【IPO前哨】歌尔微底色如何？

Core Viewpoint - Goer Microelectronics, a subsidiary of Goer Co., has submitted a second application for listing on the Hong Kong Stock Exchange after its previous application expired in January 2025 [2] Company Background - Goer Micro was established in 2004 as a business unit of Goer Co. focusing on MEMS research and development [3] - The company achieved mass production of its first acoustic sensor in 2009 and began developing sensor interaction modules [4] - In 2014, it started developing MEMS pressure sensors, achieving mass production by 2016 [5] - Goer Micro became an independent entity in 2017, focusing on SiP development, with mass production starting in 2021 [6] Financial Performance - In Q1 2024 and Q1 2025, Goer Micro reported revenues of 4.536 billion and 1.120 billion RMB, respectively, which are approximately 4.49% and 6.87% of Goer Co.'s revenues during the same periods [6] - Goer Co. contributed 346 million and 57.4 million RMB to Goer Micro's revenues in Q1 2024 and Q1 2025, representing 7.6% and 5.1% of Goer Micro's total revenue [6] Business Operations - Goer Micro provides comprehensive smart sensing interaction solutions, including sensors, SiP, and sensing interaction modules [8] - The company has internal design capabilities for MEMS and ASIC chips and outsources wafer manufacturing to third-party manufacturers [10][15] - Goer Micro's production capacity is approximately 2.4 billion units annually, with an 88.8% utilization rate as of March 2025 [14] Market Position - In 2024, Goer Micro ranked fifth globally in the smart sensing interaction solutions market with a market share of 2.2% [13] - The company ranked first in the acoustic sensor revenue segment with a market share of 43.0% [13] Growth Potential - The demand for Goer Micro's sensors and related solutions is expected to grow due to advancements in smart electronics, smart homes, smart cars, and AI [14] - The company aims to expand its business scope and market share through its upcoming IPO and strategic investments [12] Profitability - Goer Micro's gross margins for 2024 and Q1 2025 were 18.98% and 20.58%, respectively, indicating higher profitability compared to Goer Co.'s margins of 11.09% and 12.41% during the same periods [17]