换肤

晶丰明源

i问董秘
企业号

688368

主营介绍

  • 主营业务:

    电源管理芯片和控制驱动芯片。

  • 产品类型:

    电源管理芯片、控制驱动芯片

  • 产品名称:

    LED照明驱动芯片 、 AC/DC电源芯片 、 高性能计算电源芯片 、 电机控制驱动芯片

  • 经营范围:

    半导体芯片及计算机软、硬件的设计、研发、销售,系统集成,提供相关的技术咨询和技术服务,从事货物与技术的进出口业务。(依法须经批准的项目,经相关部门批准后方可开展经营活动)

运营业务数据

最新公告日期:2026-04-18 
业务名称 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
库存量:AC/DC电源芯片(粒) 6696.66万 - - - -
库存量:LED照明驱动芯片(粒) 2.30亿 - - - -
库存量:高性能计算电源芯片(粒) 676.78万 - - - -
库存量:电机控制驱动芯片(粒) 4624.96万 - - - -
库存量:LED照明电源管理芯片(粒) - 3.03亿 3.65亿 - -
库存量:AC/DC电源管理芯片(粒) - 7072.87万 4438.48万 - -
库存量:电机驱动与控制芯片(粒) - 2882.35万 777.55万 - -
库存量:DC/DC电源管理芯片(粒) - 548.32万 34.06万 - -
AC/DC电源芯片库存量(粒) - - - 4264.38万 -
DC/DC电源芯片库存量(粒) - - - 7.60万 -
LED照明驱动芯片库存量(粒) - - - 2.21亿 -
电机控制芯片库存量(粒) - - - 218.86万 -
智能LED照明驱动芯片库存量(粒) - - - - 1.47亿
通用LED照明驱动芯片库存量(粒) - - - - 5.11亿

主营构成分析

报告期
报告期

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营业收入 X

单位(%) 单位(万元)
业务名称 营业收入(元) 收入比例 营业成本(元) 成本比例 主营利润(元) 利润比例 毛利率
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注:通常在中报、年报时披露 

主要客户及供应商

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前5大客户:共销售了4.87亿元,占营业收入的31.04%
  • 客户一
  • 客户二
  • 客户三
  • 客户四
  • 广州晶丰电子科技有限公司
  • 其他
客户名称 销售额(元) 占比
客户一
1.24亿 7.90%
客户二
1.18亿 7.53%
客户三
9625.40万 6.13%
客户四
7559.08万 4.82%
广州晶丰电子科技有限公司
7313.02万 4.66%
前5大供应商:共采购了4.88亿元,占总采购额的40.86%
  • 供应商一
  • 供应商二
  • 芯联集成电路制造股份有限公司
  • 供应商四
  • 供应商五
  • 其他
供应商名称 采购额(元) 占比
供应商一
1.28亿 10.68%
供应商二
1.06亿 8.91%
芯联集成电路制造股份有限公司
9943.89万 8.33%
供应商四
8942.11万 7.49%
供应商五
6517.19万 5.46%
前5大客户:共销售了4.54亿元,占营业收入的30.23%
  • 客户一
  • 客户二
  • 客户三
  • 客户四
  • 宁波宏殿智能科技有限公司
  • 其他
客户名称 销售额(元) 占比
客户一
1.15亿 7.63%
客户二
9675.65万 6.44%
客户三
9149.92万 6.09%
客户四
8083.24万 5.38%
宁波宏殿智能科技有限公司
7060.03万 4.70%
前5大供应商:共采购了4.88亿元,占总采购额的49.39%
  • 供应商一
  • 供应商二
  • 供应商三
  • 供应商四
  • 供应商五
  • 其他
供应商名称 采购额(元) 占比
供应商一
1.37亿 13.85%
供应商二
1.31亿 13.29%
供应商三
8613.23万 8.72%
供应商四
7051.40万 7.14%
供应商五
6309.96万 6.39%
前5大客户:共销售了3.98亿元,占营业收入的30.54%
  • 客户一
  • 深圳市弘雷电子有限公司
  • 客户三
  • 客户四
  • 客户五
  • 其他
客户名称 销售额(元) 占比
客户一
9252.93万 7.10%
深圳市弘雷电子有限公司
8821.74万 6.77%
客户三
7886.09万 6.05%
客户四
7299.89万 5.60%
客户五
6536.67万 5.02%
前5大供应商:共采购了5.42亿元,占总采购额的58.35%
  • 供应商一
  • 供应商二
  • 供应商三
  • 供应商四
  • 天水华天科技股份有限公司
  • 其他
供应商名称 采购额(元) 占比
供应商一
1.64亿 17.72%
供应商二
1.06亿 11.37%
供应商三
9941.28万 10.71%
供应商四
8907.02万 9.60%
天水华天科技股份有限公司
8311.20万 8.95%
前5大客户:共销售了3.28亿元,占营业收入的30.37%
  • EXCELPOINT SYSTEMS(P
  • 客户二
  • 客户三
  • 宁波宏殿智能科技有限公司
  • 客户五
  • 其他
客户名称 销售额(元) 占比
EXCELPOINT SYSTEMS(P
9259.54万 8.58%
客户二
6547.67万 6.07%
客户三
6223.70万 5.77%
宁波宏殿智能科技有限公司
5996.44万 5.56%
客户五
4735.82万 4.39%
前5大供应商:共采购了4.82亿元,占总采购额的58.56%
  • 供应商二
  • 供应商一
  • 供应商三
  • 宁波群芯微电子股份有限公司
  • 供应商五
  • 其他
供应商名称 采购额(元) 占比
供应商二
1.50亿 18.18%
供应商一
1.05亿 12.82%
供应商三
9237.37万 11.23%
宁波群芯微电子股份有限公司
7722.50万 9.39%
供应商五
5705.22万 6.94%
前5大客户:共销售了7.94亿元,占营业收入的34.49%
  • 客户一
  • 客户二
  • 客户三
  • 客户四
  • 世辉电子(深圳)有限公司
  • 其他
客户名称 销售额(元) 占比
客户一
2.10亿 9.11%
客户二
2.09亿 9.07%
客户三
1.43亿 6.23%
客户四
1.28亿 5.57%
世辉电子(深圳)有限公司
1.04亿 4.51%
前5大供应商:共采购了7.01亿元,占总采购额的49.30%
  • 山东晶导微电子股份有限公司
  • 供应商二
  • 供应商三
  • 供应商四
  • GLOBALFOUNDRIES Sing
  • 其他
供应商名称 采购额(元) 占比
山东晶导微电子股份有限公司
1.61亿 11.33%
供应商二
1.55亿 10.91%
供应商三
1.37亿 9.61%
供应商四
1.34亿 9.43%
GLOBALFOUNDRIES Sing
1.14亿 8.02%

