长光辰芯港股IPO递表：毛利率3年下降17%，研发费用增长专利却下降，今年1月从上交所科创板撤单

Core Viewpoint - Changchun Changguang Chenxin Microelectronics Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, following a previous attempt to list on the STAR Market that was terminated due to expired financial documents and a voluntary withdrawal of the IPO application [1] Company Overview - The company specializes in the research, design, testing, and sales of high-performance CMOS image sensors, operating under a Fabless model that allows it to focus on core technology development and market expansion [1] - Its CMOS image sensor products are recognized for their large target area, high resolution, and high sensitivity, with applications in machine vision, scientific instruments, professional imaging, and medical imaging [1] - The company holds a leading position in the domestic market and ranks fourth globally in machine vision, and sixth globally in scientific instruments [1] Financial Performance - Revenue for 2022, 2023, and 2024 was reported at 604.4 million, 604.8 million, and 673.0 million RMB respectively, with a growth of 11.3% in 2024 driven by a 64.9% increase in custom sensor solutions [2][3] - The gross profit margin has declined from 76.2% in 2022 to 59.0% in 2024, reflecting a 17.2 percentage point drop over three years [4][5] - The company reported a net profit of 169.8 million RMB in 2023, increasing to 197 million RMB in 2024, following a net loss of 84.1 million RMB in 2022 [3][4] Cost Structure and Profitability - The gross margin for high-performance image sensors decreased from 78.2% to 65.3%, primarily due to a significant drop in average selling prices [4][5] - Research and development expenses increased from 84.2 million RMB in 2022 to 130.2 million RMB in 2024, but the proportion of R&D expenses relative to revenue fluctuated, indicating a need for sustained investment in innovation [5][6] Ownership and Management - The actual controllers of the company are Wang Xinyang and Zhang Yanxia, who collectively hold 49.54% of the shares [7] - Wang Xinyang has extensive academic qualifications in microelectronics and has been with the company since 2012, while Zhang Yanxia also has a strong educational background and holds multiple executive roles [7] Investment and Financing - The company has undergone multiple rounds of financing, attracting investments from various venture capital and private equity firms, indicating strong investor interest and support for its growth trajectory [7]