隔离芯片

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国产模拟半导体新并购!瞄准隔离芯片
是说芯语· 2025-10-01 02:15
9 月 29 日晚间,模拟芯片设计企业帝奥微(688381.SH)抛出的收购方案,本质是一场精准的技术卡位战。根据公告及股权穿透信息,公司已与荣湃半导 体控股股东董志伟签署意向协议,拟通过 "发行股份 + 现金支付" 方式收购其直接及间接持有的股权。由于董志伟通过直接持股 45.08% 及控制两大合伙 基金,合计持有荣湃半导体 54.31% 股权,若交易完成,荣湃将成为帝奥微控股子公司。值得关注的是标的公司的股东背景,小米长江产业基金(持股 3.5%)、豪威旗下韦豪创芯(持股 1.43%)等明星资本的加持,既印证了荣湃技术的行业认可度,也为交易估值谈判增加了博弈空间。目前交易金额、股 份发行比例等核心条款尚未披露,但参考 2025 年半导体行业并购平均估值水平,结合荣湃在隔离芯片领域的技术地位,估值或达数十亿级别。 市场普遍期待复牌后的估值重估。 这种乐观源于三重逻辑:一是隔离芯片赛道的高成长性,伴随新能源汽车与储能需求爆发,市场规模有望保持 20% 以上增速;二是协同效应的业绩想象 空间,参考长川科技并购后净利润增长 9 倍的案例,若整合顺利,帝奥微有望扭转 2025H1 归母净亏损 420 万元的颓势;三 ...
雅创电子(301099) - 301099雅创电子投资者关系管理信息20250528
2025-05-28 11:22
Group 1: Company Strategy and Development - The company aims to become the most influential partner in the electronic component distribution market and self-developed chip design business, focusing on automotive electronics [3][4]. - The company plans to enhance its distribution business through mergers and acquisitions, aiming for deeper integration of resources and expansion of its business boundaries [3][4]. - The company’s self-developed IC business has maintained a gross margin of 40%-45% since 2019, with a reported gross margin of 46.95% for 2024, an increase of 6.52 percentage points year-on-year [5]. Group 2: Financial Performance and Projections - In Q1 2025, the company achieved a sales revenue of 1,355.13 million CNY, a year-on-year increase of 121.05%, with a gross margin of 13.35% [8]. - The electronic component distribution business generated revenue of 1,282.78 million CNY, up 137.37% year-on-year, while the self-developed IC business revenue was 70.93 million CNY, with automotive IC revenue at 55.04 million CNY, a 7.94% increase year-on-year [8]. - The company reported a foreign exchange loss of approximately 9.6 million CNY in Q1 2025, primarily due to the appreciation of the Japanese yen [6]. Group 3: Market Position and Competitive Landscape - The domestic market for automotive-grade analog chips has a localization rate of 10%-15%, with the company ranking among the top three domestic manufacturers [6]. - The company is actively pursuing opportunities in high-end intelligent driving and is positioned to benefit from the ongoing technological revolution in AI and robotics [4][5]. - The company’s asset-liability ratio stands at 56.40%, and it is considering appropriate equity financing plans based on market conditions [7]. Group 4: Product Development and Innovation - The company plans to launch several new products in 2025, including various LED driver ICs and DC-DC converters, targeting growth in the Chinese and Japanese markets [8]. - The focus of the self-developed IC business will be on automotive electronics, with plans to enhance product lines and integrate multiple functionalities into existing products [5]. Group 5: Mergers and Acquisitions - The company is in discussions regarding the acquisition of Shanghai Analog Semiconductor, with the process currently in the negotiation stage [7]. - The integration of the recently acquired company, Weiyali, is expected to improve operational performance and achieve profitability following its incorporation into the company [7].