证券日报网1月23日讯 ，纳芯微在接受调研者提问时表示，公司汽车电子收入保持快速增长，除三电系 统等优势应用领域外，公司在车身电子、智能驾驶、智能座舱、底盘安全等智能化和功能安全领域的产 品已实现持续突破或规模量产。公司和多家国内外Tier1和主机厂保持紧密的合作关系，依托国内主流 车厂出海战略和自身的海外拓展，公司已在日、韩、欧等多地实现车规产品的量产收入。泛能源领域保 持稳健增长态势，其中光伏与储能市场（涵盖微型逆变器、大型逆变、储能电站及户用储能）需求有所 恢复；电源模块业务（包括服务器电源、通信电源等）也在AI服务器需求拉动下实现快速增长；工业 自动化市场保持温和复苏态势。消费电子板块公司主要聚焦于扫地机器人、智能家电、无人机、3D打 印等成长型新兴应用场景，同时公司在消费电子板块业务也受益于并购麦歌恩的客户协同效应。 ...

Core Viewpoint - Suzhou Good Drive (002079) has established itself as a significant supplier in the South Korean market, particularly for automotive and consumer electronics sectors, and aims to strengthen partnerships with high-quality Korean companies [1] Group 1: Company Overview - Suzhou Good Drive has been a key player in the South Korean market, becoming a TIER1 supplier for Hyundai and Kia since 2019 [1] - The company is one of the few direct suppliers to Samsung Electronics in China, providing products primarily for Samsung's consumer electronics, such as televisions [1] - Starting in 2025, Suzhou Good Drive will become a qualified supplier for LG Electronics and will begin mass production [1] Group 2: Market Strategy - The company plans to continue expanding its collaboration with high-quality enterprises in South Korea [1]

Core Viewpoint - The company has established significant partnerships with South Korean firms, indicating a strong presence in the South Korean market and plans for future collaborations [2]. Group 1: Company Partnerships - The company has been a key supplier for Hyundai and Kia since 2019, providing certain automotive products as a TIER 1 supplier [2]. - The company is one of the few direct suppliers to Samsung Electronics in China, with products primarily used in Samsung's consumer electronics, such as televisions [2]. - Starting in 2025, the company will become a qualified supplier for LG Electronics and will begin mass production [2]. Group 2: Market Strategy - The company aims to enhance cooperation with high-quality South Korean enterprises, reflecting its commitment to expanding its business in the region [2].

Group 1 - The company has two main investment highlights: the mass production of automotive-grade products and the sampling of IMU for Tesla's humanoid robot [2] - The company is focusing on automotive-grade products as a significant profit growth point, with ongoing advancements in the humanoid robot project [2] - The subsidiary, Suzhou Jingyin New Materials Technology Co., Ltd., has successfully mass-produced low-temperature silver paste, which is primarily used in existing HJT, BC, and perovskite solar cell components [2] Group 2 - The company's affiliate, Suzhou Minghao Sensor Technology Co., Ltd., is actively entering the humanoid robot market, with pressure sensor products currently in small-scale trial production for leading clients [2] - The low-temperature silver paste can also be applied to gallium arsenide battery components, although sales have not yet been established [2]

Core Viewpoint - The company is optimistic about the development prospects in the automotive electronics sector, identifying it as a multi-billion yuan market with significant growth potential [2] Group 1: Market Potential - The automotive electronics business represents a market worth hundreds of billions of yuan for the company [2] - The company plans to leverage its advantages in technology, processes, and manufacturing to expand its range of automotive products and achieve large-scale supply [2] Group 2: Product Development and Strategy - The company is actively investing in new product research and development to maximize customer resource advantages [2] - It aims to provide one-stop solutions for automotive clients, capitalizing on its first-mover advantage in the automotive market [2] Group 3: Future Growth Outlook - The company expects continued rapid growth in the automotive electronics sector, driven by the accelerated introduction of new products and the expansion of various automotive applications [2] - The market share among core major customers is anticipated to increase as the company continues to promote and expand its automotive applications and products [2]

Core Viewpoint - The company is optimistic about the development prospects in the automotive electronics sector, viewing the automotive-grade business as a market worth hundreds of billions [1] Group 1: Market Potential - The automotive electronics market is identified as a large market with potential worth hundreds of billions [1] - The company plans to leverage its technological, process, and manufacturing advantages to expand its automotive-grade product categories and achieve mass supply [1] Group 2: Growth Strategy - The company aims to actively develop new products and capitalize on its first-mover advantage in the automotive market [1] - With the acceleration of new product introductions, continuous expansion of new applications, and an increase in market share among core major customers, the company expects to maintain sustained rapid growth in the automotive electronics sector [1]

