Novosense(SH:688052) Xin Lang Cai Jing·2025-10-30 16:04Core Viewpoint - Naxin Micro, a leading domestic company in high-performance and high-reliability analog integrated circuits, is positioned for growth in the automotive analog chip sector and has potential for domestic substitution [1] Group 1: Company Overview - Naxin Micro was established on May 17, 2013, and went public on April 22, 2022, on the Shanghai Stock Exchange, with its registered and office addresses in Jiangsu Province and Hong Kong [1] - The company focuses on the research and sales of high-performance, high-reliability analog integrated circuits, classified under the semiconductor industry [1] Group 2: Financial Performance - For Q3 2025, Naxin Micro reported revenue of 2.366 billion yuan, ranking 6th in the industry, surpassing the industry average of 1.135 billion yuan but below the top two competitors, Huida Technology and Aojie Technology [2] - The main business segments include signal chain products (586 million yuan, 38.45%), power management products (519 million yuan, 34.09%), and sensor products (413 million yuan, 27.11%) [2] - The net profit for the same period was -140 million yuan, ranking 31st in the industry, significantly lower than the industry average net profit of 29.658 million yuan [2] Group 3: Financial Ratios - As of Q3 2025, Naxin Micro's debt-to-asset ratio was 23.48%, higher than the previous year's 12.27% and above the industry average of 16.92% [3] - The gross profit margin for Q3 2025 was 34.66%, an increase from 33.21% year-on-year but still below the industry average of 36.44% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 39.73% to 11,200, while the average number of circulating A-shares held per shareholder decreased by 28.44% [5] - Notable changes among the top ten circulating shareholders include Hong Kong Central Clearing Limited entering as the fourth-largest shareholder with 6.0758 million shares [5] Group 5: Growth Potential - According to Guoyuan Securities, the automotive electronics application and domestic substitution are expected to drive growth, with a projected CAGR of 25% for the analog chip business from 2024 to 2027 [6] - The market share of the company's analog chips is anticipated to increase from 0.9% in 2024 to 1.2% in 2027, with significant growth expected in the automotive sector [6] - The sensor business, bolstered by the acquisition of Maigeen, is projected to contribute over 30% to total revenue by 2025-2026 [6] Group 6: Future Projections - West Securities forecasts revenue growth for 2025-2027, estimating revenues of 2.976 billion yuan, 3.844 billion yuan, and 4.762 billion yuan, respectively, with a corresponding net profit of -46 million yuan, 173 million yuan, and 387 million yuan [7]