近日，纳芯微被调入港股通标的证券名单，方正证券此前研报指出，纳芯微是国产汽车模拟芯片龙头， 2024年在中国汽车模拟芯片市场中份额为1.8%，位居所有厂商第十、中国厂商第一。SerDes芯片等高价 值量产品正加速放量推动毛利率持续提升，同时收购麦歌恩带来的协同效应逐渐显现，公司业绩增长动 力强劲。 香港联交所最新资料显示，1月7日，纳芯微(02676)股东将股票存入中信证券经纪香港，存仓市值1.30亿 港元，占比5.11%。 ...

近日，纳芯微被调入港股通标的证券名单，方正证券此前研报指出，纳芯微是国产汽车模拟芯片龙头， 2024年在中国汽车模拟芯片市场中份额为1.8%，位居所有厂商第十、中国厂商第一。SerDes芯片等高价 值量产品正加速放量推动毛利率持续提升，同时收购麦歌恩带来的协同效应逐渐显现，公司业绩增长动 力强劲。 智通财经APP获悉，香港联交所最新资料显示，1月7日，纳芯微(02676)股东将股票存入中信证券经纪香 港，存仓市值1.30亿港元，占比5.11%。 ...

方正证券此前研报指出，纳芯微是国产汽车模拟芯片龙头，2024年在中国汽车模拟芯片市场中份额为1.8%，位居所有厂商第十、中国厂商第一。SerDes芯片 等高价值量产品正加速放量推动毛利率持续提升，同时收购麦歌恩带来的协同效应逐渐显现，公司业绩增长动力强劲。 消息面上，上交所、深交所近日发布公告称，因纳芯微在香港市场价格稳定期结束且相应A股上市满10个交易日，将其调入港股通标的证券名单，自1月5日 起生效。 1月6日， $纳芯微 (02676.HK)$ 一度涨超6%，高见128.8港元创上市新高。截至发稿，涨5.22%，报126.9港元，成交额3171.16万港元。 编辑/KOKO ...

消息面上，上交所、深交所近日发布公告称，因纳芯微在香港市场价格稳定期结束且相应A股上市满10 个交易日，将其调入港股通标的证券名单，自1月5日起生效。方正证券此前研报指出，纳芯微是国产汽 车模拟芯片龙头，2024年在中国汽车模拟芯片市场中份额为1.8%，位居所有厂商第十、中国厂商第 一。SerDes芯片等高价值量产品正加速放量推动毛利率持续提升，同时收购麦歌恩带来的协同效应逐渐 显现，公司业绩增长动力强劲。 智通财经APP获悉，纳芯微(02676)涨超6%，高见128.8港元创上市新高。截至发稿，涨6.14%，报128港 元，成交额2859.27万港元。 ...

Group 1 - The core viewpoint of the article highlights the significant stock performance of Naxin Micro (02676), which saw an intraday increase of over 5%, reaching a new high of 118.4 HKD, with a current price of 117.3 HKD and a trading volume of 35.37 million HKD [1] - Naxin Micro operates under a fabless model, focusing on chip research and design while outsourcing wafer manufacturing and most packaging testing to third-party service providers [1] - According to Frost & Sullivan, Naxin Micro ranks 14th among all analog chip companies in China's analog chip market with a market share of 0.9%, and 5th among Chinese analog chip companies [1] Group 2 - According to a report from Founder Securities, Naxin Micro, as a leader in automotive analog chips, significantly benefits from the trend of domestic substitution for high-end analog chips, with products like SerDes chips driving continuous improvement in gross margins [1] - The synergistic effects from the acquisition of Maiguan are gradually becoming apparent, contributing to strong growth momentum in the company's performance [1]

Group 1 - Naxin Micro (02676) saw its stock price rise over 5%, reaching a new high of 118.4 HKD, with a current price of 117.20 HKD and a trading volume of 41.82 million HKD [1][4] - The company operates on a fabless model, focusing on chip research and design while outsourcing wafer manufacturing and most packaging testing to third-party suppliers [1][4] - According to Frost & Sullivan, Naxin Micro ranks 14th among all analog chip companies in China's analog chip market with a market share of 0.9%, and 5th among Chinese analog chip companies [1][4] Group 2 - According to a report from Founder Securities, Naxin Micro, as a leader in automotive analog chips, significantly benefits from the trend of domestic substitution for high-end analog chips [1][4] - The acceleration of high-value products like SerDes chips is expected to drive continuous improvement in gross margins, while the synergies from the acquisition of Maiguan are gradually becoming apparent, indicating strong growth momentum for the company [1][4]

