Novosense(688052) 华金证券·2025-01-20 09:24Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's 24Q4 performance is expected to continue improving, with a projected revenue of 5.34~6.34 billion yuan, representing a year-on-year growth of 72.20%104.45% and a quarter-on-quarter growth of 3.27%1.35 billion yuan, primarily due to macroeconomic factors and intensified market competition leading to pricing pressure and a decline in gross margin [1] Financial Performance and Projections - The company's revenue for 2024 is projected to be 19.20 billion yuan, with a growth rate of 46.5%, and is expected to reach 28.42 billion yuan in 2025 and 35.81 billion yuan in 2026 [12] - The net profit attributable to the parent company is forecasted to be -3.99 billion yuan in 2024, 0.35 billion yuan in 2025, and 2.02 billion yuan in 2026, with growth rates of -30.6%, 108.7%, and 482.4% respectively [12] - The company's gross margin is expected to be 33.2% in 2024, 37.0% in 2025, and 39.6% in 2026 [11] Business Development and Strategy - The company has expanded its product portfolio in the automotive market, covering applications such as thermal management, battery packs, and smart cabins, with new products like LED drivers for automotive headlights and ABS wheel speed sensors expected to be launched by 2025 [4] - The company has completed the acquisition of MagnTek, holding 100% of its shares, and has entered into a strategic partnership with Continental AG to develop automotive pressure sensor chips [4] - The company has launched the NS800RT series of real-time control MCUs, targeting applications in photovoltaic/storage inverters, industrial automation, and collaborative robots, with a focus on high-quality, high-performance, and supply chain reliability [10] Market Position and Competitive Advantage - The company has established core technologies in multiple fields, including sensors, signal chains, power management, and third-generation power semiconductors, with a continuous expansion of product offerings and accelerated market penetration of competitive new products [12] - The company's real-time control MCUs are positioned to avoid homogenized competition due to the high barriers to entry in terms of quality, performance, and supply chain requirements, with a domestic market penetration rate significantly lower than the average 10% for automotive chips [10]22.61% [1][2] - The company is expected to achieve a revenue of 1920 billion yuan in 2024, a year-on-year increase of 44.94%52.56%, driven by robust demand in the automotive electronics sector, with automotive chip shipments exceeding 270 million units and automotive business revenue accounting for over 35% [1] - The company's net profit attributable to the parent company is expected to be -4.4-3.6 billion yuan in 2024, with a year-on-year reduction of 0.55