芯迈半导体港股IPO：收入逐年下滑三年累亏近14亿能否撑起200亿估值？ 财务总监李晓蕾为前普华永道合伙人

Core Viewpoint - ChipMinds Semiconductor has submitted an IPO application, facing declining revenues and increasing losses, raising concerns about its financial sustainability and customer concentration risk [1][10][12]. Financial Performance - Revenue from 2022 to 2024 is projected to decline from 16.88 billion RMB to 15.74 billion RMB, a decrease of 6.75% [1][10]. - Net losses are expected to increase from 1.72 billion RMB in 2022 to 6.97 billion RMB in 2024, totaling nearly 14 billion RMB over three years [1][10]. - Gross profit margins are also declining, with gross profits falling from 6.32 billion RMB in 2022 to 4.63 billion RMB in 2024, resulting in a gross margin drop from 37.4% to 29.4% [10][11]. Customer Concentration - The company relies heavily on a single major customer, referred to as Customer A, which accounted for over 60% of total revenue, but sales to this customer have decreased from 11.26 billion RMB to 9.66 billion RMB, a drop of 14.21% [12][16]. - The top five customers contributed approximately 87.8%, 84.6%, and 77.6% of total revenue from 2022 to 2024, indicating a high customer concentration risk [14][15]. Product Dependency - ChipMinds Semiconductor's revenue is predominantly from power management ICs, which contributed over 90% of total revenue, but revenue from this segment has decreased from 16.55 billion RMB to 14.28 billion RMB, a decline of 13.70% [10][11]. - The company has seen significant growth in power device products, with revenue increasing from 28.44 million RMB to 153 million RMB, but these products have not yet achieved profitability [11]. Supplier Concentration - The company also faces high supplier concentration, with the top five suppliers accounting for 86.8%, 74.1%, and 63.7% of total purchases from 2022 to 2024 [17]. - Notably, the relationship between the company’s executive director and a major supplier raises questions about potential conflicts of interest [17][18]. Strategic Investments - ChipMinds Semiconductor has made strategic acquisitions, including the purchase of Silicon Mitus, which has significantly contributed to its operations [5][6]. - The company has not conducted new financing since its B-round in 2020, where it achieved a valuation of 200 billion RMB [6][10].