Novosense(688052) 格隆汇·2025-04-28 09:13Core Viewpoint - Three A-share companies, including Naxin Micro (688052.SH), Guanghetong (300638.SZ), and Three Squirrels (300783.SZ), submitted their prospectuses to the Hong Kong Stock Exchange on April 25, marking a significant move in the A-share market [1][2]. Group 1: Company Overview - Naxin Micro is the fourth semiconductor company from A-share to apply for a listing on the Hong Kong Stock Exchange in 2023, focusing on analog chips, particularly sensor products, signal chain chips, and power management chips [3][10]. - The company was founded in May 2013 and went public on the Shanghai Stock Exchange in April 2022, with its major shareholders controlling 34.54% of the voting rights [10][11]. Group 2: Financial Performance - Naxin Micro's revenue for 2022, 2023, and 2024 was reported at 1.67 billion, 1.31 billion, and 1.96 billion RMB respectively, indicating a significant drop in 2023 due to reduced demand in the energy sector [20][22]. - The company faced net losses of approximately 3.05 billion RMB in 2023 and 4.03 billion RMB in 2024, following a profit of 250 million RMB in 2022 [21][22]. Group 3: Product and Market Dynamics - The average selling prices of key products have significantly decreased, with sensor products dropping from 2.63 RMB per unit in 2023 to 0.94 RMB in 2024, a decline of 64% [23][25]. - Naxin Micro's product revenue structure shows an increase in the revenue share from sensor products from 6.7% in 2022 to 14% in 2024, while the share from signal chain chips decreased from 62.6% to 49.1% [13][22]. Group 4: Market Position and Future Outlook - Naxin Micro ranks 14th in the Chinese analog chip market and is the second among fabless companies in the automotive analog chip segment [38][41]. - The company plans to use the funds raised from the H-share listing to enhance business growth, diversify funding channels, and strengthen its market position [38].