【看新股】安徽希磁冲刺港交所：2024年扭亏，客户集中度较高

Core Viewpoint - Anhui Xici Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for R&D, a new production base in Wuxi, and upgrades to its German wafer production line. The company's revenue has significantly declined in 2023 due to industry demand, but it is expected to return to profitability in 2024 [1][8]. Group 1: Company Overview - Anhui Xici, established in 2013, operates as an IDM enterprise in the magnetic sensing field, focusing on the R&D and manufacturing of magnetic sensor products using xMR core technology [3]. - The company has a global strategic layout with subsidiaries in Germany, Portugal, and three locations in China, including a manufacturing center in Bengbu and R&D centers in Wuxi and Ningbo [3]. Group 2: Financial Performance - In 2023, the company's revenue was 594.2 million RMB, a decrease of 10.8% from 2022's 666.3 million RMB. However, revenue is projected to grow by 18.4% in 2024 to 703.4 million RMB [8][9]. - The company reported losses of 1.206 billion RMB in 2022 and 66.6 million RMB in 2023, but is expected to achieve a net profit of 98.52 million RMB in 2024 [8][9]. Group 3: Revenue Composition - The majority of the company's revenue comes from current sensors, which accounted for 78.5% of total revenue in 2024, increasing to 82.1% in the first four months of 2025 [10]. - The company’s performance is significantly influenced by the semiconductor industry, which is known for its volatility, affecting product demand and pricing [10]. Group 4: Customer Concentration - A significant portion of the company's revenue is derived from its top five customers, which accounted for 65.2% of total revenue in 2022, decreasing to 58% in the first four months of 2025 [11][13]. - The high customer concentration means that retaining existing customers and attracting new ones is crucial for revenue growth, as any loss in customer demand could severely impact financial performance [11][13].