网通车载两开花 核心产品稳占市场份额 裕太微表示，为更快推进网通和车载应用领域的拓展，公司于2024年成立了单独的网通事业部和车载事 业部。 其中，网通事业部主要由网通以太网物理层芯片、网通以太网交换机芯片、网通以太网网卡芯片组成， 覆盖所有除车载业务以外的其他所有的行业和应用领域。网通事业部的 2.5G 以太网物理层芯片在国内 运营商市场的 FTTR 和 XPON 产品领域，凭借卓越的性能和稳定的品质，2.5G 以太网物理层芯片产品 取得较高的市场份额。而在千兆以太网物理层芯片市场，广泛应用于国内显示屏、服务器以及机顶盒市 场，稳固地占据着国产千兆以太网物理层芯片市场份额的领先地位。百兆以太网物理层芯片产品在国内 工业伺服、机器人以及工业控制市场展现了强大的竞争力。通过 2.5G、千兆、百兆等多速率传输能 力，并结合 MII/RGMII/SGMII/QSGMII/高速 SerDes 等多种端口形态，可灵活适配运营商网络、工业控 制、数据中心及消费电子等领域的多样化应用需求。 而车载事业部专注于车载高速有线通信芯片的产品战略和规格制定、研发设计、市场推广和销售。面向 车载以太网和车载串行解串芯片的需求增长迅猛 ...

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].

本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板公司 具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解科创板市场的投资风险及本公司所披露的风险 因素，审慎作出投资决定。 裕太微电子股份有限公司 Motorcomm Electronic Technology CO., LTD. 苏州市高新区科灵路 78 号 4 号楼 201 室 首次公开发行股票并在科创板上市 招股意向书 保荐人（主承销商） （上海市广东路 689 号） 裕太微电子股份有限公司 招股意向书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 发行人及全体董事、监事、高 ...