MACMIC(SH:688711)2025-12-17 15:50Summary of Macro Micro Technology Conference Call Company Overview - Company: Macro Micro Technology - Focus Areas: - Industrial Control (Engineering machinery, servo motors, etc., accounting for nearly 50%) - New Energy Generation (Photovoltaic inverters and energy storage devices, approximately 30%, core clients include Huawei) - New Energy Vehicles (Main drive HPD modules, expected to install nearly 1 million vehicles in 2024) [2][3] Key Business Insights - Revenue Composition: - Industrial Control: Nearly 50% of revenue - New Energy Generation: About 30% of revenue - New Energy Vehicles: 2023 installation volume over 400,000 vehicles, expected to double in 2024 [3] - Growth Projections: - Industrial Control business expected to grow approximately 30% in 2026, driven by power supply and UPS products [4][15] - New Energy Vehicle sector expected to see revenue double in 2026, despite potential small losses due to capacity ramp-up and capital expenditures [4][17] Product Development and Innovations - GaN Devices: - GaN devices have completed R&D and are in sample testing, showing low loss and high power density advantages in humanoid robot joint controllers [2][6] - Expected small batch production in 2026, with demand from several hundred to potentially thousands of units [7] - SiC Products: - SiC samples sent to NVIDIA supply chain, with collaborations with Eaton and others for joint research [2][13] - SiC product gross margin currently around 25%, but may face a 10% price drop due to market fluctuations [18] Strategic Collaborations - Nuclear Fusion: - Joint R&D with Hanhai focusing on power supply chip development for standby devices, with products expected to mature by 2028 [2][10] - Collaboration with Huairou Laboratory to promote applications in the national grid system [14] - AI Data Center Power Supply: - Increased demand for AI computing driving upgrades in power supply products, with a focus on SiC solutions [13] Market Trends and Challenges - Price Trends: - Overall market trend shows a decline in SiC material and chip prices, which may affect gross margins [19] - High-end vehicle market remains stable, with no immediate price reduction requests from premium manufacturers [19] - Photovoltaic Inverter Business: - Strong performance in the first half of the year, with expected stability in 2026, focusing on Huawei's inverter needs [20] Conclusion - Future Directions: - Macro Micro Technology aims to consolidate and expand its three main business segments while exploring new growth areas such as DC power distribution and humanoid robotics [5] - The company is well-positioned to leverage its innovations in GaN and SiC technologies to meet the growing demands in various sectors, including AI and renewable energy [2][13]