证 券 研 究 报 告 希荻微（688173）深度研究报告 强推（首次） 模拟行业复苏扬帆，外延并购拓平台版图 公司研究 集成电路 2025 年 07 月 11 日 目标价：17.91 元 当前价：13.41 元 华创证券研究所 证券分析师：耿琛 电话：0755-82755859 邮箱：gengchen@hcyjs.com 执业编号：S0360517100004 证券分析师：岳阳 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 证券分析师：吴鑫 邮箱：wuxin@hcyjs.com 执业编号：S0360523060001 联系人：卢依雯 邮箱：luyiwen@hcyjs.com 公司基本数据 | 总股本(万股) | 41,031.93 | | --- | --- | | 已上市流通股(万股) | 24,318.23 | | 总市值(亿元) | 55.02 | | 流通市值(亿元) | 32.61 | | 资产负债率(%) | 12.89 | | 每股净资产(元) | 3.57 | | 12 个月内最高/最低价 | 15.24/7.94 | 市场表现对比图(近 12 个月) - ...

深圳天德钰科技股份有限公司（以下简称"公司"）是一家专注于移动智能 终端领域芯片研发、设计、销售企业。公司致力于移动智能终端和智能物联两大 领域关键芯片的自主研发，产品涵盖移动智能终端显示驱动芯片、电子标签驱动 芯片、摄像头音圈马达驱动芯片、快充协议芯片等。近期，公司经营情况持续向 好，经初步测算：2025 年 1—5 月，公司实现营业收入 102,210.21 万元，较去 年同期增长约 55.59%；截至 2025 年 5 月末，公司未分配利润余额 90,121.38 万 元，较去年同期增长约 47.34%。 二、 相关风险提示 本公告所载近期财务数据为初步核算数据，未经会计师事务所审计，仅作为 阶段性财务数据供投资者参考，不能以此推算公司全年业绩情况，具体数据以公 司定期报告中披露的数据为准，敬请投资者理性投资，注意风险。 特此公告。 证券代码：688252 证券简称：天德钰 公告编号：2025-028 深圳天德钰科技股份有限公司 关于近期经营情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、 近期经营情 ...

Group 1 - The core viewpoint of the news is that Xi Di Wei is experiencing improvements in revenue and net profit due to increased customer demand, new business line revenue, and enhanced operational efficiency through cost control [1] - The company plans to enhance product value through iteration and new product development while optimizing cost structure to improve gross margin [1] - Research and development investment will remain at a reasonable level in 2025, with a focus on controlling sales and management expenses [1] Group 2 - Xi Di Wei has established collaborations in the smart wearable sector, primarily focusing on power management chips, with future potential in voice coil motor driver chips [1] - The acquisition of Chengxin Micro is under review, and it is expected to contribute significantly to financial performance from 2025 to 2027 [1] - In response to the slowing growth in smartphone shipments, the company is shifting towards diversification and differentiation by developing customized chip products [1]

Core Viewpoint - The company plans to increase its investment in its wholly-owned subsidiary, Halo Microelectronics (Hong Kong) Co., Limited, by USD 30 million to support the development of its smart visual perception business and meet the operational needs of its overseas subsidiaries [1][2]. Group 1: Investment Overview - The investment amount is USD 30 million, which is approximately RMB 215.97 million based on real-time exchange rates [2]. - After the investment, the total investment in Halo Microelectronics will increase from USD 90,001,300 to USD 120,001,300, maintaining a 100% ownership stake [2]. - The decision was approved by the company's board of directors on May 22, 2025, and does not require shareholder approval [2]. Group 2: Subsidiary Information - Halo Microelectronics (Hong Kong) Co., Limited is a limited liability company established on October 4, 2013, and is located in Hong Kong [3][4]. - The company specializes in logistics, procurement, and sales of integrated circuit analog chips [4]. - As of March 31, 2025, the total assets of Halo Microelectronics were RMB 96,535.87 million, with total liabilities of RMB 34,846.93 million and net assets of RMB 61,688.95 million [4]. Group 3: Financial Performance - For the fiscal year 2024, Halo Microelectronics reported a revenue of RMB 53,654.19 million and a net loss of RMB 9,449.41 million [4]. - In the first quarter of 2025, the company generated revenue of RMB 17,924.23 million with a net loss of RMB 998.46 million [4]. Group 4: Impact of Investment - The investment aims to enhance the capital strength of Halo Microelectronics and improve the operational capabilities and sustainable development of the company and its subsidiaries [5]. - The investment will not change the consolidation scope of the financial statements, as Halo Microelectronics remains a wholly-owned subsidiary [5]. - The investment is expected to have no significant adverse impact on the company's financial and operational status [5].

