Novosense(SH:688052) Sou Hu Cai Jing·2025-10-29 06:52Core Viewpoint - The semiconductor sector in the Hong Kong stock market has shown strong performance this year, with notable increases in stock prices for several companies, including Suzhou Naxin Microelectronics Co., Ltd. (Naxin Micro), which has filed for an IPO on the Hong Kong Stock Exchange to raise funds for various strategic initiatives [2][3]. Company Overview - Naxin Micro was established in May 2013 and went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board in April 2022, with a market capitalization exceeding 25.7 billion RMB after a stock price increase of over 38% this year [3]. - The company focuses on chip research and design, providing high-performance and reliable products and solutions in automotive electronics, general energy, and consumer electronics [3][4]. Product Categories - Naxin Micro's product offerings include three main categories: sensor products, signal chain chips, and power management chips, forming a complete system link from perception to power supply [3][4]. - Sensor products convert physical quantities or environmental changes into electronic signals, while signal chain chips ensure the accuracy and integrity of electronic signals [4][6]. Market Position - According to Frost & Sullivan, Naxin Micro ranks 14th among all analog chip companies and 5th among Chinese manufacturers in the analog chip market, with a market share of 0.9% [6]. - In the digital isolation chip market, Naxin Micro holds the 1st position among Chinese manufacturers and 2nd overall, with a market share of 15.6% [6]. Financial Performance - Naxin Micro's revenue from 2022 to 2024 was 1.67 billion RMB, 1.31 billion RMB, and 1.96 billion RMB, respectively, with profits showing a trend of continuous losses [7][9]. - The company reported a revenue increase of 79.49% to 1.52 billion RMB in the first half of 2025, although it still faced a loss of 78 million RMB [8][9]. Pricing Trends - The average selling prices of Naxin Micro's products have been declining, particularly for sensor products, which have seen significant price drops [9][10]. Customer and Supplier Concentration - Naxin Micro's revenue from its top five customers accounted for 43.8%, 43.0%, 36.9%, and 28.8% of total revenue from 2022 to the first half of 2025, indicating a high dependency on a few major clients [12]. - The company also faces high supplier concentration, with the top five suppliers accounting for 90.5%, 86.8%, 82.3%, and 86.4% of total procurement during the same period [12]. Inventory Management - Naxin Micro's inventory has been increasing, with recorded values of 593 million RMB, 805 million RMB, 823 million RMB, and 1.042 billion RMB from 2022 to the first half of 2025, leading to concerns about potential impairment risks due to high competition in the analog chip sector [12]. Industry Context - In the context of global semiconductor industry restructuring and accelerated domestic substitution, Naxin Micro's development trajectory serves as an important reference for the industry [13].