Novosense(SH:688052) Great Wall Securities·2025-08-20 07:59Investment Rating - The report maintains a rating of "Accumulate" for the company [8] Core Views - The company achieved a record high revenue in Q2 2025, with a revenue of 8.07 billion yuan, representing a quarter-on-quarter increase of 12.49% [2][9] - The company is positioned as a leader in domestic automotive-grade analog chips, with a comprehensive product matrix that includes signal chains, power management, and sensors [3] - The average selling price (ASP) of mass-produced products is expected to increase from approximately 1300 yuan to 1500 yuan by the end of 2025 [3] Financial Summary - Revenue projections for the company are as follows: - 2023A: 1,311 million yuan - 2024A: 1,960 million yuan - 2025E: 3,154 million yuan - 2026E: 3,715 million yuan - 2027E: 4,652 million yuan - Year-on-year growth rates for revenue are projected to be: - 2023A: -21.5% - 2024A: 49.5% - 2025E: 60.9% - 2026E: 17.8% - 2027E: 25.2% [1] - The net profit attributable to the parent company is projected as follows: - 2023A: -305 million yuan - 2024A: -403 million yuan - 2025E: -27 million yuan - 2026E: 137 million yuan - 2027E: 369 million yuan - Year-on-year growth rates for net profit are projected to be: - 2023A: -221.9% - 2024A: -31.9% - 2025E: 93.3% - 2026E: 608.1% - 2027E: 169.1% [1][3] Product Performance - The company's three main products saw revenue growth in Q2 2025: - Signal chain: 3.05 billion yuan (38% of total revenue), year-on-year increase of 18% - Power management: 2.68 billion yuan (33% of total revenue), year-on-year increase of 53% - Sensors: 2.29 billion yuan (28% of total revenue), year-on-year increase of 328% [2][3]