【IPO追踪】华大北斗冲刺港股：北斗芯片巨头的机遇与挑战

Core Viewpoint - The IPO of Huada Beidou represents a significant trend in the domestic chip industry, highlighting the potential for growth despite challenges such as price wars and geopolitical factors [12] Company Overview - Huada Beidou is a space positioning service provider that offers navigation chips and modules supporting the BeiDou and major global GNSS systems, along with related solutions [3] - The company was established in December 2016, backed by notable investors including BYD, Gree, and TCL Technology, and has received multiple rounds of investment [3] - The chairman and CEO, Sun Zhongliang, is a prominent figure in the GNSS space positioning service industry [3] Product and Market Position - Huada Beidou's product portfolio includes GNSS chips and modules used in various sectors such as smart transportation, shared bicycles, smart driving, smartphones, wearable devices, and IoT [4] - The company dominates the shared bicycle navigation chip market, with sales expected to exceed 15 million units by the end of 2024, capturing over 90% of the high-precision shared bicycle market [6] - In terms of global market share, Huada Beidou ranks sixth among GNSS service providers and second among domestic companies, with a market share of 4.8% [6] Industry Growth Potential - The industry Huada Beidou operates in is projected to grow significantly, with the Chinese BeiDou space positioning service market expected to reach 954 billion yuan by 2028, reflecting a compound annual growth rate of 14.5% from 2023 to 2028 [7] - Despite being in a high-growth sector, Huada Beidou's revenue has fluctuated, with figures of 698 million yuan in 2022, 645 million yuan in 2023, and an expected 840 million yuan in 2024 [9] Financial Performance - The company has faced challenges, including a revenue decline in 2023 due to a downturn in the semiconductor industry and reduced government infrastructure projects [9] - Huada Beidou's GNSS chip and module sales have increased significantly, from 540,500 units in 2022 to an expected 1,606,700 units in 2024 [9] - The company has not yet achieved profitability, with cumulative losses exceeding 500 million yuan over the past three years [10] Profitability Challenges - Huada Beidou's gross margin has been declining, with rates of 12.0%, 10.5%, and 9.8% over the past three years, attributed to participation in price wars [11]