Group 1 - The core viewpoint of the article highlights that Naxin Micro (02676) has seen a significant stock price increase, reaching a new high of 118.4 HKD, with a current price of 117.3 HKD and a trading volume of 35.37 million HKD [1] - Naxin Micro operates under a fabless model, focusing on chip research and design while outsourcing wafer manufacturing and most packaging testing to third-party service providers [1] - According to Frost & Sullivan, Naxin Micro ranks 14th among all analog chip companies in China's analog chip market with a market share of 0.9%, and 5th among Chinese analog chip companies [1] Group 2 - According to a report from Founder Securities, Naxin Micro, as a leader in automotive analog chips, significantly benefits from the trend of domestic substitution for high-end analog chips [1] - The acceleration of high-value products like SerDes chips is expected to drive continuous improvement in gross margins, while the synergies from the acquisition of Maiguan are gradually becoming apparent [1] - The company is positioned for strong performance growth driven by these factors [1]

Group 1 - The core viewpoint of the article highlights that Naxin Micro (02676) has seen a significant stock price increase, reaching a new high of 118.4 HKD, with a current price of 117.3 HKD and a trading volume of 35.37 million HKD [1] - Naxin Micro operates under a fabless model, focusing on chip research and design while outsourcing wafer manufacturing and most packaging testing to third-party service providers [1] - According to Frost & Sullivan, Naxin Micro ranks 14th among all analog chip companies in the Chinese market with a market share of 0.9%, and 5th among Chinese analog chip companies [1] Group 2 - According to a report from Founder Securities, Naxin Micro, as a leader in automotive analog chips, significantly benefits from the trend of domestic substitution for high-end analog chips [1] - The acceleration of high-value products like SerDes chips is expected to drive continuous improvement in gross margins, while the synergies from the acquisition of Maiguan are gradually becoming apparent [1] - The company is positioned for strong performance growth driven by these factors [1]

Group 1 - The core viewpoint of the article highlights the significant stock performance of Naxin Micro (02676), which saw an intraday increase of over 5%, reaching a new high of 118.4 HKD, with a current price of 117.3 HKD and a trading volume of 35.37 million HKD [1] - Naxin Micro operates under a fabless model, focusing on chip research and design while outsourcing wafer manufacturing and most packaging testing to third-party service providers [1] - According to Frost & Sullivan, Naxin Micro ranks 14th among all analog chip companies in the Chinese analog chip market with a market share of 0.9%, and 5th among Chinese analog chip companies [1] Group 2 - According to a report from Founder Securities, Naxin Micro, as a leader in automotive analog chips, significantly benefits from the trend of domestic substitution for high-end analog chips [1] - The acceleration of high-value products like SerDes chips is expected to drive continuous improvement in gross margins, while the synergies from the acquisition of Maiguan are gradually becoming apparent [1] - The company shows strong growth momentum in its performance [1]

Core Insights - Naxinwei is a leading domestic automotive analog chip manufacturer, holding a 1.8% market share in China's automotive analog chip market in 2024, ranking tenth among all manufacturers and first among domestic firms [1] - The company is experiencing strong growth driven by the acceleration of high-value products like SerDes chips, which are enhancing gross margins, and the synergistic effects from the acquisition of Maiguan are becoming evident [1] - Naxinwei plans to repurchase shares with a budget of no less than 200 million and no more than 400 million yuan, with a repurchase price not exceeding 200 yuan per share [1] Automotive Sector - In the first three quarters of 2025, automotive electronics revenue accounted for 34% of total revenue, with the per vehicle value of mass-produced products exceeding 1300 yuan [2] - The company has established significant advantages in the three electric systems, particularly in isolation products, and has achieved high market share, contributing to stable revenue [2] - The product line is expanding into new areas such as body electronics, intelligent lighting, and thermal management, with collaborations on smart GaN products to enhance system power density [2] Energy Sector - In the first three quarters of 2025, the energy sector (including industrial control, power modules, and photovoltaic storage) accounted for 53% of total revenue [2] - There is a noticeable recovery in demand for photovoltaic and storage markets, with rapid growth in power module business driven by AI server demand [2] - The company is providing isolation chips for server power supplies, achieving mass production for domestic and international clients [2] Consumer Electronics - In the first three quarters of 2025, consumer electronics revenue accounted for 13% of total revenue, focusing on emerging scenarios like robotic vacuums, smart home appliances, drones, and 3D printing [3] - Growth in this segment is primarily driven by the contribution from the sensor business post-acquisition of Maiguan and steady growth in traditional signal conditioning chips [3] Investment Outlook - Naxinwei is positioned to benefit significantly from the trend of domestic substitution in high-end analog chips, with continued growth in high-value products and increased R&D investment [3] - Revenue forecasts for 2025-2027 are adjusted to 32.76 billion, 42.02 billion, and 50.30 billion yuan, with net profits projected at -1.62 billion, 1.28 billion, and 3.50 billion yuan respectively [3]