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“芯片首富”虞仁荣再次征战资本市场,1500亿巨头赴港IPO

Core Viewpoint - The recent capital activities of Yu Renrong, known as the "Chip King," include the successful IPO of his investment, New Henghui Electronics, and the renaming of his company, Weier Co., to "Haowei Group" [1][2]. Company Overview - Haowei Group, founded in 1995, specializes in image sensor solutions and has expanded through the acquisition of Haowei Technology in 2019. Yu Renrong serves as the chairman and executive director [2]. - The company operates under a Fabless model, focusing on the design, research, and sales of semiconductor products, ranking among the top ten Fabless semiconductor companies globally by 2024 revenue [2]. Business Segments - Haowei Group's primary product lines include: - Image Sensor Solutions: Comprising CIS, CameraCubeChip, LCOS, and ASIC products [3]. - Display Solutions: Including LCD-TDDI, OLED DDIC, and integrated display driver chips [4]. - Analog Solutions: Encompassing PMIC, TVS, and MOSFET [5]. Market Position - By 2024, Haowei Group is projected to be the third-largest supplier of smartphone CIS with a market share of 10.5% and the largest supplier of automotive CIS with a market share of 32.9% [8]. Financial Performance - Revenue for Haowei Group was 20 billion RMB in 2022, increasing to 21 billion RMB in 2023, and projected to reach 25.7 billion RMB in 2024. Net profit decreased from 951 million RMB in 2022 to 544 million RMB in 2023, with a recovery expected to 3.28 billion RMB in 2024 [9][10]. - The gross margin for the years 2022, 2023, and 2024 was 23.7%, 19.9%, and 28.2%, respectively, indicating a decline in 2023 due to inventory management challenges [9][10]. Inventory and Supply Chain - The company has faced high inventory levels, with balances of 12.4 billion RMB, 6.3 billion RMB, and 7 billion RMB for the respective years [11]. - Approximately 85% of revenue in 2024 is expected to come from regions outside mainland China, highlighting potential exposure to international trade dynamics [10]. Research and Development - Haowei Group has invested around 9.4 billion RMB in R&D over the past three years, with R&D expenses accounting for 12.6%, 10.7%, and 10.4% of revenue in the respective years [13]. Future Outlook - The semiconductor industry is characterized by rapid technological advancements, necessitating continuous product and service updates from the company [12]. - The ability to manage inventory effectively and navigate market fluctuations will be critical for the company's future performance [13].