新股前瞻| 全球最大的ASIC scaler芯片提供商，曦华科技四年累亏超4.6亿元

Core Viewpoint - The company, Xihua Technology, is a leading provider of ASIC scaler chips, facing significant financial losses despite strong market demand for AI-related chips. The company is preparing for an IPO on the Hong Kong Stock Exchange, with a notable market position in the scaler industry [1][10]. Group 1: Company Overview - Xihua Technology was established in 2018 and specializes in independent chips and comprehensive solutions that integrate proprietary chips with software and algorithms [2]. - The company ranks second globally in the scaler industry with an 18.8% market share and first in the ASIC scaler segment with a 55% market share [1][9]. - The company has a strong R&D capability, with 169 granted patents and a focus on product commercialization [5]. Group 2: Financial Performance - The company's revenue is projected to grow from 87 million RMB in 2022 to 244 million RMB in 2024, reflecting a compound annual growth rate (CAGR) of 67.5% [1][3]. - Despite revenue growth, the company's gross margin has declined from 35.7% in 2022 to 22.1% in the first nine months of 2025, indicating challenges in profitability [4][5]. - Cumulative net losses from 2022 to the first nine months of 2025 amount to 462 million RMB, with a loss ratio of 59.08% [1]. Group 3: Product and Market Strategy - The company operates two main business lines: smart display chips and smart sensing control chips, with the former contributing 85.6% of revenue and the latter 14.4% as of the first nine months of 2025 [2][4]. - Key products include AI Scaler and STDI chips, with significant revenue contributions expected from these offerings [4][9]. - The company has established strong relationships with seven major wafer foundries and nine packaging and testing suppliers to ensure stable production capacity and cost competitiveness [9]. Group 4: Industry Trends - The global market for display and sensing control chips is driven by sectors such as smartphones, TWS earbuds, AR/VR, and automotive, with AR/VR expected to see a CAGR of 35.7% from 2020 to 2029 [6][8]. - The scaler market is projected to grow from 114 million units in 2020 to 261 million units by 2029, with a CAGR of 10.3% [6]. - The MCU market is also expected to grow significantly, from 56.8 billion RMB in 2024 to 96.9 billion RMB by 2029, with a CAGR of 12.2% [8].