industries.

Investment Rating - The report assigns a "Buy" rating for the company [4] Core Views - The company is a leading player in automotive analog chips, achieving record revenue in Q1 2025, with a revenue of 717 million yuan, representing a year-on-year growth of 97.82% and a quarter-on-quarter growth of 20.66% [1][23] - The domestic demand for analog chips is expected to grow significantly, with a projected market size of 84.3 billion USD by 2025, while the domestic localization rate for automotive analog chips is only about 5% in 2024, indicating substantial room for domestic substitution [2][46] - The company is expected to benefit from the electrification and intelligence of vehicles, with the magnetic sensor market projected to grow from 8.2 billion yuan in 2025 to 19 billion yuan in 2029 [3] Summary by Sections Section 1: Automotive Analog Chip Leader - The company focuses on automotive analog chips and has expanded its product matrix, with over 3,300 product models available for sale by the end of 2024 [1][14] - The company has a stable shareholding structure and an experienced core management team [16][20] - The company’s revenue is expected to return to growth in 2024, with net profit temporarily pressured by stock incentive costs [21][23] Section 2: Demand for Domestic Analog Chips - The analog chip market is expected to grow steadily, with the global market projected to reach 84.3 billion USD by 2025 [2][43] - The domestic analog chip market is anticipated to grow at a CAGR of 11.0% from 2025 to 2029, with automotive and energy sectors leading the growth [46] Section 3: Benefiting from Electrification and Intelligence - The company’s acquisition of Maguan enhances its magnetic sensing IP technology, positioning it as a leader in the Chinese magnetic sensor market [3][42] - The company’s automotive electronics revenue is expected to account for 36.88% of total revenue in 2024, with a shipment volume of 363 million units, reflecting a year-on-year growth of over 100% [35][36] Section 4: Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 2.96 billion, 3.80 billion, and 4.73 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 51.0%, 28.2%, and 24.6% [4][5] - The report emphasizes the company’s strong positioning in the automotive analog chip sector and recommends a "Buy" rating based on its growth potential [4][6]