新股前瞻|华大北斗：国内领先的GNSS芯片及模块供应商，四年亏损近6亿元

Core Viewpoint - The company, Huada Beidou, is a leading GNSS chip and module supplier in China, facing continuous losses and declining cash reserves, prompting a second attempt to list on the Hong Kong Stock Exchange to raise funds and attract new investors [1][9]. Financial Performance - Huada Beidou's revenue has shown volatility but maintained high growth, with a revenue of 403 million RMB in the first half of 2025, representing a year-on-year increase of 20.2%. However, the company has reported net losses of 93 million RMB, 289 million RMB, 137 million RMB, and 69 million RMB from 2022 to the first half of 2025, totaling 588 million RMB in losses [1][6]. - The company's cash and cash equivalents have decreased from 830 million RMB to 244 million RMB during the same period, indicating a significant cash burn [1][6]. Business Model and Revenue Streams - Huada Beidou operates two main business lines: GNSS chips and modules, and integrated chips and modules, with a focus on collaborative synergies. The GNSS segment has seen its revenue share increase from 27.7% in 2022 to 32.2% in the first half of 2025, with direct sales growing by 197.8% [2][5]. - The integrated chip and module business, which primarily uses a direct sales model, has shown stable growth with a 5% increase in revenue in the first half of 2025, although its revenue share has decreased to 67.8% [2][5]. Customer Dynamics - The number of new customers for Huada Beidou has been declining, but revenue per customer has significantly increased, particularly in the GNSS chip and module segment, which rose from 1.106 million RMB to 2.297 million RMB from 2022 to the first half of 2025, marking a growth of 107.7% [5][6]. - The company has a low customer concentration, with the top five customers contributing 45.0% to 48.6% of total revenue from 2022 to the first half of 2025 [5][6]. Gross Margin and Profitability - The company's gross margin has been on a downward trend, recorded at 10.5% in the first half of 2025, which is a decrease of 1.5 percentage points compared to 2022. The integrated chip and module segment has a particularly low gross margin [6][8]. - Adjusted EBITDA losses have been reported at 58 million RMB, 249 million RMB, 91 million RMB, and 27 million RMB from 2022 to the first half of 2025, indicating ongoing profitability challenges [6][8]. Market Position and Industry Outlook - Huada Beidou ranks sixth globally in GNSS chip and module shipments with a market share of 4.8% and eighth in sales value with a 1.1% share, indicating a competitive position within the domestic market but limited visibility on the global stage [1][11]. - The global GNSS market is projected to grow from 22,863 billion RMB in 2024 to 33,447 billion RMB by 2029, with a compound annual growth rate of 7.9%, suggesting potential growth opportunities in specific sectors such as AI and consumer electronics [9][11].