Novosense(SH:688052) Di Yi Cai Jing·2025-04-10 13:36Core Insights - The demand for new energy vehicles has driven the company's revenue to a record high, but declining gross margins and rising expenses have continued to pressure profitability [1][2][6] - The company reported a net loss of approximately 4.03 billion yuan in 2024, marking a 31.95% year-over-year decline, with cumulative losses reaching around 7.1 billion yuan over the past two years [1][6] Revenue Performance - In 2024, the company achieved a revenue of 19.6 billion yuan, a 49.53% increase compared to the previous year, reaching the highest level since its IPO [2][3] - The revenue breakdown shows that automotive electronics accounted for 36.88% of total revenue, while the energy sector contributed 49.49%, and consumer electronics made up 13.63% [3][4] Product and Market Dynamics - The company specializes in the research, design, and sales of analog chips, focusing on sensors, signal chains, and power management, primarily for automotive electronics and industrial control markets [2][4] - The acquisition of Shanghai Maiguan Microelectronics, which added over 1,000 product models, has positively impacted the company's revenue [2][4] Profitability Challenges - The overall gross margin for the company decreased by 6.17 percentage points to 32.33% in 2024, with the largest decline in sensor products [6][7] - Operating costs increased by 64.29% to 13.17 billion yuan, outpacing revenue growth, primarily due to rising sales, management, and R&D expenses [7][8] Future Outlook - The company has seen a positive signal with its sales net profit margin turning positive in the fourth quarter of the previous year, reaching 0.81% [8] - The automotive electronics market, particularly in China, is expected to continue experiencing strong demand driven by new energy vehicles [8]