HL7603芯片

Search documents
希荻微(688173):深度研究报告:模拟行业复苏扬帆,外延并购拓平台版图
Huachuang Securities· 2025-07-11 07:26
Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 17.91 CNY based on a 7.5x P/S ratio for 2025 [2][11]. Core Insights - The company is a leading domestic analog chip design firm, focusing on power management and signal chain chips, and has established a dual-driven model in consumer electronics and automotive electronics [5][15]. - The analog chip industry is approaching a turning point, with inventory destocking nearing completion, indicating a potential recovery in the market [5][46]. - The company has been actively expanding its business through acquisitions, including exclusive rights to Korean technology and stakes in other firms, enhancing its product offerings and market position [5][11]. Summary by Sections Company Overview - Founded in 2012, the company initially focused on power management chips and has since expanded into signal chain chips, establishing a dual-driven model in consumer and automotive electronics by 2021 [5][15]. - The company has a concentrated shareholding structure, with key management having extensive industry experience [30][34]. Industry Outlook - The analog chip industry has been in a downturn since Q4 2022, but signs of recovery are emerging as major players like Texas Instruments and Analog Devices report revenue growth [5][46][51]. - The domestic market for analog chips is expected to benefit from a shift towards local suppliers, with a projected self-sufficiency rate of only 16% in 2024 [5][46]. Business Strategy - The company is leveraging its core power management chip business while expanding into new product lines, including audio motor driver chips and other innovative solutions [5][8][10]. - Recent acquisitions, such as the stake in Zinitix and the planned acquisition of Chengxin Micro, are aimed at enhancing the company's product matrix and competitive edge [5][11][20]. Financial Projections - The company is projected to achieve revenues of 9.80 billion CNY in 2025, with a gradual increase to 15.88 billion CNY by 2027, alongside a return to profitability by 2026 [6][11]. - The financial outlook reflects a significant recovery from previous losses, with expectations of narrowing losses in the near term [6][36].