Novosense(SH:688052) 招商电子·2025-05-11 12:45Core Viewpoint - The company, Naxin Micro, focuses on the pan-energy, automotive electronics, and consumer electronics markets, with a comprehensive product layout in sensors, signal chains, power management, and MCUs. The acquisition of Maigen enhances its magnetic sensor business, positioning the company for growth in automotive and emerging fields like humanoid robotics. The 2024 revenue is projected to reach 1.96 billion yuan, a year-on-year increase of 49.53% [2][4][13]. Financial Performance - In 2024, the company reported a revenue of 1.96 billion yuan, up 49.53% year-on-year, with a gross margin of 32.7%, down 5.89 percentage points. The net loss attributable to shareholders was 403 million yuan, with a non-recurring net loss of 457 million yuan [2][19][26]. - For Q1 2025, revenue reached 717 million yuan, a year-on-year increase of 97.8% and a quarter-on-quarter increase of 20.7%. The gross margin improved to 34.37%, with a net loss of 51.34 million yuan, indicating a narrowing loss compared to the previous year [2][19][26]. Product Matrix and Market Position - The product matrix is becoming more comprehensive and balanced, with over 3,300 product models, including more than 1,000 from Maigen. In 2024, revenue contributions from signal chains, sensors, power management, and custom services were 49.14%, 35.87%, 13.98%, and 1.01%, respectively [3][15][29]. - The automotive electronics segment is expected to grow significantly, with a revenue share of 36.88% in 2024, driven by a 5.93 percentage point increase in market share. The company has shipped 362 million units, with cumulative shipments exceeding 668 million units [4][16][29]. Strategic Acquisitions and Future Outlook - The acquisition of Maigen enhances the company's magnetic sensor capabilities, adding over 1,000 product SKUs and expanding its product offerings in magnetic sensors, including current sensors and angle encoders. This acquisition is expected to improve the company's market share and competitive position in the magnetic sensor field [39][40][41]. - The company plans to list on the Hong Kong Stock Exchange to enhance global competitiveness and continue expanding its market presence [8]. Research and Development - The company maintains a strong focus on R&D, with a budget of 540 million yuan in 2024, reflecting a 3.52% year-on-year increase. Excluding stock payment expenses, R&D spending grew by 44.57% [24][26]. - The workforce in R&D has increased by 32.08% year-on-year, reaching 560 employees by the end of 2024, indicating a commitment to innovation and product development [24].