Core Viewpoint - Naxin Micro (688052.SH) has applied for a listing on the Hong Kong Stock Exchange after a previous application lapsed in April 2025, aiming to raise funds for enhancing technology capabilities, expanding product offerings, and international market promotion [1][4] Company Overview - Naxin Micro, established in 2013, is a leading provider of analog chips in China, known for its strong performance in the automotive chip sector [3][5] - The company was previously recognized as the "super fundraising king" after raising approximately 5.58 billion yuan during its A-share IPO in April 2022, significantly exceeding its initial target [3][5] Financial Performance - Naxin Micro's revenue for the years 2022 to 2025 (first half) was reported as 1.67 billion yuan, 1.31 billion yuan, 1.96 billion yuan, and 1.52 billion yuan respectively, indicating overall revenue growth [6][7] - Despite revenue growth, the company has recorded net losses for two consecutive years, totaling 458 million yuan over the reporting period [6][7] Market Position - In the Chinese analog chip market, Naxin Micro ranks fifth among local manufacturers based on projected 2024 revenue, and it is the only company focusing on sensor products, signal chain chips, and power management chips among the top ten [5][6] - The company holds the top position in the Chinese automotive analog chip market and ranks second among all fabless manufacturers [6] Product Strategy - Naxin Micro focuses on high-performance analog and mixed-signal chip design, targeting applications in automotive electronics, energy, and consumer electronics [5] - The company plans to increase R&D investment, expand its product portfolio, and enhance international market operations while maintaining a focus on key customer collaborations [6][7] Profitability Challenges - The gross margin has declined from 48.5% in 2022 to 33.9% in 2023, further decreasing to 28% in 2024, attributed to intensified market competition and necessary price adjustments [7] - The company anticipates a recovery in gross margin to 32.9% in the first half of 2025, driven by increased market demand and strategic product optimization [7]

Core Viewpoint - Naxin Micro (SH688052), a company listed on the A-share Sci-Tech Innovation Board, has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing technology capabilities, expanding product offerings, and increasing overseas market presence [2][5][22]. Financial Performance - Naxin Micro's revenue for the reporting periods was 1.67 billion RMB, 1.31 billion RMB, 1.96 billion RMB, and 1.52 billion RMB, with net profits of approximately 250 million RMB, -310 million RMB, -400 million RMB, and -78.01 million RMB respectively [16]. - The company's overall gross margin decreased from 48.5% to 33.9%, a decline of 14.6 percentage points, primarily due to intense competition leading to price adjustments [15][16]. Product Pricing and Margins - The average selling prices of Naxin Micro's main products have shown a downward trend, with signal chain chips dropping from 0.92 RMB to 0.5 RMB (46% decrease), power management chips from 2.16 RMB to 1.47 RMB (32% decrease), and sensor chips from 2.09 RMB to 0.66 RMB (68% decrease) [12][14]. - The gross margin for signal chain chips fell from 52.9% to 35.8%, and for power management chips, the decline was 18.2 percentage points [14][15]. Market Position and Competition - Naxin Micro ranks 14th among all analog chip companies and 5th among Chinese manufacturers in the analog chip market, holding a market share of 0.9% [8]. - The company's products are primarily used in the broad energy sector, with revenue contributions of 69.3%, 58.8%, 49.8%, and 52.7% over the reporting periods [8]. Supplier and Customer Concentration - Naxin Micro operates on a Fabless model, leading to high supplier concentration, with over 60% of procurement from the top two suppliers in the first half of the year [5][18]. - The company relies heavily on distributors for revenue, with sales from distributors accounting for 83.9%, 74.5%, 71.5%, and 80.3% of total revenue during the reporting periods [15]. Strategic Intentions - The IPO aims to enhance the company's competitive edge and support its internationalization strategy, allowing for diversified financing channels [22]. - Naxin Micro has a goodwill of 504 million RMB, primarily from the acquisition of Shanghai Maigen Microelectronics [22].

