小米、宁德、红杉都投了！芯迈半导体头顶200亿估值冲港股，三年累亏近14亿

Core Viewpoint - ChipMight Semiconductor is facing significant financial challenges despite its strong market position in the power semiconductor industry, with a cumulative loss of nearly 1.4 billion RMB over three years and declining revenues and gross margins [2][3][4]. Financial Performance - The company reported a continuous decline in revenue from 2022 to 2024, with figures of 1.688 billion RMB, 1.640 billion RMB, and 1.574 billion RMB respectively [3]. - Cumulative losses over the same period reached 1.375 billion RMB, with annual losses increasing from 172 million RMB in 2022 to 697 million RMB in 2024 [3][4]. - Gross margin decreased from 37.4% in 2022 to 29.4% in 2024, attributed to intensified competition in overseas markets and lower margins in the early stages of expanding its business in China [4]. Cash Flow and Investment - Cash and cash equivalents fell from 2.256 billion RMB in 2022 to 1.539 billion RMB in 2024, indicating a cash consumption of over 700 million RMB [4][5]. - The company has significantly increased its R&D expenditures, which rose from 246 million RMB in 2022 to 406 million RMB in 2024, representing an increase in R&D spending as a percentage of revenue from 14.6% to 25.8% [6]. Market Position and Client Concentration - ChipMight ranks third in the global smartphone PMIC market and first in OLED display PMIC total shipments over the past decade [3]. - The company relies heavily on a small number of clients, with the top five customers contributing 87.8%, 84.6%, and 77.6% of total revenue from 2022 to 2024, and a single largest customer accounting for over 60% of revenue during the same period [11][13].