Novosense(SH:688052) Jing Ji Guan Cha Bao·2025-04-28 11:20Core Viewpoint - Suzhou Naxin Microelectronics Co., Ltd. (Naxin Micro) has submitted an application for listing on the Hong Kong Stock Exchange, aiming to raise funds for its internationalization strategy, marking a significant step for Chinese analog chip companies towards global capital integration [1] Group 1: Company Overview - Naxin Micro is focused on developing products around downstream application scenarios, concentrating on three main product areas: sensors, signal chains, and power management, covering automotive electronics, energy, and consumer electronics [1] - The company plans to enhance its product line and competitiveness in the consumer electronics and new energy vehicle markets through the acquisition of magnetic sensor company Meigen [1] Group 2: Financial Performance - Naxin Micro's revenue for 2022, 2023, and 2024 was 1.67 billion, 1.31 billion, and 1.96 billion respectively, showing a fluctuating growth trend, while the net profit has been in continuous loss for two years, totaling approximately 700 million [2] - The main reasons for the losses include intensified market competition leading to a significant drop in product prices (sensor average price decreased by 64%), high R&D expenditures (5.4 billion in 2024, accounting for 27.5% of revenue), and increased equity incentive costs [2] Group 3: Market Position and Strategy - Naxin Micro aims to build a global sales network and strengthen its technological advantages while addressing the current reliance of China's analog chip supply chain on international manufacturers (with only 5% localization rate for automotive chips) [4] - The A+H listing journey of Naxin Micro reflects the broader trend of semiconductor localization in China and serves as a test of its technological strength and strategic execution [4]