董事会经营评述

  一、报告期内公司所从事的主要业务、经营模式、行业情况说明
  (一)主要业务、主要产品或服务情况
  晶丰明源是国内领先的电源管理芯片设计企业之一,公司业务分为电源管理芯片和控制驱动芯片两大类,具体包括LED照明驱动芯片、AC/DC电源芯片、高性能计算电源芯片和电机控制驱动芯片四大产品线。
  LED照明驱动芯片,是用于控制LED照明系统的电流、电压、频率和功率的核心部件。具有恒定电流输出、调光调色控制、电源控制、电路保护及高效能耗等特点。
  AC/DC电源芯片,是用于调节交流(AC)电源到直流(DC)电源的电力转换器中的电流、电压、频率和功率的关键部件。具有性能稳定、高效能耗、安全性、... 查看全部▼

  一、报告期内公司所从事的主要业务、经营模式、行业情况说明
  (一)主要业务、主要产品或服务情况
  晶丰明源是国内领先的电源管理芯片设计企业之一,公司业务分为电源管理芯片和控制驱动芯片两大类,具体包括LED照明驱动芯片、AC/DC电源芯片、高性能计算电源芯片和电机控制驱动芯片四大产品线。
  LED照明驱动芯片,是用于控制LED照明系统的电流、电压、频率和功率的核心部件。具有恒定电流输出、调光调色控制、电源控制、电路保护及高效能耗等特点。
  AC/DC电源芯片,是用于调节交流(AC)电源到直流(DC)电源的电力转换器中的电流、电压、频率和功率的关键部件。具有性能稳定、高效能耗、安全性、兼容性和智能化等特点。
  高性能计算电源芯片,是将一个直流电压转换为另一个直流电压的电源控制器。目前公司优先开发的产品为大电流降压型DC/DC芯片,产品类型主要包括开关电源控制器、负载点电源等,主要功能是将高压直流输入电压转换为低压直流输出电压,给系统中的主芯片及外设供电;主要应用场合为AI数据中心、AIC显卡、服务器、笔记本电脑以及汽车电子等。
  电机控制驱动芯片,包括电机驱动及电机控制芯片,其中电机驱动芯片是指集成了电机的控制速度、力矩控制、位置控制以及过载保护等功能的电路,主要应用于家用电器、电动工具、工业伺服等领域,是电机驱动系统的管理驱动芯片。公司电机控制芯片主要为MCU,即微控制单元。MCU芯片通过搭配传感器等元器件和功率驱动器等外围元器件能够实现外界模拟信号感知、对外控制。公司电机驱动与电机控制芯片产品可搭配形成整套电机驱动与控制解决方案。
  (二)主要经营模式
  公司采用集成电路行业典型的Fabless模式,即无晶圆生产线集成电路设计模式,公司专注于集成电路的研发设计和销售,将晶圆制造、封装和测试业务外包给专门的晶圆制造、芯片封装及测试厂商的模式。同时增加自研芯片制造工艺和封装制造工艺。该模式有助于公司不断提升业务灵活性。
  1、研发模式
  公司产品研发以客户需求为主,根据产品线收集的国内外市场及客户动态形成产品需求,研发部门及产品线部门制定产品立项报告并逐步完成产品研发工作;公司也通过产学研、战略合作等模式,加强技术开发及技术储备。
  2、采购模式
  公司采用集成电路设计行业典型的Fabless经营模式,主要负责芯片的设计、生产工艺技术的开发及产品质量管控,公司采购的主要内容为定制化晶圆,即公司将自主研发设计的集成电路布图交付晶圆制造商进行生产。
  3、生产模式
  公司生产模式以外协加工为主,产品主要的生产环节包括晶圆中测、封装、测试等均通过委托第三方加工的方式完成。在封装和测试阶段,封装和测试厂商完成芯片封装和测试,并将经过封装并测试合格的芯片产品入库或发往指定的交货地点。
  4、销售模式
  公司采取“经销为主、直销为辅”的销售模式,即公司主要通过经销商销售产品,少部分产品直接销售给终端客户。在经销模式下,公司向经销商进行买断式的销售;在直销模式下,公司直接将产品销售给终端客户。
  (三)所处行业情况
  1、行业的发展阶段、基本特点、主要技术门槛
