证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 公司基本情况 | 最新收盘价（元） | 92.30 | | --- | --- | | 总股本/流通股本（亿股）0.80 | / 0.50 | | 总市值/流通市值（亿元）74 | / 46 | | 52 周内最高/最低价 | 120.75 / 49.90 | | 资产负债率(%) | 7.8% | | 市盈率 | -36.48 | | 第一大股东 | 史清 | 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 裕太微(688515) 七大产品线形成框架，研发投入步入收获期 l 投资要点 市场持续复苏，下游客户需求有所增长。随着半导体行业周期性 下行收尾，市场需求逐步复苏及客户库存逐步优化，下游客户需求有 所增长；同时公司 2.5G 网通以太网物理层芯片、多口网通以太网交 换机芯片、千兆网通以太网网卡芯片、车载芯片等持续放量以及其他 高速有线通信新品的逐年推出，公司 ...

Core Viewpoint - Yutai Micro (688515.SH) has not yet achieved profitability, with cumulative losses exceeding 420 million yuan over six years, primarily due to insufficient scale effects during business expansion and ongoing high R&D expenditures [1][2]. Financial Performance - In 2024, Yutai Micro reported revenue of 396 million yuan, a year-on-year increase of 44.86%, but the net profit attributable to shareholders was -202 million yuan, indicating an exacerbation of losses [2]. - The company has incurred losses for six consecutive years since 2019, with total losses amounting to 421 million yuan [2]. - R&D expenses have risen significantly, from 20 million yuan in 2019 to 222 million yuan in 2023, and are projected to reach 294 million yuan in 2024, accounting for 74.1% of revenue [2][4]. R&D and Product Development - Yutai Micro is currently in its third round of R&D investment, focusing on complex products such as 2.5G networking products and 5G/10G Ethernet physical layer chips, with expected mass production from 2024 to 2026 [4]. - The company has established seven product lines, including Ethernet physical layer chips and Ethernet switch chips, but still lags behind international competitors in product range and technology [6][7]. Market and Sales - The company has increased its sales expenses to 46.85 million yuan in 2024, a 36.59% increase year-on-year, due to hiring more sales personnel and recognizing stock incentive costs [4]. - Despite a recovery in revenue in 2024, the total revenue has not yet returned to the 403 million yuan level of 2022 [6]. Cash Flow and Financial Health - Yutai Micro has experienced negative cash flow for three consecutive years, with net cash flow from operating activities worsening from -68.38 million yuan to -251 million yuan [5]. - In the first quarter of 2025, the company reported revenue of 81.04 million yuan, a year-on-year increase of 11.7%, but continued to post a net loss of -60.72 million yuan [5]. Shareholder Activity - Major shareholder Li Haihua has reduced his stake in the company, selling 496,031 shares between July and October 2024 for approximately 22.94 million yuan, further reducing his holding to 5.3781% [8][9].