定制化电源芯片精准出击，模拟细分龙头再起航

2024A2025E2026E2027E545.511,070.001,533.001,891.0038.5896.1543.2723.35(290.60)13.70156.56236.11(436.31)104.711,042.9550.81(0.71)0.030.380.58(19.63)416.3636.4324.16 东吴证券研究所1/202025年07月28日证券分析师陈海进执业证书：S0600525020001chenhj@dwzq.com.cn研究助理谢文嘉执业证书：S0600125020003xiewenjia@dwzq.com.cn13.90一年最低/最高价7.81/16.793.89流通A股市值(百万元)5,641.41总市值(百万元)5,703.44每股净资产(元,LF)3.57资产负债率(%,LF)12.89总股本(百万股)410.32流通A股(百万股)405.862024/11/272025/3/282025/7/27希荻微沪深300 股价走势市场数据收盘价(元)市净率(倍)基础数据相关研究2024/7/29 -24%-17%-10%-3%4%11%18%25%32%39%46% 内容目录1.细耕电源管理芯片，消费电子+汽车电子双轮驱动........................................................................41.1.股权结构：创始人控股，产业资本战略入股.........................................................................51.2.财务分析：营收现转机，利润持续突破.................................................................................62.消电领域多品类铺开，车规料号持续突破......................................................................................72.1.消费电子领域：绑定头部平台，快充技术领先.....................................................................72.1.1. DC/DC芯片：进入高通参考设计，辐射中高端旗舰机型..........................................82.1.2.锂电池充电管理芯片：超越海外竞品，导入三星、OPPO........................................92.1.3.端口保护及信号切换芯片：扎根消费电子，广泛应用手机/笔电...........................102.1.4.音圈马达驱动芯片：涵盖开环闭环，突破多品牌客户.............................................102.1.5.传感器芯片：收购助力传感器成长.............................................................................112.2.汽车电子领域：车规认证突破，高端平台导入...................................................................112.3.收购诚芯微，产业互补，客户协同.......................................................................................133.盈利预测与估值分析........................................................................................................................164.风险提示............................................................................................................................................18 请务必阅读正文之后的免责声明部分东吴证券研究所2/20 图表目录图1：希荻微主要地区分布...................................................................................................................4图2：希荻微主营业务及营收占比情况...............................................................................................5图3：公司部分股权架构示意图（截至2025年3月31日）...........................................................5图4：公司部分管理层简历...................................................................................................................6图5：公司营业收入及增速（亿元）...................................................................................................6图6：公司归母净利润（亿元）...........................................................................................................6图7：公司毛利率及净利率...................................................................................................................7图8：公司研发费用及研发费用率.......................................................................................................7图9：全球季度手机出货量及增长率...................................................................................................8图10：模拟行业季度营收及增速.........................................................................................................8图11：模拟行业季度归母净利润及增速.............................................................................................8图12：公司高性能DC-DC系列部分产品介绍..................................................................................9图13：公司锂电池系列部分产品介绍...............................................................................................10图14：公司端口保护系列部分产品介绍...........................................................................................10图15：公司马达驱动系列部分产品介绍...........................................................................................11图16：2019-2024新能源汽车国内销量（万辆）及同比增速（%）变化情况.............................12图17：PMIC按器件分类....................................................................................................................12图18：公司汽车产品典型应用...........................................................................................................13图19：诚芯微六大产品线...................................................................................................................14图20：诚芯微主要服务企业...............................................................................................................14图21：诚芯微汽车类主要客户...........................................................................................................14图22：比亚迪-汉系列车载充电模块外观.........................................................................................15图23：比亚迪-汉双USB-A口车充...................................................................................................15图24：联想45W USB PD快充充电器外观图..................................................................................15图25：PCBA外观图...........................................................................................................................15图26：诚芯微营业收入及增速...........................................................................................................16图27：诚芯微净利润及增速....................................