泰晶科技称，公司本次通过参与设立投资基金符合公司整体发展规划。公司经营情况良好，财务状况稳 健，公司本次对外投资的资金来源于公司自有资金，不会影响公司生产经营活动和现金流的正常运转。 泰晶科技（603738）(603738.SH)日前发布公告，公司拟认缴出资1000万元与专业投资机构共同投资， 设立共青城羲和菲菱楠芯创业投资合伙企业(下称"合伙企业"或"基金")。目前合伙企业已完成募集，不 过仍需取得中国证券投资基金业协会备案。 此外，随着汽车智能化、电动化浪潮加速，泰晶科技在车规级晶振领域持续取得突破。未来，泰晶科技 将吸引更多汽车行业客户，在汽车电子领域构建更广泛的业务版图。 以自有资金认缴出资1000万 泰晶科技是全球少数几家具备石英晶体MEMS光刻工艺技术先进生产能力的企业之一，在国内率先实现 石英晶体MEMS光刻工艺产业化、规模化并获得良好经济收益。2024年泰晶科技荣获国家制造业单项冠 军，公司音叉谐振器相关产品进入国际前三阵列。 基于数据通信与智算互联赛道产业链的发展潜力，聚焦国产替代核心关键环节开展价值投资，夯实产业 布局，泰晶科技作为有限合伙人与私募基金管理人暨普通合伙人深圳羲和投资管理有限 ...

Core Insights - Zhejiang Sais Electronic Technology Co., Ltd. and Zhejiang Yijing Technology Co., Ltd. have signed a joint venture agreement to establish Zhejiang Sais Yijing Technology Co., Ltd., aiming to enter the trillion-level crystal oscillator market [1][2] - The collaboration combines Sais Electronic's financial resources and project experience with Yijing Technology's innovative manufacturing techniques, creating a comprehensive "R&D-production-market" synergy [1][2] Company Overview - Sais Electronic has received over 1 billion in capital since its establishment in 2013 and holds more than a hundred proprietary intellectual properties related to timing technology [2] - The company has developed high-stability and low-phase noise crystal oscillators, achieving a temperature-stabilized oscillator stability of 1.5E-13 and phase jitter in the femtosecond range [2] - Yijing Technology specializes in high-precision, miniaturized quartz crystal components and has over a decade of experience in scalable manufacturing and miniaturization processes [2] Market Opportunities - The high-end crystal oscillator market is experiencing structural growth driven by sectors such as optical modules, smart driving, and energy storage [3] - The demand for next-generation optical modules requires support for differential clocks exceeding 200MHz, while smart driving systems necessitate femtosecond-level synchronization precision [3] - The joint venture aims to integrate Sais Electronic's high-frequency technology with Yijing Technology's manufacturing capabilities to create a globally competitive automated production line [3] Strategic Goals - The partnership will focus on developing high-temperature, vibration-resistant automotive-grade oscillators and low-power miniaturized oscillators for the smart automotive and IoT markets [3] - The joint venture will leverage both companies' resources to expand into high-growth emerging markets in Southeast Asia and the Middle East, enhancing global market share and competitiveness [3]

Group 1 - The core viewpoint of the article is the establishment of a joint venture, Zhejiang Sais Electronic Technology Co., Ltd., between top-tier frequency technology companies in China, Zhejiang Sais Electronic Technology Co., Ltd. and Zhejiang Yijing Technology Co., Ltd., aiming to enter the trillion-level crystal oscillator market [1][4][7] - The collaboration is not only a capital alliance but also a deep integration of technology, manufacturing, and market capabilities, creating a comprehensive "R&D-production-market" synergy to target the high-end market of the global crystal oscillator industry [4][7] - Sais has received over 1 billion in capital since its establishment in 2013 and has developed a full industry chain layout from "time source - timing end - usage end - frequency chip," serving over 1,000 clients, including national projects [5][8] Group 2 - The high-end crystal oscillator market is experiencing structural growth opportunities, with compound annual growth rates (CAGR) exceeding 15% in key areas such as optical modules, intelligent driving, and energy storage, with a market value reaching trillions [8][11] - The joint venture aims to leverage Sais's technological advantages in high-frequency, ultra-low jitter differential oscillators and Yijing's capabilities in large-scale manufacturing and miniaturization to create globally competitive automated production lines [11][14] - The partnership will also focus on developing new generation high-temperature, vibration-resistant automotive-grade oscillators and low-power miniaturized oscillators to capture opportunities in the smart automotive and IoT markets [14][15] Group 3 - The strategic alliance is positioned to address the challenges of the high-end crystal oscillator market, which is seen as a critical component in the digital economy, thus enhancing China's position in the global value chain [15][18] - The founders of both companies emphasize that collaboration is essential to overcome the technological barriers posed by international giants, and this joint venture represents a significant step towards achieving self-sufficiency in the domestic market [18]

