新股前瞻｜新思考电机闯关港交所 光学防抖占比下降下的转型困境与突围方向

Core Viewpoint - New Thinking Motor Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, indicating its growth potential and strategic direction in the micro precision motor industry [1]. Financial Performance - The company reported revenues of approximately 855 million RMB in 2023, which increased to 1.566 billion RMB in 2024, reflecting a growth rate of about 82.9% [3][4]. - The net profit transitioned from a loss of 30.1 million RMB in 2023 to a profit of 105 million RMB in 2024, indicating a significant turnaround [3][5]. - Gross profit margin improved from 8.36% in 2023 to 15.93% in 2024, showcasing enhanced profitability [4][5]. Market Position - As of 2024, New Thinking Motor ranks sixth globally and third in China in the imaging motor market, holding a 9.1% market share in China [2]. - In the optical image stabilization (OIS) imaging motor sector, the company ranks fourth globally and first in China, with a market share of 20.1% [2]. Product Segmentation - The company's revenue is primarily derived from three product categories: optical stabilization and periscope motors, open-loop motors, and closed-loop motors [5][8]. - Optical stabilization and periscope motors accounted for 72.1% of revenue in 2023, increasing to 81.5% in 2024, but dropped to 67.7% in the first nine months of 2025 [5][8]. Strategic Expansion - New Thinking Motor is expanding its production capacity with new facilities in Nanchang and Dongguan, expected to be operational by 2026, which will enhance long-term growth potential [5][9]. - The company aims to diversify into emerging fields such as robotics and low-altitude economy, indicating a proactive approach to industry trends [7][9]. Industry Trends - The micro precision motor industry is undergoing structural changes, with growth shifting from mobile phone optical module demand to multi-terminal and multi-scenario applications [7]. - The global non-mobile micro motor market is projected to grow at a compound annual growth rate of over 20% by 2028, highlighting the need for strategic positioning in this sector [7]. Challenges - Despite its achievements, the company faces challenges such as high business concentration, significant related-party transactions, and a fragmented global market share [9].