  公司所处行业属于集成电路设计行业。根据《国民经济行业分类(GB/T4754-2017)》,公司所处行业属于“软件和信息技术服务业”中的“集成电路设计”(代码:6520)。根据《战略性新兴产业分类(2018)》,公司所属行业为“集成电路设计”。根据《战略性新兴产业重点产品和服务指导目录(2016版)》,公司所属行业为“集成电路”。
  2025年,全球半导体行业在经历2023-2024年的下行周期后,呈现温和复苏态势。下游需求逐步回暖,库存水平回归正常,行业景气度有所提升。
  公司的主要产品LED照明驱动芯片、AC/DC电源芯片、电机控制驱动芯片和高性能计算电源芯片等均属于模拟芯片行业中电源管理芯片范畴。
  电源管理芯片是电子设备中的关键器件,具有较高的技术和渠道壁垒,其性能表现将直接影响电子产品的性能和可靠性。随着集成电路行业发展及新能源汽车、AI服务器、AI计算卡等新兴行业的发展,电源管理芯片的应用场景逐步增加。同时电机控制芯片市场随着家电能效标准提升和工业自动化推进稳步增长,BLDC电机替代传统电机的趋势加速。
  2、公司所处的行业地位分析及其变化情况
  电源管理芯片具有较高的技术壁垒。目前国内市场呈现两极分化,掌握核心技术与自主工艺平台的企业正加速抢占中高端市场份额,而缺乏底层创新的中小企业陷入同质化价格战。
  公司在LED照明发展的各阶段均率先掌握核心技术并保持领先,核心竞争力在于第六代高压BCD-700V工艺与EHSOP12独占封装带来的极致成本优化。但受宏观环境及竞争加剧影响,整体市场呈现饱和与需求下滑。
  在AC/DC电源芯片领域,全球范围内仍由国际头部厂商主导,但中国本土企业正在快速崛起。目前公司在大家电和快充业务处于快速发展阶段,大家电AC/DC协同电机控制驱动芯片形成组合方案,快充业务采用磁耦通讯依靠更好的性能指标在国际知名客户实现量产。小家电领域依靠更精简的外围、及更高的性价比处于快速增长中。
  在电机控制驱动芯片领域,虽然整体市场份额仍由意法半导体、英飞凌等国际头部厂商主导,但凌鸥创芯已经成长为国产替代浪潮的中坚力量之一,尤其在电动出行、清洁电器、电动工具等中高端细分市场展现出较强的产品竞争力。重点布局的车规级MCU也已取得多家客户的突破。
  在应用于CPU/GPU领域的高性能计算电源芯片领域,市场近乎完全被国外竞争对手英飞凌、MPS、AOS等占据,仅有少量国产厂商布局该业务。报告期内,公司高性能计算电源芯片取得重点客户突破并实现规模量产。
  3、报告期内新技术、新产业、新业态、新模式的发展情况和未来发展趋势
  在LED照明驱动芯片领域,需要不断提高系统集成度、保证产品可靠性、符合终端产品所在国家或地区的认证标准,以及对包括集成电路工艺、设计、封装等全产业链的整合等具有较高要求。其中智能LED照明驱动产品对调光、调色技术、待机功耗等技术指标要求更高。
  在AC/DC电源芯片领域,因为应用范围相对较广,不同的应用下核心诉求存在差异:不断提升对负载变化的瞬态响应速度、降低系统的待机功耗、提高多种负载下的效率、系统的功率密度及更精简的外围需要,从而不断提高产品集成度、产品可靠性等。
  在高性能计算电源芯片领域,AI大模型训练对算力芯片(GPU/ASIC)提出了极高的功率密度与转换效率要求。极快的瞬态响应速度和极高的稳压精度,使得数字多相控制器与DrMOS成为AI服务器供电系统的标配。在这一领域,国产替代迎来了战略级窗口期。
  在电机控制驱动芯片领域,MCU芯片内部结构复杂,包含了CPU、存储、ADC、驱动等多个功能模块。涉及架构设计、模拟信号采集、模拟数字混合、软硬件协同、验证测试技术等多个紧密关联、互相影响的技术领域,设计开发时需要综合考虑多个性能指标,融合半导体器件物理、工艺设计、电路设计等多个专业技术领域,要求产品具有高效率、高功率密度、低噪音、低振动、高集成度、高可靠性等特点。同时随着氮化镓(GaN)和碳化硅(SiC)技术的成熟,电源系统正向极高频率和极高功率密度演进。这要求与之配套的控制驱动芯片必须具备更强的瞬态响应与抗干扰能力。具备第三代半导体底层驱动技术和协同设计能力的IC企业,将在未来竞争中占据优势。
