新股前瞻|欲以功率器件产品打造新增长点，芯迈半导体利润端能否重回增长轨道？

Core Viewpoint - The power semiconductor industry is crucial for reducing energy consumption and enhancing the performance of various applications, including automotive, renewable energy infrastructure, and industrial equipment. Companies like Chipmike Semiconductor are leading the growth in this sector, with a recent IPO application in Hong Kong highlighting their market position and challenges ahead [1][2]. Company Overview - Chipmike Semiconductor, established in 2019 and headquartered in Hangzhou, has submitted an IPO application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor [1]. - The company ranks first in the global OLED display PMIC market by total shipment volume over the past decade and ranks second in the OLED display PMIC market and third in the smartphone PMIC market based on projected revenue for 2024 [1]. Financial Performance - Chipmike Semiconductor's revenue from 2022 to 2024 shows a declining trend, with figures of 1.688 billion, 1.640 billion, and 1.574 billion RMB respectively. Adjusted net profits have also decreased significantly, transitioning from 238 million to a loss of 53.34 million RMB [2][10]. - The company's revenue is heavily reliant on overseas markets, with nearly 70% of its income coming from international sales. Revenue from overseas markets decreased from 1.231 billion in 2022 to 1.072 billion in 2024 [4][5]. Revenue Structure - The primary revenue source for Chipmike Semiconductor is power management ICs, which accounted for 90.7% of total revenue in 2024. Within this segment, mobile products contributed 48.5% and display products contributed 42.2% [3][4]. - The decline in revenue is attributed to decreasing sales of power management ICs, with revenues dropping from 1.655 billion in 2022 to 1.428 billion in 2024 [3][4]. Customer Dependency - The company exhibits a high dependency on its top clients, with the top five customers accounting for 77.6% of total revenue in 2024. Notably, one client alone contributed 61.4% of the revenue [6][7]. Profitability Challenges - The gross margin for power management ICs has declined from 38.1% in 2022 to 32.9% in 2024, while the overall gross margin fell from 37.4% to 29.4% during the same period, indicating pressure on profitability [8][9]. - The increase in operating expenses, particularly in R&D, has further impacted net profits, with expenses rising from 27.2% of revenue in 2022 to 45.1% in 2024 [10][11]. Future Outlook - The company is focusing on developing its power device products to create new growth avenues, although the current contribution to revenue remains low at 9.3% with a negative gross margin of -4.6% in 2024 [12].