根据市场公开信息及5月9日披露的机构调研信息，知名私募盘京投资近期对2家上市公司进行了调研， 相关名单如下： 1）杭州柯林 （盘京投资参与公司特定对象调研&分析师会议） 机构简介： 盘京投资成立于2016年，是中国优秀的私募证券投资基金管理人之一，在中国证券投资基金业协会登记 注册的私募证券投资基金管理人编号为P1034296。公司由多位长期业绩卓越、并且具备相同价值观的 资深投资人创办，是一家以合伙人制度为基础，平台化运营的投资管理机构。盘京投资立足中国证券市 场，聚焦中国上市公司投资机会，同时在海外市场尤其是中概股有广泛布局。xa0公司的建设以投研为 导向，以深度产业和个股研究为投资决策唯一依据，搭建领先于同行的内部研究团队。同时，公司拥有 广泛的外部研究资源，与国内各大顶级券商研究所建立了良好的投研服务关系，通过深入研究发掘并收 获根植中国经济的商业和投资机会，依靠扎实的价值判断穿越不同市场周期，坚持运用产业资本思维投 资，期望为客户创造长期可持续的稳定良好回报。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 调研纪要：杭州柯 ...

Group 1: Xi Di Wei - Xi Di Wei achieved total revenue of 545.51 million yuan in 2024, a year-on-year increase of 38.58%, with a gross profit of 169.67 million yuan, up 17.59% [1] - In Q1 2025, the company reported total revenue of 177.68 million yuan, a year-on-year increase of 44.56%, but a net loss of 27.26 million yuan, indicating a narrowing of losses [1] - The company's smart visual perception business, particularly the voice coil motor driver chips, is a major growth driver, with expected shipment value reaching 541.92 million yuan in 2024 [1] Group 2: Bo Si Software - Bo Si Software is actively embracing AI, developing a vertical scene strategy with diverse AI products, including medical collaboration tools and digital procurement solutions [2] - The company achieved total revenue of 2.14 billion yuan in 2024, a year-on-year increase of 4.79%, while net profit decreased by 7.44% [2] - Bo Si Software has made progress in electronic voucher business in medical and administrative sectors, promoting in over 20 regions [2] Group 3: Jia Man Apparel - Jia Man Apparel plans to adopt a cooperative model for adult shoes after the expiration of the Hush Puppies authorization, focusing on classic casual styles for men's and women's clothing [3] - The design and sales teams consist of company veterans and external hires, with positive feedback from franchisees regarding the 2025 autumn/winter product designs [3] - The company maintains a relatively stable dividend ratio and does not rule out increasing the dividend ratio in the future [3] Group 4: Hong Jing Optoelectronics - Hong Jing Optoelectronics reported high growth in panoramic/sports camera business and new ventures in Q1 2025, although gross margins declined due to high costs of new camera module chips [4] - The smart automotive business serves major clients like Desay SV and Baolong Technology, with end customers including Chery, Geely, and Xpeng [4] - The company aims to implement a "3+N" product strategy to expand into AI hardware and machine vision fields [4]

Group 1 - The core viewpoint of the article highlights the recent research conducted by Tianyidao Investment on the listed company Xidiwei, showcasing its financial performance and growth prospects [1] - Xidiwei is projected to achieve total revenue of 545.51 million yuan in 2024, representing a year-on-year growth of 38.58%, with a gross profit of 169.67 million yuan, up 17.59% [1] - In Q1 2025, Xidiwei reported total revenue of 177.68 million yuan, a year-on-year increase of 44.56%, although it recorded a net loss of 27.26 million yuan, indicating a narrowing of losses [1] - The company's smart visual perception business, particularly the voice coil motor driver chips, is identified as a key growth driver, with a shipment value expected to reach 541.92 million yuan in 2024 [1] - The trade war has had no substantial impact on the company, which is expected to accelerate the domestic substitution of chips [1] - Despite a slight decline in revenue in Q1 2025 due to the Spring Festival holiday, the company remains optimistic about future quarters [1] - Xidiwei's overall gross margin stands at 30%, with potential for improvement [1] - Both consumer electronics and automotive electronics sectors are showing strong growth, with the value of automotive-grade chips per vehicle estimated at 40 to 50 USD [1] - AI computing power supply chip products are currently in the debugging phase, with high market demand [1] - The company maintains a stable partnership with Xiaomi Group, offering a diverse range of products [1] - Xidiwei is actively seeking quality target companies and promoting collaborations, with management expressing confidence in achieving profitability and positive cash flow in the future [1] Group 2 - Tianyidao Investment is a well-established private equity firm with a registered capital of 10 million yuan, recognized as one of the first to obtain private placement qualifications and has a management scale exceeding 5 billion yuan [2] - The firm employs a multi-strategy approach, integrating artificial intelligence, quantitative stock selection, and programmatic trading strategies, and has successfully navigated multiple market cycles [2] - Tianyidao Investment has received various awards from authoritative institutions and media, establishing a strong reputation in the industry [2]

