新股前瞻丨芯片小巨人，杰华特赴港输血谋翻盘

Core Viewpoint - Zhejiang Jiewa Technology Co., Ltd. (Jiewa) is attempting to open new financing channels through a dual listing on the Hong Kong Stock Exchange after its previous listing on the Sci-Tech Innovation Board, despite facing significant losses amid industry challenges [1][18]. Group 1: Company Overview - Jiewa was established in March 2013 and operates as a virtual IDM model focusing on analog chips, primarily in power management [1]. - The company has developed a diverse product matrix, including four major power management product lines and five signal chain product lines, with a total of 2,200 integrated circuit products [2][1]. Group 2: Financial Performance - Jiewa's revenue for 2024 is projected to reach 1.679 billion yuan, representing a year-on-year growth of 29.46%, but the net loss is expected to widen from 533 million yuan in 2023 to 611 million yuan in 2024 [2][1]. - The company's revenue from 2022 to 2024 shows a compound annual growth rate of 7.69%, while net profit has declined from a profit of 136 million yuan in 2022 to a loss of 611 million yuan in 2024 [2][3]. Group 3: Inventory and Losses - Jiewa's inventory has increased from 783 million yuan in 2022 to 855 million yuan in 2024, with a significant rise in inventory impairment losses from 21 million yuan in 2022 to 205 million yuan in 2024 [5][9]. - The inventory turnover days have also increased, indicating a growing challenge in managing inventory effectively, with turnover days recorded at 217.1, 264.4, and 221.5 days from 2022 to 2024 [7][8]. Group 4: R&D Investment - The company has significantly increased its R&D expenditure, which rose from 305 million yuan in 2022 to 619 million yuan in 2024, accounting for 21.0%, 38.5%, and 36.9% of revenue during these years [9][10]. - Jiewa has launched approximately 400 new product models in 2023 and 2024, focusing on improving its BCD process technology [10]. Group 5: Market Position and Future Prospects - Jiewa ranks eighth globally and fourth in China for power management integrated circuits, with notable positions in the DC-DC and communication power management sectors [2][1]. - The company is focusing on technological breakthroughs, particularly in DrMOS and multi-phase controller products, which are expected to be key to improving performance and capturing market share in the growing AI and electric vehicle sectors [11][12][14]. Group 6: Strategic Moves - Jiewa is planning to acquire a 40.89% stake in Nanjing Tianyi Hexin Electronics, which specializes in high-performance sensor chips and analog chip design, to enhance its product offerings in the signal chain category [17][18]. - The company aims to alleviate financial pressure through its upcoming listing on the Hong Kong Stock Exchange, although it faces challenges such as high inventory levels and declining gross margins [18].