Investment Rating - The report initiates coverage on 纳芯微 (688052.SH) with an "Accumulate" rating, setting a target price of 207 CNY, with an upside target of 221 CNY [3][12][68]. Core Insights - The automotive electronics application enhancement and domestic substitution open growth space for the company. The domestic automotive analog chip market is expected to grow at a CAGR of 18% from 2025 to 2029, surpassing consumer electronics by 2029. The current domestic substitution rate is only 5%, indicating a rapid acceleration in the trend. The company's analog chip business is projected to achieve a CAGR of 25% from 2024 to 2027, increasing its market share from 0.9% in 2024 to 1.2% in 2027 [1][9][22]. - The increase in new energy vehicle sales and electrification drives the company's automotive business growth. The penetration rate of electric vehicles in China is nearing 50%, with the value of analog chips per vehicle expected to reach 2200-4000 CNY by 2029. The company's current product coverage per vehicle is 1300 CNY, expected to reach 1500 CNY by year-end. The company is anticipated to benefit from the demand expansion for PMIC and isolation chips driven by high-voltage platform penetration, with its automotive business market share projected to grow from 1.8% in 2024 to 2.8% in 2026 [2][10][35]. - The horizontal acquisition of 麦歌恩 (Maguan) positions the sensor business as a major segment for the company. The increase in single-vehicle usage of magnetic sensors driven by new energy vehicles makes it the fastest-growing segment in the Chinese sensor market. The company is expected to achieve the consolidation of 麦歌恩 by the end of 2024, exceeding its performance commitments for 2024. The sensor business is projected to account for over 30% of total revenue, with the magnetic sensor market share expected to exceed 10% by 2025-2026 [2][11][43]. Financial Data and Valuation - The company is forecasted to achieve revenues of 31.65 billion CNY and 39.25 billion CNY for 2025 and 2026, respectively, with corresponding PS ratios of 8.3x and 6.7x. The target price is based on a 7.5x PS for 2026 [3][4][68]. - The revenue growth rates are projected at 61.4% for 2025 and 24.0% for 2026, with a gross margin expected to improve to 38.2% by 2026 [4][64].

Core Viewpoint - The semiconductor sector in the Hong Kong stock market has shown strong performance this year, with notable increases in stock prices for several companies, including Suzhou Naxin Microelectronics Co., Ltd. (Naxin Micro), which has filed for an IPO on the Hong Kong Stock Exchange to raise funds for various strategic initiatives [2][3]. Company Overview - Naxin Micro was established in May 2013 and went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board in April 2022, with a market capitalization exceeding 25.7 billion RMB after a stock price increase of over 38% this year [3]. - The company focuses on chip research and design, providing high-performance and reliable products and solutions in automotive electronics, general energy, and consumer electronics [3][4]. Product Categories - Naxin Micro's product offerings include three main categories: sensor products, signal chain chips, and power management chips, forming a complete system link from perception to power supply [3][4]. - Sensor products convert physical quantities or environmental changes into electronic signals, while signal chain chips ensure the accuracy and integrity of electronic signals [4][6]. Market Position - According to Frost & Sullivan, Naxin Micro ranks 14th among all analog chip companies and 5th among Chinese manufacturers in the analog chip market, with a market share of 0.9% [6]. - In the digital isolation chip market, Naxin Micro holds the 1st position among Chinese manufacturers and 2nd overall, with a market share of 15.6% [6]. Financial Performance - Naxin Micro's revenue from 2022 to 2024 was 1.67 billion RMB, 1.31 billion RMB, and 1.96 billion RMB, respectively, with profits showing a trend of continuous losses [7][9]. - The company reported a revenue increase of 79.49% to 1.52 billion RMB in the first half of 2025, although it still faced a loss of 78 million RMB [8][9]. Pricing Trends - The average selling prices of Naxin Micro's products have been declining, particularly for sensor products, which have seen significant price drops [9][10]. Customer and Supplier Concentration - Naxin Micro's revenue from its top five customers accounted for 43.8%, 43.0%, 36.9%, and 28.8% of total revenue from 2022 to the first half of 2025, indicating a high dependency on a few major clients [12]. - The company also faces high supplier concentration, with the top five suppliers accounting for 90.5%, 86.8%, 82.3%, and 86.4% of total procurement during the same period [12]. Inventory Management - Naxin Micro's inventory has been increasing, with recorded values of 593 million RMB, 805 million RMB, 823 million RMB, and 1.042 billion RMB from 2022 to the first half of 2025, leading to concerns about potential impairment risks due to high competition in the analog chip sector [12]. Industry Context - In the context of global semiconductor industry restructuring and accelerated domestic substitution, Naxin Micro's development trajectory serves as an important reference for the industry [13].