Core Viewpoint - 泰晶科技在2024年实现营业总收入8.21亿元，同比增长3.55%，但归属净利润为0.88亿元，同比下降13.55%，显示出市场竞争压力加大，盈利能力下降 [1][4][7] Revenue and Profitability - 2024年营业总收入为8.21亿元，同比增长3.55%，表明公司业务规模有所扩大 [4] - 归属净利润为0.88亿元，同比下降13.55%，扣非净利润为6202.50万元，同比减少24.26% [1][4] - 自2021年达到净利润峰值2.45亿元后，净利润持续下滑，2024年降幅高达64% [4] High-end Layout Progress - 公司在高端化布局上取得进展，2024年研发费用达4868万元，同比增长33.05% [5] - 重点投入半导体光刻工艺、车规级产品和高频器件等领域，成功攻克500MHz高频加工技术瓶颈 [5] - 在汽车电子领域，公司成立汽车电子事业部，开发了2000余款料号，已通过AEC-Q200/Q100认证 [6] Market Competition and Challenges - 全球晶振市场面临下游需求分化和价格战的双重挑战，尽管高端晶振需求激增，但整体市场环境依然严峻 [7] - 公司通过技术降本、质量降本等手段提升产品竞争力，但财务数据未能完全转化为盈利能力的提升 [7] - 未来公司需加大创新力度，优化产品结构，以应对市场的不确定性 [7]

Summary of TaiJing Technology Conference Call Company Overview - **Company**: TaiJing Technology - **Year**: 2024 - **Revenue**: 821 million (8.21 billion) CNY, a year-on-year increase of 3.55% [2][4] - **Net Profit**: Decreased due to price reductions, increased R&D investment, and other factors [2][5] Key Points and Arguments Financial Performance - **Revenue Growth**: 2024 revenue increased to 821 million CNY, with a notable 10% growth in Q1 2025 [2][4][11] - **Net Profit Decline**: 2024 net profit was 87.06 million CNY, a decrease compared to the previous year [4] - **R&D Investment**: Increased by 33%, approximately 10 million CNY, impacting net profit [2][5] Industry Position and Development - **Leading Technology**: Company is globally leading in chip development, collaborating with Qualcomm on 6G communication and AI applications [2][6] - **Automotive Market**: 2024 automotive market share was about 4%, expected to double to over 10% in 2025 [10] - **Product Development**: Over 2,000 part numbers developed in automotive semiconductor devices, focusing on various vehicle domains [8][9] Market Dynamics - **Supply Chain Focus**: Increased emphasis on domestic supply chains due to US-China relations, particularly in the server sector [2][7] - **AI and IoT Demand**: Rising hardware demand driven by AI applications and IoT, leading to increased orders [2][15] - **High-Value Products**: High-profit products like 156.25 MHz and above are performing well, with future contributions expected to grow [17] Competitive Landscape - **Pressure on Small Enterprises**: Current competition is pressuring small businesses, with many facing losses and potential market exit [12] - **Cost Management**: Company is managing rising material costs through precious metal reserves and optimizing processing technology [13][18] Future Outlook - **Growth Opportunities**: Strong demand in Q1 2025, particularly for K-type crystal oscillators and drone applications [15][16] - **Market Trends**: Anticipated growth in server-related products and light module markets, with significant demand expected in 2025 [22][23] - **AI Product Development**: Focus on AI products like smart glasses, with successful customer certifications achieved [24] Additional Important Insights - **Product Margin Stability**: Stable margins in kHz crystal oscillators and TC products, with expectations for improvement as production capacity increases [14] - **Management Strategies**: Active measures to manage operational costs and enhance product competitiveness [29] - **Investor Focus**: Investors should monitor product strength and the company's performance across market cycles [30]