收入好转，利润减亏明显 2025年1季度公司实现收入1.78亿元（同比增速44.56%，环比增速 11.38%），归母净利润-0.27亿元（同 比增速44.23%，环比增速71.34%）收入增长主要系终端客户需求较去年同期有所上升：同时，自2024 年第四季度开始，公司音圈马达驱动芯片产品线（即智能视觉感知业务）部分产品已开始首主委外生 产，使得该产品线的营业收人明显增加：另外， 2024年公司新增控股子公司ZinitixCo..Ltd.集团合并范 围的扩大也使得营业规模有所提升。公司利润减亏明显，主要是因为毛利率增加、提升管理效率。 公司于2024年8月完成对Zinitix控股权的收购，新增传感器芯片产品线，快速切入触控IC市场，技术互 补提升智能终端解决方案能力。Zinitix 于2024年实现营业收入54.075.603.095韩元（折合人民币约2.68亿 元），较上年同期增长64%，实现净利润652.960.855韩元（折合人民币约323万元），较上年同期实现 扭号为盈。 公司拟并购诚芯微旨在整合电源管理、电机类芯片、MOSFET等资源诚芯微AC-DC芯片相关的AC- DCPSR控制技术、AC-DCS ...

希荻微一季度研发投入5801.01万元。公司重视技术创新，致力于高性能模拟芯片和数模混合芯片的研 发、设计和销售，可以为客户提供业界领先的模拟和电源管理芯片和方案。公司拥有具备国际化背景的 行业高端研发及管理团队，开发出了以DC/DC芯片、超级快充芯片等为代表的一系列具有高效率、高 精度、高可靠性等良好性能的芯片产品。公司持续发力新品研发，推出契合市场需求的新品，进一步丰 富各产品线矩阵。 希荻微一季报显示，报告期内公司营业收入较去年同期实现明显增长，主要是终端客户需求较去年同期 有所上升，带动报告期内公司营业收入实现总体增长；同时，自2024年第四季度开始，公司音圈马达驱 动芯片产品线(即智能视觉感知业务)部分产品已开始自主委外生产，使得该产品线的营业收入明显增 加。希荻微一季度归属于母公司股东的净亏损较去年同期大幅减少，主要是随着公司总体业务规模的扩 大、产品矩阵日益丰富以及公司对上游供应链的有效整合，毛利润较去年同期有所增加。此外，公司通 过系列措施加强费用管控，提升了整体运营效率，实现在业务规模明显增长的情况下总体费用支出较去 年同期有所下降。 本报讯(记者丁蓉)4月29日晚间，希荻微电子集团股份有限 ...

2025 展望：SPD 驱动营收增长，汽车领域产品覆盖加速拓展我们预计DDR5 SPD、汽车级/工业控制 EEPROM 仍将是公司收入规模扩张和盈利能力提升的重要驱动力，NOR Flash 营收规模增长依赖于市 场拓展情况。分产品来看，1）SPD：受益服务器/PC 升级需求，DDR5 渗透率将持续提升，且价格保持 相对稳定；2）汽车EEPROM：A1 及以下等级全系列产品覆盖，部分去年导入验证项目今年将陆续放 量。由于产品竞争格局较好，我们预计价格和毛利率有望保持稳定；3）NOR Flash：24 年收入主要来 源于电子烟等消费电子领域，后续有望拓展至汽车、工控等高价值市场，且随出货量增加，成本端有望 持续优化；4）音圈马达驱动：闭环类和光学防抖等高端产品有望实现在中高端及旗舰智能手机实现出 货。 投资建议：目标价104.7 元，维持"买入"评级我们预计公司DDR5 SPD 及汽车/工业EEPROM 有望保持较 快增长，维持25/26/27E 归母净利润预测4.71/6.48/8.70 亿元，考虑面向手机、电子烟等消费电子需求仍 较平淡，给予35 倍25PE（Wind 一致性预期中位数48x25PE），维持目 ...