  二、经营情况讨论与分析
  公司积极契合市场需求,通过产品技术升级、工艺自主化、产品结构改善、供应链管控优化等手段,实现公司毛利率稳步提升,在2025年扭亏为盈。2025年,公司营业收入15.70亿,较上年同比上升4.40%;实现归属于上市公司股东的净利润近0.36亿元,较上年同比增加0.69亿元,同比上升207.72%;实现归属于上市公司股东的扣除非经常性损益的净利润约0.18亿元,较上年同比增加0.27亿元,同比上升304.54%。
  同时,公司业务结构不断优化,公司电机控制驱动芯片收入占比进一步提升,同比上升4.36个百分点,收入同比上升25.95%;依托于DrMOS产品适应市场需求革新突破,实现高性能计算电源芯片业务的快速增长,收入同比上升122.26%。2025年,公司实现主营综合毛利率38.80%,较去年同期提升1.67个百分点。
  为拓展产品布局、提升市场竞争力,公司通过发行股份及支付现金的方式收购易冲科技100%股权。交易完成后,晶丰明源与易冲科技将在产品端高度互补,在供应链及客户端共享资源、协同开拓市场,推动公司高质量发展。
  (一)持续推进业务发展,优化营收结构
  公司目前拥有四条产品线:LED照明驱动芯片、AC/DC电源芯片、电机控制驱动芯片及高性能计算电源芯片。2025年,公司持续优化产品结构,电机控制驱动芯片及高性能计算电源芯片的销售收入占比显著提升。
  1、LED照明驱动芯片:产品结构优化,毛利率持续提升
  报告期内,LED照明驱动芯片业务实现销售收入7.78亿元,较上年同期下降10.45%,主要受通用LED市场竞争激烈,销量与销售单价都出现明显下滑所致。公司通过扩大智能LED照明产品的市场布局,在可控硅调光业务及高性能灯具电源业务上保持领先地位,同时实现北美0-10V调光大功率照明产品、DALI调光业务的显著增长,另外第六代高压BCD-700V工艺平台及独占创新封装EHSOP12逐步量产,并通过供应链整合,毛利率提升2.43个百分点。
  2、AC/DC电源芯片:重点客户突破,业务稳步推进
  报告期内,AC/DC电源芯片产品销售收入2.96亿元,较上年同期增加8.21%。其中,大家电电源业务成为格力、美的、TCL等国内头部家电品牌及其板卡厂的电源供应商;小家电电源业务在“无VCC电容”专利加持下,延续2024年的快速发展态势,保持高速增长,在国内小家电头部品牌例如九阳、小米、徕芬、美的等份额进一步提升,销售收入增长30.40%;快充业务方面,零待机方案已经在国际一线品牌量产并规模出货。另外随着新产品的陆续推出,在品牌手机中的业务份额得到进一步提升。
  3、电机控制驱动芯片:重点业务破局,业绩稳步增长
  报告期内,公司通过自有现金收购凌鸥创芯19.19%股权;截至报告期末,公司已持有凌鸥创芯100%股权。报告期内,公司电机驱动控制芯片实现销售收入约4.00亿元,较上年同期增长25.95%。
  公司通过技术创新持续提升产品集成度和性能,推动业务高速发展。报告期内,汽车电子业务继续实现突破,推出了超高集成度的ALL-in-One智能车规级MCU,空调出风口产品实现超百万颗销量,热管理及座椅通风均有产品进入量产。
  4、高性能计算电源芯片:重点客户突破,收入显著增长
  公司高性能计算产品线的数字多相控制器、DrMOS、POL及Efuse全系列产品已经实现量产,进入规模销售阶段,特别是新一代显卡应用,多家海外和国内客户开始大批量出货,带动高性能计算电源芯片业务增长,当期实现销售收入0.96亿元,同比上升122.26%,更多国际、国内客户实现业务破局。公司通过持续的BCD工艺和产品创新,第二代DrMOS芯片性能显著提升,成本明显下降,市场竞争力增强,已获得多家客户导入,进入量产阶段。
