Investment Rating - The report assigns an IPO-specific rating of 5.6 out of 10 for the company, based on operational performance, industry outlook, valuation, and market sentiment [6]. Core Insights - The company, Naxin Micro (2676.HK), is a fabless analog chip design firm focusing on automotive electronics, energy, and consumer electronics, with a comprehensive product line including sensors, signal chain chips, and power management chips [1]. - Revenue is projected to grow from 1.67 billion in 2022 to 1.96 billion in 2024, with a significant increase in the first half of 2025, driven by demand in automotive electronics and the integration of the acquired company, Maiguan [1]. - The company ranks fifth among domestic analog chip firms in China and leads in automotive analog chip revenue, with strong customer recognition in the rapidly growing electric vehicle market [2]. Company Overview - Naxin Micro has over 3,600 product models and holds a strong market position in niche areas like digital isolation chips and magnetic sensors [1]. - The automotive electronics and energy sectors contribute over 85% of the company's revenue, highlighting their role as key growth drivers [1]. Industry Status and Outlook - The company is positioned to benefit from the domestic semiconductor market's growth and the trend towards localization, particularly in the automotive sector, where demand for automotive-grade chips is surging [3]. - The company has a low overseas revenue contribution (1.0% in the first half of 2025) but plans to expand its global market presence [3]. Strengths and Opportunities - Naxin Micro is the largest domestic manufacturer of silicon carbide epitaxial wafers, with a production capacity of 420,000 wafers, which will further enhance its competitive edge [3]. - The company aims to increase its market share through product diversification and expanding its sales network internationally [3]. Financial Information - The company plans to raise approximately 2.21 billion HKD from its IPO, with funds allocated for technology enhancement, product diversification, and market expansion [10]. - The estimated market capitalization post-IPO is 18.745 billion HKD, with a net asset value per share of 47.33 HKD [11].

Investment Rating - The report suggests a cautious subscription for the company [2][4]. Core Insights - The company operates on a fabless model, focusing on chip research and design while outsourcing wafer manufacturing and most packaging testing to third-party suppliers. It provides high-performance and reliable products and solutions in automotive electronics, energy, and consumer electronics [2]. - The company's product categories include sensors, signal chain chips, and power management chips, forming a complete system link from perception to signal processing and system power supply [2]. - According to Frost & Sullivan, the company ranks 14th among all analog chip companies in China with a market share of 0.9% in the analog chip market, and 5th among Chinese analog chip companies [2][3]. Market Overview - The analog chip market in China is projected to reach RMB 195.3 billion in 2024, with the IDM model accounting for 76.4% (approximately RMB 149.2 billion) and the fabless model holding a smaller share of 23.6% (approximately RMB 46.1 billion) [3]. - The fabless model is expected to gain traction, with its market share projected to reach 27.4% (approximately RMB 91.5 billion) by 2029. The fastest-growing segments will be in new energy vehicles, smart devices, and artificial intelligence, particularly in the power management chip market, which is expected to expand to RMB 223.4 billion by 2029, with a CAGR of 12.1% from 2025 to 2029 [3]. Financial Performance - The company's revenues for 2022, 2023, and 2024 were RMB 1,670.4 million, RMB 1,310.9 million, and RMB 1,960.3 million, respectively. The net profit/loss figures were RMB 250.57 million, RMB -305.33 million, and RMB -402.88 million for the same years [3]. Valuation - The company's Hong Kong IPO valuation is approximately 8.7 times PS for 2024, which is considered reasonable and positioned in the middle of the industry [4].

Group 1 - The company, Naxin Microelectronics (02676.HK), plans to globally offer 19.0684 million shares, with 1.9069 million shares available in Hong Kong and 17.1615 million shares for international sale, along with an over-allotment option of 2.8602 million shares [1] - The subscription period for the offering is from November 28 to December 3, with a maximum offer price of HKD 116.00 per share, and an entry fee of approximately HKD 11,716.99 for a board lot of 100 shares [1] - The total expected fundraising amount is HKD 2.212 billion, with a net amount of HKD 2.096 billion, intended for strategic investments and/or acquisitions, expanding overseas sales networks, enhancing product offerings in automotive electronics, improving technical capabilities, and general corporate purposes [1] Group 2 - The company has introduced cornerstone investors including Hong Kong Good Easy International Limited and others, who will subscribe to approximately 9.3882 million shares at the offer price [2] - Naxin Microelectronics is expected to be listed on the main board on December 8, 2025, with China International Capital Corporation Hong Kong Securities Limited, CITIC Securities (Hong Kong) Limited, and Jianyin International Financial Limited acting as joint sponsors [2] - The company's main business includes the sale of semiconductor components, integrated circuits, sensors, and the development and consulting of related technologies and software [2] Group 3 - The company's net profits for the fiscal years 2023, 2024, and the first three quarters of 2025 (ending September 30) are projected to be -CNY 305 million, -CNY 403 million, and -CNY 140 million, reflecting year-on-year changes of -221.85%, -31.95%, and 65.54% respectively [3]

SUZHOU NOVOSENSE MICROELECTRONICS CO., LTD. 蘇州納芯微電子股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 股份代號: 2676 全球發售 聯席保薦人、整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 重要提示 閣下如對本招股章程任何內容有任何疑問，應諮詢獨立專業意見。 Suzhou Novosense Microelectronics Co., Ltd. 蘇州納芯微電子股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 全球發售項下發售股份數目 ： 19,068,400股H股（視乎超額配股權行使與否而 股份代號 ： 2676 聯席保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示概不就因本招股章程全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 2025年11月28日 定） 香港發售 ...

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