合肥芯片小巨人赴港，挑战 TI、ADI 霸权

Core Viewpoint - Longxin Semiconductor, a "little giant" enterprise specializing in high-speed mixed-signal chips, has submitted its prospectus to the Hong Kong Stock Exchange, marking a significant step towards entering the capital market [1]. Group 1: Company Overview - Founded in November 2006, Longxin Semiconductor focuses on high-speed mixed-signal chip design, aiming to create efficient and reliable "data highways" for smart terminals, devices, and AI applications [3]. - As a typical Fabless company, Longxin Semiconductor outsources wafer manufacturing and testing to external suppliers, concentrating resources on core technology research and product design, aligning with current industry trends [3]. Group 2: Market Position and Performance - According to authoritative data from Frost & Sullivan, Longxin Semiconductor ranks first in the domestic video bridge chip market and is among the top five Fabless design companies globally, with a projected revenue of 400 million yuan in 2024 and a market share of 3.7% in the global video bridge chip market [3]. - The company has developed a rich product matrix with 261 chip products as of September 30, 2025, including 151 smart video chips and 110 interconnect chips, widely used in smart visual terminals, automotive applications, AR/VR, and AI & HPC [4]. Group 3: Technology and Competitive Edge - Longxin Semiconductor's proprietary ClearEdge technology platform integrates high-bandwidth SerDes, protocol processing, encryption, and high-definition video processing, supporting single-channel transmission rates of up to 20 Gbps, with related IP achieving 100% mass production [4]. Group 4: Client Base and Market Challenges - The company's clients include well-known enterprises such as Visionox, Thunderbird, and Rokid, and it has established reference design collaborations with Nvidia and Qualcomm, laying a solid foundation for market promotion [7]. - Despite its leading position in the domestic market, Longxin Semiconductor faces significant competition from global giants, with Texas Instruments holding a 36.1% market share and Analog Devices at 21.2%, indicating substantial room for growth for Longxin's 3.7% market share [7]. - The company’s R&D expenditure for 2024 is 99.97 million yuan, significantly lower than the over 1 billion yuan spent by its top five global competitors, highlighting the pressure for technological iteration [7]. - Operational efficiency challenges are evident, with inventory turnover days exceeding the industry average by 80.6% and accounts receivable turnover days surpassing the average by 65.3%, indicating a need for improvement post-capital market entry [7].