Lontium(SH:688486) 智通财经网·2026-01-02 13:21Core Viewpoint - Longxin Semiconductor, a fabless chip design company, has initiated its H-share IPO process to expand its international capital channels amidst a wave of A-share technology companies seeking secondary listings in Hong Kong [1][2]. Company Overview - Longxin Semiconductor focuses on the research and sales of integrated circuits, particularly in the high-growth sectors of smart video chips and high-speed interconnect chips [2]. - The company ranks fifth globally in the video bridging chip market by revenue and first among mainland Chinese manufacturers, according to a report by Frost & Sullivan [2]. Financial Performance - Revenue growth from 2022 to 2024 is projected at RMB 2.41 billion, RMB 3.23 billion, and RMB 4.66 billion, with a compound annual growth rate (CAGR) of 39.1% [3]. - For the first nine months of 2025, revenue reached RMB 3.89 billion, a 16.7% increase compared to the same period in 2024 [3]. - Net profit for the same period in 2025 grew by 32.5% to RMB 1.25 billion [3]. - Gross margins for 2022, 2023, and 2024 were 58.8%, 53.6%, and 54.3%, respectively, reflecting strong profitability due to optimized product mix and core technology control [3]. Market Position and Competitive Advantage - Longxin Semiconductor has established a significant lead in the mixed-signal chip market, ranking first in mainland China and among the top five globally in the video bridging chip sector [4]. - The proprietary ClearEdge technology platform integrates high-bandwidth SerDes, high-speed protocol processing, and video processing, supporting transmission rates of up to 20Gbps, with advancements towards 32Gbps [4]. - The company has developed a diverse product matrix with over 200 chip models, enabling rapid reuse and expansion across various applications, thus shortening development cycles and reducing costs [4]. Application and Growth Areas - The smart visual terminal segment contributed 79.3% of total revenue in the first nine months of 2025, with applications in drones, robots, commercial displays, and video conferencing systems [5]. - The smart automotive sector has emerged as a strong growth driver, with revenue share increasing from 8.0% in 2022 to 18.0% in 2024, reflecting a CAGR of 109.2% [5]. - The company has 14 chip models certified for automotive applications, enhancing its integration into high-end automotive displays and autonomous driving systems [5]. Strategic Initiatives - The dual listing strategy (A+H) aims to address future uncertainties and leverage capital markets for growth [6]. - The global semiconductor market is projected to grow from RMB 3 trillion in 2020 to RMB 4.2 trillion in 2024, with expectations to reach RMB 7.1 trillion by 2029 [7]. - The Chinese government has elevated the integrated circuit industry to a national strategic level, providing unprecedented opportunities for domestic chip design companies like Longxin Semiconductor [10]. - The funds raised from the IPO will be directed towards enhancing R&D capabilities, expanding overseas business networks, and strategic acquisitions in the global semiconductor industry [10]. Future Outlook - Longxin Semiconductor aims to define new standards in high-speed data transmission through next-generation technologies, addressing the evolving demands of smart cockpits and spatial computing devices [11]. - The company's ability to balance technological iteration and global supply chain dynamics will be crucial for its success in the competitive landscape [11].