Core Viewpoint - The company, Guangdong Aodiwei Sensor Technology Co., Ltd., is initiating a secondary listing in Hong Kong to leverage capital market opportunities in the rapidly growing smart sensor industry, which is essential for industrial intelligence driven by 5G and AIoT technologies [1]. Company Overview - Aodiwei is a provider of smart sensing and precision execution solutions, with a business focus on smart home, smart automotive, smart terminals, and smart manufacturing sectors [2]. - The company employs an IDM (Integrated Device Manufacturing) model, achieving vertical integration from sensitive materials to precision manufacturing, thereby establishing a self-controlled technology chain [2]. - Aodiwei ranks prominently in various market statistics, being the second in smart home sensor revenue in China and third globally in automotive ultrasonic sensor shipments [2]. Financial Performance - Aodiwei's revenue has shown robust growth, with figures of 378 million RMB in 2022, 467 million RMB in 2023, and projected 617 million RMB in 2024, reflecting a compound annual growth rate (CAGR) of 27.8% [2]. - The revenue breakdown indicates that smart home solutions contributed 200 million RMB in 2022, increasing to 343 million RMB by 2024, while smart automotive solutions grew from 162 million RMB to 256 million RMB in the same period [4]. - The company's gross margin fluctuated, recorded at 34.9% in 2022, 38.0% in 2023, and 34.8% in 2024, influenced by increased competition in the automotive supply chain [5]. Market Outlook - The global sensor market is projected to grow from approximately $189.1 billion in 2020 to $237.1 billion by 2024, with a CAGR of about 5.8%, while the Chinese market is expected to grow from 292.9 billion RMB to 398.3 billion RMB, with a CAGR of 8.0% [6]. - In the smart home sector, the market for sensors and actuators is anticipated to reach approximately $230 billion and $459 billion globally by 2024, with corresponding figures for China at 449 billion RMB and 865 billion RMB [8]. - The automotive sector is also significant, with the market for automotive sensors and actuators projected to reach approximately $457 billion and $406 billion globally by 2024, and 895 billion RMB and 867 billion RMB in China [9]. Competitive Landscape - The sensor market is characterized by intense competition and is highly fragmented, with the top five sensor suppliers in China holding only about 5.4% market share [9]. - Aodiwei, while ranked fifth in the industry, has a market share of only 0.1%, indicating the competitive challenges it faces [9]. Strategic Positioning - Aodiwei's secondary listing in Hong Kong is a strategic move to strengthen its market position and enhance its technological research and development capabilities, aiming to capitalize on structural opportunities presented by the AIoT wave [10]. - The company must navigate the balance between scaling operations and maintaining technological leadership to convert its accumulated technological advantages into sustainable profitability and long-term value [10].

Core Viewpoint - The company, Guangdong Aodiwei Sensor Technology Co., Ltd., is initiating a secondary listing in Hong Kong to leverage capital market opportunities in the rapidly growing smart sensor industry, which is foundational to industrial intelligence driven by 5G and AIoT technologies [1] Company Overview - Aodiwei specializes in smart sensors and precision execution solutions, covering sectors such as smart home, smart automotive, smart terminals, and smart manufacturing [2] - The company employs an IDM (Integrated Device Manufacturing) model, achieving vertical integration from sensitive materials to precision manufacturing, establishing a self-controlled technology chain [2] - Aodiwei ranks prominently in various market statistics, being the second in smart home sensor revenue in China and third globally in automotive ultrasonic sensor shipments [2] Financial Performance - Aodiwei's revenue has shown robust growth, with figures of 378 million RMB in 2022, 467 million RMB in 2023, and projected 617 million RMB in 2024, reflecting a compound annual growth rate (CAGR) of 27.8% [2] - The revenue structure indicates that smart home solutions contributed the largest share, increasing from 200 million RMB in 2022 to 344 million RMB in 2024, while smart automotive solutions also grew from 162 million RMB to 256 million RMB during the same period [4] - The company's gross margin fluctuated, recorded at 34.9% in 2022, 38.0% in 2023, and 34.8% in 2024, influenced by intensified competition in the domestic automotive supply chain [5] Market Outlook - The global sensor market is projected to grow from approximately 189.1 billion USD in 2020 to 237.1 billion USD by 2024, with a CAGR of about 5.8%, while the Chinese market is expected to grow from 292.9 billion RMB to 398.3 billion RMB, with a CAGR of 8.0% [6] - In the smart home sector, the market for sensors and actuators is anticipated to reach around 230 billion USD and 459 billion USD globally by 2024, with significant growth expected in China as well [8] - The automotive sector is also a key market, with the global market for automotive sensors projected to reach approximately 457 billion USD by 2024, reflecting a CAGR of about 6.2% [9] Competitive Landscape - The sensor market is characterized by intense competition and is highly fragmented, with the top five sensor suppliers in China holding only about 5.4% market share [9] - Aodiwei, while ranked fifth in the industry, has a market share of only 0.1%, indicating the competitive challenges it faces [9] Strategic Initiatives - The company's secondary listing in Hong Kong is a strategic move to strengthen its market position and enhance its technological research and development capabilities, aiming to capitalize on structural opportunities presented by the AIoT wave [10] - Aodiwei's ability to convert its technological advancements and market position into sustainable profitability and long-term value will be crucial for success in the competitive sensor market [10]

