Novosense(SH:688052) Xin Lang Cai Jing·2025-08-21 08:33Core Viewpoint - The company has shown significant revenue growth and improved gross margins in the first half of 2025, driven by strong demand in the automotive electronics sector and the recovery of the broader energy market, alongside the positive impact of the acquisition of Maiguan [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.524 billion yuan, a year-on-year increase of 79.49%, with a gross margin of 35.21%, up 1.31 percentage points year-on-year. The net loss attributable to shareholders narrowed to 78 million yuan [1]. - In Q2 2025, revenue reached 807 million yuan, reflecting a year-on-year increase of 65.83% and a quarter-on-quarter increase of 12.49%. The gross margin improved to 35.97%, up 0.64 percentage points year-on-year and 1.60 percentage points quarter-on-quarter, with the net loss narrowing to 27 million yuan [1][2]. Market Demand and Product Segmentation - The automotive electronics sector remains a key growth area, with the company capitalizing on the trend towards smart and electric vehicles. As of H1 2025, the company shipped over 980 million automotive chips, including over 4 million MCU+ products for automotive electronic actuators [3]. - The AI server market is rapidly expanding, driving demand for high-density power management and high-speed data transmission chips. The company has begun mass production of high-voltage GaN drivers for AI server power applications [3]. - The demand for solar energy storage is recovering, and the industrial control sector is entering an upward demand cycle, providing strong support for the company's revenue growth [3]. Research and Development - The company maintains a high level of R&D investment, with 361 million yuan allocated in H1 2025, accounting for 23.71% of revenue, and a year-on-year increase of 51.43% after excluding share-based payment impacts. New product developments include a domestically sourced automotive-grade SerDes chip set and a Class D audio amplifier [4]. - The integration with Maiguan is progressing smoothly, with synergies beginning to materialize, enhancing the company's product offerings and customer base [4]. Investment Outlook - Given the unexpected recovery in downstream demand and successful new product developments, the company has revised its revenue forecasts for 2025-2027 upwards. The new projections are 3.023 billion yuan for 2025, 3.828 billion yuan for 2026, and 4.725 billion yuan for 2027. The net profit forecasts have also been adjusted, with a projected loss of 32 million yuan for 2025, followed by profits in subsequent years [4]. - The company is assigned a target price of 254.5 yuan per share based on a 12x PS ratio for 2025, maintaining a "strong buy" rating [4].