聚芯微电子冲击IPO，深耕智能感知芯片领域，部分产品均价呈下降趋势

Core Viewpoint - Recent IPO progress has been observed for several companies from Wuhan, including Juxin Microelectronics, which has submitted its prospectus to the Hong Kong Stock Exchange and is backed by major investors like Xiaomi and Huawei [1][4]. Company Overview - Juxin Microelectronics, founded in January 2016, specializes in intelligent perception, machine vision, and imaging technology solutions, operating under a fabless model. The company has raised over 1.1 billion RMB and has a post-investment valuation of approximately 5.3 billion RMB as of June 2025 [4][7]. - The company has a diverse product matrix covering 11 product lines, with 8 products already commercialized and 3 in the design phase [7]. Financial Performance - Revenue growth has been noted, with figures of 127.4 million RMB in 2022, 242.0 million RMB in 2023, and projected revenues of 666.6 million RMB in 2024 [12][14]. - The net profit has shown improvement, transitioning from a loss of 137.2 million RMB in 2022 to a projected profit of 2.1 million RMB in the first half of 2025 [12][14]. - The gross margin has declined from 27.6% in 2022 to 23.3% in the first half of 2025, primarily due to decreasing average selling prices across product lines [16]. Market Position - Juxin Microelectronics holds significant market shares in various segments, ranking third in the global optical sensor market with an 11.2% share, and also ranks third in the global smart audio amplifier market with an 8.3% share [29]. - The company faces intense competition from domestic and international manufacturers, with a noted decline in average selling prices for its main products [2][29]. Product and Technology - The company’s main revenue source is from intelligent perception products, which accounted for 97.3% of total revenue in 2022, although this percentage is projected to decrease to 78.7% by the first half of 2025 [14]. - The product lines include optical sensing, smart audio, and vibration sensing, with significant shipment volumes reported for each category [8][12]. Research and Development - As of June 2025, Juxin Microelectronics has a research and development team comprising 175 employees, representing 60.1% of the total workforce, with R&D expenditures of approximately 99.7 million RMB in 2022 [18]. Customer Base and Supply Chain - The company’s customer base primarily consists of direct sales clients and distributors in the smartphone and electronic device sectors, with a high concentration of revenue from the top five customers [19][20]. - The procurement strategy relies heavily on a few suppliers, with over 90% of purchases coming from the top five suppliers, indicating potential supply chain risks [18].