Core Insights - The company has launched several automotive application high and low side driver chips and LED driver chips, which have entered the customer design phase [2] - The new generation automotive-grade DrMOS has achieved mass production, and multiple USB car chargers and protocol chips have started to receive orders, gaining customer recognition [2] - The company has completed the layout of automotive LDOs, providing a complete LDO product portfolio [2] Financial Performance - In Q1 2025, the company achieved revenue of 528 million yuan, with a year-on-year growth of 60.42% [2] - The net loss attributable to the parent company was 113 million yuan, showing a reduction in losses compared to the previous year [2] Industry Positioning - The company is a key partner of Geely Auto and showcased its automotive-grade products at the "2025 Geely Automotive Research Institute Domestic Chip Technology Exchange Exhibition" [2] - The company demonstrated high cost-performance solutions, highlighting its product strength and technological accumulation in the automotive-grade chip sector [2] Product Development - The company continues to advance its DrMOS and multi-phase business, with 30A to 90A DrMOS and 6-phase, 8-phase multi-phase controllers achieving mass production ramp-up [2] - A complete product matrix for DrMOS and multi-phase applications has been established in sectors such as PC, server, AI, and autonomous driving [2]

Core Viewpoint - The acquisition of a 40.89% stake in Nanjing Tianyi Hexin Electronics by Jiewate (688141.SH) for 319 million yuan marks a significant step in enhancing its product layout in the signal chain category, boosting its market competitiveness and share [1][2]. Group 1: Acquisition Details - Jiewate plans to acquire a 40.89% stake in Tianyi Hexin for 319 million yuan, aiming to gain control over the company [1]. - Tianyi Hexin specializes in high-performance sensor chips and analog chip design, with products widely used in consumer electronics such as smart wearables and mobile devices [1][2]. - The acquisition will allow Jiewate to integrate Tianyi Hexin's product lines and technologies, enriching its product matrix and enhancing its technical competitiveness in the signal chain chip sector [2]. Group 2: Market Context and Strategic Fit - The acquisition aligns with Jiewate's strategy to expand its business amid a cyclical adjustment in the global analog chip industry and increasing competition [2]. - Tianyi Hexin's established market presence and customer recognition in optical health detection and high-precision capacitive sensing chips will provide Jiewate with new revenue growth opportunities in the consumer electronics and smart device markets [2]. Group 3: Financial Performance and Future Outlook - Jiewate experienced significant revenue growth in 2024, with core product sales reaching historical highs, despite facing losses in 2023 and 2024 due to industry downturns [3]. - The company reported a substantial reduction in net losses in Q1 2025, with positive cash flow from operating activities, indicating signs of profitability improvement [3]. - Jiewate is increasing R&D investments to solidify its technological foundation and accelerate product launches in emerging sectors such as renewable energy and automotive electronics [3].

Core Viewpoint - The company reported a significant increase in total revenue for 2024, but faced a decline in net profit, indicating a mixed financial performance driven by growth in specific sectors like automotive electronics and energy [1][3]. Financial Performance - In 2024, the company achieved total revenue of 1.96 billion yuan, a year-on-year increase of 49.53% [1]. - The net profit attributable to shareholders was -403 million yuan, a decrease of 31.95% year-on-year [1]. - In Q4 2024, the company recorded revenue of 594 million yuan, reflecting a year-on-year growth of 91.64% and a quarter-on-quarter increase of 14.93% [2]. Sector Performance - Revenue from the automotive sector accounted for approximately 36.88% of total revenue, with a year-on-year increase of 5.93 percentage points [3]. - The energy sector contributed 49.49% to total revenue, experiencing a year-on-year decline of 10.03% [3]. - The consumer electronics segment represented 13.63% of total revenue, with a year-on-year increase of 4.12% [3]. R&D and M&A Activities - In 2024, the company invested 540 million yuan in R&D, with a research expense ratio of 27.55% [4]. - The company completed the acquisition of Maiguan, enhancing its core competitiveness in magnetic sensors [4]. - The company now offers over 3,300 product SKUs, including more than 1,000 from Maiguan [4]. Future Outlook - The company anticipates limited downward price pressure on products, coupled with ongoing cost optimization, which may lead to gradual recovery in gross margins [3]. - Despite short-term performance challenges, the company is expected to achieve long-term growth driven by new product launches in automotive and energy sectors [5]. - Projected net profits for 2025, 2026, and 2027 are estimated at -92 million yuan, 148 million yuan, and 417 million yuan, respectively [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved total revenue of 1.96 billion yuan in 2024, representing a year-on-year growth of 49.53%. However, the net profit attributable to the parent company was -403 million yuan, a decrease of 31.95% year-on-year. In Q4 2024, the company reported revenue of 594 million yuan, with a year-on-year increase of 91.64% and a quarter-on-quarter increase of 14.93%, indicating continuous revenue growth [2][6][11]. - The company is focusing on the automotive and energy sectors, with revenue contributions from automotive, energy, and consumer electronics accounting for approximately 36.88%, 49.49%, and 13.63% respectively. The automotive sector has shown significant growth due to strong market demand and product diversification [11]. - Research and development, along with acquisitions, are key drivers for the company's stable growth. In 2024, R&D expenses amounted to 540 million yuan, representing 27.55% of total revenue. The company has expanded its product offerings significantly, with over 3,300 products available for sale [11]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 1.96 billion yuan, with a gross profit of 641 million yuan, resulting in a gross margin of 33%. The company expects revenue to grow to 3.06 billion yuan in 2025 and further to 5.06 billion yuan by 2027 [16]. - The net profit is projected to improve from -92 million yuan in 2025 to 417 million yuan in 2027, indicating a recovery in profitability [16]. Market Focus - The company is strategically focusing on the automotive and energy sectors, which are expected to drive future growth. The automotive sector's revenue has increased significantly, supported by a robust demand for various products [11]. R&D and Acquisitions - The company invested heavily in R&D, with a focus on sensor technology, power management, and signal chain products. The acquisition of Maiguan has strengthened its core competencies in magnetic sensors [11].

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 ...