20240624-华创证券-纳芯微-688052.SH-重大事项点评_拟收购麦歌恩_提升磁传感器领域竞争力_5页_516kb

纳芯微拟收购麦歌恩以增强磁传感器竞争力。交易涉及公司79.31%股权，总对价7.93亿元。完成后，麦歌恩成为控股子公司。麦歌恩是磁传感器芯片厂商，业务涵盖磁开关、磁电流/线性霍尔和磁编码，2023年营收30.0亿元，净亏损0.19亿元。公司未来三年（2024-2026）对麦歌恩业绩承诺分别为0.39、0.52、0.76亿元净利润。

纳芯微通过收购布局磁传感器，巩固在新能源汽车等领域的优势。同时还保持高强度研发投入，推进隔离技术突破和新产品推广，如车规级磁开关、磁轮速已送样测试。2024-2026年营收预计分别为187.2亿、246.4亿、309.1亿元，归母净利润从亏损转为正增长预期，对应目标价1445元。

双重外部风险及股价波动需关注。

摘要翻译
Nascent Micro Buys MagneTech to Enhance Magnetic Sensor Capabilities
Nascent Micro plans to acquire 79.31% of Shanghai MagneTech Mico for total consideration of CNY 793.12 million in cash. Post-transaction, Nascent Micro will hold 68.28% directly and 11.03% indirectly through Shanghai Laurel and Shanghai Leave Word. MagneTech specializes in hybrid signal chips, including magnetic sensor chips, serving consumer electronics, industrial control, and electric vehicles.其 2023 revenue reached CNY 3.0 billion. Performance promises for 2024-2026 net profits are 0.39 billion, 0.52 billion, and 0.76 billion respectively. The acquisition aims to enrich its magnetic sensor product portfolio and increase market share.

As a leader in automotive analog chips, Nascent Micro maintains R&D investment across isolation technology, magnetic sensors, and signal chains, securing market recovery and future growth. Revisions to 2024-2026 revenue forecasts are CNY 18.72b, 24.64b, 30.91b, with net profit returning to positive growth. A target price of CNY 1,445 per share is recommended, maintaining a "Strong Buy" rating. However, risks include product delays, slower EV demand, and intensified competition.