Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The report indicates that the company's inventory has shown a declining trend, which is expected to lead to a recovery in gross margin. The company is actively exploring opportunities in emerging fields such as automotive, robotics, and AI with its MCU and BMS products [3][8] - The company's revenue for 2024 is projected to be RMB 1.343 billion, reflecting a year-on-year growth of 3.3%. However, the gross margin is expected to decrease slightly to 33.6% [8] - The report maintains the "Buy" rating despite a downward adjustment in the EPS forecast for 2025 and 2026 to RMB 0.51 and RMB 0.72 respectively, with an estimated EPS of RMB 0.93 for 2027 [5][8] Summary by Sections Stock Performance - The company's stock price as of April 8, 2025, is RMB 20.07, with a total market capitalization of approximately RMB 6.85 billion [1] Financial Projections - The company’s projected revenues and net profits for the upcoming years are as follows: - 2025E Revenue: RMB 1.515 billion, Net Profit: RMB 174 million - 2026E Revenue: RMB 1.671 billion, Net Profit: RMB 247 million - 2027E Revenue: RMB 1.827 billion, Net Profit: RMB 319 million [7][8] Business Strategy - The company is focusing on upgrading smart appliance chips and expanding its market share in the variable frequency motor control chips for major appliances. It aims to enter the automotive sector with its MCU and BMS products [8] - The company is also advancing its AMOLED driver chips for smartphones and wearable devices, with plans for mass production expected in the second half of 2025 [8]

星标 ★ IPO日报 精彩文章第一时间推送 几个月内，两家上市公司先后公告拟并购同一标的公司。 2024年11月，英唐智控和爱协生科技公司（下称"爱协生"）未能协商一致终止收购后。3月，新相微快速接上，向并购标的伸出橄榄枝。 近期，新相微公告称，公司正在筹划以发行股份及支付现金的方式购买爱协生控制权并同时募集配套资金。经初步沟通，本次交易预计构成重大资产重 组。公司股票已于2025年3月3日开市起停牌，并将于2025年3月4日继续停牌，预计停牌时间不超过5个交易日。 当前半导体显示行业竞争激烈，但行业整合趋势明显，这或是新相微在行业整合上的新方向。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 688593 | 新相微 | A 股 停牌 | 2025/3/4 | | | | 制图：佘诗婕 业务协同 近年来，新相微也一直在推动产业生态布局和业务发展，此次收购爱协生是其战略布局的一部分。 据悉，新相微是国内领先的显示芯片设计企业，专注于显示驱动IC的研发和销售。 ...