Ingenic(SZ:300223) 21世纪经济报道·2025-09-22 14:28Core Viewpoint - Beijing Junzheng Integrated Circuit Co., Ltd. is launching an "A+H" dual capital platform IPO to raise funds for business growth and global expansion amid challenges in the semiconductor industry and geopolitical tensions [1]. Company Overview - Founded in 2005 and headquartered in Beijing, the company operates as a Fabless integrated circuit design firm, providing chips for automotive electronics, industrial medical, AIoT, and smart security markets [1]. - The company has been listed on the A-share market for 13 years, with a market capitalization of 39.42 billion yuan as of September 22 [1]. Financial Performance - The company's revenue has shown significant fluctuations, with total revenue declining from 54.1 billion yuan in 2022 to 42.1 billion yuan in 2024, and net profit dropping from 779 million yuan to 364 million yuan during the same period [11]. - The gross margin has remained stable between 33% and 35%, largely due to the increasing contribution of high-margin automotive and industrial businesses [12]. - The storage chip business, which is the largest revenue source, saw a 36% decline in revenue, while the computing chip business experienced a 41.6% increase in revenue during the downturn [13]. Market Position - According to Frost & Sullivan, Beijing Junzheng ranks first in the battery IP-CamSoC and automotive-grade SRAM sectors, and second in the SRAM sector globally [6]. - The company has shipped a total of 2.7 billion chips, with 1 billion of those being automotive electronic chips [6]. Strategic Moves - The company aims to use the funds raised from the Hong Kong IPO to enhance its global strategy and expand its financing channels [1]. - Beijing Junzheng has attracted interest from major players like Weir Group, which announced plans to increase its stake in the company, indicating potential for strategic collaboration [16]. Challenges and Risks - The semiconductor industry is experiencing a cyclical downturn, with the market entering a low period since 2022, which is expected to continue until early 2024 [11]. - The company has faced stock price volatility, with significant shareholder sell-offs since 2022, raising concerns about future growth [15].