  (二)工艺及封装技术持续迭代,竞争优势显著
  报告期内,公司对高压BCD-700V工艺平台进行技术升级,第六代高压工艺平台已经开始量产,该工艺可覆盖LED照明驱动芯片、AC/DC电源芯片和部分电机控制驱动芯片产品,进一步巩固了公司在高压工艺技术和产品的领先优势。
  低压BCD工艺平台方面,公司自研的第一代40VBCD工艺平台高性能计算电源芯片已大批量稳定量产,基于自研第二代40VBCD工艺平台设计的DrMOS产品,已经开始批量生产,性价比显著提升;目前公司正在推进第三代40VBCD工艺的研发,基于该工艺平台的芯片设计已经完成,等待生产验证,预计将在2026年实现量产。
  封装技术方面,公司独占封装EHSOP12已进入量产阶段,EMSOP封装技术也在持续导入量产中,预计将进一步带动成本下降。
  (三)启动重大资产重组,推进业务与资源的高效整合
  为了提升公司“硬科技”属性和国际化水平,夯实消费领域的市场地位和技术能力,进一步加强车规级产品的布局和突破,助力公司向新质生产力方向继续深化发展,增强国际竞争力,公司于2024年10月启动重大资产重组,拟通过发行股份及支付现金的方式收购易冲科技100%股权。公司已于2026年3月完成资产过户,实现100%控股易冲科技。
  三、报告期内核心竞争力分析
  (一)核心竞争力分析
  公司所属的集成电路设计行业属于技术密集型行业,行业的快速发展对行业内企业提出了更高水准的技术要求。公司秉持可持续发展的总体思路,高度重视技术研发创新,并且建立了一整套切实有效的持续创新机制,以提高公司综合研发实力,保持技术先进性。
  1、科技创新水平
  作为国内领先的电源管理芯片及电机控制驱动芯片设计企业之一,公司始终重视研发投入与技术积累,拥有丰富的集成电路设计经验及多项专利、专有技术,多项核心技术处于国际或国内先进水平。报告期内,公司累计投入研发费用近3.86亿元,占营业收入比例为24.58%。公司研发费用的投入与研发成果的产出呈正向循环的趋势。截至报告期末,公司累计获得境内发明专利授权218个,获得境外发明专利授权59个,实用新型专利247个,外观设计专利2个,软件著作权39个,集成电路布图设计专有权325个。
  2、保持科创能力的机制
  随着多年的发展与积累,公司逐步建立了契合公司发展战略、分工明确的研发组织机构,形成了完善的研发管理制度,制定了多层次的激励制度,形成了保持技术不断创新的机制。
  ①建立完善研发体系,推进技术自主创新
  公司根据自身生产经营特点建立形成了包括IC研发、系统研发、器件研发、工艺研发、测试、产品、技术支持等部门在内的研发组织体系。完善的研发体系有利于推动公司的技术自主创新,同时为公司主营业务发展提供支撑,促进产品快速迭代、更好地满足客户需求。
  ②健全研发制度流程,确保研发过程可控
  公司建立了客户需求导向的研发理念,满足客户的多样化需求。公司业务部门对国内外市场进行广泛调研、深入了解行业动向及客户需求后形成调研意见,研发部门及产品部门根据业务部门的调研意见制定立项报告并完成产品研发。同时,公司注重加强与外部科研院校的合作,采取多种技术合作研发模式,产学研合作、企业间技术合作,通过对外技术开发与交流加速技术研发速度,把握最新前沿技术。
  ③建立激励机制,鼓励研发创新
  集成电路设计能力是采用Fabless模式的芯片设计公司最为核心的竞争力,是集成电路行业内原始创新的体现和价值创造的源泉。模拟芯片研发对团队经验积累程度和持续优化能力的高度依赖更使得集成电路设计人才对于模拟芯片行业的重要程度远高于其他芯片产品领域。公司自成立以来,一直重视激励机制的管理创新,建立了完善有效的激励机制,从而稳定研发团队、巩固研发力量。
