Novosense(SH:688052) Changjiang Securities·2025-09-15 13:47Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a revenue of 1.524 billion yuan in the first half of 2025, representing a year-on-year increase of 79.49%, and a net profit attributable to shareholders of -78 million yuan, significantly reducing losses [6][7]. - In the second quarter of 2025, the company reported a revenue of 807 million yuan, a year-on-year increase of 65.83% and a quarter-on-quarter increase of 12.49%, with a net profit attributable to shareholders of -27 million yuan, continuing to reduce losses [6][7]. - The company’s gross margin for the first half of 2025 was 35.21%, an increase of 2.51 percentage points year-on-year, while the gross margin for the second quarter was 35.97%, an increase of 4.44 percentage points year-on-year and 1.60 percentage points quarter-on-quarter [7]. Financial Performance - The company’s revenue composition by product includes signal chain (38.45%), power management (34.09%), and sensors (27.11%) [7]. - Revenue by end market shows automotive electronics (34.04%), general energy (52.67%), and consumer electronics (13.38%), indicating a focus on automotive electronics and general energy markets [7]. - Research and development expenses for the first half of 2025 were 361 million yuan, accounting for 23.71% of revenue, with a focus on key product areas including sensors, power management, signal chains, and MCUs [7][12]. - The company completed the acquisition of Maiguan in 2024, enhancing its core competitiveness in magnetic sensors [12]. Future Outlook - The company is expected to see continued growth in the medium to long term as new products are introduced in the automotive and general energy sectors, with projected net profits attributable to shareholders of -77 million yuan, 135 million yuan, and 449 million yuan for 2025, 2026, and 2027 respectively [12].