Novosense(SH:688052) Xin Lang Cai Jing·2025-05-01 00:45Core Viewpoint - The company reported significant revenue growth in 2024 and Q1 2025, driven by the increasing penetration of electric vehicles and contributions from acquisitions, despite facing net losses [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.96 billion yuan, a year-on-year increase of 49.53%, with a gross margin of 32.70%, down 5.89 percentage points [1]. - For Q1 2025, revenue reached 717 million yuan, representing a year-on-year increase of 97.82% and a quarter-on-quarter increase of 20.66%, with a gross margin of 34.37%, up 2.37 percentage points year-on-year and 2.84 percentage points quarter-on-quarter [1][2]. Market Dynamics - The recovery of the semiconductor industry is supported by the demand from automotive, AI, and robotics sectors [3]. - The domestic automotive chip localization rate remains low, positioning the company to benefit from the trends of electrification and intelligence in vehicles [3]. - The AI server market is rapidly expanding, increasing demand for power management, signal conversion, and communication interface products [3]. - The company is well-positioned to benefit from the recovery in the consumer electronics sector and the end of the inventory destocking phase in the optical storage market [3]. R&D and Acquisitions - The company maintains a high level of R&D investment, with 540 million yuan allocated in 2024, accounting for 27.55% of revenue [4]. - The acquisition of Maiguan enhances the company's magnetic sensor product lineup, with expectations for further breakthroughs in automotive and humanoid robotics sectors [4]. Investment Outlook - Following the acquisition of Maiguan, revenue forecasts for 2025-2026 have been adjusted upwards to 2.886 billion yuan and 3.595 billion yuan, respectively, with a new forecast for 2027 set at 4.405 billion yuan [4]. - The net profit forecasts for 2025-2026 have been revised to -78 million yuan and 133 million yuan, respectively, with a new forecast for 2027 set at 361 million yuan [4]. - The company is assigned a target price of 243.0 yuan per share based on a 12x PS ratio for 2025, maintaining a "strong buy" rating [4].