  公司创始人胡黎强先生是国内LED照明驱动芯片领域的开拓者,曾获得“上海市领军人才”、“上海科技企业家创新奖”等荣誉称号。通过多年的集成电路设计和产品研发实践,公司组建了高素质的核心管理团队和专业化的核心技术团队,团队核心人员由拥有多年工作与管理经验的业内资深专家组成。得益于优秀的企业文化,公司核心管理团队与技术团队在集成电路设计行业人才竞争激烈的环境下仍然保持着较为稳定的结构。
  同时,公司高度重视员工激励,通过极具竞争优势的薪酬方案及持续推出股权激励计划等多渠道激励模式不断吸纳行业人才,建立技术领先、人员稳定的多层次人才梯队,为公司未来持续稳定发展奠定了良好的人才基础。截至报告期末,公司研发人员共467人,占公司员工总数的67.98%。
  (二)报告期内发生的导致公司核心竞争力受到严重影响的事件、影响分析及应对措施
  (三)核心技术与研发进展
  1、核心技术及其先进性以及报告期内的变化情况
  目前,公司技术水平先进、工艺节点成熟,并拥有多项专利和专有技术,多项核心技术处于国际或国内先进水平。
  2、报告期内获得的研发成果
  报告期内,公司(含子公司)新增知识产权项目申请17件,其中发明专利7件;新增知识产权项目获得授权43件,其中发明专利30件。截至报告期末,公司累计获得境内发明专利授权218个,获得境外发明专利授权59个,实用新型专利247个,外观设计专利2个,软件著作权39个,集成电路布图设计专有权325个。
  ②“其他”类为集成电路布图设计专有权。
  3、研发投入情况表
  4、在研项目情况
  情况说明
  ①本期投入研发费用金额不含公司报告期内承担的股份支付费用;
  ②上述在研项目包含母公司及合并报表内其他子公司研发项目。
  5、研发人员情况
  6、其他说明
  四、风险因素
  (一)尚未盈利的风险
  (二)业绩大幅下滑或亏损的风险
  (三)核心竞争力风险
  1、技术迭代风险
  集成电路设计行业具有产品更新换代及技术迭代速度快等特点,持续研发新产品是公司在市场中保持竞争优势的重要手段。目前,行业内企业主要从客户需求出发,结合工艺升级设计并开发新产品。但随着市场竞争的不断加剧,电源管理芯片产品的更新时间不断缩短,如果公司不能及时准确地把握市场需求和技术趋势、突破技术难关,无法研发出具有商业价值、符合市场需求的新产品,将对公司市场竞争能力和经营业绩产生不利影响。
  2、新产品研发风险
  电源管理芯片及电机控制驱动芯片产品的应用领域较为广泛,部分技术具有通用性。公司在LED照明驱动芯片行业已经具备一定的市场优势地位及市占率,可利用已有的通用技术及工艺优势扩展新产品线,在扩展AC/DC电源芯片、高性能计算电源芯片及电机控制驱动芯片业务方面,存在产品研发失败的风险。
  3、人才流失及技术失密风险
  集成电路设计行业属于技术密集型行业,行业内企业的核心竞争力体现在技术储备及研发能力上,对技术人员的依赖程度较高。当前公司多项产品和技术处于研发阶段,在新技术开发过程中,客观上也存在因人才流失而造成技术泄密的风险;针对人才流失风险,公司建立了包括薪酬、绩效及股权在内的多渠道激励模式,不断吸引行业内优秀人才,建立技术领先、人员稳定的多层次人才梯队。此外,公司Fabless经营模式也需要向委托加工商提供相关芯片版图,存在技术资料的留存、复制及泄露给第三方的风险。
  (四)经营风险
  1、产品价格下降风险
  公司主要产品为集成电路产品,导致集成电路产品价格下降的原因一般包括:技术及工艺进步带动集成度提高,使得集成电路产品成本下降;市场竞争加剧压缩产品利润空间。公司所处的电源管理芯片及电机控制驱动行业竞争较为激烈,未来不排除行业竞争格局发生变化导致公司可能需要通过降价的方式来应对市场竞争。而降价将对公司经营业绩产生不利影响。
  2、Fabless业务模式风险
  公司采用集成电路设计行业中较为常见的Fabless运营模式,与行业内主要的晶圆制造厂商和封装测试厂商建立了长期合作关系,凭借稳定的加工量、共建产线等合作模式获得了一定程度的产能保障。同时公司掌握了自主研发的工艺平台,降低对供应商工艺的依赖。但制造环节的产能与需求关系一旦发生波动,或是晶圆制造厂商和封装测试厂商出现产能不足,公司的生产能力将会受到影响。
