Core Viewpoint - Chipsea Technology (688595) plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and diversify financing options [1] Group 1: Financial Performance - In 2024, Chipsea Technology achieved revenue of 702 million yuan, a year-on-year increase of 62.22%, but reported a net loss of 173 million yuan, widening the loss compared to the previous year [1] - The sales of analog signal chain chips reached 181 million yuan in 2024, growing by 137.11%, with BMS sales increasing by 319.56% [2] - The MCU chip segment generated sales of 326 million yuan, up 67.63%, with significant growth in EC and HUB products [2] - AIoT chip revenue was 182 million yuan, reflecting an 18.37% increase, driven by recovery in traditional consumer electronics [2] - International business revenue reached 27.92 million yuan, a remarkable growth of 177.54%, with a gross margin of 41.38%, up 7.38 percentage points year-on-year [2] Group 2: Product Development and Market Position - Chipsea Technology has established a horizontal product layout centered on EC, covering PD, HapticPad, USB HUB, and BMS, and a vertical layout from AI PCs to servers [3] - The company has entered Lenovo's AVL list for EC chips, indicating a move towards integration into the global supply chain [3] - The rise of AI technology in traditional terminals presents significant opportunities for the domestic integrated circuit industry, with increasing demand for high-performance computing chips and analog signal chain chips [3] - Chipsea Technology has successfully achieved domestic substitution for several chip types, including high-precision ADC chips and EC series chips [3]

Core Insights - The 2024 annual performance briefing for the chip design sector on the Sci-Tech Innovation Board highlighted the optimistic outlook of companies regarding new technologies and market applications, particularly in humanoid robotics and low-altitude economy [1] - Companies expressed confidence in their ability to navigate potential impacts from the U.S. "reciprocal tariffs," with many reporting minimal direct exposure to U.S. markets [3][4] Group 1: Market Opportunities - The humanoid robotics market is still in the R&D phase, with companies like Chipone Technology expressing a positive outlook despite unclear performance requirements [1] - Companies such as Amlogic are collaborating with firms like Yushutech to develop robotic arms, indicating a proactive approach to capturing market opportunities [1] - Ruichuang Micro-Nano has diversified into infrared, microwave, and laser sensing fields, providing various products for the robotics industry [2] Group 2: Low-altitude Economy and Satellite Internet - Companies like Zhenlei Technology are actively engaging in the low-altitude economy, offering mature products and technical services [2] - Zhenlei Technology's digital phased array satellite communication system is positioned for next-generation low-orbit satellite applications, with positive customer feedback and orders anticipated for 2025 [2] Group 3: Impact of U.S. Tariffs - Companies such as Jucheng Technology and Biyimi reported that their exports to the U.S. are negligible, thus minimizing the impact of U.S. tariff policies on their operations [3][4] - Zhenlei Technology noted that its core products have reached competitive levels with major U.S. firms, benefiting from domestic market conditions [3] - Companies like Lexin Technology and Chipsea Technology also reported low exposure to U.S. exports, allowing them to maintain stable profit margins [3][4] Group 4: Supply Chain and Operational Strategies - Chipsea Technology is focused on optimizing customer and regional structures to achieve scale, emphasizing innovation in full signal chain chips [5] - The company has established efficient partnerships with leading manufacturers in the supply chain to ensure stable production capacity and timely delivery [5]