芯朋微 20251028 摘要 新同威 2025 年第三季度收入 2.42 亿元，同比下降约 5%，环比大幅波 动，主要受家电市场季节性及促销影响，其中家电收入占比 60%，标准 电源和工业及车用电源分别贡献约 4,000 万元和 5,500 万元。 公司小家电业务虽受 618 促销影响三季度下滑，但仍看好市场前景，目 标维持每年 5%的增长，并积极拓展咖啡机等新品类，目前小家电芯片 年出货量约 4-5 亿颗，市场份额较高。 新同威前三季度毛利率略有上升，9 月综合毛利率达 37%，长期目标为 45%，净利润率 15%。公司计划通过缩短供应链周期，将存货周转天 数优化至 150 天，目前存货风险可控。 公司积极评估潜在并购机会，优先考虑电源和电机系统相关领域的标的， 包括数字芯片、模拟芯片、信号链芯片和模块等，期望每年至少完成一 个并购项目，但具体进度取决于目标公司规模及一致性。 四季度家电市场预计逐步恢复，但小家电市场表现或不如往年，全年销 售额目标调整为 11-12 亿元。明年将深耕家电、快充标定及工业与汽车 三大细分市场，通过扩展产品品类、核心订单及新产品发布推动增长。 Q&A 请介绍一下新同威 202 ...

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 636 million yuan, a year-on-year growth of 40.32%, and net profit attributable to shareholders amounting to 90.49 million yuan, a growth of 106.02% [1] Group 1: Financial Performance - The company's revenue for the first half of 2025 was 636 million yuan, reflecting a year-on-year increase of 40.32% [1] - The net profit attributable to shareholders was 90.49 million yuan, showing a year-on-year growth of 106.02% [1] Group 2: Product and Market Development - The growth in performance is attributed to the introduction of new product lines, particularly in the "power system overall solution," with non-AC-DC product revenue increasing by 73% year-on-year [1] - The company has made significant strides in expanding into new markets, particularly in industrial applications, with revenue from this sector increasing by 57% year-on-year [1] Group 3: Research and Development - The company invested 125 million yuan in R&D during the first half of 2025, accounting for 19.69% of its revenue [2] - The workforce in R&D reached 272 employees, making up 71.77% of the total staff [2] - The company holds a total of 341 valid intellectual property rights, with 7 new patents and 8 new integrated circuit layout registrations added in the first half of 2025 [2] Group 4: Future Outlook - The company has developed nearly 1800 product models and is positioned as a leader in high and low voltage integrated semiconductor technology [2] - The company anticipates significant growth in the next two years driven by new products in emerging fields such as renewable energy, robotics, and AI computing [2]