新股前瞻|年营收近60亿元、卡位“黄金”赛道，晶晨半导体冲击“A+H”上市可期?

Core Viewpoint - The company, Amlogic, is set to go public on the Hong Kong Stock Exchange, following its successful listing on the STAR Market in China, where it has established itself as a leading semiconductor design firm with a strong market presence in various sectors [1][2]. Company Overview - Founded in 2003, Amlogic has become a global leader in system-level semiconductor design, ranking fourth worldwide in smart terminal SoC chips and first in mainland China for home smart terminal SoC chips [2]. - The company has shipped over 1 billion chips as of June 30, 2025, and serves over 250 global telecom operators and 14 of the top 20 TV brands [3][4]. Financial Performance - Amlogic's revenue for 2022, 2023, and 2024 was 5.545 billion, 5.371 billion, and 5.926 billion yuan respectively, with net profits of 732 million, 500 million, and 819 million yuan [4]. - As of the first half of 2025, the company reported a revenue of 3.33 billion yuan, an 11% year-on-year increase, and a net profit of 493 million yuan, a 36.2% increase [4]. Product Portfolio - The company's core products include smart multimedia and display SoC chips, AIoT SoC chips, communication and connectivity chips, and smart automotive SoC chips [5]. - The smart set-top box chip remains a traditional stronghold, while the smart TV chip is rapidly growing, and AI audio-video system terminal chips are expected to be significant growth drivers [5]. Market Opportunities - The global smart home SoC market is projected to grow from $3.8 billion in 2024 to $7.7 billion in 2029, with a CAGR of 15.2% [6]. - The smart automotive SoC market is expected to increase from $11.3 billion in 2024 to $39.2 billion in 2029, with a CAGR of 28.2% [7]. Competitive Landscape - Amlogic faces intense competition from major players like MediaTek, Qualcomm, and Broadcom, as well as domestic competitors such as Rockchip and Allwinner [8]. - The company relies heavily on third-party foundries for production, which poses risks during periods of tight capacity [8]. Strategic Initiatives - The company plans to use the funds raised from its IPO to enhance R&D capabilities, build a global customer service system, and pursue strategic investments and acquisitions [9]. - Amlogic's diversified business structure and strong technical capabilities position it well to capitalize on industry growth opportunities despite the competitive challenges [9].