报告投资评级 - 给予纳芯微“增持”评级[6] 报告核心观点 - 24Q3营收创历史新高，汽车电子产品持续放量，公司实现营收5.17亿元，同比增长86.59%，环比增长6.32%。利润承压，24Q3归母净利润-1.42亿元，扣非归母净利润-1.55亿元，同环比亏损幅度均有所扩大[2] - 公司在传感器、信号链、电源与驱动、第三代功率半导体等五大领域形成了多项核心技术，产品料号持续丰富，多款强竞争力新品加速放量[6][17] 相关目录总结 财务数据与估值 - 预计2024 - 2026年，公司营收分别为18.81/25.89/31.37亿元，增速分别为43.5%/37.6%/21.2%，归母净利润分别为-2.90/0.27/1.27亿元，增速分别为4.9%/109.3%/374.4%[6][7] 业务板块分析 - 传感器：预计2024 - 2026年营收分别为1.82/2.26/2.65亿元，增速分别为10.00%/24.00%/17.00%，毛利率分别为50.00%/53.00%/55.50%，营收占比分别为9.69%/8.73%/8.43%[9][10] - 信号链：预计2024 - 2026年营收分别为9.70/12.90/15.35亿元，增速分别为37.50%/33.00%/19.00%，毛利率分别为38.00%/42.00%/45.00%，营收占比分别为51.56%/49.83%/48.93%[11] - 电源管理：预计2024 - 2026年营收分别为7.17/10.61/13.26亿元，增速分别为67.50%/48.00%/25.00%，毛利率分别为22.00%/26.50%/30.00%，营收占比分别为38.10%/40.97%/42.26%[12] - 定制服务：预计2024 - 2026年营收分别为0.05/0.05/0.05亿元，增速分别为0.00%/0.00%/0.00%，毛利率分别为78.82%/78.82%/78.82%，营收占比分别为0.26%/0.19%/0.16%[13] - 其他业务：预计2024 - 2026年营收分别为0.07/0.07/0.07亿元，增速分别为0.00%/0.00%/0.00%，毛利率分别为54.37%/54.37%/54.37%，营收占比分别为0.38%/0.28%/0.23%[13]