FHM(SZ:300613) Zhi Tong Cai Jing·2025-11-04 02:12Core Viewpoint - Shanghai Fuhang Microelectronics is set to complete its "A+H" dual listing on the Hong Kong Stock Exchange, despite revealing alarming financial data in its prospectus, indicating a significant decline in revenue and net profit [1][4][5] Group 1: Market Position and Product Lines - Fuhang Microelectronics ranks first in global smart vision processing chip revenue and leads in shipments of edge smart vision processing chips and automotive-grade ISP chips [1] - The company operates under a "fabless" model, focusing on IC design and sales while outsourcing manufacturing, which allows for concentrated resources on technological innovation [1][2] - Its product architecture covers the entire visual processing chain, with three core product lines: smart video, smart IoT, and smart mobility, contributing 67.3% of total revenue in 2024 [2][3] Group 2: Financial Performance and Challenges - The company's total revenue declined from 2.11 billion RMB in 2022 to 1.79 billion RMB in 2024, with a further 14.1% drop in the first half of 2025 [4][5] - Net profit plummeted from 378 million RMB in 2022 to 23.2 million RMB in 2024, and further down to 1.8 million RMB in the first half of 2025, a decline of over 97% [5] - The average selling price (ASP) of products has significantly decreased, with the ASP for smart video dropping from 15.4 RMB in 2022 to 11.1 RMB in the first half of 2025, and for smart IoT from 15.5 RMB to 8.6 RMB [5] Group 3: Customer and Supply Chain Risks - The company faces structural vulnerabilities due to high customer concentration, with the top five customers contributing 88.4% of revenue in 2024, and the largest customer accounting for 66.7% [5][6] - The supply chain is also highly concentrated, with the top five suppliers making up 80.6% of total procurement, exposing the company to risks from potential disruptions [6] Group 4: Strategic Outlook - Fuhang Microelectronics aims to leverage the AI wave with its "AI for All" strategy, focusing on high-performance, cost-effective AI visual ICs to capitalize on market opportunities [3][7] - The upcoming IPO is seen as a critical opportunity for the company to secure funding for strategic transformation and to address its profitability challenges [7]