Core Insights - The company is engaged in providing services to overseas clients, including IoT, automotive-grade, and high-end PMIC products, along with customized packaging and testing services based on client needs [1] Group 1 - The company has recently mentioned verification activities related to major clients in Taiwan and Europe and the U.S. [1] - The inquiry from investors specifically asked if the verification business is related to artificial intelligence [1] - The company confirmed that its product offerings include IoT and automotive-grade products, indicating a diverse portfolio [1]

Group 1 - The core viewpoint is that the overall industry has not shown clear signs of recovery as of the end of Q2, with different manufacturers experiencing varying short-term performance due to product structure and customer rhythm differences [2] - The company's revenue decline in Q2 was primarily influenced by customer inventory destocking and changes in order fulfillment rhythm, indicating a phase of fluctuation [2] - The company has seen gradual improvement in operations with the sales ramp-up of products such as Phase7LEPlus modules, automotive products, and Wi-Fi modules, leading to revenue growth in Q3 2025 [2] Group 2 - In Q3 2025, the company's operating revenue reached 572.7552 million yuan, representing a year-on-year increase of 36.28% and a quarter-on-quarter increase of 19.80% [2]

Summary of Conference Call Company Overview - The conference call was held for Yongxi's Q3 2025 earnings report, attended by key executives including the CTO and CFO [1][2]. Key Financial Highlights - **Revenue**: For the first three quarters of 2025, Yongxi achieved revenue of 3.17 billion CNY, a year-on-year increase of 24%. Q3 revenue alone was 1.16 billion CNY, up 26% year-on-year, marking a record high for the company [2][3]. - **Net Profit**: The net profit attributable to shareholders for the first three quarters was 63 million CNY, a 49% increase compared to the same period last year. Q3 net profit after deducting non-recurring items also turned positive [2][3]. - **Gross Margin**: The overall gross margin for the first three quarters was 16.4%, with a steady increase observed each quarter [3]. - **Operating Expenses**: Management expense ratio decreased from 7.76% to 6.24%, and financial expense ratio dropped from 6.02% to approximately 5.15% [3]. Product and Market Insights - **Product Revenue Breakdown**: System-level packaging products accounted for about 40% of revenue, while QF classified products made up approximately 38%. Wafer-level packaging and flip-chip products combined accounted for 20% [3][4]. - **Growth Areas**: The AIoT sector remains the largest revenue contributor, accounting for nearly 70% of total revenue, with a growth rate exceeding 30% [4][25]. - **Client Base**: The company has seen significant growth from overseas clients, particularly in the top three customer segments [4][16]. Future Outlook - **Q4 Expectations**: The company anticipates continued revenue growth in Q4, driven by strong demand from overseas clients and a recovery in the PA sector [7][29]. - **Capital Expenditure**: The capital expenditure for the current year is set at 2.5 billion CNY, with expectations for next year to remain at least at the same level. Production capacity is projected to increase by nearly 20% [10][29]. - **Advanced Packaging Development**: The company is focusing on 2.5D packaging technology and has made significant R&D investments, with a 42% increase in R&D spending compared to last year [3][13]. Industry Trends - **AI Impact**: The demand for advanced packaging technologies is expected to grow significantly due to the increasing application of AI across various industries. The company views this as a substantial growth opportunity [24][33]. - **Market Dynamics**: There is a noted increase in material costs and potential price adjustments for customers due to tight capacity in the industry [8][9]. Additional Insights - **Customer Demand**: The company is experiencing high utilization rates, with production capacity operating above 90% for certain product lines [7]. - **Future Revenue Composition**: The company aims for overseas revenue to exceed 30% in the future, driven by successful engagements with international clients [16]. This summary encapsulates the key points discussed during the conference call, highlighting the company's financial performance, market positioning, and future growth strategies.

Core Viewpoint - Recently, Taijing Technology (603738) has received certification for its automotive-grade products from two of the top 10 global automotive parts customers, marking a significant advancement in the automotive electronics sector and expanding its network of leading clients [1] Group 1 - Taijing Technology has achieved certification for its automotive-grade products [1] - The company is making solid progress in the automotive electronics field [1] - The expansion of the company's client base includes top-tier automotive parts customers [1]