Investment Rating - The report initiates coverage on 纳芯微 (688052.SH) with an "Accumulate" rating, setting a target price of 207 CNY, with an upside target of 221 CNY [3][12][68]. Core Insights - The automotive electronics application enhancement and domestic substitution open growth space for the company. The domestic automotive analog chip market is expected to grow at a CAGR of 18% from 2025 to 2029, surpassing consumer electronics by 2029. The current domestic substitution rate is only 5%, indicating a rapid acceleration in the trend. The company's analog chip business is projected to achieve a CAGR of 25% from 2024 to 2027, increasing its market share from 0.9% in 2024 to 1.2% in 2027 [1][9][22]. - The increase in new energy vehicle sales and electrification drives the company's automotive business growth. The penetration rate of electric vehicles in China is nearing 50%, with the value of analog chips per vehicle expected to reach 2200-4000 CNY by 2029. The company's current product coverage per vehicle is 1300 CNY, expected to reach 1500 CNY by year-end. The company is anticipated to benefit from the demand expansion for PMIC and isolation chips driven by high-voltage platform penetration, with its automotive business market share projected to grow from 1.8% in 2024 to 2.8% in 2026 [2][10][35]. - The horizontal acquisition of 麦歌恩 (Maguan) positions the sensor business as a major segment for the company. The increase in single-vehicle usage of magnetic sensors driven by new energy vehicles makes it the fastest-growing segment in the Chinese sensor market. The company is expected to achieve the consolidation of 麦歌恩 by the end of 2024, exceeding its performance commitments for 2024. The sensor business is projected to account for over 30% of total revenue, with the magnetic sensor market share expected to exceed 10% by 2025-2026 [2][11][43]. Financial Data and Valuation - The company is forecasted to achieve revenues of 31.65 billion CNY and 39.25 billion CNY for 2025 and 2026, respectively, with corresponding PS ratios of 8.3x and 6.7x. The target price is based on a 7.5x PS for 2026 [3][4][68]. - The revenue growth rates are projected at 61.4% for 2025 and 24.0% for 2026, with a gross margin expected to improve to 38.2% by 2026 [4][64].

公众号记得加星标⭐️，第一时间看推送不会错过。 本文作者：建木图巴克，转自公众号：建木的传感资本圈。 我们在做传感器行业并购和投融资信息跟踪时，发现近期磁传感器芯片领域资本运作密集，于是基于 公开信息梳理了这个行业 30 多年的发展历程。 30 年里，一项项技术从无到有再突破，一家家企业从小到大再变强，一个个创业者从青涩到成熟再飞 跃。 30 年里，有携手共进的合作共赢，有对簿公堂的江湖恩怨；有起高楼、宴宾客的热闹让人艳羡，也有 楼塌的窘迫令人唏嘘。 2025年8月26日，安徽希磁科技正式向港交所递交上市申请。以2024年收入计算，该公司已在全球磁 性传感器IDM公司中位列第六，TMR传感器领域更是跻身全球第二。同日，必易微发布公告，宣布 收购兴感半导体100%股权；同月，矽睿科技通过反向收购取得上市公司安车检测的控制权；同年3 月，圣邦电子已收购感睿智能67%的股权；去年10月，纳芯微以10亿元估值全面收购麦歌恩。一系列 密集的资本动作，清晰勾勒出中国磁传感器产业整合加速的轮廓——逐步告别以往"小作坊"式的零散 发展，迈入依托资本与战略进行深度重组的新阶段。 本文回顾了过去三十余年，从上世纪90年代至今，中 ...

Group 1 - The company will hold its 2024 Annual General Meeting on June 20, 2025, at 14:00 in Shanghai [6] - The meeting will include a combination of on-site and online voting methods for shareholders [6] - Shareholders must arrive 30 minutes prior to the meeting for registration and must present necessary identification documents [2][3] Group 2 - The company reported a net loss attributable to shareholders of 52.317 million yuan, an increase in loss of 61.9104 million yuan compared to the previous year [9] - The company’s revenue is recovering as the consumer electronics market gradually rebounds, although profits remain under pressure [8][9] - The board of directors has emphasized the importance of maintaining shareholder rights and orderly conduct during the meeting [4][5] Group 3 - The board of directors has been re-elected, with the third board transitioning smoothly to the fourth board, ensuring continuity in governance [9] - The board held 12 meetings during the reporting period, adhering to legal and regulatory requirements [9][11] - The company plans to enhance its research and development in smart sensor chips and power management chips to strengthen its competitive position [12][13] Group 4 - The company has committed to transparent information disclosure, publishing four regular reports and 111 temporary announcements during the reporting period [13][21] - The independent directors have actively participated in meetings and provided independent opinions on significant matters, ensuring the protection of minority shareholders' interests [12][24] - The company has maintained compliance with all relevant laws and regulations regarding financial reporting and corporate governance [21][24]