Novosense(SH:688052) HTSC·2025-04-15 09:25Investment Rating - The report maintains a "Buy" rating for the company [7][4]. Core Views - The company is experiencing significant revenue growth, with a projected revenue of 1.96 billion RMB in 2024, representing a year-over-year increase of 49.53%. However, the net profit attributable to the parent company is expected to be -0.403 billion RMB, a decrease of 31.95% year-over-year [1][4]. - The automotive segment is becoming a key revenue driver, with its contribution expected to rise to 36.88% in 2024, up by 5.9 percentage points [1][3]. - The report highlights the successful launch of new products in the signal chain, power management, and sensor categories, with respective revenues of 0.963 billion RMB, 0.703 billion RMB, and 0.274 billion RMB in 2024, showing year-over-year increases of 36.57%, 64.37%, and 65.29% [2][3]. - The company is expected to benefit from the easing of pricing pressures due to U.S.-China tariff policies and accelerated domestic production [1][3]. Summary by Sections Revenue and Profitability - The company reported a revenue of 1.96 billion RMB for 2024, with a quarterly revenue of 0.594 billion RMB in Q4 2024, marking a year-over-year increase of 91.64% and a quarter-over-quarter increase of 14.93% [1][2]. - The gross margin has decreased by 5.9 percentage points to 32.7% due to increased competition and pricing pressures [1][2]. Product Development - The company has launched several new automotive products, including power path protection and various sensor chips, with stable mass production expected for 2025 [3][4]. - The total number of product SKUs has exceeded 3,300, with over 1,000 from the newly acquired company, Maiguan [3]. Financial Forecast - The projected revenues for 2025 and 2026 are 2.803 billion RMB and 3.587 billion RMB, respectively, with corresponding net profits of -0.7596 billion RMB and 0.15254 billion RMB [4][6]. - The target price for the company's stock is set at 247.80 RMB, reflecting a significant increase from the previous target of 149.02 RMB [4][8].