苏州纳芯微电子股份有限公司 关于重新向香港联合交易所有限公司递交H股发行及上市的 申请并刊发申请资料的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 苏州纳芯微电子股份有限公司（以下简称"公司"）正在进行申请境外发行 股份（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"）主板上 市（以下简称"本次发行 H 股及上市"或"本次发行"）的相关工作。 根据本次发行的时间安排，公司已于 2025 年 10 月 27 日向香港联交所重新 递交了本次发行的申请，并于同日在香港联交所网站刊登了本次发行的申请资 料。该申请资料为公司按照香港证券及期货事务监察委员会及香港联交所的要求 编制和刊发，为草拟版本，其所载资料可能会适时作出更新和变动。 证券代码：688052 证券简称：纳芯微 公告编号：2025-040 英文： https://www1.hkexnews.hk/app/sehk/2025/107808/documents/sehk25102701517. 2025 年 10 月 29 日 pdf 需要特别予以说明的是 ...

Core Viewpoint - The company is advancing its application for overseas issuance of shares (H-shares) and plans to list on the main board of the Hong Kong Stock Exchange [1] Group 1 - The company has resubmitted its issuance application to the Hong Kong Stock Exchange on October 27, 2025, and published the application materials on the exchange's website, noting that the content may be updated [1] - The subscription targets are qualified investors both domestically and internationally, and the company will not publish materials in domestic media, providing a link for inquiries on the Hong Kong Stock Exchange website [1] - The issuance is subject to approval from relevant regulatory authorities, indicating uncertainty, and the company will disclose progress in a timely manner [1]

Core Viewpoint - Naxin Micro (688052.SH) has submitted its listing application to the Hong Kong Stock Exchange, marking the official start of its process to expand into international capital markets and accelerate its global strategy [1][2]. Company Overview - Naxin Micro is a leading analog chip supplier in China, operating under a fabless model focused on chip research and design while outsourcing manufacturing and packaging testing [2]. - The company's product range includes sensors, signal chain chips, and power management chips, which are widely used in smart driving, renewable energy generation, and industrial control [2]. Market Position - According to Frost & Sullivan, Naxin Micro ranks 14th globally among analog chip companies and 5th among Chinese manufacturers, with a market share of approximately 0.9% based on projected 2024 analog chip revenues [2]. - The Chinese analog chip market is expected to grow from 195.3 billion yuan in 2024 to 353.6 billion yuan by 2029, with a compound annual growth rate (CAGR) of 18.6%, particularly driven by rapid growth in the automotive sector [2]. Fundraising Purpose - The funds raised from the listing are intended for the construction of a high-performance analog chip R&D center, expansion of automotive-grade product mass production and testing platforms, and international market development [2]. - The company aims to enhance product reliability and validation capabilities, expedite overseas customer certification processes, and strengthen its core competitiveness in automotive electronics, energy management, and industrial control [2]. Industry Outlook - Naxin Micro maintains a leading position in the automotive electronics sector, having achieved multiple AEC-Q100 automotive-grade certifications and mass production with several mainstream automotive manufacturers both domestically and internationally [3]. - Industry experts believe that Naxin Micro's listing reflects its technological accumulation in high-end analog chips and its confidence in expanding into international capital markets, with potential benefits from the growing demand for high-performance analog chips driven by advancements in AI computing power, electric vehicles, and industrial intelligence [3].

