Core Viewpoint - Several A-share companies are progressing towards A+H dual listings, including Audiwei, which submitted its IPO prospectus to the Hong Kong Stock Exchange [1] Company Overview - Audiwei, established in June 1999 and headquartered in Panyu, Guangzhou, focuses on the research, manufacturing, and sales of sensors and actuators [3][4] - The company operates under an IDM (Integrated Device Manufacturer) model, integrating all key production processes for sensors and actuators [5][14] Financial Performance - Audiwei's revenue has shown growth in recent years, with figures of RMB 377.95 million in 2022, RMB 467.08 million in 2023, and projected RMB 617.16 million in 2024 [10][11] - Net profits for the same years were RMB 52.62 million, RMB 76.98 million, and RMB 93.95 million, with fluctuating gross margins of 34.9%, 38%, and 34.8% respectively [10][11] - The company faces pressure from accounts receivable, with trade receivables amounting to RMB 1.62 billion, RMB 1.98 billion, RMB 2.47 billion, and RMB 2.43 billion over the reporting periods [15] Product and Market Position - Audiwei's primary revenue sources are smart home solutions (56.9% of revenue in H1 2025) and smart automotive solutions (38.3% of revenue in H1 2025) [12][13] - The company ranks fifth among Chinese enterprises in global sensor shipments, with a market share of only 0.1% [19][28] - Audiwei's products are integrated with signal processing circuits and AI system-compatible outputs, providing plug-and-play solutions for downstream manufacturers [8][10] Industry Context - The global sensor market is projected to grow from approximately USD 189.1 billion in 2020 to USD 237.1 billion by 2024, with a compound annual growth rate (CAGR) of about 5.8% [24][26] - The actuator market is also expanding, expected to grow from approximately USD 262.1 billion in 2020 to USD 320.5 billion by 2024 [24][26] - The sensor and actuator industry is characterized by a highly fragmented market with specialized suppliers, where the top five suppliers hold only about 5.4% of the market share [27][28]
奥迪威冲击A+H双重上市，深耕传感器领域，2024年毛利率下滑