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 and expansion in the micro precision motor manufacturing 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 an 82.9% growth [3][5]. - 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 successful turnaround [3][5]. - Gross profit margins improved from 8.36% in 2023 to 15.93% in 2024, showcasing enhanced operational efficiency [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 is the leading player in China with a 20.1% market share, ranking fourth globally [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]. - The share of revenue from optical stabilization and periscope motors increased from 72.1% in 2023 to 81.5% in 2024, although it decreased to 67.7% in the first nine months of 2025 [5][8]. Strategic Expansion - New Thinking Motor is constructing new production bases in Nanchang and Dongguan, expected to be operational by 2026, which will enhance its production capacity [6][9]. - The company aims to diversify its product offerings and expand into emerging fields such as robotics and low-altitude economy, indicating a strategic shift beyond traditional smartphone applications [7][9]. Industry Trends - The micro precision motor industry is undergoing structural changes, with growth expected to shift from reliance on smartphone optical modules to multi-terminal and multi-scenario applications [7]. - The global non-smartphone micro motor market is projected to grow at a compound annual growth rate of over 20% by 2028, highlighting the need for companies to adapt to new market demands [7].