Core Viewpoint - Audiwei (BJ920491), known as the "first stock of sensors" on the Beijing Stock Exchange, has submitted its application for listing on the Hong Kong Stock Exchange, aiming to accelerate overseas market expansion and enhance financing channels [1] Group 1: IPO and Fund Utilization - Audiwei plans to use the funds raised from the Hong Kong IPO to increase production capacity in Malaysia, build a new high-performance sensor production base in China, invest in R&D and digitalization, and for general corporate purposes [1] - The company aims to support long-term and steady development in both domestic and international markets through this listing [1] Group 2: Company History and Market Position - Founded in 1999, Audiwei has undergone several transformations, including a name change and a shift from the New Third Board to the Beijing Stock Exchange [2] - Audiwei is the second company to announce a "North + H" listing plan, following the vaccine company Kanglaweishi [2] - The company focuses on providing intelligent sensing and precision micro-execution solutions for various scenarios, including smart homes, smart cars, smart terminals, and smart manufacturing [2] Group 3: Product and Revenue Breakdown - Audiwei's new generation AKII vehicle-mounted ultrasonic sensor supports ADAS/AVP and is the first in China to achieve mass production [3] - The company ranks second in China for smart home product sensor revenue and third globally for automotive ultrasonic sensors and actuators in 2024 [3] - The main revenue source during the reporting period is the smart home solution, with its share increasing from 53% in 2022 to 56.9% in the first half of 2025 [3] Group 4: Production Capacity and Financial Performance - As of mid-2025, Audiwei has three domestic production bases and one overseas base in Malaysia, with a customer network covering over 46 countries [4] - The company reported revenues of 378 million, 467 million, 617 million, and 327 million yuan for the respective years, with profits of 52.6 million, 76.9 million, 93.9 million, and 46.9 million yuan [5] - Despite a 15.1% year-on-year revenue growth in the first half of 2025, profit growth was only 3.9% [5] Group 5: Margin Trends and Capacity Utilization - The gross margin for the smart automotive solution decreased from 25.9% in 2023 to 22.1% in the first half of 2025, attributed to intensified competition in the domestic automotive supply chain [6] - The gross margin for actuators dropped from 27% in 2022 to 21.3% in the first half of 2025, mainly due to rising prices of precious metals [6] - Overall capacity utilization declined to 53.9% in the first half of 2025, down 16.4 percentage points from 2024, with actuator utilization plummeting from 63.3% to 36.1% [6] Group 6: Market Competition and Shareholder Structure - Audiwei holds a third-place position in the global automotive ultrasonic sensor and actuator market, but there is a significant gap compared to industry leaders Bosch and Valeo, which together hold nearly 40% of the market share [7] - The largest shareholders are the executive director and chairman Zhang Shuguang and his spouse, holding approximately 15.39% and 1.80% of the company's issued shares, respectively [7] - The company justifies its plan to raise funds for expansion despite declining capacity utilization, indicating that the funds will primarily be used for its overseas production base [7]
奥迪威冲刺“北+H”第一股 产能利用率下滑却募资扩产