Core Viewpoint - Naxinwei, a leading analog chip manufacturer in China, operates under a Fabless model focusing on chip design and development, with significant market presence in automotive electronics, energy, and consumer electronics. The company faces intense competition from international giants, holding only a 0.9% market share in the domestic analog chip market in 2024, ranking fifth among local manufacturers [1][10]. Revenue Fluctuation - The company's revenue has shown significant volatility, with 2022 revenue at 1.67 billion yuan, dropping by 21.5% to 1.31 billion yuan in 2023 due to price competition. In 2024, revenue rebounded by 49.5% to 1.96 billion yuan, largely driven by the acquisition of Maiguan, and further surged by 79.5% to 1.52 billion yuan in the first half of 2025 [2][11]. - Sensor product revenue saw a dramatic increase of 349.8% in the first half of 2025, reaching 413 million yuan, with its share of total revenue rising from 6.7% in 2022 to 27.1% in 2025 [2][11]. Profitability Deterioration - The company has experienced continuous losses, with a net profit of 250 million yuan in 2022 turning into a loss of 305 million yuan in 2023, and further expanding to a loss of 403 million yuan in 2024, a 32% increase. The loss narrowed to 78 million yuan in the first half of 2025 [3][11]. - The main reasons for the losses include increased R&D expenses (540 million yuan in 2024, accounting for 27.5% of revenue), stock incentive plan costs, and price pressures from market competition [2][11]. Margin Compression - Gross margin has halved over three years, dropping from 48.5% in 2022 to 28.0% in 2024, with a slight recovery to 32.9% in the first half of 2025. The decline reflects intense price competition and weakened pricing power [3][12]. Revenue Composition - Automotive electronics became the largest revenue source, increasing its share from 23.1% in 2022 to 36.7% in 2024. Conversely, the share from the energy sector decreased from 69.3% to 49.8% [4][11]. - The acquisition of Maiguan significantly altered the product structure, with sensor revenue contributing 100% of sensor income in the first half of 2025 [4][11]. Customer and Supplier Concentration - Customer concentration remains high, with the top five customers accounting for 36.9% of revenue in 2024, down from 43.8% in 2022. The largest customer represented 9.5% of revenue, indicating volatility in customer structure [5][13]. - Supplier concentration is also significant, with the top five suppliers accounting for over 80% of purchases, raising concerns about supply chain stability [5][13]. Related Party Transactions - Related party transactions surged by 558%, with purchases from joint ventures increasing from 911,000 yuan in 2022 to 5.996 million yuan in 2024. The lack of transparency in pricing raises concerns about potential conflicts of interest [6][14]. Debt Escalation - The company's debt has increased dramatically, with interest-bearing loans reaching 854 million yuan by the end of 2024, a 2910% increase from 2022. The debt-to-asset ratio rose from 5.1% to 22.5% over the same period, indicating heightened short-term repayment pressure [7][15]. Management Compensation - Core management compensation decreased by 21% from 2022 to 2024, reflecting potential concerns about the company's future. The significant drop in stock-based compensation may impact management's motivation and stability [7][16]. Conclusion - Naxinwei's growth heavily relies on acquisitions and financing, with significant risks related to debt, competition, and compliance. The company plans to use IPO proceeds for R&D, overseas expansion, and strategic acquisitions, but must improve margins and cash flow to avoid ongoing reliance on external financing [9][17].

Core Viewpoint - Naxin Micro has submitted an application for listing on the Hong Kong Stock Exchange, with CICC, CITIC Securities, and Jianyin International serving as joint sponsors [1] Company Overview - Naxin Micro is a leading provider of analog chips in China, operating under a fabless model that focuses on chip research and design while outsourcing manufacturing and packaging testing [1] - The product line covers three major application areas: automotive electronics, general energy, and consumer electronics, offering sensor products, signal chain chips, and power management chips [1] Market Position - According to Frost & Sullivan, Naxin Micro ranks 14th globally among analog chip companies by revenue in 2024 and 5th among Chinese manufacturers, with a market share of 0.9% [1] - As a leading enterprise in the Chinese analog chip sector, Naxin Micro holds a prominent position in the automotive chip field, backed by rich technical reserves, excellent product performance, strict quality control systems, and an experienced management team and talent pool [1]

Core Viewpoint - Suzhou Naxin Microelectronics Co., Ltd. has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CICC, CITIC Securities, and Jianyin International as joint sponsors. The company previously submitted an application on April 25, 2025 [1]. Company Overview - Naxin Micro is a leading provider of analog chips in China, operating under a fabless model that focuses on chip research and design while outsourcing wafer manufacturing and packaging testing to trusted third-party foundries. The company offers a wide range of high-performance and reliable products and solutions in automotive electronics, energy, and consumer electronics [4]. - The company's product categories include sensors, signal chain chips, and power management chips, forming a complete system link from perception, signal processing, to system power supply and drive, playing a critical role in the connection and interaction between the real and digital worlds [4]. - According to Frost & Sullivan, Naxin Micro ranks 14th among all analog chip companies globally and 5th among Chinese manufacturers in the analog chip market, holding a market share of 0.9% as of 2024 [4]. Competitive Advantages - Naxin Micro identifies several advantages that position the company for future growth: 1. Leading position in the Chinese analog chip market with a rich product matrix around key downstream application scenarios 2. Leadership in the automotive chip sector, occupying a leading position in a high-barrier market 3. Superior product performance backed by extensive technical reserves 4. Strict quality control systems ensuring product reliability 5. Experienced management team with industry foresight and a high-quality talent pool [4]. Financial Performance - For the fiscal years 2022, 2023, and 2024, Naxin Micro reported revenues of approximately RMB 1.67 billion, RMB 1.31 billion, and RMB 1.96 billion, respectively. For the six months ending June 30 in 2024 and 2025, revenues were RMB 849 million and RMB 1.52 billion, respectively [5][6]. - The total comprehensive income for the same periods was approximately RMB 250 million, -RMB 305 million, -RMB 403 million, -RMB 266 million, and -RMB 78 million [5][6].