Novosense(SH:688052) Western Securities·2025-12-11 05:40Investment Rating - The investment rating for the company is "Buy" [3][5]. Core Insights - The company successfully listed on the Hong Kong Stock Exchange on December 8, 2025, with a maximum share price of 116 HKD, marking a significant step in its internationalization process [1][5]. - The company's revenue structure for Q1-Q3 2025 shows that automotive electronics account for 34%, the general energy sector for 53%, and consumer electronics for 13% [2]. - The automotive electronics segment has seen a quarterly growth in Q3 2025, driven by new applications in body electronics, smart lighting, and thermal management, with the per-vehicle value exceeding 1300 RMB [2]. - The general energy sector has experienced significant growth, particularly in the photovoltaic and energy storage markets, supported by AI server demand [2]. - The consumer electronics segment focuses on emerging scenarios such as robotic vacuum cleaners and smart home appliances, benefiting from the acquisition of Maiguan [2]. Financial Projections - Revenue projections for 2025-2027 are estimated at 3.301 billion, 4.342 billion, and 5.066 billion RMB, respectively, with a growth rate of 68.4% in 2025 [3][4]. - The net profit attributable to the parent company is projected to be -133 million, 203 million, and 549 million RMB for 2025-2027, indicating a significant recovery in profitability [3][4]. - The earnings per share (EPS) is expected to improve from -0.82 RMB in 2025 to 3.40 RMB in 2027 [4].