GoerTek(SZ:002241) Sou Hu Cai Jing·2025-07-30 07:50Core Viewpoint - Goer Microelectronics has submitted an IPO application to the Hong Kong Stock Exchange, marking a significant step in its strategy to transition from A-share to H-share listing, aiming to capitalize on opportunities in the smart terminal market and strengthen its position in the smart sensing interaction solutions industry [1][3]. Group 1: Company Overview - Goer Micro is a subsidiary of Goer Group, a leader in the electroacoustic industry, and specializes in smart sensing interaction solutions, particularly in acoustic sensors [1][4]. - The company has developed the UniSense platform, which integrates full-stack technical capabilities across various domains, enabling it to provide optimized smart sensing solutions based on customer needs [4]. Group 2: Market Position and Performance - As of 2024, Goer Micro is the largest smart sensing interaction solutions provider in China and the fifth largest globally, with a cumulative sensor shipment exceeding 5 billion units and a market share of approximately 4.3% [5][10]. - The company has maintained a strong revenue growth trajectory, with a compound annual growth rate (CAGR) of about 20.55% from 2022 to 2024, achieving revenues of 31.21 billion RMB, 30.01 billion RMB, and 45.36 billion RMB in those years [10][12]. Group 3: Revenue Breakdown - Sensors are the primary revenue source for Goer Micro, contributing 81.4%, 69.7%, 78.5%, and 80.8% of total revenue in 2022, 2023, 2024, and Q1 2025, respectively [6][10]. - The company is the leading provider of acoustic sensors globally, with a market share of approximately 43.0%, and has generated significant revenue from this segment [8][9]. Group 4: Client Relationships and Retention - Goer Micro has established stable relationships with major clients, with revenue from the top five clients accounting for 75.5%, 74.3%, 79.7%, and 80.5% of total revenue in the respective years [14][16]. - The company has a high client retention rate, with figures of 94%, 154%, 128%, and 146% across the reporting periods, indicating strong customer loyalty [16]. Group 5: Research and Development - Goer Micro has invested significantly in R&D, with expenditures of 2.59 billion RMB, 2.64 billion RMB, 3.26 billion RMB, and 674.31 million RMB over the reporting periods, totaling over 9 billion RMB [17][18]. - The company holds 1,825 patents, including 738 invention patents, making it the company with the most patents in the smart sensing interaction solutions industry in China [19]. Group 6: Future Outlook - The IPO in Hong Kong is expected to enhance Goer Micro's global customer coverage and service network, facilitating the integration of its UniSense platform with global industry partners and increasing its brand influence [19].