  (五)财务风险
  公司根据战略规划展开的产业并购,存在由于溢价收购带来的商誉减值风险。根据《企业会计准则》的相关规定,并购交易形成的商誉不作摊销处理,但需要在每个会计年度末进行减值测试。截至报告期末,公司的商誉账面价值由收购上海莱狮、上海芯飞、凌鸥创芯形成。若未来相关资产经营状况恶化,将有可能出现商誉减值损失,从而对公司经营业绩产生不利影响。
  公司因业务发展需要而购买的知识产权形成了较大金额的无形资产,后续若发生技术迭代或上述购买专利及专有技术盈利能力未达预期,存在无形资产减值对公司当期损益造成不利影响的风险。
  (六)行业风险
  集成电路产业具有明显的周期性特征,伴随全球集成电路产业从产能不足、产能扩充到产能过剩的发展循环,公司所处的集成电路设计行业也存在一定程度的行业波动。如果宏观经济、贸易摩擦等因素导致下游市场整体波动,或者由于芯片行业出现投资过热、重复建设的情况,进而导致产能供应在景气度较低时超过市场需求,将对包括公司在内的行业内企业的经营业绩造成一定的影响。
  (七)宏观环境风险
  (八)存托凭证相关风险
  (九)其他重大风险
  五、公司关于公司未来发展的讨论与分析
  (一)行业格局和趋势
  全球半导体产业正处于深度调整期,地缘政治因素对产业链格局产生深远影响。国内半导体企业在政策支持和市场需求驱动下,迎来重要发展机遇。
  电源管理芯片市场将持续增长,主要驱动因素包括:(1)新能源汽车渗透率提升带动车规级电源芯片需求;(2)智能家居普及带动家电电源芯片需求;(3)全球能效标准提升带动高效电源芯片需求。
  电机控制芯片市场将保持稳健增长,主要驱动因素包括:(1)家电能效标准提升带动BLDC电机渗透率提升;(2)工业自动化推进带动工业电机控制需求;(3)电动工具无绳化趋势带动电池供电电机控制需求。
  MCU市场将逐步复苏,主要驱动因素包括:(1)家电智能化升级带动MCU需求;(2)工业控制自动化提升带动MCU需求;(3)国产替代加速为国内MCU企业带来机遇。
  同时,AI算力的演进和GaN/SiC材料的普及,正迅速拉开具备自主技术体系的头部企业与中低端玩家的差距。未来的市场竞争将高度聚焦于高功率密度、高瞬态响应及软硬件系统级协同能力。
  (二)公司发展战略
  公司以“铸就时代芯梦想”为企业愿景,在技术领先领域持续迭代,推动行业进步;以多年技术积累为基础,在我国暂时落后关键领域加大研发投入,奋力缩小差距。目标是使我国电源管理芯片技术水平达到国际先进水平。公司致力于打造世界一流的电源管理和控制驱动芯片设计公司,与国内其他优秀芯片设计公司一起努力,代表中国力量,参与全球市场的竞争。
  1、专注业务发展,扩大规模优势
  公司将在智慧家庭、电动出行和高性能计算领域持续深耕,专注控制及电源芯片领域业务发展。通过稳固成熟业务、加速成长业务、培育种子业务的组合策略对现有业务进行分类管理。
  对于成熟业务,持续进行工艺迭代提升成本优势,保证LED照明市场领先地位;同时,通过产品创新等方式不断增加以控制、物联网、人工智能等技术为主导的智能照明市场业务比重。增加市场投入,加速AC/DC电源芯片及电机控制驱动芯片等成长业务发展,抓住国产替代及产品升级替换的市场机遇,扩大收入规模,支持中短期业务发展。
  在高性能计算领域,公司依托产品及技术优势,已顺利进入目标市场,未来将持续推进产业化进程;通过不断创新迭代和关键客户突破,为后续的跨越式发展打下坚实的基础。
  2、保持研发投入,提升产品设计及工艺能力,稳固核心竞争力
  公司保持研发投入,不断进行产品创新及升级,保证技术领先优势。同时,迭代自有高压工艺平台,不断优化产品成本,提高生产效率,保证公司竞争优势;自主研发低压工艺平台,为公司高性能计算电源产品进入国际市场提供性能支持。
