Novosense(SH:688052) Guoxin Securities·2025-08-21 15:00Investment Rating - The investment rating for the company is "Outperform the Market" [4][29]. Core Views - The company achieved a record high revenue in Q2 2025, marking the eighth consecutive quarter of growth. Revenue for the first half of 2025 increased by 79.49% year-on-year to 1.524 billion yuan, with a net profit attributable to shareholders of -78 million yuan, reflecting a year-on-year increase of 70.59% [1][3]. - The sensor product revenue saw a significant year-on-year increase of approximately 350% due to consolidation, while the automotive electronics sector's revenue share increased by 0.5 percentage points to 34.04% [2][3]. - The company has established a comprehensive automotive chip layout, covering various applications in electric vehicles, and is well-positioned to benefit from the recovery in the broader energy market [3][4]. Financial Performance and Forecast - For the first half of 2025, the company's revenue was 1.524 billion yuan, with a gross margin of 35.21%. R&D expenses increased by 13.18% to 361 million yuan, while the R&D expense ratio decreased by 13.9 percentage points to 23.71% [1][2]. - The company forecasts net profits attributable to shareholders of 31 million yuan in 2025, 144 million yuan in 2026, and 245 million yuan in 2027, with corresponding price-to-sales ratios of 8.1x, 6.5x, and 5.4x respectively [3][4]. - The projected revenue for 2025 is 3.209 billion yuan, representing a year-on-year growth of 63.7% [4][27].