当前，在新能源汽车、工业自动化、医疗健康等高增长下游需求的强劲推动下，全球磁性传感器市场持 续扩容，竞争也日趋激烈。作为全球磁性传感器领域少数具备垂直整合能力的IDM企业，希磁科技已在 中国乃至全球市场占据领先市场地位，且最新业绩已扭亏为盈，净利润转正，显示经营状况逐步改善。 公司此次赴港IPO，亦将获得市场密切关注。 近日，安徽希磁科技股份有限公司(简称：希磁科技)向港交所主板递交上市申请，中信建投国际、广发 证券(香港)为联席保荐人。 此前希磁科技已完成多轮融资，股东包括先进制造产业投资基金二期(有限合伙)、赛伯乐资本、北京东 方汇嘉、基石资产管理、埃斯顿等。2022年12月公司完成E+轮融资，投后估值约为31.72亿元。公开资 料显示，去年4月，公司曾启动A股上市辅导，却于今年7月终止协议，或因A股上市时间表存在不确定 性。 上市前净利润转正 公开资料显示，希磁科技是全球领先的磁性传感器行业IDM公司，是全球少数拥有完整磁传感技术组合 及跨整个行业价值链全面垂直整合的公司之一，能够为全球各行业的领先客户提供一站式磁性传感器解 决方案。 业绩方面，公司近年来营业收入略有波动，但整体保持增长态势，并于202 ...

Core Viewpoint - Anhui Xici Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for R&D, new production base construction in Wuxi, and upgrading its German wafer production line. The company's revenue has significantly declined in 2023 due to industry demand, but it is expected to achieve profitability in 2024 [1][7]. Group 1: Company Overview - Anhui Xici, established in 2013, is an IDM enterprise in the magnetic sensing field, focusing on the R&D and manufacturing of magnetic sensor products using xMR core technology [2]. - The company has a global strategic layout with subsidiaries in Germany, Portugal, and three locations in China, including manufacturing and R&D centers [2]. Group 2: Financial Performance - In 2023, the company's revenue was 594.206 million RMB, a decrease of 10.8% from 666.309 million RMB in 2022. However, revenue is projected to recover to 703.414 million RMB in 2024, an increase of 18.4% [7][8]. - The company reported a net loss of 1.206 billion RMB in 2022, a smaller loss of 66.562 million RMB in 2023, and is expected to achieve a net profit of 98.52 million RMB in 2024 [7][8]. Group 3: Revenue Composition - The majority of the company's revenue comes from current sensors, which accounted for 78.5% of total revenue in 2024, increasing to 82.1% in the first four months of 2025 [10]. - The company's products are significantly affected by the semiconductor industry, which is known for its volatility due to cyclical downturns and rapid technological changes [10]. Group 4: Customer Concentration - A significant portion of the company's revenue is derived from a small number of major clients, with the largest client contributing 31.3% of total revenue in 2022, decreasing to 17.8% in the first four months of 2025 [11][15]. - The top five clients accounted for 65.2% of total revenue in 2022, which decreased to 58% in the first four months of 2025, indicating a high customer concentration risk [11][15].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a record high revenue of 1.524 billion yuan in 1H2025, representing a year-on-year increase of 79.49%, with a significant narrowing of losses [7] - In 2Q2025, the company reported a revenue of 808 million yuan, up 65.83% year-on-year and 12.49% quarter-on-quarter, marking a historical high for a single quarter [7] - The automotive electronics segment is becoming the core growth engine, with a revenue share of 34.04% in 1H2025 [7] - The company is expanding its product offerings in automotive electronics, including chips for new energy vehicles and AI server-related demands [7] - The forecasted revenues for 2025, 2026, and 2027 are 3.009 billion yuan, 3.705 billion yuan, and 4.436 billion yuan respectively, with corresponding net profits of 21 million yuan, 272 million yuan, and 509 million yuan [7] Financial Performance Summary - The company’s revenue is projected to grow from 1.311 billion yuan in 2023 to 3.009 billion yuan in 2025, with a growth rate of 53.5% [6] - The net profit is expected to turn positive in 2025, reaching 21 million yuan, after losses of 305 million yuan in 2023 and 403 million yuan in 2024 [6] - The gross margin for 2Q2025 was reported at 35.97%, showing improvements both year-on-year and quarter-on-quarter [7] - The earnings per share (EPS) is expected to improve from -2.15 yuan in 2023 to 0.14 yuan in 2025 [6] Market Performance - The company’s stock has outperformed the market, with a 12-month performance of 127%, compared to the Shanghai Composite Index and the semiconductor sector [4]