  3、不断通过投资并购吸引优秀企业,扩大整体业务版图
  公司在现有业务发展的同时,持续在市场寻找上下游标的,通过投资入股或收购控制权的形式绑定优秀企业,通过纵向深耕技术,横向合作开放的模式持续扩大业务版图,实现规模化增长。
  (三)经营计划
  面对2026年,公司将贯彻DSTE(开发战略到执行)流程,确保以下核心业务计划高效落地:1、LED照明驱动芯片:稳固基本盘,向高附加值转移
  客户管理:在通用照明市场实施精细化渠道策略;在智能照明领域,与核心客户深度绑定,共同开发定制化产品以构建护城河,持续扩大市场份额。
  产品创新:聚焦智能LED照明赛道,持续提升产品的系统集成度与综合性能,加速优势产品的创新迭代。
  运营管理:针对同质化较高的通用业务,依托工艺优化与供应链整合,确保具有行业竞争力的毛利率水平;结合优化后的经销商退出机制,提升渠道整体健康度。
  技术平台:全面释放BCD-700V第六代高压工艺平台的量产效能,并协同上游供应商完成新型封装平台的全面导入。
  学习成长:提升研发与前端销售对智能照明生态的业务洞察力,打造具备高敏捷响应能力的定制化服务团队。
  2、AC/DC电源芯片:拥抱第三代半导体,加速高端渗透
  客户管理:内置业务拓展白电品类覆盖面;小家电业务持续扩大国内份额;快充与适配器业务全力攻坚,实现一线品牌客户的实质性突破。
  产品创新:加速推出全面适配第三代半导体的高频、高集成度新一代主控方案;依托“无VCC电容”等专利持续进行小家电方案优化。
  运营管理:稳步推进现有客户的放量交付;全力推进易冲科技重组事项的交割,在产业渠道与供应链端实现资源互换与协同排产。
  技术平台:依托底层高压工艺迭代降低单位制造成本,重点攻坚高频控制算法与抗共模干扰技术。
  学习成长:在收购完成后,迅速吸收整合易冲科技的销售资源与技术Know-how,培育组织内部涵盖有线充、无线充、协议芯片等完整充电管理方案的系统级套片销售能力。
  3、电机控制驱动芯片:发力车规与新兴市场,构建软硬壁垒
  客户管理:在电动出行、清洁电器等成熟市场持续收割份额;在汽车电子、大家电等新兴市场,集中资源推动头部大客户的业务突破。
  产品创新:加大在汽车电子、大家电及AI服务器热管理市场的研发投入;重点开展基于碳化硅(SiC)应用场景的车规级电机控制与驱动方案预研。
  运营管理:针对汽车电子业务,构建并完善符合车规级严苛要求的全生命周期质量管控与交付体系;协同核心经销商下沉开拓增量市场。
  技术平台:在MCU底层算法平台开发方面保持战略投入,持续迭代完善开发工具链与生态体系,稳固软硬件协同优势。
  学习成长:强化车规级体系认证与高端研发人才梯队建设;深化凌鸥创芯并表后的组织文化融合与跨部门业务协同。
  4、高性能计算电源芯片(HPC):紧抓AI红利,实现规模跨越客户管理:抓住国产芯片替代机遇提升份额,实现国际头部客户的规模量产并积极拓展国内市场。
  产品创新:紧贴AI算力爆发带来的结构性需求,持续优化多相控制器与DrMOS等核心产品,精准匹配大算力芯片对大电流与极高动态响应的苛刻要求。
  运营管理:构建面向大客户的高优先级定制化交付体系,确保在AIC、PC、AI服务器等高密度应用领域的产能稳定与大规模量产良率。
  技术平台:2026年内完成自有0.18μmBCD第二代平台的设计,并加速推进65nmLDMOS工艺平台的量产进程,为下一代产品储备底层算力。
  学习成长:建设面向全球Top级算力客户的高标准、前沿技术预研团队,持续深化组织对AI电源架构演进的战略洞察力。 收起▲

产品价格

数据截至(20260429)
[""]
20260429,146.25,10035.58,-1.2358184764992,0,20260429
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