CIS龙头递表！长光辰芯业绩稳定，上市前分红引争议

Core Viewpoint - Changchun Changguang Chenxin Microelectronics Co., Ltd. (referred to as "Changguang Chenxin") is seeking to go public in the Hong Kong market after previously attempting to list on the Sci-Tech Innovation Board, highlighting its ambition to expand into international capital markets and enhance brand recognition [1][2]. Group 1: Company Background - Changguang Chenxin was established in September 2012 to meet the demand for high-performance CMOS image sensors (CIS) and has undergone multiple rounds of capital increases and share transfers, attracting notable investors such as Aopu Optoelectronics and Hillhouse Capital [2]. - The company transitioned to a joint-stock company on December 26, 2022, and previously submitted an IPO application to the Shanghai Stock Exchange in June 2023, which was later withdrawn in January 2025 [2]. Group 2: Business Overview - Changguang Chenxin is a leading global provider of high-performance CMOS image sensors, offering nine product series and over 50 standard products for various advanced technology fields, including industrial imaging and medical imaging [3]. - The company also provides customized sensor solutions, allowing clients in high-end industrial detection and medical applications to develop next-generation products [3]. Group 3: Financial Performance - Revenue for Changguang Chenxin from 2022 to 2024 is projected to be approximately CNY 604 million, CNY 605 million, and CNY 673 million, respectively, with net profits of approximately -CNY 84.1 million, CNY 170 million, and CNY 197 million [3]. - The gross margin is expected to decline from 76.2% in 2022 to 59.0% in 2024, with adjusted net margins decreasing from 48.5% to 37.0% during the same period, primarily due to falling margins in high-performance CIS and customized sensor solutions [4]. Group 4: Market Position and Challenges - Changguang Chenxin's revenue heavily relies on area array sensors, contributing 66.5%, 67.7%, and 61.6% of total revenue from 2022 to 2024, indicating a potential vulnerability in its product mix [4]. - The company has experienced stagnation in traditional high-performance CIS growth, while customized sensor solutions have seen rapid growth, increasing their revenue contribution from 7.2% in 2022 to 24.1% in 2024 [4]. Group 5: Global Expansion and Inventory Concerns - Changguang Chenxin's sensors have been exported to over 30 countries, with overseas revenue accounting for 26.0% of total revenue in 2024, although this represents a decline from 33.9% in 2022 [5]. - The company's inventory levels have raised concerns, with inventory values reported at CNY 304 million, CNY 373 million, and CNY 287 million from 2022 to 2024, alongside provisions for inventory impairment [5]. Group 6: IPO and Future Plans - Prior to its IPO, Changguang Chenxin announced a dividend of CNY 0.05 per share, totaling CNY 18.5 million, to be paid by August 2025 [6]. - If the IPO is successful, the company plans to use the raised funds for R&D in key application areas, establishing a CMOS sensor R&D center, expanding packaging and testing production lines, and enhancing international business operations [6].