Novosense(SH:688052) GOLDEN SUN SECURITIES·2025-08-21 03:38Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a record high revenue of 1.52 billion yuan in H1 2025, representing a year-on-year growth of 79.5%. The net profit attributable to shareholders was -80 million yuan, with a non-recurring net profit of -110 million yuan. In Q2 2025, revenue reached 810 million yuan, up 65.8% year-on-year and 12.5% quarter-on-quarter, primarily driven by the growing demand in automotive electronics and the recovery in the energy sector [1][2] - The automotive electronics segment accounted for 34.04% of H1 revenue, with a shipment of 312 million units, benefiting from the electrification and intelligence of new energy vehicles. The energy sector contributed 52.57% to revenue, with industrial control clients' inventory returning to normal and solar energy benefiting from favorable policies [1] - The company has strengthened its R&D team, increasing personnel to 588, a 27% year-on-year growth, and has over 3,600 available product models as of H1 2025. The signal chain products accounted for 38.45% of revenue, while power management and sensor products contributed 34.09% and 27.11%, respectively [2] Financial Summary - The company is projected to achieve revenues of 3.07 billion yuan, 3.79 billion yuan, and 4.60 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 56.8%, 23.3%, and 21.5%. The net profit attributable to shareholders is expected to be -83 million yuan in 2025, followed by 94 million yuan in 2026 and 276 million yuan in 2027 [2][4] - The latest diluted EPS is forecasted to be -0.58 yuan in 2025, turning positive to 0.66 yuan in 2026 and 1.94 yuan in 2027. The net asset return rate is expected to improve from -1.4% in 2025 to 4.4% in 2027 [4]