长光辰芯IPO②：核心业务逆势下滑，芯片封装仍受制于外资

Core Viewpoint - Changguang Chenxin, a company specializing in high-performance CMOS image sensors (CIS), is pursuing an IPO in Hong Kong, facing challenges such as declining revenue growth and decreasing profit margins despite a growing market for its core business [2][3]. Group 1: Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be CNY 604 million, CNY 604 million, and CNY 673 million, respectively, with adjusted net profits of CNY 293 million, CNY 222 million, and CNY 249 million [2]. - Revenue growth has significantly slowed in 2023 and 2024, with profits experiencing a decline [3]. - The revenue from related transactions with Changchun Institute of Optics, Fine Mechanics and Physics (Changguang Institute) has decreased, contributing only CNY 39 million in 2024, down from CNY 136 million in 2022, representing only 5.79% of total revenue [5]. Group 2: Core Business Challenges - The revenue from the "scientific imaging" segment has declined from CNY 287 million in 2022 to CNY 192 million in 2024, a total drop of 33.1%, despite the market for this segment growing from CNY 800 million to CNY 1.2 billion during the same period [6][7]. - The company's gross margin has decreased from 76.2% in 2022 to 59% in 2024, indicating a significant decline in profitability [8][9]. Group 3: Supply Chain and Industry Position - Changguang Chenxin relies heavily on third-party suppliers for wafer manufacturing, packaging, and testing services, with 77.9% of procurement in 2022 coming from five major suppliers, most of which are foreign companies [12]. - The company has expressed intentions to extend its supply chain by developing in-house packaging capabilities, but progress has been slow, with most packaging still outsourced [13].