Core Viewpoint - Guangdong Audiwei Sensor Technology Co., Ltd. (920491.BJ) is preparing for an IPO on the Hong Kong Stock Exchange, with CMB International as the sole sponsor [1]. Company Overview - Audiwei was established in Guangzhou in 1999 as Panyu Audiwei Electronics Co., Ltd. and underwent a share reform in 2014 [3][4]. - The company was listed on the New Third Board in 2015 and transitioned to the Beijing Stock Exchange in June 2022 [4]. - Audiwei specializes in the research, design, production, and sales of smart sensors and actuators, with products used in automotive electronics, smart instruments, smart home, security, and consumer electronics [5]. Market Position - Audiwei ranks second in China for smart home product sensor revenue and third globally for automotive ultrasonic sensors and actuators in 2024 [5]. - The company has three domestic production bases in Guangzhou, Zhaoqing, and Jingdezhen, and one overseas base in Selangor, Malaysia, serving over 46 countries and regions [5]. Financial Performance - Revenue for the years 2022 to 2025 (first half) is projected at 378 million, 467 million, 617 million, and 327 million CNY, respectively, with a compound annual growth rate (CAGR) of approximately 27.75% [6]. - Net profit for the same period is expected to be 52.6 million, 76.98 million, 93.95 million, and 46.96 million CNY, with a CAGR of about 33.6% [6]. - In the first half of 2025, revenue increased by 15.1% year-on-year, while net profit grew by 3.9% [6]. Business Focus - Audiwei focuses on four core solution scenarios: smart home solutions, smart automotive solutions, smart terminal solutions, and smart manufacturing solutions, with smart home and automotive solutions being the primary revenue sources [7]. - The revenue share from smart home solutions has shown a growth trend, accounting for 53%, 54.6%, 55.7%, and 56.9% over the reporting period [7]. Shareholding Structure - The largest shareholder group consists of Executive Director, Chairman, and General Manager Zhang Shuguang and his spouse, holding approximately 17.19% of the company's issued share capital [7]. IPO Fund Utilization - The funds raised from the IPO will be used to increase production capacity in Malaysia, build a new high-performance sensor production base in China, invest in R&D and digitalization, and for working capital and general corporate purposes [7].

受益于行业发展红利与自身竞争优势，奥迪威传感在往绩期间实现了收益及溢利的显著增长。2022年至2024年，公司收益分别 为人民币3.78亿元、4.671亿元及6.172亿元，复合年增长率达27.8%；2025年上半年，收益进一步增至人民币3.269亿元，较上年 同期的2.84亿元增长15.1%。盈利方面，2022年至2024年，公司年内溢利分别为人民币5260万元、7700万元及9400万元，复合年 增长率达33.6%；2025年上半年，期内溢利为人民币4700万元，较上年同期的4520万元增长3.9%。盈利能力保持稳定，2022年至 2024年及2025年上半年，公司纯利率分别为13.9%、16.5%、15.2%及14.4%。 凭借强大的技术实力与产品竞争力，奥迪威传感在全球市场占据领先地位。根据弗若斯特沙利文数据，2024年，公司在全球智 能家居产品传感器收益排名中位列中国第二；在全球汽车超声波传感器与执行器出货量排名中位列全球第三；在全球传感器出 货量排名中位列中国第五；在全球汽车传感器出货量排名中位列中国第三。值得一提的是，公司自主研发的新一代AKII车载超 声波传感器，实现了对ADAS/AVP的有效 ...